Document
CONTACT: Brian J. Richardson
UNIVEST FINANCIAL CORPORATION
Chief Financial Officer
215-721-2446, richardsonb@univest.net
FOR IMMEDIATE RELEASE
UNIVEST FINANCIAL CORPORATION REPORTS SECOND QUARTER RESULTS
SOUDERTON, Pa., July 24, 2024 - 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 $18.1 million, or $0.62 diluted earnings per share, compared to net income of $16.8 million, or $0.57 diluted earnings per share, for the quarter ended June 30, 2023.
One-Time Items
The financial results for the quarter included tax-free bank owned life insurance ("BOLI") death benefit claims of $171 thousand, which represented $0.01 diluted earnings per share. The financial results for the second quarter of 2023 included a $1.3 million ($1.1 million after-tax), or $0.04 diluted earnings per share, restructuring charge associated with expense management strategies deployed in response to macroeconomic headwinds. Excluding these one-time items, diluted earnings per share was $0.61 for the quarters ended June 30, 2024 and June 30, 2023.
Loans
Gross loans and leases increased $105.8 million, or 1.6% (6.4% annualized), from March 31, 2024, and $117.6 million, or 1.8% (3.6% annualized), from December 31, 2023, primarily due to increases in commercial, commercial real estate and residential mortgage loans, partially offset by a decrease in construction loans.
Deposits and Liquidity
Total deposits increased $90.0 million, or 1.4% (5.6% annualized), from March 31, 2024, primarily due to increases in commercial and consumer deposits, partially offset by decreases in brokered and public funds deposits. Total deposits increased $119.5 million, or 1.9% (3.8% annualized), from December 31, 2023, primarily due to increases in commercial, consumer and brokered deposits, partially offset by a seasonal decrease in public funds deposits.
Noninterest-bearing deposits represented 21.5% of total deposits at June 30, 2024, down from 21.9% at March 31, 2024. At June 30, 2024, unprotected deposits, which excludes insured, internal, and collateralized deposit accounts, represented 22.1% of total deposits, down from 22.3% at March 31, 2024.
As of June 30, 2024, the Corporation reported on balance sheet cash and cash equivalents totaling $190.9 million. The Corporation and its subsidiaries had committed borrowing capacity of $3.6 billion at June 30, 2024, of which $2.3 billion was available. The Corporation and its subsidiaries also maintained uncommitted funding sources from correspondent banks of $459.0 million at June 30, 2024. Future availability under these uncommitted funding sources is subject to the prerogatives of the granting banks and may be withdrawn at will.
Net Interest Income and Margin
Net interest income of $51.0 million for the second quarter of 2024 decreased $3.3 million, or 6.1%, from the second quarter of 2023 and $440 thousand, or 0.9%, from the first quarter of 2024. The decreases in net interest income for both comparison periods reflects the continued pressure on the cost of deposits due to the shift of balances from lower to higher cost deposit products which has exceeded the increase in interest income from asset yield expansion and the increase in average interest-earning assets. However, we continue to see indicators of stabilization in cost of funds and funding mix.
Net interest margin, on a tax-equivalent basis, was 2.84% for the second quarter of 2024, compared to 2.88% for the first quarter of 2024 and 3.14% for the second quarter of 2023. Excess liquidity reduced net interest margin by approximately two basis points for the quarter ended June 30, 2024 compared to approximately three basis points for the quarter ended March 31, 2024. Excess liquidity had no impact on net interest margin for the quarter ended June 30, 2023.
Noninterest Income
Noninterest income for the quarter ended June 30, 2024 was $21.0 million, an increase of $1.1 million, or 5.8%, from the comparable period in the prior year.
