Univest Financial Corporation Reports Second Quarter Results
Univest Financial (NASDAQ: UVSP) reported net income of $18.1 million, or $0.62 diluted earnings per share, for Q2 2024, compared to $16.8 million, or $0.57 per share, in Q2 2023. Excluding one-time items, diluted EPS was $0.61 for both quarters. Key highlights:
- Gross loans increased by 1.6% from Q1 2024
- Total deposits rose by 1.4% from Q1 2024
- Net interest income decreased by 6.1% year-over-year
- Net interest margin was 2.84%, down from 3.14% in Q2 2023
- Noninterest income increased by 5.8% year-over-year
- Noninterest expense decreased by 2.2% year-over-year
- The allowance for credit losses on loans remained stable at 1.28%
Univest declared a quarterly cash dividend of $0.21 per share and repurchased 190,808 shares during Q2 2024.
Univest Financial (NASDAQ: UVSP) ha riportato un reddito netto di 18,1 milioni di dollari, o 0,62 dollari per azione diluita, per il secondo trimestre del 2024, rispetto ai 16,8 milioni di dollari, o 0,57 dollari per azione, nel secondo trimestre del 2023. Escludendo elementi una tantum, l'EPS diluito è stato di 0,61 dollari per entrambi i trimestri. Principali evidenze:
- I prestiti lordi sono aumentati dell'1,6% rispetto al primo trimestre del 2024
- I depositi totali sono aumentati dell'1,4% rispetto al primo trimestre del 2024
- Il reddito netto da interessi è diminuito del 6,1% rispetto all'anno precedente
- Il margine di interesse netto era del 2,84%, in calo rispetto al 3,14% del secondo trimestre del 2023
- Il reddito non da interessi è aumentato del 5,8% rispetto all'anno precedente
- La spesa non da interessi è diminuita del 2,2% rispetto all'anno precedente
- L'accantonamento per perdite su prestiti è rimasto stabile all'1,28%
Univest ha dichiarato un dividendo trimestrale in contante di 0,21 dollari per azione e ha riacquistato 190.808 azioni durante il secondo trimestre del 2024.
Univest Financial (NASDAQ: UVSP) reportó un ingreso neto de 18.1 millones de dólares, o 0.62 dólares por acción diluida, para el segundo trimestre de 2024, en comparación con 16.8 millones de dólares, o 0.57 dólares por acción, en el segundo trimestre de 2023. Excluyendo elementos únicos, el EPS diluido fue de 0.61 dólares para ambos trimestres. Aspectos destacados:
- Los préstamos brutos aumentaron un 1.6% desde el primer trimestre de 2024
- Los depósitos totales crecieron un 1.4% desde el primer trimestre de 2024
- Los ingresos netos por intereses disminuyeron un 6.1% en comparación con el año anterior
- El margen de interés neto fue del 2.84%, bajando del 3.14% en el segundo trimestre de 2023
- Los ingresos no por intereses aumentaron un 5.8% en comparación con el año anterior
- Los gastos no por intereses disminuyeron un 2.2% en comparación con el año anterior
- La provisión para pérdidas crediticias en préstamos se mantuvo estable en el 1.28%
Univest declaró un dividendo en efectivo trimestral de 0.21 dólares por acción y recompró 190,808 acciones durante el segundo trimestre de 2024.
Univest Financial (NASDAQ: UVSP)는 2024년 2분기에 1810만 달러, 또는 희석 주당순익 0.62달러의 순익을 보고했으며, 이는 2023년 2분기의 1680만 달러, 또는 0.57달러에 비해 증가한 수치입니다. 일회성 항목을 제외하면 두 분기 모두 희석 EPS는 0.61달러였습니다. 주요 사항:
- 총 대출은 2024년 1분기 대비 1.6% 증가했습니다.
- 총 예금은 2024년 1분기 대비 1.4% 증가했습니다.
- 순 이자 수익은 전년 대비 6.1% 감소했습니다.
- 순 이자 마진은 2.84%로, 2023년 2분기의 3.14%에서 감소했습니다.
- 비이자 수익은 전년 대비 5.8% 증가했습니다.
- 비이자 비용은 전년 대비 2.2% 감소했습니다.
- 대출에 대한 신용 손실 준비금은 1.28%로 안정적으로 유지되었습니다.
Univest는 주당 0.21달러의 분기 현금 배당금을 선언했으며, 2024년 2분기 동안 190,808주를 재매입했습니다.
Univest Financial (NASDAQ: UVSP) a rapporté un revenu net de 18,1 millions de dollars, soit 0,62 dollar de bénéfice dilué par action, pour le deuxième trimestre 2024, contre 16,8 millions de dollars, soit 0,57 dollar par action, au deuxième trimestre 2023. En excluant les éléments exceptionnels, le BPA dilué était de 0,61 dollar pour les deux trimestres. Points clés :
- Les prêts bruts ont augmenté de 1,6 % par rapport au premier trimestre 2024
- Les dépôts totaux ont augmenté de 1,4 % par rapport au premier trimestre 2024
- Les revenus nets d'intérêts ont diminué de 6,1 % d'une année sur l'autre
- La marge d'intérêt nette était de 2,84 %, en baisse par rapport à 3,14 % au deuxième trimestre 2023
- Les revenus non d'intérêts ont augmenté de 5,8 % d'une année sur l'autre
- Les charges non d'intérêts ont diminué de 2,2 % d'une année sur l'autre
- La provision pour pertes de crédit sur prêts est restée stable à 1,28 %
Univest a déclaré un dividende en espèces trimestriel de 0,21 dollar par action et a racheté 190 808 actions au cours du deuxième trimestre 2024.
Univest Financial (NASDAQ: UVSP) hat einen Nettoertrag von 18,1 Millionen Dollar oder 0,62 Dollar verwässerter Gewinn pro Aktie für das zweite Quartal 2024 gemeldet, verglichen mit 16,8 Millionen Dollar oder 0,57 Dollar pro Aktie im zweiten Quartal 2023. Ohne einmalige Posten betrug der verwässerte Gewinn pro Aktie in beiden Quartalen 0,61 Dollar. Wichtige Highlights:
- Bruttodarlehen erhöhten sich um 1,6 % gegenüber dem ersten Quartal 2024
- Gesamtdepositen stiegen um 1,4 % gegenüber dem ersten Quartal 2024
- Nettozinserträge gingen im Jahresvergleich um 6,1 % zurück
- Die Nettozinsmarge betrug 2,84 %, ein Rückgang von 3,14 % im zweiten Quartal 2023
- Nichtzinsliche Erträge stiegen im Jahresvergleich um 5,8 %
- Nichtzinsliche Aufwendungen gingen im Jahresvergleich um 2,2 % zurück
- Die Rückstellung für Kreditverluste bei Darlehen blieb stabil bei 1,28 %
Univest erklärte eine vierteljährliche Barausschüttung von 0,21 Dollar pro Aktie und kaufte im zweiten Quartal 2024 190.808 Aktien zurück.
