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WKN: 762595 | ISIN: US9152711001 | Ticker-Symbol: UVE
Frankfurt
04.11.24
08:09 Uhr
25,400 Euro
0,000
0,00 %
1-Jahres-Chart
UNIVEST FINANCIAL CORPORATION Chart 1 Jahr
5-Tage-Chart
UNIVEST FINANCIAL CORPORATION 5-Tage-Chart
RealtimeGeldBriefZeit
24,00027,00004.11.
GlobeNewswire (Europe)
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Univest Financial Corporation Reports Third Quarter Results

SOUDERTON, Pa., Oct. 23, 2024 (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 September 30, 2024 was $18.6 million, or $0.63 diluted earnings per share, compared to net income of $17.0 million, or $0.58 diluted earnings per share, for the quarter ended September 30, 2023.

Loans
Gross loans and leases increased $45.9 million, or 0.7% (2.8% annualized), from June 30, 2024, primarily due to increases in commercial real estate and residential mortgage loans, partially offset by decreases in construction and commercial loans. Gross loans and leases increased $163.5 million, or 2.5% (3.3% annualized), from December 31, 2023, primarily due to increases in commercial, commercial real estate and residential mortgage loans, partially offset by a decrease in construction loans.

Deposits and Liquidity
Total deposits increased $358.8 million, or 5.5% (22.0% annualized), from June 30, 2024, primarily due to seasonal increases in public funds partially offset by decreases in commercial, consumer and brokered deposits. Total deposits increased $478.4 million, or 7.5% (10.0% annualized), from December 31, 2023, primarily due to increases in commercial, brokered, and seasonal public funds deposits. Noninterest-bearing deposits totaled $1.3 billion and represented 19.3% of total deposits at September 30, 2024, compared to $1.4 billion representing 21.5% of total deposits at June 30, 2024. Unprotected deposits, which excludes insured, internal, and collateralized deposit accounts, totaled $1.4 billion at September 30, 2024 and June 30, 2024. This represented 20.3% of total deposits at September 30, 2024, compared to 22.1% at June 30, 2024.

As of September 30, 2024, the Corporation reported on balance sheet cash and cash equivalents totaling $504.7 million. The Corporation and its subsidiaries had committed borrowing capacity of $3.6 billion at September 30, 2024, of which $1.8 billion was available. The Corporation and its subsidiaries also maintained uncommitted funding sources from correspondent banks of $468.0 million at September 30, 2024. 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 $53.2 million for the third quarter of 2024 decreased $386 thousand, or 0.7%, from the third quarter of 2023 and increased $2.2 million, or 4.3%, from the second quarter of 2024. The decrease in net interest income for the three months ended September 30, 2024 compared to the same period in the prior year reflects the continued pressure on the cost of deposits due to the shift of balances from lower to higher cost deposit products which exceeded the increase in interest income from asset yield expansion and the increase in average interest-earning assets. However, we continue to see indicators of stabilization in cost of funds and our funding mix. The increase in net interest income for the three months ended September 30, 2024 compared to the three months ended June 30, 2024 was due to higher average balances of interest-earning assets and increased yields on these assets, partially offset by higher interest-bearing liability balances and costs.

Net interest margin, on a tax-equivalent basis, was 2.82% for the third quarter of 2024, compared to 2.84% for the second quarter of 2024 and 2.96% for the third quarter of 2023. Excess liquidity reduced net interest margin by approximately nine basis points for the quarter ended September 30, 2024 compared to approximately two basis points for the quarter ended June 30, 2024 and approximately four basis points for the quarter ended September 30, 2023. Excluding the impact of excess liquidity, the net interest margin, on a tax-equivalent basis, was 2.91% for the quarter ended September 30, 2024 compared to 2.86% for the quarter ended June 30, 2024 and 3.00% for the quarter ended September 30, 2023.

Noninterest Income
Noninterest income for the quarter ended September 30, 2024 was $20.2 million, an increase of $1.5 million, or 7.8%, from the comparable period in the prior year.

Investment advisory commission and fee income increased $476 thousand, or 9.8%, for the quarter ended September 30, 2024 compared to the three months ended September 30, 2023, primarily due to increased assets under management and supervision driven by new business and market appreciation. Insurance commission and fee income increased $386 thousand, or 8.0%, for the quarter ended September 30, 2024 compared to the three months ended September 30, 2023, primarily due to an increase in commercial lines premiums. Other income increased $1.2 million, or 512.3%, for the quarter ended September 30, 2024 compared to the three months ended September 30, 2023, primarily due to an increase of $705 thousand in gains on the sale of Small Business Administration loans.