Net gain on mortgage banking activities increased $671 thousand, or 64.6%, for the quarter ended June 30, 2024 compared to the three months ended June 30, 2023, primarily due to increased salable volume. Investment advisory commission and fee income increased $530 thousand, or 11.3%, for the quarter ended June 30, 2024 compared to the three months ended June 30, 2023, primarily due to increased assets under management driven by market appreciation and new customer relationships. Bank owned life insurance income increased $297 thousand, or 37.6%, for the quarter ended June 30, 2024 compared to the three months ended June 30, 2023, primarily due to the previously discussed death benefit claims.
Service charges on deposit accounts increased $257 thousand, or 14.9%, for the quarter ended June 30, 2024 compared to the three months ended June 30, 2023, primarily due to increased treasury management income.
Other service fee income decreased $274 thousand, or 8.3%, for the quarter ended June 30, 2024 compared to the three months ended June 30, 2023, primarily due to reduced servicing fees resulting from the sale of the mortgage servicing rights in the first quarter of 2024 associated with $591.1 million of serviced loans.
Other income decreased $477 thousand, or 39.0%, for the quarter ended June 30, 2024 compared to the three months ended June 30, 2023. Fees on risk participation agreements for interest rate swaps decreased $710 thousand due to reduced customer demand. Additionally, the second quarter of 2023 included a loss of $250 thousand on the sale of an interest in a shared national credit.
Noninterest Expense
Noninterest expense for the quarter ended June 30, 2024 was $48.7 million, a decrease of $1.1 million, or 2.2%, from the comparable period in the prior year.
As previously discussed, the second quarter of 2023 included restructuring charges of $1.3 million. Excluding restructuring charges, noninterest expense for the quarter ended June 30, 2024 increased $239 thousand, or 0.5%, from the comparable period in the prior year, which reflects the benefit of the various expense management strategies deployed during 2023.
Salaries, benefits and commissions increased $312 thousand, or 1.0%, for the quarter ended June 30, 2024 compared to the three months ended June 30, 2023, primarily due to decreased capitalized compensation driven by lower loan production, partially offset by decreased salary expense due to staff reductions over the last twelve months.
Tax Provision
The effective income tax rate was 19.9% for the quarter ended June 30, 2024, compared to an effective tax rate of 19.8% for the quarter ended June 30, 2023. The effective tax rates for the three months ended June 30, 2024 and 2023 reflected the benefits of tax-exempt income from investments in municipal securities and loans and leases. Additionally, the effective tax rate for the three months ended June 30, 2024 was favorably impacted by proceeds from BOLI death benefits. Excluding these BOLI death benefits, the effective tax rate was 20.0% for the three months ended June 30, 2024.
Asset Quality and Provision for Credit Losses
Nonperforming assets were $36.6 million at June 30, 2024, compared to $40.0 million at March 31, 2024 and $34.5 million at June 30, 2023. The decrease in nonperforming assets from March 31, 2024 was primarily due to pay-downs of $2.2 million on two nonaccrual construction loans to one borrower.
Net loan and lease charge-offs were $809 thousand for the three months ended June 30, 2024 compared to $1.4 million and $512 thousand for the three months ended March 31, 2024 and June 30, 2023, respectively.
The provision for credit losses was $707 thousand for the three months ended June 30, 2024 compared to $1.4 million and $3.4 million for the three months ended March 31, 2024 and June 30, 2023, respectively. The allowance for credit losses on loans and leases as a percentage of loans and leases held for investment was 1.28% at June 30, 2024 and June 30, 2023, and 1.30% at March 31, 2024.
Dividend and Share Repurchases
On July 24, 2024, Univest declared a quarterly cash dividend of $0.21 per share to be paid on August 21, 2024 to shareholders of record as of August 7, 2024. During the quarter ended June 30, 2024, the Corporation repurchased 190,808 shares of common stock at an average price of $20.93 per share. Including brokerage fees and excise tax, the average price per share was $21.17. As of June 30, 2024, 696,374 shares are available for repurchase under the Share Repurchase Plan.