- Net income increased to $18.1 million in Q2 2024 from $16.8 million in Q2 2023
- Gross loans grew by 1.6% (6.4% annualized) from Q1 2024
- Total deposits increased by 1.4% (5.6% annualized) from Q1 2024
- Noninterest income rose by 5.8% year-over-year
- Noninterest expense decreased by 2.2% year-over-year
- The company declared a quarterly cash dividend of $0.21 per share
- Net interest income decreased by 6.1% year-over-year
- Net interest margin declined to 2.84% from 3.14% in Q2 2023
- Nonperforming assets increased to $36.6 million from $34.5 million in Q2 2023
- Net loan and lease charge-offs increased to $809 thousand from $512 thousand in Q2 2023
Insights
Univest Financial 's Q2 2024 results show a mixed performance with some positive developments and ongoing challenges:
- Net income increased to
$18.1 million ($0.62 per diluted share) from$16.8 million ($0.57 per diluted share) in Q2 2023. - Loan growth was solid at
1.6% (6.4% annualized) from Q1 2024, driven by commercial, commercial real estate and residential mortgage loans. - Deposits grew by
1.4% (5.6% annualized) from Q1 2024, primarily from commercial and consumer deposits. - However, net interest income decreased by
6.1% year-over-year due to continued pressure on deposit costs. - Net interest margin compressed to
2.84% from3.14% in Q2 2023.
The bank's focus on expense management is evident, with noninterest expenses decreasing
Univest's capital management strategy includes a
While the bank is navigating the challenging interest rate environment, its diversified revenue streams, including growth in noninterest income, provide some resilience. Investors should monitor the bank's ability to manage net interest margin pressure and maintain loan growth in the coming quarters.
Univest's Q2 2024 results offer insights into broader banking sector trends:
- The shift in deposit mix towards higher-cost products reflects the competitive landscape for deposits in the current high-rate environment. Univest's noninterest-bearing deposits now represent
21.5% of total deposits, down from21.9% in Q1 2024. - The pressure on net interest margin (NIM) is a common theme across the banking sector. Univest's NIM compression to
2.84% aligns with industry-wide challenges in managing funding costs. - The
1.8% year-to-date loan growth (3.6% annualized) suggests moderate demand for credit, which could be indicative of broader economic conditions. - The increase in investment advisory commission and fee income (
11.3% year-over-year) reflects positive market performance and potential opportunities in wealth management services.
The bank's focus on expense management and diverse revenue streams could serve as a model for other regional banks navigating the current economic environment. The stability in asset quality, with a slight decrease in nonperforming assets, is a positive sign amidst economic uncertainties.
Univest's performance in mortgage banking activities, with a
The bank's capital and liquidity positions appear strong, which is important given the heightened focus on these metrics following recent banking sector stresses. Overall, Univest's results provide a snapshot of a regional bank adapting to challenging market conditions while maintaining a stable foundation.
SOUDERTON, Pa., July 24, 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 June 30, 2024 was
One-Time Items
The financial results for the quarter included tax-free bank owned life insurance ("BOLI") death benefit claims of
Loans
Gross loans and leases increased
Deposits and Liquidity
Total deposits increased
As of June 30, 2024, the Corporation reported on balance sheet cash and cash equivalents totaling
Net Interest Income and Margin
Net interest income of
Net interest margin, on a tax-equivalent basis, was
Noninterest Income
Noninterest income for the quarter ended June 30, 2024 was
Net gain on mortgage banking activities increased
Other service fee income decreased
Other income decreased
Noninterest Expense
Noninterest expense for the quarter ended June 30, 2024 was
As previously discussed, the second quarter of 2023 included restructuring charges of
Salaries, benefits and commissions increased
Tax Provision
The effective income tax rate was
Asset Quality and Provision for Credit Losses
Nonperforming assets were
Net loan and lease charge-offs were
The provision for credit losses was
Dividend and Share Repurchases
On July 24, 2024, Univest declared a quarterly cash dividend of
Conference Call
Univest will host a conference call to discuss second quarter 2024 results on Thursday, July 25, 2024 at 9:00 a.m. EST. Participants may preregister at https://www.netroadshow.com/events/login?show=962df298&confId=68082. The general public can access the call by dialing 1-833-470-1428; using Access Code 117459. A replay of the conference call will be available through September 23, 2024 by dialing 1-866-813-9403; using Access Code 310450.
About Univest Financial Corporation
Univest Financial Corporation (UVSP), including its wholly-owned subsidiary Univest Bank and Trust Co., Member FDIC, has approximately
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; (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; (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) | |||||||||||||||||||||||||||
June 30, 2024 | |||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||
Balance Sheet (Period End) | 06/30/24 | 03/31/24 | 12/31/23 | 09/30/23 | 06/30/23 | ||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||
Cash and due from banks | $ | 66,808 | $ | 49,318 | $ | 72,815 | $ | 68,900 | $ | 80,795 | |||||||||||||||||
Interest-earning deposits with other banks | 124,103 | 152,288 | 176,984 | 221,441 | 59,616 | ||||||||||||||||||||||
Cash and cash equivalents | 190,911 | 201,606 | 249,799 | 290,341 | 140,411 | ||||||||||||||||||||||
