SOUDERTON, Pa., July 23, 2025 (GLOBE NEWSWIRE) -- Univest Financial Corporation ("Univest" or the "Corporation") (NASDAQ:UVSP), parent company of Univest Bank and Trust Co. (the "Bank") and its insurance, investments and equipment financing subsidiaries, announced net income for the quarter ended June 30, 2025 of $20.0 million, or $0.69 diluted earnings per share, compared to net income of $18.1 million, or $0.62 diluted earnings per share, for the quarter ended June 30, 2024.
Loans
Gross loans and leases decreased $31.9 million, or 0.5% (2.0% annualized), from March 31, 2025 and $25.4 million, or 0.4% (0.8% annualized), from December 31, 2024 primarily due to decreases in commercial real estate, residential mortgage loans and lease financings, partially offset by increases in commercial, construction and home equity loans. Gross loans and leases increased $116.3 million, or 1.7%, from June 30, 2024, primarily due to increases in commercial real estate, residential mortgage and home equity loans, partially offset by decreases in commercial and construction loans and lease financings.
Deposits and Liquidity
Total deposits decreased $75.8 million, or 1.1% (4.4% annualized), from March 31, 2025, primarily due to seasonal decreases in public funds deposits and decreases in consumer and brokered deposits, partially offset by an increase in commercial deposits. Excluding decreases of $105.9 million in seasonal public funds deposits and $47.5 million in brokered deposits, deposits increased by $77.5 million during the quarter. Total deposits decreased $176.6 million, or 2.6% (5.2% annualized), from December 31, 2024, due to decreases in consumer and public funds deposits, partially offset by increases in commercial and brokered deposits. Total deposits increased $87.3 million, or 1.3%, from June 30, 2024, due to increases in commercial and public funds deposits, partially offset by decreases in consumer and brokered deposits.
Noninterest-bearing deposits totaled $1.5 billion and represented 22.2% of total deposits at June 30, 2025, compared to $1.4 billion representing 21.5% of total deposits at March 31, 2025. Unprotected deposits, which excludes insured, internal, and collateralized deposit accounts, totaled $1.5 billion at June 30, 2025 and March 31, 2025. This represented 23.0% of total deposits at June 30, 2025, compared to 21.9% at March 31, 2025.
As of June 30, 2025, the Corporation and its subsidiaries reported cash and cash equivalents totaling $160.4 million and had committed borrowing capacity of $3.6 billion, of which $2.3 billion was available. The Corporation and its subsidiaries also maintained uncommitted funding sources from correspondent banks of $469.0 million at June 30, 2025. Future availability under these uncommitted funding sources is subject to the prerogatives of the granting banks and may be withdrawn at will.
Net Interest Income and Margin
Net interest income of $59.5 million for the second quarter of 2025 increased $8.5 million, or 16.7%, from the second quarter of 2024 and $2.8 million, or 4.9%, from the first quarter of 2025. The increase in net interest income for the second quarter of 2025 compared to the second quarter of 2024 was driven by higher average balances of loans and higher yields on interest earning assets, as well as a reduction in our overall cost of funds. The increase in net interest income for the second quarter of 2025 compared to the first quarter of 2025 was primarily driven by higher yields on interest earning assets and lower average balances of interest-bearing liabilities and related costs.
Net interest margin, on a tax-equivalent basis, was 3.20% for the second quarter of 2025, compared to 3.09% for the first quarter of 2025 and 2.84% for the second quarter of 2024. Excess liquidity reduced net interest margin by approximately four basis points for the quarter ended June 30, 2025 compared to approximately three basis points for the quarter ended March 31, 2025 and approximately two basis points for the quarter ended June 30, 2024. Excluding the impact of excess liquidity, the net interest margin, on a tax-equivalent basis, would have been 3.24% for the quarter ended June 30, 2025 compared to 3.12% for the first quarter of 2025 and 2.86% for the second quarter of 2024.
Noninterest Income
Noninterest income for the quarter ended June 30, 2025 was $21.5 million, an increase of $521 thousand, or 2.5%, from the comparable period in the prior year.
Other income increased $491 thousand, or 65.9%, for the quarter ended June 30, 2025 compared to the comparable period in the prior year, primarily due to an increase of $299 thousand in gains on sale of Small Business Administration loans.
Service charges on deposit accounts increased $276 thousand, or 13.9%, for the quarter ended June 30, 2025 compared to the comparable period in the prior year, primarily due to an increase in treasury management income.
Investment advisory commission and fee income increased $222 thousand, or 4.2%, for the quarter ended June 30, 2025 compared to the comparable period in the prior year, primarily due to new customer relationships and appreciation of assets under management and supervision.
Net gain on mortgage banking activities decreased $729 thousand, or 42.6%, for the quarter ended June 30, 2025 compared to the comparable period in the prior year, primarily due to decreased salable volume.
Noninterest Expense
Noninterest expense for the quarter ended June 30, 2025 was $50.3 million, an increase of $1.6 million, or 3.3%, from the comparable period in the prior year.
Salaries, benefits and commissions increased $1.3 million, or 4.5%, for the quarter ended June 30, 2025 compared to the comparable period in the prior year, due to increases in salary and medical claims expense. Additionally, variable compensation increased due to increased profitability.
Tax Provision
The effective income tax rate was 20.1% for the quarter ended June 30, 2025, compared to an effective tax rate of 19.9% for the quarter ended June 30, 2024. The effective tax rates for the three months ended June 30, 2025 and 2024 were favorably impacted by proceeds of BOLI death benefits received in both periods. Excluding the BOLI death benefits, the effective tax rate was 20.2% for the three months ended June 30, 2025 compared to 20.0% for the three months ended June 30, 2024.
Asset Quality and Provision for Credit Losses
Nonperforming assets totaled $50.6 million at June 30, 2025, $34.0 million at March 31, 2025, and $36.6 million at June 30, 2024. During the quarter, a $23.7 million commercial loan relationship was placed on nonaccrual status due to, among other things, suspected fraud. Subsequent to the relationship being placed on nonaccrual status, a $7.3 million charge-off was recognized during the quarter. The remaining $16.4 million carrying value is supported by the appraised value of real estate collateral.
Net loan and lease charge-offs were $7.8 million for the three months ended June 30, 2025 compared to $1.7 million and $809 thousand for the three months ended March 31, 2025 and June 30, 2024, respectively. The increase in charge-offs for the quarter compared to the prior periods was due to the previously discussed $7.3 million charge-off associated with a nonaccrual commercial loan relationship.
The provision for credit losses was $5.7 million for the three months ended June 30, 2025 compared to $2.3 million and $707 thousand for the three months ended March 31, 2025 and June 30, 2024, respectively. The allowance for credit losses on loans and leases as a percentage of loans and leases held for investment was 1.28% at June 30, 2025, March 31, 2025, and June 30, 2024.
Dividend and Share Repurchases
On July 23, 2025, Univest declared a quarterly cash dividend of $0.22 per share to be paid on August 20, 2025 to shareholders of record as of August 6, 2025. During the quarter ended June 30, 2025, the Corporation repurchased 172,757 shares of common stock at an average price of $28.45 per share. Including brokerage fees and excise tax, the average price per share was $28.77. As of June 30, 2025, 1,005,637 shares are available for repurchase under the Share Repurchase Plan.