Other service fee income decreased $1.2 million, or 39.9%, for the quarter ended September 30, 2024 compared to the three months ended September 30, 2023, primarily due to a $785 thousand valuation allowance recorded on mortgage servicing rights driven by the increase in prepayment speed assumptions as a result of the decrease in interest rates during the quarter. Additionally, net servicing fees on sold mortgage loans decreased by $307 thousand, primarily attributable to the sale of mortgage servicing rights associated with $591.1 million of serviced loans in the first quarter of 2024 and increased amortization driven by prepayments.

Noninterest Expense
Noninterest expense for the quarter ended September 30, 2024 was $48.6 million, a decrease of $436 thousand, or 0.9%, from the comparable period in the prior year.

Other expense decreased $808 thousand, or 11.0%, for the quarter ended September 30, 2024 primarily due to decreases in retirement plan costs, insurance expense, recruiter fees, and bank shares tax expense.

Professional fees decreased $184 thousand, or 10.4%, for the quarter ended September 30, 2024 primarily driven by a reduction in consultant fees. Deposit insurance premiums decreased $161 thousand, or 12.8%, for the quarter ended September 30, 2024 driven by an improvement in the financial ratios that contribute to our deposit insurance assessment rate.

Salaries, benefits and commissions increased $724 thousand, or 2.4%, for the quarter ended September 30, 2024 compared to the three months ended September 30, 2023, primarily due to increases in salary expense and an increase in incentive compensation due to increased profitability, partially offset by an increase in compensation capitalized driven by higher loan production.

Tax Provision
The effective income tax rate was 20.6% for the quarter ended September 30, 2024, compared to an effective tax rate of 20.0% for the quarter ended September 30, 2023. The effective tax rates for the three months ended September 30, 2024 and 2023 reflected the benefits of tax-exempt income from investments in municipal securities and loans and leases. The increase in effective tax rate in the quarter was primarily due to increases in state tax rates.

Asset Quality and Provision for Credit Losses
Nonperforming assets totaled $36.6 million at September 30, 2024 and June 30, 2024, and $40.1 million at September 30, 2023.

Net loan and lease charge-offs were $820 thousand for the three months ended September 30, 2024 compared to $809 thousand and $969 thousand for the three months ended June 30, 2024 and September 30, 2023, respectively.

The provision for credit losses was $1.4 million for the three months ended September 30, 2024 compared to $707 thousand and $2.0 million for the three months ended June 30, 2024 and September 30, 2023, respectively. The allowance for credit losses on loans and leases as a percentage of loans and leases held for investment was 1.28% at September 30, 2024, June 30, 2024 and September 30, 2023.

Dividend and Share Repurchases
On October 23, 2024, Univest declared a quarterly cash dividend of $0.21 per share to be paid on November 20, 2024 to shareholders of record as of November 6, 2024. During the quarter ended September 30, 2024, the Corporation repurchased 156,728 shares of common stock at an average price of $26.47 per share. Including brokerage fees and excise tax, the average price per share was $26.76. As of September 30, 2024, 539,646 shares are available for repurchase under the Share Repurchase Plan. On October 23, 2024, the Corporation's Board of Directors approved an increase of 1,000,000 shares available for repurchase under the Corporation's share repurchase program.

Conference Call
Univest will host a conference call to discuss third quarter 2024 results on Thursday, October 24, 2024 at 9:00 a.m. EST. Participants may preregister at https://www.netroadshow.com/events/login'show=27c257f2&confId=71976. The general public can access the call by dialing 1-833-470-1428; using Access Code 752766. A replay of the conference call will be available through December 24, 2024 by dialing 1-866-813-9403; using Access Code 807549.