Investment securities held-to-maturity | 140,112 | 143,474 | 145,777 | 149,451 | 153,509 | ||||||||||||||||||||||
Investment securities available for sale, net of allowance for credit losses | 342,776 | 350,819 | 351,553 | 334,538 | 356,164 | ||||||||||||||||||||||
Investments in equity securities | 2,995 | 3,355 | 3,293 | 4,054 | 3,443 | ||||||||||||||||||||||
Federal Home Loan Bank, Federal Reserve Bank and other stock, at cost | 37,438 | 37,394 | 40,499 | 42,417 | 42,811 | ||||||||||||||||||||||
Loans held for sale | 28,176 | 13,188 | 11,637 | 16,473 | 29,526 | ||||||||||||||||||||||
Loans and leases held for investment | 6,684,837 | 6,579,086 | 6,567,214 | 6,574,958 | 6,462,238 | ||||||||||||||||||||||
Less: Allowance for credit losses, loans and leases | (85,745 | ) | (85,632 | ) | (85,387 | ) | (83,837 | ) | (82,709 | ) | |||||||||||||||||
Net loans and leases held for investment | 6,599,092 | 6,493,454 | 6,481,827 | 6,491,121 | 6,379,529 | ||||||||||||||||||||||
Premises and equipment, net | 48,174 | 48,739 | 51,441 | 51,287 | 52,058 | ||||||||||||||||||||||
Operating lease right-of-use assets | 29,985 | 30,702 | 31,795 | 31,053 | 30,237 | ||||||||||||||||||||||
Goodwill | 175,510 | 175,510 | 175,510 | 175,510 | 175,510 | ||||||||||||||||||||||
Other intangibles, net of accumulated amortization | 7,701 | 7,473 | 10,950 | 11,079 | 10,923 | ||||||||||||||||||||||
Bank owned life insurance | 137,823 | 137,896 | 131,344 | 130,522 | 129,715 | ||||||||||||||||||||||
Accrued interest and other assets | 114,753 | 102,958 | 95,203 | 100,220 | 96,314 | ||||||||||||||||||||||
Total assets | $ | 7,855,446 | $ | 7,746,568 | $ | 7,780,628 | $ | 7,828,066 | $ | 7,600,150 | |||||||||||||||||
LIABILITIES | |||||||||||||||||||||||||||
Noninterest-bearing deposits | $ | 1,397,308 | $ | 1,401,806 | $ | 1,468,320 | $ | 1,432,559 | $ | 1,582,767 | |||||||||||||||||
Interest-bearing deposits: | 5,098,014 | 5,003,552 | 4,907,461 | 5,006,606 | 4,404,635 | ||||||||||||||||||||||
Total deposits | 6,495,322 | 6,405,358 | 6,375,781 | 6,439,165 | 5,987,402 | ||||||||||||||||||||||
Short-term borrowings | 11,781 | 4,816 | 6,306 | 14,676 | 244,666 | ||||||||||||||||||||||
Long-term debt | 250,000 | 250,000 | 310,000 | 320,000 | 320,000 | ||||||||||||||||||||||
Subordinated notes | 149,011 | 148,886 | 148,761 | 148,636 | 148,510 | ||||||||||||||||||||||
Operating lease liabilities | 33,015 | 33,744 | 34,851 | 34,017 | 33,428 | ||||||||||||||||||||||
Accrued expenses and other liabilities | 62,180 | 60,095 | 65,721 | 64,374 | 60,922 | ||||||||||||||||||||||
Total liabilities | 7,001,309 | 6,902,899 | 6,941,420 | 7,020,868 | 6,794,928 | ||||||||||||||||||||||
SHAREHOLDERS' EQUITY | |||||||||||||||||||||||||||
Common stock, | 157,784 | 157,784 | 157,784 | 157,784 | 157,784 | ||||||||||||||||||||||
Additional paid-in capital | 300,166 | 298,914 | 301,066 | 300,171 | 299,212 | ||||||||||||||||||||||
Retained earnings | 500,482 | 488,790 | 474,691 | 464,634 | 453,806 | ||||||||||||||||||||||
Accumulated other comprehensive loss, net of tax benefit | (54,124 | ) | (54,740 | ) | (50,646 | ) | (71,586 | ) | (61,034 | ) | |||||||||||||||||
Treasury stock, at cost | (50,171 | ) | (47,079 | ) | (43,687 | ) | (43,805 | ) | (44,546 | ) | |||||||||||||||||
Total shareholders’ equity | 854,137 | 843,669 | 839,208 | 807,198 | 805,222 | ||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 7,855,446 | $ | 7,746,568 | $ | 7,780,628 | $ | 7,828,066 | $ | 7,600,150 | |||||||||||||||||
For the three months ended, | For the six months ended, | ||||||||||||||||||||||||||
Balance Sheet (Average) | 06/30/24 | 03/31/24 | 12/31/23 | 09/30/23 | 06/30/23 | 06/30/24 | 06/30/23 | ||||||||||||||||||||
Assets | $ | 7,721,540 | $ | 7,696,575 | $ | 7,865,634 | $ | 7,693,983 | $ | 7,440,798 | $ | 7,709,058 | $ | 7,330,616 | |||||||||||||
Investment securities, net of allowance for credit losses | 493,140 | 500,983 | 489,587 | 506,341 | 518,995 | 497,061 | 517,446 | ||||||||||||||||||||
Loans and leases, gross | 6,640,536 | 6,577,365 | 6,594,233 | 6,537,169 | 6,372,342 | 6,608,950 | 6,269,190 | ||||||||||||||||||||
Deposits | 6,353,752 | 6,303,854 | 6,470,141 | 6,222,710 | 5,844,582 | 6,328,804 | 5,839,526 | ||||||||||||||||||||
Shareholders' equity | 844,572 | 842,546 | 814,941 | 811,515 | 806,709 | 843,559 | 797,980 |
Univest Financial Corporation | |||||||||||||||||||||||||||
Consolidated Summary of Loans by Type and Asset Quality Data (Unaudited) | |||||||||||||||||||||||||||
June 30, 2024 | |||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||
Summary of Major Loan and Lease Categories (Period End) | 06/30/24 | 03/31/24 | 12/31/23 | 09/30/23 | 06/30/23 | ||||||||||||||||||||||
Commercial, financial and agricultural | $ | 1,055,332 | $ | 1,014,568 | $ | 989,723 | $ | 1,050,004 | $ | 1,039,265 | |||||||||||||||||
Real estate-commercial | 3,373,889 | 3,283,729 | 3,302,798 | 3,275,140 | 3,221,993 | ||||||||||||||||||||||
Real estate-construction | 313,229 | 379,995 | 394,462 | 427,561 | 413,404 | ||||||||||||||||||||||
Real estate-residential secured for business purpose | 532,628 | 524,196 | 517,002 | 516,471 | 517,521 | ||||||||||||||||||||||
Real estate-residential secured for personal purpose | 952,665 | 922,412 | 909,015 | 861,122 | 832,632 | ||||||||||||||||||||||
Real estate-home equity secured for personal purpose | 179,150 | 177,446 | 179,282 | 176,855 | 175,090 | ||||||||||||||||||||||
Loans to individuals | 26,430 | 27,200 | 27,749 | 27,331 | 25,544 | ||||||||||||||||||||||
Lease financings | 251,514 | 249,540 | 247,183 | 240,474 | 236,789 | ||||||||||||||||||||||
Total loans and leases held for investment, net of deferred income | 6,684,837 | 6,579,086 | 6,567,214 | 6,574,958 | 6,462,238 | ||||||||||||||||||||||