Conference Call
Univest will host a conference call to discuss second quarter 2025 results on Thursday, July 24, 2025 at 9:00 a.m. EDT. Participants may preregister at https://www.netroadshow.com/events/login?show=d55d5140&confId=85192. The general public can access the call by dialing 1-833-470-1428; using Access Code 747843. A replay of the conference call will be available through July 31, 2025 by dialing 1-866-813-9403; using Access Code 563521.
About Univest Financial Corporation
Univest Financial Corporation (UVSP), including its wholly-owned subsidiary Univest Bank and Trust Co., Member FDIC, has approximately $7.9 billion in assets and $5.4 billion in assets under management and supervision through its Wealth Management lines of business at June 30, 2025. Headquartered in Souderton, Pa. and founded in 1876, the Corporation and its subsidiaries provide a full range of financial solutions for individuals, businesses, municipalities and nonprofit organizations primarily in the Mid-Atlantic Region. Univest delivers these services through a network of more than 50 offices and online at www.univest.net.
This press release and the reports Univest files with the Securities and Exchange Commission often contain "forward-looking statements" relating to trends or factors affecting the financial services industry and, specifically, the financial condition and results of operations, business, prospects and strategies of Univest. These forward-looking statements involve certain risks and uncertainties in that there are a number of important factors that could cause Univest's future financial condition, results of operations, business, prospects or strategies to differ materially from those expressed or implied by the forward-looking statements. These factors include, but are not limited to: (1) competition and demand for financial services in our market area; (2) inflation and/or changes in interest rates, which may adversely impact our margins and yields, reduce the fair value of our financial instruments, reduce our loan originations and/or lead to higher operating costs and higher costs we pay to retain and attract deposits; (3) changes in asset quality, prepayment speeds, loan sale volumes, charge-offs and/or credit loss provisions; (4) fluctuations in real estate values and both residential and commercial real estate market conditions; (5) changes in liquidity, including the size and composition of our deposit portfolio and the percentage of uninsured deposits in the portfolio; (6) our ability to access cost-effective funding; (7) changes in economic conditions nationally and in our market, including potential recessionary conditions and the levels of unemployment in our market area; (8) changes in the economic assumptions or methodology used to calculate our allowance for credit losses; (9) legislative, regulatory, accounting or tax changes; (10) monetary and fiscal policies of the U.S. government, including the policies of the Board of Governors of the Federal Reserve System; (11) the imposition of tariffs or other domestic or international governmental policies and retaliatory responses; (12) the failure to maintain current technologies and to successfully implement future information technology enhancements; (13) technological issues that may adversely affect our operations or those of our customers; (14) a failure or breach in our operational or security systems or infrastructure, including cyberattacks; (15) changes in the securities markets; (16) the current or anticipated impact of military conflict, terrorism or other geopolitical events; (17) our ability to enter into new markets successfully and capitalize on growth opportunities; (18) changes in investor sentiment or consumer spending or savings behavior; and/or (19) risk factors mentioned in the reports and registration statements Univest files with the Securities and Exchange Commission.
(UVSP - ER)
| Univest Financial Corporation | ||||||||||||||||||||||||||||
| Consolidated Selected Financial Data (Unaudited) | ||||||||||||||||||||||||||||
| June 30, 2025 | ||||||||||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||||||||||
| Balance Sheet (Period End) | 06/30/25 | 03/31/25 | 12/31/24 | 09/30/24 | 06/30/24 | |||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||
| Cash and due from banks | $ | 76,624 | $ | 73,319 | $ | 75,998 | $ | 78,346 | $ | 66,808 | ||||||||||||||||||
| Interest-earning deposits with other banks | 83,741 | 95,815 | 252,846 | 426,354 | 124,103 | |||||||||||||||||||||||
| Cash and cash equivalents | 160,365 | 169,134 | 328,844 | 504,700 | 190,911 | |||||||||||||||||||||||
| Investment securities held-to-maturity | 128,455 | 130,889 | 134,111 | 137,681 | 140,112 | |||||||||||||||||||||||
| Investment securities available for sale, net of allowance for credit losses | 366,421 | 364,503 | 357,361 | 354,100 | 342,776 | |||||||||||||||||||||||
| Investments in equity securities | 1,801 | 1,667 | 2,506 | 2,406 | 2,995 | |||||||||||||||||||||||
| Federal Home Loan Bank, Federal Reserve Bank and other stock, at cost | 36,482 | 35,732 | 38,980 | 40,235 | 37,438 | |||||||||||||||||||||||
| Loans held for sale | 17,774 | 13,150 | 16,653 | 17,131 | 28,176 | |||||||||||||||||||||||
| Loans and leases held for investment | 6,801,185 | 6,833,037 | 6,826,583 | 6,730,734 | 6,684,837 | |||||||||||||||||||||||
| Less: Allowance for credit losses, loans and leases | (86,989 | ) | (87,790 | ) | (87,091 | ) | (86,041 | ) | (85,745 | ) | ||||||||||||||||||
| Net loans and leases held for investment | 6,714,196 | 6,745,247 | 6,739,492 | 6,644,693 | 6,599,092 | |||||||||||||||||||||||
| Premises and equipment, net | 47,140 | 47,175 | 46,671 | 47,411 | 48,174 | |||||||||||||||||||||||
| Operating lease right-of-use assets | 27,278 | 27,182 | 28,531 | 29,260 | 29,985 | |||||||||||||||||||||||