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 $7.9 billion in assets and $5.0 billion in assets under management and supervision through its Wealth Management lines of business at June 30, 2024. Headquartered in Souderton, Pa. and founded in 1876, the Corporation and its subsidiaries provide a full range of financial solutions for individuals, businesses, municipalities and nonprofit organizations primarily in the Mid-Atlantic Region. Univest delivers these services through a network of more than 50 offices and online at www.univest.net.
# # #
This press release and the reports Univest files with the Securities and Exchange Commission often contain "forward-looking statements" relating to trends or factors affecting the financial services industry and, specifically, the financial condition and results of operations, business, prospects and strategies of Univest. These forward-looking statements involve certain risks and uncertainties in that there are a number of important factors that could cause Univest's future financial condition, results of operations, business, prospects or strategies to differ materially from those expressed or implied by the forward-looking statements. These factors include, but are not limited to: (1) competition; (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)
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| Univest Financial Corporation |
| Consolidated Selected Financial Data (Unaudited) |
| June 30, 2024 |
| (Dollars in thousands) |
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| Balance Sheet (Period End) |
6/30/2024 |
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3/31/2024 |
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12/31/2023 |
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9/30/2023 |
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6/30/2023 |
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| ASSETS |
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| Cash and due from banks |
$ |
66,808 |
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$ |
49,318 |
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$ |
72,815 |
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$ |
68,900 |
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$ |
80,795 |
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| Interest-earning deposits with other banks |
124,103 |
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152,288 |
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176,984 |
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221,441 |
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59,616 |
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| Cash and cash equivalents |
190,911 |
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201,606 |
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249,799 |
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290,341 |
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140,411 |
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| Investment securities held-to-maturity |
140,112 |
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143,474 |
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145,777 |
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149,451 |
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153,509 |
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| Investment securities available for sale, net of allowance for credit losses |
342,776 |
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350,819 |
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351,553 |
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334,538 |
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356,164 |
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| Investments in equity securities |
2,995 |
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3,355 |
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3,293 |
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4,054 |
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3,443 |
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| Federal Home Loan Bank, Federal Reserve Bank and other stock, at cost |
37,438 |
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37,394 |
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40,499 |
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42,417 |
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42,811 |
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| Loans held for sale |
28,176 |
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13,188 |
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11,637 |
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16,473 |
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29,526 |
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| Loans and leases held for investment |
6,684,837 |
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6,579,086 |
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6,567,214 |
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6,574,958 |
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6,462,238 |
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| Less: Allowance for credit losses, loans and leases |
(85,745) |
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(85,632) |
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(85,387) |
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(83,837) |
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(82,709) |
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| Net loans and leases held for investment |
6,599,092 |
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6,493,454 |
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6,481,827 |
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6,491,121 |
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6,379,529 |
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| Premises and equipment, net |
48,174 |
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48,739 |
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51,441 |
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51,287 |
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52,058 |
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| Operating lease right-of-use assets |
29,985 |
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30,702 |
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31,795 |
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31,053 |
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30,237 |
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| Goodwill |
175,510 |
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175,510 |
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175,510 |
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175,510 |
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175,510 |
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| Other intangibles, net of accumulated amortization |
7,701 |
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7,473 |
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10,950 |
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11,079 |
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10,923 |
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| Bank owned life insurance |
137,823 |
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137,896 |
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131,344 |
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130,522 |
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129,715 |
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| Accrued interest and other assets |
114,753 |
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102,958 |
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95,203 |
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100,220 |