Less: Allowance for credit losses, loans and leases | (85,745 | ) | (85,632 | ) | (85,387 | ) | (83,837 | ) | (82,709 | ) | |||||||||||||||||
Net loans and leases held for investment | $ | 6,599,092 | $ | 6,493,454 | $ | 6,481,827 | $ | 6,491,121 | $ | 6,379,529 | |||||||||||||||||
Asset Quality Data (Period End) | 06/30/24 | 03/31/24 | 12/31/23 | 09/30/23 | 06/30/23 | ||||||||||||||||||||||
Nonaccrual loans and leases, including nonaccrual loans held for sale* | $ | 16,200 | $ | 20,363 | $ | 20,527 | $ | 18,085 | $ | 15,087 | |||||||||||||||||
Accruing loans and leases 90 days or more past due | 205 | 268 | 534 | 2,135 | 55 | ||||||||||||||||||||||
Total nonperforming loans and leases | 16,405 | 20,631 | 21,061 | 20,220 | 15,142 | ||||||||||||||||||||||
Other real estate owned | 20,007 | 19,220 | 19,032 | 19,916 | 19,345 | ||||||||||||||||||||||
Repossessed assets | 149 | 167 | - | - | - | ||||||||||||||||||||||
Total nonperforming assets | $ | 36,561 | $ | 40,018 | $ | 40,093 | $ | 40,136 | $ | 34,487 | |||||||||||||||||
Nonaccrual loans and leases / Loans and leases held for investment | 0.24 | % | 0.31 | % | 0.31 | % | 0.28 | % | 0.23 | % | |||||||||||||||||
Nonperforming loans and leases / Loans and leases held for investment | 0.25 | % | 0.31 | % | 0.32 | % | 0.31 | % | 0.23 | % | |||||||||||||||||
Nonperforming assets / Total assets | 0.47 | % | 0.52 | % | 0.52 | % | 0.51 | % | 0.45 | % | |||||||||||||||||
Allowance for credit losses, loans and leases | $ | 85,745 | $ | 85,632 | $ | 85,387 | $ | 83,837 | $ | 82,709 | |||||||||||||||||
Allowance for credit losses, loans and leases / Loans and leases held for investment | 1.28 | % | 1.30 | % | 1.30 | % | 1.28 | % | 1.28 | % | |||||||||||||||||
Allowance for credit losses, loans and leases / Nonaccrual loans and leases | 529.29 | % | 420.53 | % | 415.97 | % | 463.57 | % | 548.21 | % | |||||||||||||||||
Allowance for credit losses, loans and leases / Nonperforming loans and leases | 522.68 | % | 415.06 | % | 405.43 | % | 414.62 | % | 546.22 | % | |||||||||||||||||
*Includes a | |||||||||||||||||||||||||||
For the three months ended, | For the six months ended, | ||||||||||||||||||||||||||
06/30/24 | 03/31/24 | 12/31/23 | 09/30/23 | 06/30/23 | 06/30/24 | 06/30/23 | |||||||||||||||||||||
Net loan and lease charge-offs | $ | 809 | $ | 1,406 | $ | 1,074 | $ | 969 | $ | 512 | $ | 2,215 | $ | 3,354 | |||||||||||||
Net loan and lease charge-offs (annualized)/Average loans and leases | 0.05 | % | 0.09 | % | 0.06 | % | 0.06 | % | 0.03 | % | 0.07 | % | 0.11 | % |
Univest Financial Corporation | |||||||||||||||||||||||||||
Consolidated Selected Financial Data (Unaudited) | |||||||||||||||||||||||||||
June 30, 2024 | |||||||||||||||||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||||||||||||||||
For the three months ended, | For the six months ended, | ||||||||||||||||||||||||||
For the period: | 06/30/24 | 03/31/24 | 12/31/23 | 09/30/23 | 06/30/23 | 06/30/24 | 06/30/23 | ||||||||||||||||||||
Interest income | $ | 99,832 | $ | 98,609 | $ | 101,232 | $ | 97,106 | $ | 90,139 | $ | 198,441 | $ | 173,392 | |||||||||||||
Interest expense | 48,805 | 47,142 | 48,472 | 43,516 | 35,809 | 95,947 | 59,745 | ||||||||||||||||||||
Net interest income | 51,027 | 51,467 | 52,760 | 53,590 | 54,330 | 102,494 | 113,647 | ||||||||||||||||||||
Provision for credit losses | 707 | 1,432 | 1,931 | 2,024 | 3,428 | 2,139 | 6,815 | ||||||||||||||||||||
Net interest income after provision for credit losses | 50,320 | 50,035 | 50,829 | 51,566 | 50,902 | 100,355 | 106,832 | ||||||||||||||||||||
Noninterest income: | |||||||||||||||||||||||||||
Trust fee income | 2,008 | 2,108 | 1,943 | 1,910 | 1,924 | 4,116 | 3,879 | ||||||||||||||||||||
Service charges on deposit accounts | 1,982 | 1,871 | 1,960 | 1,816 | 1,725 | 3,853 | 3,272 | ||||||||||||||||||||
Investment advisory commission and fee income | 5,238 | 5,194 | 4,561 | 4,843 | 4,708 | 10,432 | 9,460 | ||||||||||||||||||||
Insurance commission and fee income | 5,167 | 7,201 | 4,596 | 4,852 | 5,108 | 12,368 | 11,595 | ||||||||||||||||||||
Other service fee income | 3,044 | 6,415 | 2,967 | 3,020 | 3,318 | 9,459 | 6,394 | ||||||||||||||||||||
Bank owned life insurance income | 1,086 | 842 | 823 | 806 | 789 | 1,928 | 1,556 | ||||||||||||||||||||
Net gain on mortgage banking activities | 1,710 | 939 | 809 | 1,216 | 1,039 | 2,649 | 1,664 | ||||||||||||||||||||
Other income | 745 | 1,025 | 961 | 228 | 1,222 | 1,770 | 1,693 | ||||||||||||||||||||
Total noninterest income | 20,980 | 25,595 | 18,620 | 18,691 | 19,833 | 46,575 | 39,513 | ||||||||||||||||||||
Noninterest expense: | |||||||||||||||||||||||||||
Salaries, benefits and commissions | 30,187 | 31,338 | 29,321 | 29,978 | 29,875 | 61,525 | 60,889 | ||||||||||||||||||||
Net occupancy | 2,679 | 2,872 | 2,751 | 2,594 | 2,614 | 5,551 | 5,341 | ||||||||||||||||||||
Equipment | 1,088 | 1,111 | 1,066 | 1,087 | 986 | 2,199 | 1,979 | ||||||||||||||||||||
Data processing | 4,161 | 4,495 | 4,444 | 4,189 | 4,137 | 8,656 | 8,166 | ||||||||||||||||||||
Professional fees | 1,466 | 1,688 | 1,768 | 1,763 | 1,669 | 3,154 | 3,610 | ||||||||||||||||||||
Marketing and advertising | 715 | 416 | 632 | 555 | 622 | 1,131 | 993 | ||||||||||||||||||||
Deposit insurance premiums | 1,098 | 1,135 | 1,350 | 1,258 | 1,116 | 2,233 | 2,217 | ||||||||||||||||||||
Intangible expenses | 188 | 187 | 212 | 220 | 253 | 375 | 506 | ||||||||||||||||||||
Restructuring charges | - | - | 189 | - | 1,330 | - | 1,330 | ||||||||||||||||||||
Other expense | 7,126 | 6,832 | 7,313 | 7,344 | 7,197 | 13,958 | 14,297 | ||||||||||||||||||||
Total noninterest expense | 48,708 | 50,074 | 49,046 | 48,988 | 49,799 | 98,782 | 99,328 | ||||||||||||||||||||
Income before taxes | 22,592 | 25,556 | 20,403 | 21,269 | 20,936 | 48,148 | 47,017 | ||||||||||||||||||||