| Goodwill | 175,510 | 175,510 | 175,510 | 175,510 | 175,510 | |||||||||||||||||||||||
| Other intangibles, net of accumulated amortization | 7,967 | 8,061 | 8,309 | 7,158 | 7,701 | |||||||||||||||||||||||
| Bank owned life insurance | 140,086 | 139,482 | 139,351 | 138,744 | 137,823 | |||||||||||||||||||||||
| Accrued interest and other assets | 115,581 | 117,435 | 112,098 | 106,708 | 114,753 | |||||||||||||||||||||||
| Total assets | $ | 7,939,056 | $ | 7,975,167 | $ | 8,128,417 | $ | 8,205,737 | $ | 7,855,446 | ||||||||||||||||||
| LIABILITIES | ||||||||||||||||||||||||||||
| Noninterest-bearing deposits | $ | 1,461,189 | $ | 1,433,995 | $ | 1,414,635 | $ | 1,323,953 | $ | 1,397,308 | ||||||||||||||||||
| Interest-bearing deposits: | 5,121,471 | 5,224,503 | 5,344,624 | 5,530,195 | 5,098,014 | |||||||||||||||||||||||
| Total deposits | 6,582,660 | 6,658,498 | 6,759,259 | 6,854,148 | 6,495,322 | |||||||||||||||||||||||
| Short-term borrowings | 6,271 | 4,031 | 11,181 | 8,256 | 11,781 | |||||||||||||||||||||||
| Long-term debt | 200,000 | 175,000 | 225,000 | 225,000 | 250,000 | |||||||||||||||||||||||
| Subordinated notes | 149,511 | 149,386 | 149,261 | 149,136 | 149,011 | |||||||||||||||||||||||
| Operating lease liabilities | 30,106 | 30,062 | 31,485 | 32,246 | 33,015 | |||||||||||||||||||||||
| Accrued expenses and other liabilities | 53,775 | 54,718 | 64,930 | 59,880 | 62,180 | |||||||||||||||||||||||
| Total liabilities | 7,022,323 | 7,071,695 | 7,241,116 | 7,328,666 | 7,001,309 | |||||||||||||||||||||||
| SHAREHOLDERS' EQUITY | ||||||||||||||||||||||||||||
| Common stock, $5 par value: 48,000,000 shares authorized and 31,556,799 shares issued | 157,784 | 157,784 | 157,784 | 157,784 | 157,784 | |||||||||||||||||||||||
| Additional paid-in capital | 301,640 | 300,634 | 302,829 | 301,262 | 300,166 | |||||||||||||||||||||||
| Retained earnings | 555,403 | 541,776 | 525,780 | 512,938 | 500,482 | |||||||||||||||||||||||
| Accumulated other comprehensive loss, net of tax benefit | (34,969 | ) | (37,922 | ) | (43,992 | ) | (41,623 | ) | (54,124 | ) | ||||||||||||||||||
| Treasury stock, at cost | (63,125 | ) | (58,800 | ) | (55,100 | ) | (53,290 | ) | (50,171 | ) | ||||||||||||||||||
| Total shareholders' equity | 916,733 | 903,472 | 887,301 | 877,071 | 854,137 | |||||||||||||||||||||||
| Total liabilities and shareholders' equity | $ | 7,939,056 | $ | 7,975,167 | $ | 8,128,417 | $ | 8,205,737 | $ | 7,855,446 | ||||||||||||||||||
| For the three months ended, | For the six months ended, | |||||||||||||||||||||||||||
| Balance Sheet (Average) | 06/30/25 | 03/31/25 | 12/31/24 | 09/30/24 | 06/30/24 | 06/30/25 | 06/30/24 | |||||||||||||||||||||
| Assets | 7,979,475 | $ | 7,981,043 | $ | 8,163,347 | $ | 8,005,265 | $ | 7,721,540 | $ | 7,980,254 | $ | 7,709,058 | |||||||||||||||
| Investment securities, net of allowance for credit losses | 497,214 | 500,078 | 500,748 | 493,334 | 493,140 | 498,638 | 497,061 | |||||||||||||||||||||
| Loans and leases, gross | 6,846,938 | 6,856,503 | 6,758,649 | 6,730,791 | 6,640,536 | 6,851,694 | 6,608,950 | |||||||||||||||||||||
| Deposits | 6,633,250 | 6,617,653 | 6,804,483 | 6,641,324 | 6,353,752 | 6,625,494 | 6,328,804 | |||||||||||||||||||||
| Shareholders' equity | 908,536 | 896,811 | 880,237 | 864,406 | 844,572 | 902,706 | 843,559 | |||||||||||||||||||||
| Univest Financial Corporation | ||||||||||||||||||||||||||||
| Consolidated Summary of Loans by Type and Asset Quality Data (Unaudited) | ||||||||||||||||||||||||||||
| June 30, 2025 | ||||||||||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||||||||||
| Summary of Major Loan and Lease Categories (Period End) | 06/30/25 | 03/31/25 | 12/31/24 | 09/30/24 | 06/30/24 | |||||||||||||||||||||||
| Commercial, financial and agricultural | $ | 1,052,246 | $ | 1,034,361 | $ | 1,037,835 | $ | 1,044,043 | $ | 1,055,332 | ||||||||||||||||||
| Real estate-commercial | 3,485,615 | 3,546,402 | 3,530,451 | 3,442,083 | 3,373,889 | |||||||||||||||||||||||
| Real estate-construction | 302,424 | 281,785 | 274,483 | 285,616 | 313,229 | |||||||||||||||||||||||
| Real estate-residential secured for business purpose | 535,210 | 536,082 | 536,095 | 530,674 | 532,628 | |||||||||||||||||||||||
| Real estate-residential secured for personal purpose | 984,166 | 992,767 | 994,972 | 969,562 | 952,665 | |||||||||||||||||||||||
| Real estate-home equity secured for personal purpose | 195,014 | 189,119 | 186,836 | 182,901 | 179,150 | |||||||||||||||||||||||
| Loans to individuals | 14,069 | 16,930 | 21,250 | 26,794 | 26,430 | |||||||||||||||||||||||
| Lease financings | 232,441 | 235,591 | 244,661 | 249,061 | 251,514 | |||||||||||||||||||||||
| Total loans and leases held for investment, net of deferred income | 6,801,185 | 6,833,037 | 6,826,583 | 6,730,734 | 6,684,837 | |||||||||||||||||||||||
| Less: Allowance for credit losses, loans and leases | (86,989 | ) | (87,790 | ) | (87,091 | ) | (86,041 | ) | (85,745 | ) | ||||||||||||||||||
| Net loans and leases held for investment | $ | 6,714,196 | $ | 6,745,247 | $ | 6,739,492 | $ | 6,644,693 | $ | 6,599,092 | ||||||||||||||||||
| Asset Quality Data (Period End) | 06/30/25 | 03/31/25 | 12/31/24 | 09/30/24 | 06/30/24 | |||||||||||||||||||||||
| Nonaccrual loans and leases, including nonaccrual loans held for sale | $ | 27,909 | $ | 11,126 | $ | 12,667 | $ | 15,319 | $ | 16,200 | ||||||||||||||||||
| Accruing loans and leases 90 days or more past due | 125 | 322 | 321 | 310 | 205 | |||||||||||||||||||||||
| Total nonperforming loans and leases | 28,034 | 11,448 | 12,988 | 15,629 | 16,405 | |||||||||||||||||||||||
| Other real estate owned | 22,471 | 22,433 | 20,141 | 20,915 | 20,007 | |||||||||||||||||||||||
| Repossessed assets | 80 | 79 | 76 | 79 | 149 | |||||||||||||||||||||||
| Total nonperforming assets | $ | 50,585 | $ | 33,960 | $ | 33,205 | $ | 36,623 | $ | 36,561 | ||||||||||||||||||