About Univest Financial Corporation
Univest Financial Corporation (UVSP), including its wholly-owned subsidiary Univest Bank and Trust Co., Member FDIC, has approximately $8.2 billion in assets and $5.3 billion in assets under management and supervision through its Wealth Management lines of business at September 30, 2024. 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) changes in liquidity, including the size and composition of our deposit portfolio and the percentage of uninsured deposits in the portfolio; (5) our ability to access cost-effective funding; (6) changes in economic conditions nationally and in our market, including potential recessionary conditions and the levels of unemployment in our market area; (7) economic assumptions or changes in our methodology, either of which may impact our allowance for credit losses calculation; (8) legislative, regulatory, accounting or tax changes; (9) monetary and fiscal policies of the U.S. government, including the policies of the Board of Governors of the Federal Reserve System; (10) technological issues that may adversely affect our operations or those of our customers; (11) a failure or breach in our operational or security systems or infrastructure, including cyberattacks; (12) changes in the securities markets; (13) the current or anticipated impact of military conflict, terrorism or other geopolitical events; (14) our ability to enter into new markets successfully and capitalize on growth opportunities and/or (15) 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)
September 30, 2024
(Dollars in thousands)
Balance Sheet (Period End) 09/30/24 06/30/24 03/31/24 12/31/23 09/30/23
ASSETS
Cash and due from banks $78,346 $66,808 $49,318 $72,815 $68,900
Interest-earning deposits with other banks 426,354 124,103 152,288 176,984 221,441
Cash and cash equivalents 504,700 190,911 201,606 249,799 290,341
Investment securities held-to-maturity 137,681 140,112 143,474 145,777 149,451
Investment securities available for sale, net of allowance for credit losses 354,100 342,776 350,819 351,553 334,538
Investments in equity securities 2,406 2,995 3,355 3,293 4,054
Federal Home Loan Bank, Federal Reserve Bank and other stock, at cost 40,235 37,438 37,394 40,499 42,417
Loans held for sale 17,131 28,176 13,188 11,637 16,473
Loans and leases held for investment 6,730,734 6,684,837 6,579,086 6,567,214 6,574,958
Less: Allowance for credit losses, loans and leases (86,041) (85,745) (85,632) (85,387) (83,837)
Net loans and leases held for investment 6,644,693 6,599,092 6,493,454 6,481,827 6,491,121
Premises and equipment, net 47,411 48,174 48,739 51,441 51,287
Operating lease right-of-use assets 29,260 29,985 30,702 31,795 31,053
Goodwill 175,510 175,510 175,510 175,510 175,510
Other intangibles, net of accumulated amortization 7,158 7,701 7,473 10,950 11,079
Bank owned life insurance 138,744 137,823 137,896 131,344 130,522
Accrued interest and other assets 106,708 114,753 102,958 95,203 100,220
Total assets $8,205,737 $7,855,446 $7,746,568 $7,780,628 $7,828,066
LIABILITIES
Noninterest-bearing deposits $1,323,953 $1,397,308 $1,401,806 $1,468,320 $1,432,559
Interest-bearing deposits: 5,530,195 5,098,014 5,003,552 4,907,461 5,006,606
Total deposits 6,854,148 6,495,322 6,405,358 6,375,781 6,439,165
Short-term borrowings 8,256 11,781 4,816 6,306 14,676
Long-term debt 225,000 250,000 250,000 310,000 320,000
Subordinated notes 149,136 149,011 148,886 148,761 148,636
Operating lease liabilities 32,246 33,015 33,744 34,851 34,017
Accrued expenses and other liabilities 59,880 62,180 60,095 65,721 64,374
Total liabilities 7,328,666 7,001,309 6,902,899 6,941,420 7,020,868
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 301,262 300,166 298,914 301,066 300,171
Retained earnings 512,938 500,482 488,790 474,691 464,634
Accumulated other comprehensive loss, net of tax benefit (41,623) (54,124) (54,740) (50,646) (71,586)
Treasury stock, at cost (53,290) (50,171) (47,079) (43,687) (43,805)
Total shareholders' equity 877,071 854,137 843,669 839,208 807,198
Total liabilities and shareholders' equity $8,205,737 $7,855,446 $7,746,568 $7,780,628 $7,828,066
For the three months ended, For the nine months ended,