Income tax expense | 4,485 | 5,251 | 4,149 | 4,253 | 4,136 | 9,736 | 9,183 | ||||||||||||||||||||
Net income | $ | 18,107 | $ | 20,305 | $ | 16,254 | $ | 17,016 | $ | 16,800 | $ | 38,412 | $ | 37,834 | |||||||||||||
Net income per share: | |||||||||||||||||||||||||||
Basic | $ | 0.62 | $ | 0.69 | $ | 0.55 | $ | 0.58 | $ | 0.57 | $ | 1.31 | $ | 1.29 | |||||||||||||
Diluted | $ | 0.62 | $ | 0.69 | $ | 0.55 | $ | 0.58 | $ | 0.57 | $ | 1.30 | $ | 1.28 | |||||||||||||
Dividends declared per share | $ | 0.21 | $ | 0.21 | $ | 0.21 | $ | 0.21 | $ | 0.21 | $ | 0.42 | $ | 0.42 | |||||||||||||
Weighted average shares outstanding | 29,246,977 | 29,413,999 | 29,500,147 | 29,479,066 | 29,439,392 | 29,330,488 | 29,376,179 | ||||||||||||||||||||
Period end shares outstanding | 29,190,640 | 29,337,919 | 29,511,721 | 29,508,128 | 29,471,124 | 29,190,640 | 29,471,124 |
Univest Financial Corporation | |||||||||||||||||||||||||||
Consolidated Selected Financial Data (Unaudited) | |||||||||||||||||||||||||||
June 30, 2024 | |||||||||||||||||||||||||||
For the three months ended, | For the six months ended, | ||||||||||||||||||||||||||
Profitability Ratios (annualized) | 06/30/24 | 03/31/24 | 12/31/23 | 09/30/23 | 06/30/23 | 06/30/24 | 06/30/23 | ||||||||||||||||||||
Return on average assets | 0.94 | % | 1.06 | % | 0.82 | % | 0.88 | % | 0.91 | % | 1.00 | % | 1.04 | % | |||||||||||||
Return on average assets, excluding restructuring | 0.94 | % | 1.06 | % | 0.83 | % | 0.88 | % | 0.96 | % | 1.00 | % | 1.07 | % | |||||||||||||
charges (1) | |||||||||||||||||||||||||||
Return on average shareholders' equity | 8.62 | % | 9.69 | % | 7.91 | % | 8.32 | % | 8.35 | % | 9.16 | % | 9.56 | % | |||||||||||||
Return on average shareholders' equity, excluding | 8.62 | % | 9.69 | % | 7.99 | % | 8.32 | % | 8.88 | % | 9.16 | % | 9.83 | % | |||||||||||||
restructuring charges (1) | |||||||||||||||||||||||||||
Return on average tangible common equity (1)(3) | 11.01 | % | 12.38 | % | 10.23 | % | 10.77 | % | 10.85 | % | 11.69 | % | 12.45 | % | |||||||||||||
Return on average tangible common equity, excluding | 11.01 | % | 12.38 | % | 10.32 | % | 10.77 | % | 11.52 | % | 11.69 | % | 12.79 | % | |||||||||||||
restructuring charges (1)(3) | |||||||||||||||||||||||||||
Net interest margin (FTE) | 2.84 | % | 2.88 | % | 2.84 | % | 2.96 | % | 3.14 | % | 2.86 | % | 3.35 | % | |||||||||||||
Efficiency ratio (2) | 67.1 | % | 64.6 | % | 68.3 | % | 67.3 | % | 66.7 | % | 65.8 | % | 64.4 | % | |||||||||||||
Efficiency ratio, excluding restructuring charges (1)(2) | 67.1 | % | 64.6 | % | 68.0 | % | 67.3 | % | 64.9 | % | 65.8 | % | 63.5 | % | |||||||||||||
Capitalization Ratios | |||||||||||||||||||||||||||
Dividends declared to net income | 33.9 | % | 30.5 | % | 38.1 | % | 36.4 | % | 36.8 | % | 32.1 | % | 32.6 | % | |||||||||||||
Shareholders' equity to assets (Period End) | 10.87 | % | 10.89 | % | 10.79 | % | 10.31 | % | 10.59 | % | 10.87 | % | 10.59 | % | |||||||||||||
Tangible common equity to tangible assets (1) | 8.81 | % | 8.80 | % | 8.70 | % | 8.22 | % | 8.45 | % | 8.81 | % | 8.45 | % | |||||||||||||
Common equity book value per share | $ | 29.26 | $ | 28.76 | $ | 28.44 | $ | 27.36 | $ | 27.32 | $ | 29.26 | $ | 27.32 | |||||||||||||
Tangible common equity book value per share (1) | $ | 23.17 | $ | 22.70 | $ | 22.41 | $ | 21.32 | $ | 21.27 | $ | 23.17 | $ | 21.27 | |||||||||||||
Regulatory Capital Ratios (Period End) | |||||||||||||||||||||||||||
Tier 1 leverage ratio | 9.74 | % | 9.65 | % | 9.36 | % | 9.43 | % | 9.59 | % | 9.74 | % | 9.59 | % | |||||||||||||
Common equity tier 1 risk-based capital ratio | 10.72 | % | 10.71 | % | 10.58 | % | 10.32 | % | 10.26 | % | 10.72 | % | 10.26 | % | |||||||||||||
Tier 1 risk-based capital ratio | 10.72 | % | 10.71 | % | 10.58 | % | 10.32 | % | 10.26 | % | 10.72 | % | 10.26 | % | |||||||||||||
Total risk-based capital ratio | 14.09 | % | 14.11 | % | 13.90 | % | 13.58 | % | 13.54 | % | 14.09 | % | 13.54 | % | |||||||||||||
(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, 2024 | March 31, 2024 | |||||||||||||||
Average | Income/ | Average | Average | Income/ | Average | ||||||||||||
(Dollars in thousands) | Balance | Expense | Rate | Balance | Expense | Rate | |||||||||||
Assets: | |||||||||||||||||
Interest-earning deposits with other banks | $ | 84,546 | $ | 1,108 | 5.27 | % | $ | 120,845 | $ | 1,609 | 5.36 | % | |||||
Obligations of state and political subdivisions* | 1,269 | 7 | 2.22 | 1,951 | 12 | 2.47 | |||||||||||
Other debt and equity securities | 491,871 | 3,741 | 3.06 | 499,032 | 3,647 | 2.94 | |||||||||||
Federal Home Loan Bank, Federal Reserve Bank and other stock | 37,286 | 700 | 7.55 | 39,115 | 724 | 7.44 | |||||||||||
Total interest-earning deposits, investments and other interest-earning assets | 614,972 | 5,556 | 3.63 | 660,943 | 5,992 | 3.65 | |||||||||||
Commercial, financial, and agricultural loans | 983,615 | 17,447 | 7.13 | 934,649 | 16,523 | 7.11 | |||||||||||
Real estate—commercial and construction loans | 3,549,206 | 50,577 | 5.73 | 3,575,142 | 50,641 | 5.70 | |||||||||||
Real estate—residential loans | 1,660,489 | 20,413 | 4.94 | 1,618,188 | 19,555 | 4.86 | |||||||||||
Loans to individuals | 26,821 | 542 | 8.13 | 27,315 | 548 | 8.07 | |||||||||||
Municipal loans and leases * | 230,495 | 2,476 | 4.32 | 232,380 | 2,464 | 4.26 | |||||||||||
Lease financings | 189,910 | 3,105 | 6.58 | 189,691 | 3,169 | 6.72 | |||||||||||
Gross loans and leases | 6,640,536 | 94,560 | 5.73 | 6,577,365 | 92,900 | 5.68 | |||||||||||
Total interest-earning assets | 7,255,508 | 100,116 | 5.55 | 7,238,308 | 98,892 | 5.49 | |||||||||||
Cash and due from banks | 56,387 | 54,870 | |||||||||||||||
Allowance for credit losses, loans and leases | (86,293 | ) | (86,495 | ) | |||||||||||||
Premises and equipment, net | 48,725 | 50,592 | |||||||||||||||