| Nonaccrual loans and leases / Loans and leases held for investment | 0.41 | % | 0.16 | % | 0.19 | % | 0.23 | % | 0.24 | % | ||||||||||||||||||
| Nonperforming loans and leases / Loans and leases held for investment | 0.41 | % | 0.17 | % | 0.19 | % | 0.23 | % | 0.25 | % | ||||||||||||||||||
| Nonperforming assets / Total assets | 0.64 | % | 0.43 | % | 0.41 | % | 0.45 | % | 0.47 | % | ||||||||||||||||||
| Allowance for credit losses, loans and leases | $ | 86,989 | $ | 87,790 | $ | 87,091 | $ | 86,041 | $ | 85,745 | ||||||||||||||||||
| Allowance for credit losses, loans and leases / Loans and leases held for investment | 1.28 | % | 1.28 | % | 1.28 | % | 1.28 | % | 1.28 | % | ||||||||||||||||||
| Allowance for credit losses, loans and leases / Nonaccrual loans and leases | 311.69 | % | 789.05 | % | 687.54 | % | 561.66 | % | 529.29 | % | ||||||||||||||||||
| Allowance for credit losses, loans and leases / Nonperforming loans and leases | 310.30 | % | 766.86 | % | 670.55 | % | 550.52 | % | 522.68 | % | ||||||||||||||||||
| For the three months ended, | For the six months ended, | |||||||||||||||||||||||||||
| 06/30/25 | 03/31/25 | 12/31/24 | 09/30/24 | 06/30/24 | 06/30/25 | 06/30/24 | ||||||||||||||||||||||
| Net loan and lease charge-offs | $ | 7,807 | $ | 1,686 | $ | 767 | $ | 820 | $ | 809 | $ | 9,493 | $ | 2,215 | ||||||||||||||
| Net loan and lease charge-offs (annualized)/Average loans and leases | 0.46 | % | 0.10 | % | 0.05 | % | 0.05 | % | 0.05 | % | 0.28 | % | 0.07 | % | ||||||||||||||
| Univest Financial Corporation | ||||||||||||||||||||||
| Consolidated Selected Financial Data (Unaudited) | ||||||||||||||||||||||
| June 30, 2025 | ||||||||||||||||||||||
| (Dollars in thousands, except per share data) | ||||||||||||||||||||||
| For the three months ended, | For the six months ended, | |||||||||||||||||||||
| For the period: | 06/30/25 | 03/31/25 | 12/31/24 | 09/30/24 | 06/30/24 | 06/30/25 | 06/30/24 | |||||||||||||||
| Interest income | $ | 105,706 | $ | 103,416 | $ | 107,476 | $ | 106,438 | $ | 99,832 | $ | 209,122 | $ | 198,441 | ||||||||
| Interest expense | 46,165 | 46,635 | 52,004 | 53,234 | 48,805 | 92,800 | 95,947 | |||||||||||||||
| Net interest income | 59,541 | 56,781 | 55,472 | 53,204 | 51,027 | 116,322 | 102,494 | |||||||||||||||
| Provision for credit losses | 5,694 | 2,311 | 2,380 | 1,414 | 707 | 8,005 | 2,139 | |||||||||||||||
| Net interest income after provision for credit losses | 53,847 | 54,470 | 53,092 | 51,790 | 50,320 | 108,317 | 100,355 | |||||||||||||||
| Noninterest income: | ||||||||||||||||||||||
| Trust fee income | 2,146 | 2,161 | 2,265 | 2,110 | 2,008 | 4,307 | 4,116 | |||||||||||||||
| Service charges on deposit accounts | 2,258 | 2,194 | 2,192 | 2,037 | 1,982 | 4,452 | 3,853 | |||||||||||||||
| Investment advisory commission and fee income | 5,460 | 5,613 | 5,457 | 5,319 | 5,238 | 11,073 | 10,432 | |||||||||||||||
| Insurance commission and fee income | 5,261 | 6,889 | 4,743 | 5,238 | 5,167 | 12,150 | 12,368 | |||||||||||||||
| Other service fee income | 3,147 | 2,707 | 3,473 | 1,815 | 3,044 | 5,854 | 9,459 | |||||||||||||||
| Bank owned life insurance income | 1,012 | 1,959 | 1,012 | 921 | 1,086 | 2,971 | 1,928 | |||||||||||||||
| Net gain on sales of investment securities | - | - | - | 18 | - | - | - | |||||||||||||||
| Net gain on mortgage banking activities | 981 | 647 | 1,320 | 1,296 | 1,710 | 1,628 | 2,649 | |||||||||||||||
| Other income | 1,236 | 245 | 868 | 1,396 | 745 | 1,481 | 1,770 | |||||||||||||||
| Total noninterest income | 21,501 | 22,415 | 21,330 | 20,150 | 20,980 | 43,916 | 46,575 | |||||||||||||||
| Noninterest expense: | ||||||||||||||||||||||
| Salaries, benefits and commissions | 31,536 | 30,826 | 31,518 | 30,702 | 30,187 | 62,362 | 61,525 | |||||||||||||||
| Net occupancy | 2,739 | 2,853 | 2,751 | 2,723 | 2,679 | 5,592 | 5,551 | |||||||||||||||
| Equipment | 1,043 | 1,122 | 1,147 | 1,107 | 1,088 | 2,165 | 2,199 | |||||||||||||||
| Data processing | 4,408 | 4,364 | 4,146 | 4,154 | 4,161 | 8,772 | 8,656 | |||||||||||||||
| Professional fees | 1,597 | 1,797 | 1,669 | 1,579 | 1,466 | 3,394 | 3,154 | |||||||||||||||
| Marketing and advertising | 498 | 353 | 552 | 490 | 715 | 851 | 1,131 | |||||||||||||||
| Deposit insurance premiums | 1,074 | 1,151 | 1,102 | 1,097 | 1,098 | 2,225 | 2,233 | |||||||||||||||
| Intangible expenses | 131 | 130 | 155 | 164 | 188 | 261 | 375 | |||||||||||||||
| Other expense | 7,306 | 6,732 | 7,618 | 6,536 | 7,126 | 14,038 | 13,958 | |||||||||||||||
| Total noninterest expense | 50,332 | 49,328 | 50,658 | 48,552 | 48,708 | 99,660 | 98,782 | |||||||||||||||
| Income before taxes | 25,016 | 27,557 | 23,764 | 23,388 | 22,592 | 52,573 | 48,148 | |||||||||||||||
| Income tax expense | 5,038 | 5,162 | 4,823 | 4,810 | 4,485 | 10,200 | 9,736 | |||||||||||||||
| Net income | $ | 19,978 | $ | 22,395 | $ | 18,941 | $ | 18,578 | $ | 18,107 | $ | 42,373 | $ | 38,412 | ||||||||
| Net income per share: | ||||||||||||||||||||||
| Basic | $ | 0.69 | $ | 0.77 | $ | 0.65 | $ | 0.64 | $ | 0.62 | $ | 1.46 | $ | 1.31 | ||||||||
| Diluted | $ | 0.69 | $ | 0.77 | $ | 0.65 | $ | 0.63 | $ | 0.62 | $ | 1.45 | $ | 1.30 | ||||||||
| Dividends declared per share | $ | 0.22 | $ | 0.21 | $ | 0.21 | $ | 0.21 | $ | 0.21 | $ | 0.43 | $ | 0.42 | ||||||||
| Weighted average shares outstanding | 28,859,348 | 29,000,567 | 29,070,039 | 29,132,948 | 29,246,977 | 28,929,123 | 29,330,488 | |||||||||||||||
| Period end shares outstanding | 28,810,805 | 28,962,648 | 29,045,877 | 29,081,108 | 29,190,640 | 28,810,805 | 29,190,640 | |||||||||||||||
| Univest Financial Corporation | ||||||||||||||||||||||||||||
| Consolidated Selected Financial Data (Unaudited) | ||||||||||||||||||||||||||||
| June 30, 2025 | ||||||||||||||||||||||||||||
| For the three months ended, | For the six months ended, | |||||||||||||||||||||||||||