Balance Sheet (Average) 09/30/24 06/30/24 03/31/24 12/31/23 09/30/23 09/30/24 09/30/23
Assets $8,005,265 $7,721,540 $7,696,575 $7,865,634 $7,693,983 $7,808,514 $7,453,070
Investment securities, net of allowance for credit losses 493,334 493,140 500,983 489,587 506,341 495,810 513,704
Loans and leases, gross 6,730,791 6,640,536 6,577,365 6,594,233 6,537,169 6,649,860 6,359,498
Deposits 6,641,324 6,353,752 6,303,854 6,470,141 6,222,710 6,433,737 5,968,659
Shareholders' equity 864,406 844,572 842,546 814,941 811,515 850,559 802,541
Univest Financial Corporation
Consolidated Summary of Loans by Type and Asset Quality Data (Unaudited)
September 30, 2024
(Dollars in thousands)
Summary of Major Loan and Lease Categories (Period End) 09/30/24 06/30/24 03/31/24 12/31/23 09/30/23
Commercial, financial and agricultural $1,044,043 $1,055,332 $1,014,568 $989,723 $1,050,004
Real estate-commercial 3,442,083 3,373,889 3,283,729 3,302,798 3,275,140
Real estate-construction 285,616 313,229 379,995 394,462 427,561
Real estate-residential secured for business purpose 530,674 532,628 524,196 517,002 516,471
Real estate-residential secured for personal purpose 969,562 952,665 922,412 909,015 861,122
Real estate-home equity secured for personal purpose 182,901 179,150 177,446 179,282 176,855
Loans to individuals 26,794 26,430 27,200 27,749 27,331
Lease financings 249,061 251,514 249,540 247,183 240,474
Total loans and leases held for investment, net of deferred income 6,730,734 6,684,837 6,579,086 6,567,214 6,574,958
Less: Allowance for credit losses, loans and leases (86,041) (85,745) (85,632) (85,387) (83,837)
Net loans and leases held for investment $6,644,693 $6,599,092 $6,493,454 $6,481,827 $6,491,121
Asset Quality Data (Period End) 09/30/24 06/30/24 03/31/24 12/31/23 09/30/23
Nonaccrual loans and leases, including nonaccrual loans held for sale* $15,319 $16,200 $20,363 $20,527 $18,085
Accruing loans and leases 90 days or more past due 310 205 268 534 2,135
Total nonperforming loans and leases 15,629 16,405 20,631 21,061 20,220
Other real estate owned 20,915 20,007 19,220 19,032 19,916
Repossessed assets 79 149 167 - -
Total nonperforming assets $36,623 $36,561 $40,018 $40,093 $40,136
Nonaccrual loans and leases / Loans and leases held for investment 0.23% 0.24% 0.31% 0.31% 0.28%
Nonperforming loans and leases / Loans and leases held for investment 0.23% 0.25% 0.31% 0.32% 0.31%
Nonperforming assets / Total assets 0.45% 0.47% 0.52% 0.52% 0.51%
Allowance for credit losses, loans and leases $86,041 $85,745 $85,632 $85,387 $83,837
Allowance for credit losses, loans and leases / Loans and leases held for investment 1.28% 1.28% 1.30% 1.30% 1.28%
Allowance for credit losses, loans and leases / Nonaccrual loans and leases 561.66% 529.29% 420.53% 415.97% 463.57%
Allowance for credit losses, loans and leases / Nonperforming loans and leases 550.52% 522.68% 415.06% 405.43% 414.62%
*Includes a $5.8 million loan held for sale at September 30, 2023.
For the three months ended, For the nine months ended,
09/30/24 06/30/24 03/31/24 12/31/23 09/30/23 09/30/24 09/30/23
Net loan and lease charge-offs $820 $809 $1,406 $1,074 $969 $3,035 $4,323
Net loan and lease charge-offs (annualized)/Average loans and leases 0.05% 0.05% 0.09% 0.06% 0.06% 0.06% 0.09%
Univest Financial Corporation
Consolidated Selected Financial Data (Unaudited)
September 30, 2024
(Dollars in thousands, except per share data)
For the three months ended, For the nine months ended,
For the period: 09/30/24 06/30/24 03/31/24 12/31/23 09/30/23 09/30/24 09/30/23
Interest income $106,438 $99,832 $98,609 $101,232 $97,106 $304,879 $270,498
Interest expense 53,234 48,805 47,142 48,472 43,516 149,181 103,261
Net interest income 53,204 51,027 51,467 52,760 53,590 155,698 167,237
Provision for credit losses 1,414 707 1,432 1,931 2,024 3,553 8,839
Net interest income after provision for credit losses 51,790 50,320 50,035 50,829 51,566 152,145 158,398
Noninterest income:
Trust fee income 2,110 2,008 2,108 1,943 1,910 6,226 5,789
Service charges on deposit accounts 2,037 1,982 1,871 1,960 1,816 5,890 5,088
Investment advisory commission and fee income 5,319 5,238 5,194 4,561 4,843 15,751 14,303
Insurance commission and fee income 5,238 5,167 7,201 4,596 4,852 17,606 16,447