Operating lease right-of-use assets | 30,344 | 31,121 | |||||||||||||||
Other assets | 416,869 | 408,179 | |||||||||||||||
Total assets | $ | 7,721,540 | $ | 7,696,575 | |||||||||||||
Liabilities: | |||||||||||||||||
Interest-bearing checking deposits | $ | 1,094,150 | $ | 7,311 | 2.69 | % | $ | 1,180,696 | $ | 8,218 | 2.80 | % | |||||
Money market savings | 1,692,759 | 19,131 | 4.55 | 1,705,291 | 19,220 | 4.53 | |||||||||||
Regular savings | 759,960 | 929 | 0.49 | 769,926 | 905 | 0.47 | |||||||||||
Time deposits | 1,422,113 | 16,134 | 4.56 | 1,238,878 | 13,630 | 4.42 | |||||||||||
Total time and interest-bearing deposits | 4,968,982 | 43,505 | 3.52 | 4,894,791 | 41,973 | 3.45 | |||||||||||
Short-term borrowings | 29,506 | 242 | 2.30 | 10,127 | 5 | 0.20 | |||||||||||
Long-term debt | 250,000 | 2,777 | 4.47 | 292,486 | 2,883 | 3.96 | |||||||||||
Subordinated notes | 148,943 | 2,281 | 6.16 | 148,818 | 2,281 | 6.16 | |||||||||||
Total borrowings | 428,449 | 5,300 | 4.98 | 451,431 | 5,169 | 4.61 | |||||||||||
Total interest-bearing liabilities | 5,397,431 | 48,805 | 3.64 | 5,346,222 | 47,142 | 3.55 | |||||||||||
Noninterest-bearing deposits | 1,384,770 | 1,409,063 | |||||||||||||||
Operating lease liabilities | 33,382 | 34,166 | |||||||||||||||
Accrued expenses and other liabilities | 61,385 | 64,578 | |||||||||||||||
Total liabilities | 6,876,968 | 6,854,029 | |||||||||||||||
Total interest-bearing liabilities and noninterest-bearing deposits ("Cost of Funds") | 6,782,201 | 2.89 | 6,755,285 | 2.81 | |||||||||||||
Shareholders' Equity: | |||||||||||||||||
Common stock | 157,784 | 157,784 | |||||||||||||||
Additional paid-in capital | 299,426 | 300,679 | |||||||||||||||
Retained earnings and other equity | 387,362 | 384,083 | |||||||||||||||
Total shareholders' equity | 844,572 | 842,546 | |||||||||||||||
Total liabilities and shareholders' equity | $ | 7,721,540 | $ | 7,696,575 | |||||||||||||
Net interest income | $ | 51,311 | $ | 51,750 | |||||||||||||
Net interest spread | 1.91 | 1.94 | |||||||||||||||
Effect of net interest-free funding sources | 0.93 | 0.94 | |||||||||||||||
Net interest margin | 2.84 | % | 2.88 | % | |||||||||||||
Ratio of average interest-earning assets to average interest-bearing liabilities | 134.43 | % | 135.39 | % | |||||||||||||
* Obligations of states and political subdivisions and municipal loans and leases 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 | |||||||||||||||||
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, 2024 and March 31, 2024 have | |||||||||||||||||
been calculated using the Corporation’s federal applicable rate of |
Univest Financial Corporation | |||||||||||||||||
Average Balances and Interest Rates (Unaudited) | |||||||||||||||||
For the Three Months Ended June 30, | |||||||||||||||||
Tax Equivalent Basis | 2024 | 2023 | |||||||||||||||
Average | Income/ | Average | Average | Income/ | Average | ||||||||||||
(Dollars in thousands) | Balance | Expense | Rate | Balance | Expense | Rate | |||||||||||
Assets: | |||||||||||||||||
Interest-earning deposits with other banks | $ | 84,546 | $ | 1,108 | 5.27 | % | $ | 46,897 | $ | 512 | 4.38 | % | |||||
Obligations of state and political subdivisions* | 1,269 | 7 | 2.22 | 2,284 | 15 | 2.63 | |||||||||||
Other debt and equity securities | 491,871 | 3,741 | 3.06 | 516,711 | 3,512 | 2.73 | |||||||||||
Federal Home Loan Bank, Federal Reserve Bank and other stock | 37,286 | 700 | 7.55 | 43,783 | 781 | 7.15 | |||||||||||
Total interest-earning deposits, investments and other interest-earning assets | 614,972 | 5,556 | 3.63 | 609,675 | 4,820 | 3.17 | |||||||||||
Commercial, financial, and agricultural loans | 983,615 | 17,447 | 7.13 | 1,005,499 | 16,919 | 6.75 | |||||||||||
Real estate—commercial and construction loans | 3,549,206 | 50,577 | 5.73 | 3,445,431 | 45,960 | 5.35 | |||||||||||
Real estate—residential loans | 1,660,489 | 20,413 | 4.94 | 1,483,478 | 17,216 | 4.65 | |||||||||||
Loans to individuals | 26,821 | 542 | 8.13 | 26,794 | 479 | 7.17 | |||||||||||
Municipal loans and leases* | 230,495 | 2,476 | 4.32 | 234,940 | 2,388 | 4.08 | |||||||||||
Lease financings | 189,910 | 3,105 | 6.58 | 176,200 | 2,659 | 6.05 | |||||||||||
Gross loans and leases | 6,640,536 | 94,560 | 5.73 | 6,372,342 | 85,621 | 5.39 | |||||||||||
Total interest-earning assets | 7,255,508 | 100,116 | 5.55 | 6,982,017 | 90,441 | 5.20 | |||||||||||
Cash and due from banks | 56,387 | 58,675 | |||||||||||||||
Allowance for credit losses, loans and leases | (86,293 | ) | (81,641 | ) | |||||||||||||
Premises and equipment, net | 48,725 | 52,540 | |||||||||||||||
Operating lease right-of-use assets | 30,344 | 31,200 | |||||||||||||||
Other assets | 416,869 | 398,007 | |||||||||||||||
Total assets | $ | 7,721,540 | $ | 7,440,798 | |||||||||||||
Liabilities: | |||||||||||||||||
Interest-bearing checking deposits | $ | 1,094,150 | $ | 7,311 | 2.69 | % | $ | 1,011,889 | $ | 5,392 | 2.14 | % | |||||
Money market savings | 1,692,759 | 19,131 | 4.55 | 1,460,899 | 14,089 | 3.87 | |||||||||||
Regular savings | 759,960 | 929 | 0.49 | 888,680 | 845 | 0.38 | |||||||||||
Time deposits | 1,422,113 | 16,134 | 4.56 | 823,665 | 7,141 | 3.48 | |||||||||||
Total time and interest-bearing deposits | 4,968,982 | 43,505 | 3.52 | 4,185,133 | 27,467 | 2.63 | |||||||||||
Short-term borrowings | 29,506 | 242 | 2.30 | 255,090 | 3,249 | 5.11 | |||||||||||
Long-term debt | 250,000 | 2,777 | 4.47 | 301,593 | 2,811 | 3.74 | |||||||||||
Subordinated notes | 148,943 | 2,281 | 6.16 | 148,443 | 2,282 | 6.17 | |||||||||||
Total borrowings | 428,449 | 5,300 | 4.98 | 705,126 | 8,342 | 4.75 | |||||||||||
Total interest-bearing liabilities | 5,397,431 | 48,805 | 3.64 | 4,890,259 | 35,809 | 2.94 | |||||||||||
Noninterest-bearing deposits | 1,384,770 | 1,659,449 | |||||||||||||||
