Univest Financial Corporation Reports Third Quarter Results
Univest Financial (NASDAQ: UVSP) reported net income of $18.6 million, or $0.63 diluted earnings per share, for Q3 2024, compared to $17.0 million, or $0.58 per share, in Q3 2023. Gross loans increased by $45.9 million (2.8% annualized) from Q2 2024, while total deposits grew by $358.8 million (22.0% annualized). Net interest income was $53.2 million, down 0.7% year-over-year but up 4.3% quarter-over-quarter. The net interest margin was 2.82%. Noninterest income increased by 7.8% to $20.2 million, while noninterest expense decreased by 0.9% to $48.6 million.
Univest Financial (NASDAQ: UVSP) ha riportato un utile netto di 18,6 milioni di dollari, ovvero 0,63 dollari per azione diluita, per il terzo trimestre del 2024, rispetto ai 17,0 milioni di dollari, o 0,58 dollari per azione, del terzo trimestre del 2023. I prestiti lordi sono aumentati di 45,9 milioni di dollari (2,8% annualizzato) rispetto al secondo trimestre del 2024, mentre i depositi totali sono cresciuti di 358,8 milioni di dollari (22,0% annualizzato). Il reddito da interessi netti è stato di 53,2 milioni di dollari, in diminuzione dello 0,7% rispetto all’anno precedente, ma in aumento del 4,3% rispetto al trimestre precedente. Il margin di interesse netto è stato del 2,82%. Il reddito non da interessi è aumentato del 7,8% raggiungendo i 20,2 milioni di dollari, mentre le spese non da interessi sono diminuite dello 0,9% attestandosi a 48,6 milioni di dollari.
Univest Financial (NASDAQ: UVSP) reportó un ingreso neto de 18.6 millones de dólares, o 0.63 dólares por acción diluida, para el tercer trimestre de 2024, en comparación con 17.0 millones de dólares, o 0.58 dólares por acción, en el tercer trimestre de 2023. Los préstamos brutos aumentaron en 45.9 millones de dólares (2.8% anualizado) desde el segundo trimestre de 2024, mientras que los depósitos totales crecieron en 358.8 millones de dólares (22.0% anualizado). Los ingresos por intereses netos fueron de 53.2 millones de dólares, disminuyendo un 0.7% interanual pero aumentando un 4.3% trimestre a trimestre. El margen de interés neto fue del 2.82%. Los ingresos no relacionados con intereses aumentaron un 7.8% a 20.2 millones de dólares, mientras que los gastos no relacionados con intereses decrecieron un 0.9% a 48.6 millones de dólares.
유니베스트 금융 (NASDAQ: UVSP)는 2024년 3분기에 순이익 1860만 달러, 즉 희석주당 0.63달러를 보고했으며, 2023년 3분기에는 1700만 달러, 즉 주당 0.58달러에 비해 증가한 수치입니다. 총 대출은 2024년 2분기 대비 4590만 달러 (연율 2.8%) 증가했으며, 총 예금은 3588만 달러 (연율 22.0%) 증가했습니다. 순이자 수익은 5320만 달러로, 전년 대비 0.7% 감소했으나 전 분기 대비 4.3% 증가했습니다. 순이자 마진은 2.82%였습니다. 비이자 수익은 7.8% 증가하여 2020만 달러에 도달했으며, 비이자 비용은 0.9% 감소하여 4860만 달러로 줄었습니다.
Univest Financial (NASDAQ: UVSP) a rapporté un revenu net de 18,6 millions de dollars, soit 0,63 dollar de bénéfice dilué par action, pour le troisième trimestre de 2024, contre 17,0 millions de dollars, soit 0,58 dollar par action, pour le troisième trimestre de 2023. Les prêts bruts ont augmenté de 45,9 millions de dollars (2,8 % annualisé) par rapport au deuxième trimestre de 2024, tandis que les dépôts totaux ont grimpé de 358,8 millions de dollars (22,0 % annualisé). Les revenus d'intérêts nets se sont élevés à 53,2 millions de dollars, en baisse de 0,7 % d'une année sur l'autre, mais en hausse de 4,3 % par rapport au trimestre précédent. La marge d'intérêt nette était de 2,82 %. Les revenus non liés aux intérêts ont augmenté de 7,8 % pour atteindre 20,2 millions de dollars, tandis que les dépenses non liées aux intérêts ont diminué de 0,9 % pour s'établir à 48,6 millions de dollars.