Other service fee income 1,815 3,044 6,415 2,967 3,020 11,274 9,414
Bank owned life insurance income 921 1,086 842 823 806 2,849 2,362
Net gain on sales of investment securities 18 - - - - 18 -
Net gain on mortgage banking activities 1,296 1,710 939 809 1,216 3,945 2,880
Other income 1,396 745 1,025 961 228 3,166 1,921
Total noninterest income 20,150 20,980 25,595 18,620 18,691 66,725 58,204
Noninterest expense:
Salaries, benefits and commissions 30,702 30,187 31,338 29,321 29,978 92,227 90,867
Net occupancy 2,723 2,679 2,872 2,751 2,594 8,274 7,935
Equipment 1,107 1,088 1,111 1,066 1,087 3,306 3,066
Data processing 4,154 4,161 4,495 4,444 4,189 12,810 12,355
Professional fees 1,579 1,466 1,688 1,768 1,763 4,733 5,373
Marketing and advertising 490 715 416 632 555 1,621 1,548
Deposit insurance premiums 1,097 1,098 1,135 1,350 1,258 3,330 3,475
Intangible expenses 164 188 187 212 220 539 726
Restructuring charges - - - 189 - - 1,330
Other expense 6,536 7,126 6,832 7,313 7,344 20,494 21,641
Total noninterest expense 48,552 48,708 50,074 49,046 48,988 147,334 148,316
Income before taxes 23,388 22,592 25,556 20,403 21,269 71,536 68,286
Income tax expense 4,810 4,485 5,251 4,149 4,253 14,546 13,436
Net income $18,578 $18,107 $20,305 $16,254 $17,016 $56,990 $54,850
Net income per share:
Basic $0.64 $0.62 $0.69 $0.55 $0.58 $1.95 $1.86
Diluted $0.63 $0.62 $0.69 $0.55 $0.58 $1.94 $1.86
Dividends declared per share $0.21 $0.21 $0.21 $0.21 $0.21 $0.63 $0.63
Weighted average shares outstanding 29,132,948 29,246,977 29,413,999 29,500,147 29,479,066 29,264,161 29,410,852
Period end shares outstanding 29,081,108 29,190,640 29,337,919 29,511,721 29,508,128 29,081,108 29,508,128
Univest Financial Corporation
Consolidated Selected Financial Data (Unaudited)
September 30, 2024
For the three months ended, For the nine months ended,
Profitability Ratios (annualized)09/30/24 06/30/24 03/31/24 12/31/23 09/30/23 09/30/24 09/30/23
Return on average assets 0.92% 0.94% 1.06% 0.82% 0.88% 0.97% 0.98%
Return on average assets, excluding restructuring 0.92% 0.94% 1.06% 0.83% 0.88% 0.97% 1.00%
charges (1)
Return on average shareholders' equity 8.55% 8.62% 9.69% 7.91% 8.32% 8.95% 9.14%
Return on average shareholders' equity, excluding 8.55% 8.62% 9.69% 7.99% 8.32% 8.95% 9.31%
restructuring charges (1)
Return on average tangible common equity (1)(3) 10.84% 11.01% 12.38% 10.23% 10.77% 11.40% 11.87%
Return on average tangible common equity, excluding 10.84% 11.01% 12.38% 10.32% 10.77% 11.40% 12.10%
restructuring charges (1)(3)
Net interest margin (FTE) 2.82% 2.84% 2.88% 2.84% 2.96% 2.85% 3.22%
Efficiency ratio (2) 65.7% 67.1% 64.6% 68.3% 67.3% 65.8% 65.3%
Efficiency ratio, excluding restructuring charges (1)(2) 65.7% 67.1% 64.6% 68.0% 67.3% 65.8% 64.7%
Capitalization Ratios
Dividends declared to net income 33.0% 33.9% 30.5% 38.1% 36.4% 32.4% 33.8%
Shareholders' equity to assets (Period End) 10.69% 10.87% 10.89% 10.79% 10.31% 10.69% 10.31%
Tangible common equity to tangible assets (1) 8.71% 8.81% 8.80% 8.70% 8.22% 8.71% 8.22%
Common equity book value per share$30.16 $29.26 $28.76 $28.44 $27.36 $30.16 $27.36
Tangible common equity book value per share (1)$24.05 $23.17 $22.70 $22.41 $21.32 $24.05 $21.32
Regulatory Capital Ratios (Period End)
Tier 1 leverage ratio 9.53% 9.74% 9.65% 9.36% 9.43% 9.53% 9.43%
Common equity tier 1 risk-based capital ratio 10.88% 10.72% 10.71% 10.58% 10.32% 10.88% 10.32%
Tier 1 risk-based capital ratio 10.88% 10.72% 10.71% 10.58% 10.32% 10.88% 10.32%
Total risk-based capital ratio 14.27% 14.09% 14.11% 13.90% 13.58% 14.27% 13.58%
(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 BasisSeptember 30, 2024 June 30, 2024
AverageIncome/Average AverageIncome/Average
(Dollars in thousands)BalanceExpenseRate BalanceExpenseRate
Assets:
Interest-earning deposits with other banks$270,724 $3,6245.33%$84,546 $1,1085.27%
Obligations of state and political subdivisions* 1,283 72.17 1,269 72.22
Other debt and equity securities 492,051 3,7063.00 491,871 3,7413.06
Federal Home Loan Bank, Federal Reserve Bank and other stock 38,769 7427.61 37,286 7007.55
Total interest-earning deposits, investments and other interest-earning assets 802,827 8,0794.00 614,972 5,5563.63