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96,314 |
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| Total assets |
$ |
7,855,446 |
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$ |
7,746,568 |
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$ |
7,780,628 |
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$ |
7,828,066 |
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$ |
7,600,150 |
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| LIABILITIES |
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| Noninterest-bearing deposits |
$ |
1,397,308 |
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$ |
1,401,806 |
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$ |
1,468,320 |
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$ |
1,432,559 |
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$ |
1,582,767 |
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| Interest-bearing deposits: |
5,098,014 |
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5,003,552 |
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4,907,461 |
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5,006,606 |
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4,404,635 |
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| Total deposits |
6,495,322 |
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6,405,358 |
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6,375,781 |
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6,439,165 |
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5,987,402 |
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| Short-term borrowings |
11,781 |
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4,816 |
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6,306 |
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14,676 |
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244,666 |
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| Long-term debt |
250,000 |
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250,000 |
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310,000 |
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320,000 |
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320,000 |
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| Subordinated notes |
149,011 |
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148,886 |
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148,761 |
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148,636 |
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148,510 |
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| Operating lease liabilities |
33,015 |
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33,744 |
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34,851 |
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34,017 |
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33,428 |
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| Accrued expenses and other liabilities |
62,180 |
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60,095 |
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65,721 |
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64,374 |
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60,922 |
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| Total liabilities |
7,001,309 |
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6,902,899 |
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6,941,420 |
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7,020,868 |
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6,794,928 |
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| SHAREHOLDERS' EQUITY |
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| Common stock, $5 par value: 48,000,000 shares authorized and 31,556,799 shares issued |
157,784 |
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157,784 |
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157,784 |
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157,784 |
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157,784 |
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| Additional paid-in capital |
300,166 |
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298,914 |
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301,066 |
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300,171 |
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299,212 |
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| Retained earnings |
500,482 |
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488,790 |
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474,691 |
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464,634 |
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453,806 |
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| Accumulated other comprehensive loss, net of tax benefit |
(54,124) |
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(54,740) |
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(50,646) |
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(71,586) |
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(61,034) |
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| Treasury stock, at cost |
(50,171) |
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(47,079) |
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(43,687) |
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(43,805) |
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(44,546) |
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| Total shareholders’ equity |
854,137 |
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843,669 |
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839,208 |
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807,198 |
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805,222 |
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| Total liabilities and shareholders’ equity |
$ |
7,855,446 |
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$ |
7,746,568 |
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$ |
7,780,628 |
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$ |
7,828,066 |
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$ |
7,600,150 |
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For the three months ended, |
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For the six months ended, |
| Balance Sheet (Average) |
6/30/2024 |
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3/31/2024 |
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12/31/2023 |
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9/30/2023 |
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6/30/2023 |
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6/30/2024 |
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6/30/2023 |
| Assets |
$ |
7,721,540 |
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$ |
7,696,575 |
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$ |
7,865,634 |
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$ |
7,693,983 |
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$ |
7,440,798 |
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$ |
7,709,058 |
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$ |
7,330,616 |
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| Investment securities, net of allowance for credit losses |
493,140 |
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500,983 |
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489,587 |
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506,341 |
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518,995 |
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497,061 |
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517,446 |
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| Loans and leases, gross |
6,640,536 |
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6,577,365 |
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6,594,233 |