Univest Financial (NASDAQ: UVSP) meldete einen Nettogewinn von 18,6 Millionen US-Dollar, oder 0,63 US-Dollar verwässerten Gewinn pro Aktie, für das 3. Quartal 2024 im Vergleich zu 17,0 Millionen US-Dollar, oder 0,58 US-Dollar pro Aktie, im 3. Quartal 2023. Die Bruttokredite stiegen im Vergleich zum 2. Quartal 2024 um 45,9 Millionen US-Dollar (2,8% annualisiert), während die Gesamteinlagen um 358,8 Millionen US-Dollar (22,0% annualisiert) wuchsen. Die Nettozinseinnahmen betrugen 53,2 Millionen US-Dollar, was einem Rückgang von 0,7% im Jahresvergleich entspricht, jedoch einem Anstieg von 4,3% im Quartalsvergleich. Die Nettozinsmarge betrug 2,82%. Die nicht betrieblichen Einnahmen stiegen um 7,8% auf 20,2 Millionen US-Dollar, während die nicht betrieblichen Ausgaben um 0,9% auf 48,6 Millionen US-Dollar sanken.
- Net income increased to $18.6 million from $17.0 million YoY
- Gross loans grew by $45.9 million (2.8% annualized) QoQ
- Total deposits increased by $358.8 million (22.0% annualized) QoQ
- Noninterest income rose 7.8% YoY to $20.2 million
- Board approved additional 1,000,000 shares for repurchase program
- Net interest income decreased 0.7% YoY to $53.2 million
- Net interest margin declined to 2.82% from 2.96% YoY
- Noninterest-bearing deposits decreased to 19.3% of total deposits from 21.5% QoQ
- Net loan charge-offs of $820 thousand in Q3 2024
Insights
Univest Financial delivered a solid Q3 2024 performance with
Despite margin pressure with NIM declining to
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
Loans
Gross loans and leases increased
Deposits and Liquidity
Total deposits increased
As of September 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 September 30, 2024 was
Investment advisory commission and fee income increased
Other service fee income decreased
Noninterest Expense
Noninterest expense for the quarter ended September 30, 2024 was
Other expense decreased
Professional fees decreased
Salaries, benefits and commissions increased
Tax Provision
The effective income tax rate was
Asset Quality and Provision for Credit Losses
Nonperforming assets totaled
Net loan and lease charge-offs were
The provision for credit losses was
Dividend and Share Repurchases
On October 23, 2024, Univest declared a quarterly cash dividend of
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
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, | 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 | ||||||||||||||||||||||||||||
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 Basis | September 30, 2024 | June 30, 2024 | ||||||||||||
Average | Income/ | Average | Average | Income/ | Average | |||||||||
(Dollars in thousands) | Balance | Expense | Rate | Balance | Expense | Rate | ||||||||
Assets: | ||||||||||||||
Interest-earning deposits with other banks | $ | 270,724 | $ | 3,624 | 5.33 | % | $ | 84,546 | $ | 1,108 | 5.27 | % | ||
Obligations of state and political subdivisions* | 1,283 | 7 | 2.17 | 1,269 | 7 | 2.22 | ||||||||
Other debt and equity securities | 492,051 | 3,706 | 3.00 | 491,871 | 3,741 | 3.06 | ||||||||
Federal Home Loan Bank, Federal Reserve Bank and other stock | 38,769 | 742 | 7.61 | 37,286 | 700 | 7.55 | ||||||||
Total interest-earning deposits, investments and other interest-earning assets | 802,827 | 8,079 | 4.00 | 614,972 | 5,556 | 3.63 | ||||||||
Commercial, financial, and agricultural loans | 997,465 | 18,459 | 7.36 | 983,615 | 17,447 | 7.13 | ||||||||
Real estate—commercial and construction loans | 3,592,556 | 52,672 | 5.83 | 3,549,206 | 50,577 | 5.73 | ||||||||