Commercial, financial, and agricultural loans 997,465 18,4597.36 983,615 17,4477.13
Real estate-commercial and construction loans 3,592,556 52,6725.83 3,549,206 50,5775.73
Real estate-residential loans 1,692,361 21,1274.97 1,660,489 20,4134.94
Loans to individuals 26,651 5498.20 26,821 5428.13
Tax-exempt loans and leases 232,159 2,5654.40 230,495 2,4764.32
Lease financings 189,599 3,2756.87 189,910 3,1056.58
Gross loans and leases 6,730,791 98,6475.83 6,640,536 94,5605.73
Total interest-earning assets 7,533,618 106,7265.64 7,255,508 100,1165.55
Cash and due from banks 62,902 56,387
Allowance for credit losses, loans and leases (86,517) (86,293)
Premises and equipment, net 47,989 48,725
Operating lease right-of-use assets 29,620 30,344
Other assets 417,653 416,869
Total assets$8,005,265 $7,721,540
Liabilities:
Interest-bearing checking deposits$1,215,166 $8,8242.89%$1,094,150 $7,3112.69%
Money market savings 1,849,628 21,2134.56 1,692,759 19,1314.55
Regular savings 727,395 8780.48 759,960 9290.49
Time deposits 1,491,560 17,2554.60 1,422,113 16,1344.56
Total time and interest-bearing deposits 5,283,749 48,1703.63 4,968,982 43,5053.52
Short-term borrowings 8,210 10.05 29,506 2422.30
Long-term debt 247,826 2,7814.46 250,000 2,7774.47
Subordinated notes 149,068 2,2826.09 148,943 2,2816.16
Total borrowings 405,104 5,0644.97 428,449 5,3004.98
Total interest-bearing liabilities 5,688,853 53,2343.72 5,397,431 48,8053.64
Noninterest-bearing deposits 1,357,575 1,384,770
Operating lease liabilities 32,627 33,382
Accrued expenses and other liabilities 61,804 61,385
Total liabilities 7,140,859 6,876,968
Total interest-bearing liabilities and noninterest-bearing deposits ("Cost of Funds") 7,046,428 3.01 6,782,201 2.89
Shareholders' Equity:
Common stock 157,784 157,784
Additional paid-in capital 300,565 299,426
Retained earnings and other equity 406,057 387,362
Total shareholders' equity 864,406 844,572
Total liabilities and shareholders' equity$8,005,265 $7,721,540
Net interest income $53,492 $51,311
Net interest spread 1.92 1.91
Effect of net interest-free funding sources 0.90 0.93
Net interest margin 2.82% 2.84%
Ratio of average interest-earning assets to average interest-bearing liabilities 132.43% 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 $897 thousand and $698 thousand for the three months ended September 30, 2024 and June 30, 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 September 30, 2024 and June 30, 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 Three Months Ended September 30,
Tax Equivalent Basis2024 2023
AverageIncome/Average AverageIncome/Average
(Dollars in thousands)BalanceExpenseRate BalanceExpenseRate
Assets:
Interest-earning deposits with other banks$270,724 $3,6245.33%$143,109 $1,8655.17%
Obligations of state and political subdivisions* 1,283 72.17 2,281 162.78
Other debt and equity securities 492,051 3,7063.00 504,060 3,5402.79
Federal Home Loan Bank, Federal Reserve Bank and other stock 38,769 7427.61 40,406 7126.99
Total interest-earning deposits, investments and other interest-earning assets 802,827 8,0794.00 689,856 6,1333.53
Commercial, financial, and agricultural loans 997,465 18,4597.36 995,355 17,5456.99
Real estate-commercial and construction loans 3,592,556 52,6725.83 3,552,709 49,5485.53
Real estate-residential loans 1,692,361 21,1274.97 1,543,360 18,2704.70
Loans to individuals 26,651 5498.20 26,538 5257.85
Tax-exempt loans and leases 232,159 2,5654.40 234,685 2,4304.11
Lease financings 189,599 3,2756.87 184,522 2,9286.30
Gross loans and leases 6,730,791 98,6475.83 6,537,169 91,2465.54
Total interest-earning assets 7,533,618 106,7265.64 7,227,025 97,3795.35
Cash and due from banks 62,902 62,673
Allowance for credit losses, loans and leases (86,517) (83,827)
Premises and equipment, net 47,989 52,071
Operating lease right-of-use assets 29,620 31,647
Other assets 417,653 404,394
Total assets$8,005,265 $7,693,983
Liabilities:
Interest-bearing checking deposits$1,215,166 $8,8242.89%$1,070,063 $6,7032.49%
Money market savings 1,849,628 21,2134.56 1,645,210 17,8504.30
Regular savings 727,395 8780.48 828,672 8610.41
Time deposits 1,491,560 17,2554.60 1,140,622 11,6684.06
Total time and interest-bearing deposits 5,283,749 48,1703.63 4,684,567 37,0823.14