| Profitability Ratios (annualized) | 06/30/25 | 03/31/25 | 12/31/24 | 09/30/24 | 06/30/24 | 06/30/25 | 06/30/24 | |||||||||||||||||||||
| Return on average assets | 1.00 | % | 1.14 | % | 0.92 | % | 0.92 | % | 0.94 | % | 1.07 | % | 1.00 | % | ||||||||||||||
| Return on average shareholders' equity | 8.82 | % | 10.13 | % | 8.56 | % | 8.55 | % | 8.62 | % | 9.47 | % | 9.16 | % | ||||||||||||||
| Return on average tangible common equity (1)(3) | 11.02 | % | 12.69 | % | 10.79 | % | 10.84 | % | 11.01 | % | 11.84 | % | 11.69 | % | ||||||||||||||
| Net interest margin (FTE) | 3.20 | % | 3.09 | % | 2.88 | % | 2.82 | % | 2.84 | % | 3.14 | % | 2.86 | % | ||||||||||||||
| Efficiency ratio (2) | 61.6 | % | 61.6 | % | 65.5 | % | 65.7 | % | 67.1 | % | 61.6 | % | 65.8 | % | ||||||||||||||
| Capitalization Ratios | ||||||||||||||||||||||||||||
| Dividends declared to net income | 31.8 | % | 27.2 | % | 32.2 | % | 33.0 | % | 33.9 | % | 29.4 | % | 32.1 | % | ||||||||||||||
| Shareholders' equity to assets (Period End) | 11.55 | % | 11.33 | % | 10.92 | % | 10.69 | % | 10.87 | % | 11.55 | % | 10.87 | % | ||||||||||||||
| Tangible common equity to tangible assets (1) | 9.52 | % | 9.31 | % | 8.92 | % | 8.71 | % | 8.81 | % | 9.52 | % | 8.81 | % | ||||||||||||||
| Common equity book value per share | $ | 31.82 | $ | 31.19 | $ | 30.55 | $ | 30.16 | $ | 29.26 | $ | 31.82 | $ | 29.26 | ||||||||||||||
| Tangible common equity book value per share (1) | $ | 25.66 | $ | 25.06 | $ | 24.43 | $ | 24.05 | $ | 23.17 | $ | 25.66 | $ | 23.17 | ||||||||||||||
| Regulatory Capital Ratios (Period End) | ||||||||||||||||||||||||||||
| Tier 1 leverage ratio | 9.94 | % | 9.80 | % | 9.51 | % | 9.53 | % | 9.74 | % | 9.94 | % | 9.74 | % | ||||||||||||||
| Common equity tier 1 risk-based capital ratio | 11.19 | % | 10.97 | % | 10.85 | % | 10.88 | % | 10.72 | % | 11.19 | % | 10.72 | % | ||||||||||||||
| Tier 1 risk-based capital ratio | 11.19 | % | 10.97 | % | 10.85 | % | 10.88 | % | 10.72 | % | 11.19 | % | 10.72 | % | ||||||||||||||
| Total risk-based capital ratio | 14.58 | % | 14.35 | % | 14.19 | % | 14.27 | % | 14.09 | % | 14.58 | % | 14.09 | % | ||||||||||||||
| (1) Non-GAAP metric. A reconciliation of this and other non-GAAP to GAAP performance measures is included below. | ||||||||||||||||||||||||||||
| (2) Noninterest expense to net interest income before loan loss provision plus noninterest income adjusted for tax equivalent income. | ||||||||||||||||||||||||||||
| (3) Net income before amortization of intangibles to average tangible common equity. | ||||||||||||||||||||||||||||
| Univest Financial Corporation | ||||||||||||||
| Average Balances and Interest Rates (Unaudited) | ||||||||||||||
| For the Three Months Ended, | ||||||||||||||
| Tax Equivalent Basis | June 30, 2025 | March 31, 2025 | ||||||||||||
| Average | Income/ | Average | Average | Income/ | Average | |||||||||
| (Dollars in thousands) | Balance | Expense | Rate | Balance | Expense | Rate | ||||||||
| Assets: | ||||||||||||||
| Interest-earning deposits with other banks | $ | 131,391 | $ | 1,371 | 4.19 | % | $ | 119,997 | $ | 1,360 | 4.60 | % | ||
| Obligations of state and political subdivisions* | - | - | - | 879 | 4 | 1.85 | ||||||||
| Other debt and equity securities | 497,214 | 3,962 | 3.20 | 499,199 | 4,019 | 3.27 | ||||||||
| Federal Home Loan Bank, Federal Reserve Bank and other stock | 36,711 | 671 | 7.33 | 37,561 | 687 | 7.42 | ||||||||
| Total interest-earning deposits, investments and other interest-earning assets | 665,316 | 6,004 | 3.62 | 657,636 | 6,070 | 3.74 | ||||||||
| Commercial, financial, and agricultural loans | 1,005,784 | 17,686 | 7.05 | 990,860 | 17,020 | 6.97 | ||||||||
| Real estate—commercial and construction loans | 3,692,262 | 54,165 | 5.88 | 3,704,232 | 52,676 | 5.77 | ||||||||
| Real estate—residential loans | 1,727,381 | 21,772 | 5.06 | 1,729,146 | 21,542 | 5.05 | ||||||||
| Loans to individuals | 15,575 | 337 | 8.68 | 19,438 | 393 | 8.20 | ||||||||
| Tax-exempt loans and leases | 228,856 | 2,966 | 5.20 | 230,133 | 2,861 | 5.04 | ||||||||
| Lease financings | 177,080 | 3,192 | 7.23 | 182,694 | 3,240 | 7.19 | ||||||||
| Gross loans and leases | 6,846,938 | 100,118 | 5.86 | 6,856,503 | 97,732 | 5.78 | ||||||||
| Total interest-earning assets | 7,512,254 | 106,122 | 5.67 | 7,514,139 | 103,802 | 5.60 | ||||||||
| Cash and due from banks | 55,335 | 56,690 | ||||||||||||
| Allowance for credit losses, loans and leases | (88,127 | ) | (87,822 | ) | ||||||||||
| Premises and equipment, net | 47,299 | 46,852 | ||||||||||||
| Operating lease right-of-use assets | 26,948 | 27,761 | ||||||||||||
| Other assets | 425,766 | 423,423 | ||||||||||||
| Total assets | $ | 7,979,475 | $ | 7,981,043 | ||||||||||
| Liabilities: | ||||||||||||||
| Interest-bearing checking deposits | $ | 1,216,909 | $ | 7,800 | 2.57 | % | $ | 1,222,012 | $ | 7,075 | 2.35 | % | ||
| Money market savings | 1,754,428 | 16,945 | 3.87 | 1,840,194 | 18,035 | 3.97 | ||||||||
| Regular savings | 700,762 | 749 | 0.43 | 702,543 | 763 | 0.44 | ||||||||
| Time deposits | 1,541,008 | 16,261 | 4.23 | 1,476,495 | 16,106 | 4.42 | ||||||||
| Total time and interest-bearing deposits | 5,213,107 | 41,755 | 3.21 | 5,241,244 | 41,979 | 3.25 | ||||||||
| Short-term borrowings | 5,254 | 1 | 0.08 | 6,909 | 14 | 0.82 | ||||||||
| Long-term debt | 200,549 | 2,128 | 4.26 | 217,500 | 2,361 | 4.40 | ||||||||
| Subordinated notes | 149,444 | 2,281 | 6.12 | 149,319 | 2,281 | 6.20 | ||||||||
| Total borrowings | 355,247 | 4,410 | 4.98 | 373,728 | 4,656 | 5.05 | ||||||||
| Total interest-bearing liabilities | 5,568,354 | 46,165 | 3.33 | 5,614,972 | 46,635 | 3.37 | ||||||||
| Noninterest-bearing deposits | 1,420,143 | 1,376,409 | ||||||||||||
| Operating lease liabilities | 29,802 | 30,675 | ||||||||||||