Operating lease liabilities | 33,382 | 34,415 | |||||||||||||||
Accrued expenses and other liabilities | 61,385 | 49,966 | |||||||||||||||
Total liabilities | 6,876,968 | 6,634,089 | |||||||||||||||
Total interest-bearing liabilities and noninterest-bearing deposits ("Cost of Funds") | 6,782,201 | 2.89 | 6,549,708 | 2.19 | |||||||||||||
Shareholders' Equity: | |||||||||||||||||
Common stock | 157,784 | 157,784 | |||||||||||||||
Additional paid-in capital | 299,426 | 298,788 | |||||||||||||||
Retained earnings and other equity | 387,362 | 350,137 | |||||||||||||||
Total shareholders' equity | 844,572 | 806,709 | |||||||||||||||
Total liabilities and shareholders' equity | $ | 7,721,540 | $ | 7,440,798 | |||||||||||||
Net interest income | $ | 51,311 | $ | 54,632 | |||||||||||||
Net interest spread | 1.91 | 2.26 | |||||||||||||||
Effect of net interest-free funding sources | 0.93 | 0.88 | |||||||||||||||
Net interest margin | 2.84 | % | 3.14 | % | |||||||||||||
Ratio of average interest-earning assets to average interest-bearing liabilities | 134.43 | % | 142.77 | % | |||||||||||||
* Obligations of states and political subdivisions and municipal loans and leases 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 | |||||||||||||||||
June 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 June 30, 2024 and 2023 have | |||||||||||||||||
been calculated using the Corporation’s federal applicable rate of |
Univest Financial Corporation | |||||||||||||||||
Average Balances and Interest Rates (Unaudited) | |||||||||||||||||
For the Six Months Ended June 30, | |||||||||||||||||
Tax Equivalent Basis | 2024 | 2023 | |||||||||||||||
Average | Income/ | Average | Average | Income/ | Average | ||||||||||||
(Dollars in thousands) | Balance | Expense | Rate | Balance | Expense | Rate | |||||||||||
Assets: | |||||||||||||||||
Interest-earning deposits with other banks | $ | 102,696 | $ | 2,717 | 5.32 | % | $ | 47,364 | $ | 991 | 4.22 | % | |||||
Obligations of state and political subdivisions* | 1,610 | 19 | 2.37 | 2,285 | 32 | 2.82 | |||||||||||
Other debt and equity securities | 495,451 | 7,388 | 3.00 | 515,161 | 7,007 | 2.74 | |||||||||||
Federal Home Loan Bank, Federal Reserve Bank and other stock | 38,201 | 1,424 | 7.50 | 39,287 | 1,390 | 7.13 | |||||||||||
Total interest-earning deposits, investments and other interest-earning assets | 637,958 | 11,548 | 3.64 | 604,097 | 9,420 | 3.14 | |||||||||||
Commercial, financial, and agricultural loans | 959,132 | 33,970 | 7.12 | 998,726 | 32,457 | 6.55 | |||||||||||
Real estate—commercial and construction loans | 3,562,174 | 101,218 | 5.71 | 3,394,100 | 88,381 | 5.25 | |||||||||||
Real estate—residential loans | 1,639,339 | 39,968 | 4.90 | 1,446,093 | 32,946 | 4.59 | |||||||||||
Loans to individuals | 27,068 | 1,090 | 8.10 | 27,023 | 928 | 6.93 | |||||||||||
Municipal loans and leases* | 231,437 | 4,940 | 4.29 | 232,461 | 4,729 | 4.10 | |||||||||||
Lease financings | 189,800 | 6,274 | 6.65 | 170,787 | 5,200 | 6.14 | |||||||||||
Gross loans and leases | 6,608,950 | 187,460 | 5.70 | 6,269,190 | 164,641 | 5.30 | |||||||||||
Total interest-earning assets | 7,246,908 | 199,008 | 5.52 | 6,873,287 | 174,061 | 5.11 | |||||||||||
Cash and due from banks | 55,628 | 58,356 | |||||||||||||||
Allowance for credit losses, loans and leases | (86,394 | ) | (80,813 | ) | |||||||||||||
Premises and equipment, net | 49,659 | 52,064 | |||||||||||||||
Operating lease right-of-use assets | 30,733 | 31,251 | |||||||||||||||
Other assets | 412,524 | 396,471 | |||||||||||||||
Total assets | $ | 7,709,058 | $ | 7,330,616 | |||||||||||||
Liabilities: | |||||||||||||||||
Interest-bearing checking deposits | $ | 1,137,423 | $ | 15,529 | 2.75 | % | $ | 935,316 | $ | 8,556 | 1.84 | % | |||||
Money market savings | 1,699,025 | 38,351 | 4.54 | 1,474,936 | 25,170 | 3.44 | |||||||||||
Regular savings | 764,943 | 1,834 | 0.48 | 936,930 | 1,514 | 0.33 | |||||||||||
Time deposits | 1,330,496 | 29,764 | 4.50 | 695,697 | 10,563 | 3.06 | |||||||||||
Total time and interest-bearing deposits | 4,931,887 | 85,478 | 3.49 | 4,042,879 | 45,803 | 2.28 | |||||||||||
Short-term borrowings | 19,816 | 247 | 2.51 | 247,745 | 5,977 | 4.87 | |||||||||||
Long-term debt | 271,243 | 5,660 | 4.20 | 207,431 | 3,402 | 3.31 | |||||||||||
Subordinated notes | 148,881 | 4,562 | 6.16 | 148,381 | 4,563 | 6.20 | |||||||||||
Total borrowings | 439,940 | 10,469 | 4.79 | 603,557 | 13,942 | 4.66 | |||||||||||
Total interest-bearing liabilities | 5,371,827 | 95,947 | 3.59 | 4,646,436 | 59,745 | 2.59 | |||||||||||
Noninterest-bearing deposits | 1,396,917 | 1,796,647 | |||||||||||||||
Operating lease liabilities | 33,774 | 34,427 | |||||||||||||||
Accrued expenses and other liabilities | 62,981 | 55,126 | |||||||||||||||
Total liabilities | 6,865,499 | 6,532,636 | |||||||||||||||
Total interest-bearing liabilities and noninterest-bearing deposits ("Cost of Funds") | 6,768,744 | 2.85 | 6,443,083 | 1.87 | |||||||||||||
Shareholders' Equity: | |||||||||||||||||
Common stock | 157,784 | 157,784 | |||||||||||||||
Additional paid-in capital | 300,052 | 299,537 | |||||||||||||||
Retained earnings and other equity | 385,723 | 340,659 | |||||||||||||||
Total shareholders' equity | 843,559 | 797,980 | |||||||||||||||
Total liabilities and shareholders' equity | $ | 7,709,058 | $ | 7,330,616 | |||||||||||||
Net interest income | $ | 103,061 | $ | 114,316 | |||||||||||||
Net interest spread | 1.93 | 2.52 | |||||||||||||||
Effect of net interest-free funding sources | 0.93 | 0.83 | |||||||||||||||
Net interest margin | 2.86 | % | 3.35 | % | |||||||||||||
Ratio of average interest-earning assets to average interest-bearing liabilities | 134.91 | % | 147.93 | % | |||||||||||||
* Obligations of states and political subdivisions and municipal loans and leases 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 | |||||||||||||||||