Short-term borrowings 8,210 10.05 93,028 1,1174.76
Long-term debt 247,826 2,7814.46 320,000 3,0363.76
Subordinated notes 149,068 2,2826.09 148,568 2,2816.09
Total borrowings 405,104 5,0644.97 561,596 6,4344.55
Total interest-bearing liabilities 5,688,853 53,2343.72 5,246,163 43,5163.29
Noninterest-bearing deposits 1,357,575 1,538,143
Operating lease liabilities 32,627 34,788
Accrued expenses and other liabilities 61,804 63,374
Total liabilities 7,140,859 6,882,468
Total interest-bearing liabilities and noninterest-bearing deposits ("Cost of Funds") 7,046,428 3.01 6,784,306 2.54
Shareholders' Equity:
Common stock 157,784 157,784
Additional paid-in capital 300,565 299,575
Retained earnings and other equity 406,057 354,156
Total shareholders' equity 864,406 811,515
Total liabilities and shareholders' equity$8,005,265 $7,693,983
Net interest income $53,492 $53,863
Net interest spread 1.92 2.06
Effect of net interest-free funding sources 0.90 0.90
Net interest margin 2.82% 2.96%
Ratio of average interest-earning assets to average interest-bearing liabilities 132.43% 137.76%
* 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 $897 thousand and $563 thousand for the three months ended September 30, 2024 and 2023, 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 September 30, 2024 and 2023 have been calculated using the Corporation's federal applicable rate of 21.0%.
Univest Financial Corporation
Average Balances and Interest Rates (Unaudited)
For the Nine Months Ended September 30,
Tax Equivalent Basis2024 2023
AverageIncome/Average AverageIncome/Average
(Dollars in thousands)BalanceExpenseRate BalanceExpenseRate
Assets:
Interest-earning deposits with other banks$159,114 $6,3415.32%$79,630 $2,8564.80%
Obligations of state and political subdivisions* 1,500 262.32 2,284 482.81
Other debt and equity securities 494,310 11,0943.00 511,420 10,5472.76
Federal Home Loan Bank, Federal Reserve Bank and other stock 38,392 2,1667.54 39,664 2,1027.09
Total interest-earning deposits, investments and other interest-earning assets 693,316 19,6273.78 632,998 15,5533.29
Commercial, financial, and agricultural loans 972,003 52,4297.21 997,590 50,0026.70
Real estate-commercial and construction loans 3,572,375 153,8905.75 3,447,551 137,9295.35
Real estate-residential loans 1,657,142 61,0954.92 1,478,871 51,2164.63
Loans to individuals 26,928 1,6398.13 26,859 1,4537.23
Tax-exempt loans and leases 231,679 7,5054.33 233,211 7,1594.10
Lease financings 189,733 9,5496.72 175,416 8,1286.20
Gross loans and leases 6,649,860 286,1075.75 6,359,498 255,8875.38
Total interest-earning assets 7,343,176 305,7345.56 6,992,496 271,4405.19
Cash and due from banks 58,070 59,811
Allowance for credit losses, loans and leases (86,435) (81,829)
Premises and equipment, net 49,098 52,067
Operating lease right-of-use assets 30,359 31,384
Other assets 414,246 399,141
Total assets$7,808,514 $7,453,070
Liabilities:
Interest-bearing checking deposits$1,163,526 $24,3532.80%$980,725 $15,2592.08%
Money market savings 1,749,592 59,5644.55 1,532,318 43,0203.75
Regular savings 752,336 2,7120.48 900,448 2,3750.35
Time deposits 1,384,576 47,0194.54 845,635 22,2313.51
Total time and interest-bearing deposits 5,050,030 133,6483.54 4,259,126 82,8852.60
Short-term borrowings 15,919 2482.08 195,606 7,0944.85
Long-term debt 263,380 8,4414.28 245,366 6,4383.51
Subordinated notes 148,944 6,8446.14 148,444 6,8446.16
Total borrowings 428,243 15,5334.85 589,416 20,3764.62
Total interest-bearing liabilities 5,478,273 149,1813.64 4,848,542 103,2612.85
Noninterest-bearing deposits 1,383,707 1,709,533
Operating lease liabilities 33,389 34,548
Accrued expenses and other liabilities 62,586 57,906
Total liabilities 6,957,955 6,650,529
Total interest-bearing liabilities and noninterest-bearing deposits ("Cost of Funds") 6,861,980 2.90 6,558,075 2.11
Shareholders' Equity:
Common stock 157,784 157,784
Additional paid-in capital 300,224 299,550
Retained earnings and other equity 392,551 345,207
Total shareholders' equity 850,559 802,541
Total liabilities and shareholders' equity$7,808,514 $7,453,070
Net interest income $156,553 $168,179
Net interest spread 1.92 2.34
Effect of net interest-free funding sources 0.93 0.88
Net interest margin 2.85% 3.22%