Real estate—residential loans | 1,692,361 | 21,127 | 4.97 | 1,660,489 | 20,413 | 4.94 | ||||||||
Loans to individuals | 26,651 | 549 | 8.20 | 26,821 | 542 | 8.13 | ||||||||
Tax-exempt loans and leases | 232,159 | 2,565 | 4.40 | 230,495 | 2,476 | 4.32 | ||||||||
Lease financings | 189,599 | 3,275 | 6.87 | 189,910 | 3,105 | 6.58 | ||||||||
Gross loans and leases | 6,730,791 | 98,647 | 5.83 | 6,640,536 | 94,560 | 5.73 | ||||||||
Total interest-earning assets | 7,533,618 | 106,726 | 5.64 | 7,255,508 | 100,116 | 5.55 | ||||||||
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 | $ | 8,824 | 2.89 | % | $ | 1,094,150 | $ | 7,311 | 2.69 | % | ||
Money market savings | 1,849,628 | 21,213 | 4.56 | 1,692,759 | 19,131 | 4.55 | ||||||||
Regular savings | 727,395 | 878 | 0.48 | 759,960 | 929 | 0.49 | ||||||||
Time deposits | 1,491,560 | 17,255 | 4.60 | 1,422,113 | 16,134 | 4.56 | ||||||||
Total time and interest-bearing deposits | 5,283,749 | 48,170 | 3.63 | 4,968,982 | 43,505 | 3.52 | ||||||||
Short-term borrowings | 8,210 | 1 | 0.05 | 29,506 | 242 | 2.30 | ||||||||
Long-term debt | 247,826 | 2,781 | 4.46 | 250,000 | 2,777 | 4.47 | ||||||||
Subordinated notes | 149,068 | 2,282 | 6.09 | 148,943 | 2,281 | 6.16 | ||||||||
Total borrowings | 405,104 | 5,064 | 4.97 | 428,449 | 5,300 | 4.98 | ||||||||
Total interest-bearing liabilities | 5,688,853 | 53,234 | 3.72 | 5,397,431 | 48,805 | 3.64 | ||||||||
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 | ||||||||||||||
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 | ||||||||||||||
Univest Financial Corporation | ||||||||||||||
Average Balances and Interest Rates (Unaudited) | ||||||||||||||
For the Three Months Ended September 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 | $ | 270,724 | $ | 3,624 | 5.33 | % | $ | 143,109 | $ | 1,865 | 5.17 | % | ||
Obligations of state and political subdivisions* | 1,283 | 7 | 2.17 | 2,281 | 16 | 2.78 | ||||||||
Other debt and equity securities | 492,051 | 3,706 | 3.00 | 504,060 | 3,540 | 2.79 | ||||||||
Federal Home Loan Bank, Federal Reserve Bank and other stock | 38,769 | 742 | 7.61 | 40,406 | 712 | 6.99 | ||||||||
Total interest-earning deposits, investments and other interest-earning assets | 802,827 | 8,079 | 4.00 | 689,856 | 6,133 | 3.53 | ||||||||
Commercial, financial, and agricultural loans | 997,465 | 18,459 | 7.36 | 995,355 | 17,545 | 6.99 | ||||||||
Real estate—commercial and construction loans | 3,592,556 | 52,672 | 5.83 | 3,552,709 | 49,548 | 5.53 | ||||||||
Real estate—residential loans | 1,692,361 | 21,127 | 4.97 | 1,543,360 | 18,270 | 4.70 | ||||||||
Loans to individuals | 26,651 | 549 | 8.20 | 26,538 | 525 | 7.85 | ||||||||
Tax-exempt loans and leases | 232,159 | 2,565 | 4.40 | 234,685 | 2,430 | 4.11 | ||||||||
Lease financings | 189,599 | 3,275 | 6.87 | 184,522 | 2,928 | 6.30 | ||||||||
Gross loans and leases | 6,730,791 | 98,647 | 5.83 | 6,537,169 | 91,246 | 5.54 | ||||||||
Total interest-earning assets | 7,533,618 | 106,726 | 5.64 | 7,227,025 | 97,379 | 5.35 | ||||||||
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 | $ | 8,824 | 2.89 | % | $ | 1,070,063 | $ | 6,703 | 2.49 | % | ||
Money market savings | 1,849,628 | 21,213 | 4.56 | 1,645,210 | 17,850 | 4.30 | ||||||||
Regular savings | 727,395 | 878 | 0.48 | 828,672 | 861 | 0.41 | ||||||||
Time deposits | 1,491,560 | 17,255 | 4.60 | 1,140,622 | 11,668 | 4.06 | ||||||||
Total time and interest-bearing deposits | 5,283,749 | 48,170 | 3.63 | 4,684,567 | 37,082 | 3.14 | ||||||||
Short-term borrowings | 8,210 | 1 | 0.05 | 93,028 | 1,117 | 4.76 | ||||||||