June 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 six months ended June 30, 2024 and 2023 have | |||||||||||||||||
been calculated using the Corporation’s federal applicable rate of |
Univest Financial Corporation | ||||||
Loan Portfolio Overview (Unaudited) | ||||||
June 30, 2024 | ||||||
(Dollars in thousands) | ||||||
Industry Description | Total Outstanding Balance | % of Commercial Loan Portfolio | ||||
CRE - Retail | $ | 463,491 | 8.8 | % | ||
Animal Production | 375,487 | 7.1 | ||||
CRE - Multi-family | 325,585 | 6.2 | ||||
CRE - Office | 298,039 | 5.6 | ||||
CRE - 1-4 Family Residential Investment | 296,044 | 5.6 | ||||
CRE - Industrial / Warehouse | 251,100 | 4.8 | ||||
Hotels & Motels (Accommodation) | 191,217 | 3.6 | ||||
Education | 173,353 | 3.3 | ||||
Specialty Trade Contractors | 171,939 | 3.3 | ||||
Nursing and Residential Care Facilities | 148,501 | 2.8 | ||||
Motor Vehicle and Parts Dealers | 129,299 | 2.5 | ||||
Homebuilding (tract developers, remodelers) | 125,566 | 2.4 | ||||
Merchant Wholesalers, Durable Goods | 122,533 | 2.3 | ||||
Repair and Maintenance | 119,142 | 2.3 | ||||
CRE - Mixed-Use - Residential | 113,672 | 2.2 | ||||
Crop Production | 103,513 | 2.0 | ||||
Wood Product Manufacturing | 88,586 | 1.7 | ||||
Rental and Leasing Services | 82,505 | 1.6 | ||||
Real Estate Lenders, Secondary Market Financing | 82,330 | 1.6 | ||||
Religious Organizations, Advocacy Groups | 74,855 | 1.4 | ||||
Personal and Laundry Services | 72,545 | 1.4 | ||||
Fabricated Metal Product Manufacturing | 72,314 | 1.4 | ||||
CRE - Mixed-Use - Commercial | 71,697 | 1.4 | ||||
Merchant Wholesalers, Nondurable Goods | 71,029 | 1.3 | ||||
Amusement, Gambling, and Recreation Industries | 69,393 | 1.3 | ||||
Private Equity & Special Purpose Entities (except 52592) | 69,086 | 1.3 | ||||
Food Services and Drinking Places | 67,600 | 1.3 | ||||
Administrative and Support Services | 67,470 | 1.3 | ||||
Miniwarehouse / Self-Storage | 65,136 | 1.2 | ||||
Food Manufacturing | 58,430 | 1.1 | ||||
Truck Transportation | 54,629 | 1.0 | ||||
Industries with > | $ | 4,476,086 | 84.9 | % | ||
Industries with < | $ | 798,992 | 15.1 | % | ||
Total Commercial Loans | $ | 5,275,078 | 100.0 | % | ||
Consumer Loans and Lease Financings | Total Outstanding Balance | |||||
Real Estate-Residential Secured for Personal Purpose | 952,665 | |||||
Real Estate-Home Equity Secured for Personal Purpose | 179,150 | |||||
Loans to Individuals | 26,430 | |||||
Lease Financings | 251,514 | |||||
Total - Consumer Loans and Lease Financings | $ | 1,409,759 | ||||
Total | $ | 6,684,837 |
Univest Financial Corporation | |||||||||||||||||||||||||||
Non-GAAP Reconciliation | |||||||||||||||||||||||||||
June 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 six months ended, | ||||||||||||||||||||||||||
(Dollars in thousands) | 06/30/24 | 03/31/24 | 12/31/23 | 09/30/23 | 06/30/23 | 06/30/24 | 06/30/23 | ||||||||||||||||||||
Restructuring charges (a) | $ | - | $ | - | $ | 189 | $ | - | $ | 1,330 | $ | - | $ | 1,330 | |||||||||||||
Tax effect of restructuring charges | - | - | (40 | ) | - | (279 | ) | - | (279 | ) | |||||||||||||||||
Restructuring charges, net of tax | $ | - | $ | - | $ | 149 | $ | - | $ | 1,051 | $ | - | $ | 1,051 | |||||||||||||
Net income | $ | 18,107 | $ | 20,305 | $ | 16,254 | $ | 17,016 | $ | 16,800 | $ | 38,412 | $ | 37,834 | |||||||||||||
Amortization of intangibles, net of tax | 149 | 148 | 167 | 174 | 200 | 296 | 400 | ||||||||||||||||||||
Net income before amortization of intangibles | $ | 18,256 | $ | 20,453 | $ | 16,421 | $ | 17,190 | $ | 17,000 | $ | 38,708 | $ | 38,234 | |||||||||||||
Shareholders' equity | $ | 854,137 | $ | 843,669 | $ | 839,208 | $ | 807,198 | $ | 805,222 | $ | 854,137 | $ | 805,222 | |||||||||||||
Goodwill | (175,510 | ) | (175,510 | ) | (175,510 | ) | (175,510 | ) | (175,510 | ) | (175,510 | ) | (175,510 | ) | |||||||||||||
Other intangibles (b) | (2,157 | ) | (2,273 | ) | (2,405 | ) | (2,558 | ) | (2,767 | ) | (2,157 | ) | (2,767 | ) | |||||||||||||
Tangible common equity | $ | 676,470 | $ | 665,886 | $ | 661,293 | $ | 629,130 | $ | 626,945 | $ | 676,470 | $ | 626,945 | |||||||||||||
Total assets | $ | 7,855,446 | $ | 7,746,568 | $ | 7,780,628 | $ | 7,828,066 | $ | 7,600,150 | $ | 7,855,446 | $ | 7,600,150 | |||||||||||||
Goodwill | (175,510 | ) | (175,510 | ) | (175,510 | ) | (175,510 | ) | (175,510 | ) | (175,510 | ) | (175,510 | ) | |||||||||||||
Other intangibles (b) | (2,157 | ) | (2,273 | ) | (2,405 | ) | (2,558 | ) | (2,767 | ) | (2,157 | ) | (2,767 | ) | |||||||||||||
Tangible assets | $ | 7,677,779 | $ | 7,568,785 | $ | 7,602,713 | $ | 7,649,998 | $ | 7,421,873 | $ | 7,677,779 | $ | 7,421,873 | |||||||||||||
Average shareholders' equity | $ | 844,572 | $ | 842,546 | $ | 814,941 | $ | 811,515 | $ | 806,709 | $ | 843,559 | $ | 797,980 | |||||||||||||
Average goodwill | (175,510 | ) | (175,510 | ) | (175,510 | ) | (175,510 | ) | (175,510 | ) | (175,510 | ) | (175,510 | ) | |||||||||||||
Average other intangibles (b) | (2,222 | ) | (2,318 | ) | (2,477 | ) | (2,680 | ) | (2,924 | ) | (2,271 | ) | (3,030 | ) | |||||||||||||
Average tangible common equity | $ | 666,840 | $ | 664,718 | $ | 636,954 | $ | 633,325 | $ | 628,275 | $ | 665,778 | $ | 619,440 | |||||||||||||
(a) Associated with branch optimization and headcount rationlization expense management strategies | |||||||||||||||||||||||||||
(b) Amount does not include mortgage servicing rights | |||||||||||||||||||||||||||
FAQ
What was Univest Financial 's (UVSP) net income for Q2 2024?
How did Univest's (UVSP) diluted earnings per share change in Q2 2024 compared to Q2 2023?
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How did Univest's (UVSP) net interest margin change in Q2 2024 compared to Q2 2023?