| Accrued expenses and other liabilities | 52,640 | 62,176 | ||||||||||||
| Total liabilities | 7,070,939 | 7,084,232 | ||||||||||||
| Total interest-bearing liabilities and noninterest-bearing deposits ("Cost of Funds") | 6,988,497 | 2.65 | 6,991,381 | 2.71 | ||||||||||
| Shareholders' Equity: | ||||||||||||||
| Common stock | 157,784 | 157,784 | ||||||||||||
| Additional paid-in capital | 301,016 | 302,653 | ||||||||||||
| Retained earnings and other equity | 449,736 | 436,374 | ||||||||||||
| Total shareholders' equity | 908,536 | 896,811 | ||||||||||||
| Total liabilities and shareholders' equity | $ | 7,979,475 | $ | 7,981,043 | ||||||||||
| Net interest income | $ | 59,957 | $ | 57,167 | ||||||||||
| Net interest spread | 2.34 | 2.23 | ||||||||||||
| Effect of net interest-free funding sources | 0.86 | 0.86 | ||||||||||||
| Net interest margin | 3.20 | % | 3.09 | % | ||||||||||
| Ratio of average interest-earning assets to average interest-bearing liabilities | 134.91 | % | 133.82 | % | ||||||||||
| * Obligations of states and political subdivisions are tax-exempt earning assets. | ||||||||||||||
| Notes: For rate calculation purposes, average loan and lease categories include deferred fees and costs and purchase accounting adjustments. | ||||||||||||||
| Net interest income includes net deferred costs amortization of $689 thousand and $554 thousand for the three months ended June 30, 2025 and March 31, 2025, respectively. | ||||||||||||||
| Nonaccrual loans and leases have been included in the average loan and lease balances. Loans held for sale have been included in the average loan balances. Tax-equivalent amounts for the three months ended June 30, 2025 and March 31, 2025 have been calculated using the Corporation's federal applicable rate of 21.0%. | ||||||||||||||
| Univest Financial Corporation | ||||||||||||||
| Average Balances and Interest Rates (Unaudited) | ||||||||||||||
| For the Three Months Ended June 30, | ||||||||||||||
| Tax Equivalent Basis | 2025 | 2024 | ||||||||||||
| Average | Income/ | Average | Average | Income/ | Average | |||||||||
| (Dollars in thousands) | Balance | Expense | Rate | Balance | Expense | Rate | ||||||||
| Assets: | ||||||||||||||
| Interest-earning deposits with other banks | $ | 131,391 | $ | 1,371 | 4.19 | % | $ | 84,546 | $ | 1,108 | 5.27 | % | ||
| Obligations of state and political subdivisions* | - | - | - | 1,269 | 7 | 2.22 | ||||||||
| Other debt and equity securities | 497,214 | 3,962 | 3.20 | 491,871 | 3,741 | 3.06 | ||||||||
| Federal Home Loan Bank, Federal Reserve Bank and other stock | 36,711 | 671 | 7.33 | 37,286 | 700 | 7.55 | ||||||||
| Total interest-earning deposits, investments and other interest-earning assets | 665,316 | 6,004 | 3.62 | 614,972 | 5,556 | 3.63 | ||||||||
| Commercial, financial, and agricultural loans | 1,005,784 | 17,686 | 7.05 | 983,615 | 17,447 | 7.13 | ||||||||
| Real estate—commercial and construction loans | 3,692,262 | 54,165 | 5.88 | 3,549,206 | 50,577 | 5.73 | ||||||||
| Real estate—residential loans | 1,727,381 | 21,772 | 5.06 | 1,660,489 | 20,413 | 4.94 | ||||||||
| Loans to individuals | 15,575 | 337 | 8.68 | 26,821 | 542 | 8.13 | ||||||||
| Tax-exempt loans and leases | 228,856 | 2,966 | 5.20 | 230,495 | 2,476 | 4.32 | ||||||||
| Lease financings | 177,080 | 3,192 | 7.23 | 189,910 | 3,105 | 6.58 | ||||||||
| Gross loans and leases | 6,846,938 | 100,118 | 5.86 | 6,640,536 | 94,560 | 5.73 | ||||||||
| Total interest-earning assets | 7,512,254 | 106,122 | 5.67 | 7,255,508 | 100,116 | 5.55 | ||||||||
| Cash and due from banks | 55,335 | 56,387 | ||||||||||||
| Allowance for credit losses, loans and leases | (88,127 | ) | (86,293 | ) | ||||||||||
| Premises and equipment, net | 47,299 | 48,725 | ||||||||||||
| Operating lease right-of-use assets | 26,948 | 30,344 | ||||||||||||
| Other assets | 425,766 | 416,869 | ||||||||||||
| Total assets | $ | 7,979,475 | $ | 7,721,540 | ||||||||||
| Liabilities: | ||||||||||||||
| Interest-bearing checking deposits | $ | 1,216,909 | $ | 7,800 | 2.57 | % | $ | 1,094,150 | $ | 7,311 | 2.69 | % | ||
| Money market savings | 1,754,428 | 16,945 | 3.87 | 1,692,759 | 19,131 | 4.55 | ||||||||
| Regular savings | 700,762 | 749 | 0.43 | 759,960 | 929 | 0.49 | ||||||||
| Time deposits | 1,541,008 | 16,261 | 4.23 | 1,422,113 | 16,134 | 4.56 | ||||||||
| Total time and interest-bearing deposits | 5,213,107 | 41,755 | 3.21 | 4,968,982 | 43,505 | 3.52 | ||||||||
| Short-term borrowings | 5,254 | 1 | 0.08 | 29,506 | 242 | 2.30 | ||||||||
| Long-term debt | 200,549 | 2,128 | 4.26 | 250,000 | 2,777 | 4.47 | ||||||||
| Subordinated notes | 149,444 | 2,281 | 6.12 | 148,943 | 2,281 | 6.16 | ||||||||
| Total borrowings | 355,247 | 4,410 | 4.98 | 428,449 | 5,300 | 4.98 | ||||||||
| Total interest-bearing liabilities | 5,568,354 | 46,165 | 3.33 | 5,397,431 | 48,805 | 3.64 | ||||||||
| Noninterest-bearing deposits | 1,420,143 | 1,384,770 | ||||||||||||
| Operating lease liabilities | 29,802 | 33,382 | ||||||||||||
| Accrued expenses and other liabilities | 52,640 | 61,385 | ||||||||||||
| Total liabilities | 7,070,939 | 6,876,968 | ||||||||||||
| Total interest-bearing liabilities and noninterest-bearing deposits ("Cost of Funds") | 6,988,497 | 2.65 | 6,782,201 | 2.89 | ||||||||||
| Shareholders' Equity: | ||||||||||||||
| Common stock | 157,784 | 157,784 | ||||||||||||
| Additional paid-in capital | 301,016 | 299,426 | ||||||||||||
| Retained earnings and other equity | 449,736 | 387,362 | ||||||||||||
| Total shareholders' equity | 908,536 | 844,572 | ||||||||||||
| Total liabilities and shareholders' equity | $ | 7,979,475 | $ | 7,721,540 | ||||||||||
| Net interest income | $ | 59,957 | $ | 51,311 | ||||||||||
| Net interest spread | 2.34 | 1.91 | ||||||||||||
| Effect of net interest-free funding sources | 0.86 | 0.93 | ||||||||||||
| Net interest margin | 3.20 | % | 2.84 | % | ||||||||||