Ratio of average interest-earning assets to average interest-bearing liabilities 134.04% 144.22%
* 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 $2.0 million and $1.7 million for the nine months ended September 30, 2024 and 2023, 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 nine months ended September 30, 2024 and 2023 have been calculated using the Corporation's federal applicable rate of 21.0%.
Univest Financial Corporation
Loan Portfolio Overview (Unaudited)
September 30, 2024
(Dollars in thousands)
Industry DescriptionTotal Outstanding Balance % of Commercial Loan Portfolio
CRE - Retail$458,230 8.6%
Animal Production 384,554 7.2%
CRE - Multi-family 340,181 6.4%
CRE - 1-4 Family Residential Investment 295,454 5.6%
CRE - Office 294,508 5.6%
CRE - Industrial / Warehouse 254,019 4.8%
Hotels & Motels (Accommodation) 186,130 3.5%
Specialty Trade Contractors 180,486 3.4%
Nursing and Residential Care Facilities 167,467 3.2%
Education 167,282 3.2%
Motor Vehicle and Parts Dealers 129,799 2.4%
Repair and Maintenance 127,927 2.4%
Merchant Wholesalers, Durable Goods 125,009 2.4%
Homebuilding (tract developers, remodelers) 120,040 2.2%
CRE - Mixed-Use - Residential 110,137 2.1%
Crop Production 104,343 2.0%
Wood Product Manufacturing 93,505 1.8%
Food Services and Drinking Places 88,178 1.7%
Real Estate Lenders, Secondary Market Financing 85,171 1.6%
Rental and Leasing Services 79,876 1.5%
Religious Organizations, Advocacy Groups 73,802 1.4%
Fabricated Metal Product Manufacturing 72,794 1.4%
CRE - Mixed-Use - Commercial 72,268 1.4%
Administrative and Support Services 71,787 1.4%
Personal and Laundry Services 71,184 1.3%
Merchant Wholesalers, Nondurable Goods 69,363 1.3%
Amusement, Gambling, and Recreation Industries 69,052 1.3%
Miniwarehouse / Self-Storage 65,176 1.2%
Food Manufacturing 61,472 1.1%
Truck Transportation 52,570 1.0%
Industries with >$50 million in outstandings$4,471,764 84.3%
Industries with <$50 million in outstandings$830,652 15.7%
Total Commercial Loans$5,302,416 100.0%
Consumer Loans and Lease FinancingsTotal Outstanding Balance
Real Estate-Residential Secured for Personal Purpose 969,562
Real Estate-Home Equity Secured for Personal Purpose 182,901
Loans to Individuals 26,794
Lease Financings 249,061
Total - Consumer Loans and Lease Financings$1,428,318
Total$6,730,734
Univest Financial Corporation
Non-GAAP Reconciliation
September 30, 2024
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 nine months ended,
(Dollars in thousands)09/30/24 06/30/24 03/31/24 12/31/23 09/30/23 09/30/24 09/30/23
Restructuring charges (a) $- $- $- $189 $- $- $1,330
Tax effect of restructuring charges - - - (40) - - (279)
Restructuring charges, net of tax $- $- $- $149 $- $- $1,051
Net income$18,578 $18,107 $20,305 $16,254 $17,016 $56,990 $54,850
Amortization of intangibles, net of tax 130 149 148 167 174 426 574
Net income before amortization of intangibles$18,708 $18,256 $20,453 $16,421 $17,190 $57,416 $55,424
Shareholders' equity$877,071 $854,137 $843,669 $839,208 $807,198 $877,071 $807,198
Goodwill (175,510) (175,510) (175,510) (175,510) (175,510) (175,510) (175,510)
Other intangibles (b) (2,147) (2,157) (2,273) (2,405) (2,558) (2,147) (2,558)
Tangible common equity$699,414 $676,470 $665,886 $661,293 $629,130 $699,414 $629,130
Total assets$8,205,737 $7,855,446 $7,746,568 $7,780,628 $7,828,066 $8,205,737 $7,828,066
Goodwill (175,510) (175,510) (175,510) (175,510) (175,510) (175,510) (175,510)
Other intangibles (b) (2,147) (2,157) (2,273) (2,405) (2,558) (2,147) (2,558)
Tangible assets$8,028,080 $7,677,779 $7,568,785 $7,602,713 $7,649,998 $8,028,080 $7,649,998
Average shareholders' equity$864,406 $844,572 $842,546 $814,941 $811,515 $850,559 $802,541
Average goodwill (175,510) (175,510) (175,510) (175,510) (175,510) (175,510) (175,510)
Average other intangibles (b) (2,086) (2,222) (2,318) (2,477) (2,680) (2,209) (2,913)
Average tangible common equity$686,810 $666,840 $664,718 $636,954 $633,325 $672,840 $624,118
(a) Associated with branch optimization and headcount rationlization expense management strategies
(b) Amount does not include mortgage servicing rights


© 2024 GlobeNewswire (Europe)
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