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6,537,169 |
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6,372,342 |
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6,608,950 |
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6,269,190 |
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| Deposits |
6,353,752 |
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6,303,854 |
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6,470,141 |
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6,222,710 |
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5,844,582 |
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6,328,804 |
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5,839,526 |
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| Shareholders' equity |
844,572 |
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842,546 |
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814,941 |
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811,515 |
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806,709 |
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843,559 |
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797,980 |
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| Univest Financial Corporation |
| Consolidated Summary of Loans by Type and Asset Quality Data (Unaudited) |
| June 30, 2024 |
| (Dollars in thousands) |
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| Summary of Major Loan and Lease Categories (Period End) |
6/30/2024 |
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3/31/2024 |
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12/31/2023 |
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9/30/2023 |
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6/30/2023 |
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| Commercial, financial and agricultural |
$ |
1,055,332 |
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$ |
1,014,568 |
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$ |
989,723 |
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$ |
1,050,004 |
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$ |
1,039,265 |
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| Real estate-commercial |
3,373,889 |
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3,283,729 |
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3,302,798 |
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3,275,140 |
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3,221,993 |
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| Real estate-construction |
313,229 |
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379,995 |
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394,462 |
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427,561 |
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413,404 |
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| Real estate-residential secured for business purpose |
532,628 |
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|
524,196 |
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517,002 |
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516,471 |
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517,521 |
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| Real estate-residential secured for personal purpose |
952,665 |
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|
922,412 |
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909,015 |
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861,122 |
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832,632 |
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| Real estate-home equity secured for personal purpose |
179,150 |
|
|
177,446 |
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|
179,282 |
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176,855 |
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|
175,090 |
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| Loans to individuals |
26,430 |
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27,200 |
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27,749 |
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27,331 |
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25,544 |
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| Lease financings |
251,514 |
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249,540 |
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|
247,183 |
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240,474 |
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236,789 |
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|
| 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) |
6/30/2024 |
|
3/31/2024 |
|
12/31/2023 |
|
9/30/2023 |
|
6/30/2023 |
|
|
|
|
| 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 |
% |
|
0.32 |
% |
|
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 $5.8 million loan held for sale at September 30, 2023. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended, |
|
For the six months ended, |
|
6/30/2024 |
|
3/31/2024 |
|
12/31/2023 |
|
9/30/2023 |
|
6/30/2023 |
|
6/30/2024 |
|
6/30/2023 |
| 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: |
6/30/2024 |
|
3/31/2024 |
|
12/31/2023 |
|
9/30/2023 |
|
6/30/2023 |
|
6/30/2024 |
|
6/30/2023 |
| 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) |
6/30/2024 |
|
3/31/2024 |
|
12/31/2023 |
|
9/30/2023 |
|
6/30/2023 |
|
6/30/2024 |
|
6/30/2023 |
| Return on average assets |
0.94 |
% |
|
1.06 |
% |
|
0.82 |
% |
|
0.88 |
% |
|
0.91 |
% |
|
1.00 |
% |
|
1.04 |
% |
| Return on average assets, excluding restructuring charges (1) |
0.94 |
% |
|
1.06 |
% |
|
0.83 |
% |
|
0.88 |
% |
|
0.96 |
% |
|
1.00 |
% |
|
1.07 |
% |
| 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 restructuring charges (1) |
8.62 |
% |
|
9.69 |
% |
|
7.99 |
% |
|
8.32 |
% |
|
8.88 |
% |
|
9.16 |
% |
|
9.83 |
% |
| 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 restructuring charges (1)(3) |
11.01 |
% |
|
12.38 |
% |
|
10.32 |
% |
|
10.77 |
% |
|
11.52 |
% |
|
11.69 |
% |
|
12.79 |
% |
| 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 financial measures is included at the end of this document. |
| (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 $698 thousand and $453 thousand for the three months ended June 30, 2024 and March 31, 2024. |
| Nonaccrual loans and leases have been included in the average loan and lease balances. Loans held for sale have been included in the average loan balances. |
Tax-equivalent amounts for the three months ended June 30, 2024 and March 31, 2024 have been calculated using the Corporation’s federal applicable rate of 21.0%. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Univest Financial Corporation |
| Average Balances and Interest Rates (Unaudited) |
|
For the Three Months Ended 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 $698 thousand and $668 thousand for the three months ended 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 21.0%. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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 $1.2 million and $1.1 million for the six months ended 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 21.0%. |
|
|
|
|
|
|
|
|
|
|
|
|
| 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 >$50 million in outstandings |
$ |
4,476,086 |
|
|
84.9 |
% |
| Industries with <$50 million in outstandings |
$ |
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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) |
6/30/2024 |
|
3/31/2024 |
|
12/31/2023 |
|
9/30/2023 |
|
6/30/2023 |
|
6/30/2024 |
|
6/30/2023 |
| 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 financial service center optimization and headcount rationalization expense management strategies |
|
|
| (b) Amount does not include mortgage servicing rights |
|
|
|
|
|
|
|
|
|
|
エドガーで原本を確認する