| Ratio of average interest-earning assets to average interest-bearing liabilities | 134.91 | % | 134.43 | % | ||||||||||
| * Obligations of states and political subdivisions are tax-exempt earning assets. | ||||||||||||||
| Notes: For rate calculation purposes, average loan and lease categories include deferred fees and costs and purchase accounting adjustments. | ||||||||||||||
| Net interest income includes net deferred costs amortization of $689 thousand and $698 thousand for the three months ended June 30, 2025 and 2024, respectively. | ||||||||||||||
| Nonaccrual loans and leases have been included in the average loan and lease balances. Loans held for sale have been included in the average loan balances. Tax-equivalent amounts for the three months ended June 30, 2025 and 2024 have been calculated using the Corporation's federal applicable rate of 21.0%. | ||||||||||||||
| Univest Financial Corporation | ||||||||||||||
| Average Balances and Interest Rates (Unaudited) | ||||||||||||||
| For the Six Months Ended June 30, | ||||||||||||||
| Tax Equivalent Basis | 2025 | 2024 | ||||||||||||
| Average | Income/ | Average | Average | Income/ | Average | |||||||||
| (Dollars in thousands) | Balance | Expense | Rate | Balance | Expense | Rate | ||||||||
| Assets: | ||||||||||||||
| Interest-earning deposits with other banks | $ | 125,725 | $ | 2,731 | 4.38 | % | $ | 102,696 | $ | 2,717 | 5.32 | % | ||
| Obligations of state and political subdivisions* | 437 | 4 | 1.85 | 1,610 | 19 | 2.37 | ||||||||
| Other debt and equity securities | 498,201 | 7,981 | 3.23 | 495,451 | 7,388 | 3.00 | ||||||||
| Federal Home Loan Bank, Federal Reserve Bank and other stock | 37,134 | 1,358 | 7.37 | 38,201 | 1,424 | 7.50 | ||||||||
| Total interest-earning deposits, investments and other interest-earning assets | 661,497 | 12,074 | 3.68 | 637,958 | 11,548 | 3.64 | ||||||||
| Commercial, financial, and agricultural loans | 998,363 | 34,706 | 7.01 | 959,132 | 33,970 | 7.12 | ||||||||
| Real estate—commercial and construction loans | 3,698,214 | 106,841 | 5.83 | 3,562,174 | 101,218 | 5.71 | ||||||||
| Real estate—residential loans | 1,728,259 | 43,314 | 5.05 | 1,639,339 | 39,968 | 4.90 | ||||||||
| Loans to individuals | 17,495 | 730 | 8.41 | 27,068 | 1,090 | 8.10 | ||||||||
| Tax-exempt loans and leases | 229,491 | 5,827 | 5.12 | 231,437 | 4,940 | 4.29 | ||||||||
| Lease financings | 179,872 | 6,432 | 7.21 | 189,800 | 6,274 | 6.65 | ||||||||
| Gross loans and leases | 6,851,694 | 197,850 | 5.82 | 6,608,950 | 187,460 | 5.70 | ||||||||
| Total interest-earning assets | 7,513,191 | 209,924 | 5.63 | 7,246,908 | 199,008 | 5.52 | ||||||||
| Cash and due from banks | 56,009 | 55,628 | ||||||||||||
| Allowance for credit losses, loans and leases | (87,975 | ) | (86,394 | ) | ||||||||||
| Premises and equipment, net | 47,076 | 49,659 | ||||||||||||
| Operating lease right-of-use assets | 27,352 | 30,733 | ||||||||||||
| Other assets | 424,601 | 412,524 | ||||||||||||
| Total assets | $ | 7,980,254 | $ | 7,709,058 | ||||||||||
| Liabilities: | ||||||||||||||
| Interest-bearing checking deposits | $ | 1,219,446 | $ | 14,875 | 2.46 | % | $ | 1,137,423 | $ | 15,529 | 2.75 | % | ||
| Money market savings | 1,797,074 | 34,980 | 3.93 | 1,699,025 | 38,351 | 4.54 | ||||||||
| Regular savings | 701,648 | 1,512 | 0.43 | 764,943 | 1,834 | 0.48 | ||||||||
| Time deposits | 1,508,930 | 32,367 | 4.33 | 1,330,496 | 29,764 | 4.50 | ||||||||
| Total time and interest-bearing deposits | 5,227,098 | 83,734 | 3.23 | 4,931,887 | 85,478 | 3.49 | ||||||||
| Short-term borrowings | 6,076 | 15 | 0.50 | 19,816 | 247 | 2.51 | ||||||||
| Long-term debt | 208,978 | 4,489 | 4.33 | 271,243 | 5,660 | 4.20 | ||||||||
| Subordinated notes | 149,382 | 4,562 | 6.16 | 148,881 | 4,562 | 6.16 | ||||||||
| Total borrowings | 364,436 | 9,066 | 5.02 | 439,940 | 10,469 | 4.79 | ||||||||
| Total interest-bearing liabilities | 5,591,534 | 92,800 | 3.35 | 5,371,827 | 95,947 | 3.59 | ||||||||
| Noninterest-bearing deposits | 1,398,396 | 1,396,917 | ||||||||||||
| Operating lease liabilities | 30,236 | 33,774 | ||||||||||||
| Accrued expenses and other liabilities | 57,382 | 62,981 | ||||||||||||
| Total liabilities | 7,077,548 | 6,865,499 | ||||||||||||
| Total interest-bearing liabilities and noninterest-bearing deposits ("Cost of Funds") | 6,989,930 | 2.68 | 6,768,744 | 2.85 | ||||||||||
| Shareholders' Equity: | ||||||||||||||
| Common stock | 157,784 | 157,784 | ||||||||||||
| Additional paid-in capital | 301,830 | 300,052 | ||||||||||||
| Retained earnings and other equity | 443,092 | 385,723 | ||||||||||||
| Total shareholders' equity | 902,706 | 843,559 | ||||||||||||
| Total liabilities and shareholders' equity | $ | 7,980,254 | $ | 7,709,058 | ||||||||||
| Net interest income | $ | 117,124 | $ | 103,061 | ||||||||||
| Net interest spread | 2.28 | 1.93 | ||||||||||||
| Effect of net interest-free funding sources | 0.86 | 0.93 | ||||||||||||
| Net interest margin | 3.14 | % | 2.86 | % | ||||||||||
| Ratio of average interest-earning assets to average interest-bearing liabilities | 134.37 | % | 134.91 | % | ||||||||||
| * Obligations of states and political subdivisions are tax-exempt earning assets. | ||||||||||||||
| Notes: For rate calculation purposes, average loan and lease categories include deferred fees and costs and purchase accounting adjustments. | ||||||||||||||
| Net interest income includes net deferred costs amortization of $1.2 million for the six months ended June 30, 2025 and 2024. | ||||||||||||||
| Nonaccrual loans and leases have been included in the average loan and lease balances. Loans held for sale have been included in the average loan balances. Tax-equivalent amounts for the six months ended June 30, 2025 and 2024 have been calculated using the Corporation's federal applicable rate of 21.0%. | ||||||||||||||