Long-term debt | 247,826 | 2,781 | 4.46 | 320,000 | 3,036 | 3.76 | ||||||||
Subordinated notes | 149,068 | 2,282 | 6.09 | 148,568 | 2,281 | 6.09 | ||||||||
Total borrowings | 405,104 | 5,064 | 4.97 | 561,596 | 6,434 | 4.55 | ||||||||
Total interest-bearing liabilities | 5,688,853 | 53,234 | 3.72 | 5,246,163 | 43,516 | 3.29 | ||||||||
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 | ||||||||||||||
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 | ||||||||||||||
Univest Financial Corporation | ||||||||||||||
Average Balances and Interest Rates (Unaudited) | ||||||||||||||
For the Nine Months Ended September 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 | $ | 159,114 | $ | 6,341 | 5.32 | % | $ | 79,630 | $ | 2,856 | 4.80 | % | ||
Obligations of state and political subdivisions* | 1,500 | 26 | 2.32 | 2,284 | 48 | 2.81 | ||||||||
Other debt and equity securities | 494,310 | 11,094 | 3.00 | 511,420 | 10,547 | 2.76 | ||||||||
Federal Home Loan Bank, Federal Reserve Bank and other stock | 38,392 | 2,166 | 7.54 | 39,664 | 2,102 | 7.09 | ||||||||
Total interest-earning deposits, investments and other interest-earning assets | 693,316 | 19,627 | 3.78 | 632,998 | 15,553 | 3.29 | ||||||||
Commercial, financial, and agricultural loans | 972,003 | 52,429 | 7.21 | 997,590 | 50,002 | 6.70 | ||||||||
Real estate—commercial and construction loans | 3,572,375 | 153,890 | 5.75 | 3,447,551 | 137,929 | 5.35 | ||||||||
Real estate—residential loans | 1,657,142 | 61,095 | 4.92 | 1,478,871 | 51,216 | 4.63 | ||||||||
Loans to individuals | 26,928 | 1,639 | 8.13 | 26,859 | 1,453 | 7.23 | ||||||||
Tax-exempt loans and leases | 231,679 | 7,505 | 4.33 | 233,211 | 7,159 | 4.10 | ||||||||
Lease financings | 189,733 | 9,549 | 6.72 | 175,416 | 8,128 | 6.20 | ||||||||
Gross loans and leases | 6,649,860 | 286,107 | 5.75 | 6,359,498 | 255,887 | 5.38 | ||||||||
Total interest-earning assets | 7,343,176 | 305,734 | 5.56 | 6,992,496 | 271,440 | 5.19 | ||||||||
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 | $ | 24,353 | 2.80 | % | $ | 980,725 | $ | 15,259 | 2.08 | % | ||
Money market savings | 1,749,592 | 59,564 | 4.55 | 1,532,318 | 43,020 | 3.75 | ||||||||
Regular savings | 752,336 | 2,712 | 0.48 | 900,448 | 2,375 | 0.35 | ||||||||
Time deposits | 1,384,576 | 47,019 | 4.54 | 845,635 | 22,231 | 3.51 | ||||||||
Total time and interest-bearing deposits | 5,050,030 | 133,648 | 3.54 | 4,259,126 | 82,885 | 2.60 | ||||||||
Short-term borrowings | 15,919 | 248 | 2.08 | 195,606 | 7,094 | 4.85 | ||||||||
Long-term debt | 263,380 | 8,441 | 4.28 | 245,366 | 6,438 | 3.51 | ||||||||
Subordinated notes | 148,944 | 6,844 | 6.14 | 148,444 | 6,844 | 6.16 | ||||||||
Total borrowings | 428,243 | 15,533 | 4.85 | 589,416 | 20,376 | 4.62 | ||||||||
Total interest-bearing liabilities | 5,478,273 | 149,181 | 3.64 | 4,848,542 | 103,261 | 2.85 | ||||||||
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 | ||||||||||||||
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 | ||||||||||||||
Univest Financial Corporation | |||||
Loan Portfolio Overview (Unaudited) | |||||
September 30, 2024 | |||||
(Dollars in thousands) | |||||
Industry Description | Total 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 > | $ | 4,471,764 | 84.3 | % | |
Industries with < | $ | 830,652 | 15.7 | % | |
Total Commercial Loans | $ | 5,302,416 | 100.0 | % | |
Consumer Loans and Lease Financings | Total 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 | ||||||||||||||||||||||||||||||
FAQ
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