| Univest Financial Corporation | |||||
| Loan Portfolio Overview (Unaudited) | |||||
| June 30, 2025 | |||||
| (Dollars in thousands) | |||||
| Industry Description | Total Outstanding Balance | % of Commercial Loan Portfolio | |||
| CRE - Retail | $ | 453,445 | 8.4 | % | |
| Animal Production | 401,946 | 7.5 | |||
| CRE - Multi-family | 360,345 | 6.7 | |||
| CRE - 1-4 Family Residential Investment | 279,322 | 5.2 | |||
| CRE - Office | 262,374 | 4.9 | |||
| Hotels & Motels (Accommodation) | 222,878 | 4.1 | |||
| CRE - Industrial / Warehouse | 222,234 | 4.1 | |||
| Specialty Trade Contractors | 197,138 | 3.7 | |||
| Nursing and Residential Care Facilities | 167,978 | 3.1 | |||
| Homebuilding (tract developers, remodelers) | 154,166 | 2.9 | |||
| Merchant Wholesalers, Durable Goods | 140,876 | 2.6 | |||
| Repair and Maintenance | 135,318 | 2.5 | |||
| Motor Vehicle and Parts Dealers | 132,852 | 2.5 | |||
| Crop Production | 113,684 | 2.1 | |||
| CRE - Mixed-Use - Residential | 113,422 | 2.1 | |||
| Wood Product Manufacturing | 99,041 | 1.8 | |||
| Food Services and Drinking Places | 88,822 | 1.7 | |||
| Real Estate Lenders, Secondary Market Financing | 87,750 | 1.6 | |||
| Administrative and Support Services | 86,092 | 1.6 | |||
| Professional, Scientific, and Technical Services | 85,567 | 1.6 | |||
| Merchant Wholesalers, Nondurable Goods | 81,836 | 1.5 | |||
| Private Equity & Special Purpose Entities (except 52592) | 76,957 | 1.4 | |||
| CRE - Mixed-Use - Commercial | 76,067 | 1.4 | |||
| Fabricated Metal Product Manufacturing | 72,635 | 1.4 | |||
| Amusement, Gambling, and Recreation Industries | 69,971 | 1.3 | |||
| Education | 65,839 | 1.2 | |||
| Religious Organizations, Advocacy Groups | 65,568 | 1.2 | |||
| Personal and Laundry Services | 63,886 | 1.2 | |||
| Miniwarehouse / Self-Storage | 63,531 | 1.2 | |||
| Food Manufacturing | 53,682 | 1.0 | |||
| Industries with >$50 million in outstandings | $ | 4,495,222 | 83.6 | % | |
| Industries with <$50 million in outstandings | $ | 880,273 | 16.4 | % | |
| Total Commercial Loans | $ | 5,375,495 | 100.0 | % | |
| Consumer Loans and Lease Financings | Total Outstanding Balance | ||||
| Real Estate-Residential Secured for Personal Purpose | 984,166 | ||||
| Real Estate-Home Equity Secured for Personal Purpose | 195,014 | ||||
| Loans to Individuals | 14,069 | ||||
| Lease Financings | 232,441 | ||||
| Total - Consumer Loans and Lease Financings | $ | 1,425,690 | |||
| Total | $ | 6,801,185 | |||
| Univest Financial Corporation | |||||||||||||||||||||||||||
| Non-GAAP Reconciliation | |||||||||||||||||||||||||||
| June 30, 2025 | |||||||||||||||||||||||||||
| Non-GAAP to GAAP Reconciliation | |||||||||||||||||||||||||||
| Management uses non-GAAP measures in its analysis of the Corporation's performance. These measures should not be considered a substitute for GAAP basis measures nor should they be viewed as a substitute for operating results determined in accordance with GAAP. Management believes the presentation of the non-GAAP financial measures, which exclude the impact of the specified items, provides useful supplemental information that is essential to a proper understanding of the financial results of the Corporation. See the table below for additional information on non-GAAP measures used throughout this earnings release. | |||||||||||||||||||||||||||
| As of or for the three months ended, | As of or for the six months ended, | ||||||||||||||||||||||||||
| (Dollars in thousands) | 06/30/25 | 03/31/25 | 12/31/24 | 09/30/24 | 06/30/24 | 06/30/25 | 06/30/24 | ||||||||||||||||||||
| Net income | $ | 19,978 | $ | 22,395 | $ | 18,941 | $ | 18,578 | $ | 18,107 | $ | 42,373 | $ | 38,412 | |||||||||||||
| Amortization of intangibles, net of tax | 103 | 103 | 122 | 130 | 149 | 206 | 296 | ||||||||||||||||||||
| Net income before amortization of intangibles | $ | 20,081 | $ | 22,498 | $ | 19,063 | $ | 18,708 | $ | 18,256 | $ | 42,579 | $ | 38,708 | |||||||||||||
| Shareholders' equity | $ | 916,733 | $ | 903,472 | $ | 887,301 | $ | 877,071 | $ | 854,137 | $ | 916,733 | $ | 854,137 | |||||||||||||
| Goodwill | (175,510 | ) | (175,510 | ) | (175,510 | ) | (175,510 | ) | (175,510 | ) | (175,510 | ) | (175,510 | ) | |||||||||||||
| Other intangibles (a) | (2,040 | ) | (2,104 | ) | (2,263 | ) | (2,147 | ) | (2,157 | ) | (2,040 | ) | (2,157 | ) | |||||||||||||
| Tangible common equity | $ | 739,183 | $ | 725,858 | $ | 709,528 | $ | 699,414 | $ | 676,470 | $ | 739,183 | $ | 676,470 | |||||||||||||
| Total assets | $ | 7,939,056 | $ | 7,975,167 | $ | 8,128,417 | $ | 8,205,737 | $ | 7,855,446 | $ | 7,939,056 | $ | 7,855,446 | |||||||||||||
| Goodwill | (175,510 | ) | (175,510 | ) | (175,510 | ) | (175,510 | ) | (175,510 | ) | (175,510 | ) | (175,510 | ) | |||||||||||||
| Other intangibles (a) | (2,040 | ) | (2,104 | ) | (2,263 | ) | (2,147 | ) | (2,157 | ) | (2,040 | ) | (2,157 | ) | |||||||||||||
| Tangible assets | $ | 7,761,506 | $ | 7,797,553 | $ | 7,950,644 | $ | 8,028,080 | $ | 7,677,779 | $ | 7,761,506 | $ | 7,677,779 | |||||||||||||
| Average shareholders' equity | $ | 908,536 | $ | 896,811 | $ | 880,237 | $ | 864,406 | $ | 844,572 | $ | 902,706 | $ | 843,559 | |||||||||||||
| Average goodwill | (175,510 | ) | (175,510 | ) | (175,510 | ) | (175,510 | ) | (175,510 | ) | (175,510 | ) | (175,510 | ) | |||||||||||||
| Average other intangibles (a) | (2,068 | ) | (2,162 | ) | (2,146 | ) | (2,086 | ) | (2,222 | ) | (2,114 | ) | (2,271 | ) | |||||||||||||
| Average tangible common equity | $ | 730,958 | $ | 719,139 | $ | 702,581 | $ | 686,810 | $ | 666,840 | $ | 725,082 | $ | 665,778 | |||||||||||||
| (a) Amount does not include mortgage servicing rights | |||||||||||||||||||||||||||
CONTACT: Brian J. Richardson UNIVEST FINANCIAL CORPORATION Chief Financial Officer 215-721-2446, [email protected]
