Document
CONTACT: Brian J. Richardson
UNIVEST FINANCIAL CORPORATION
Chief Financial Officer
215-721-2446, richardsonb@univest.net
FOR IMMEDIATE RELEASE
UNIVEST FINANCIAL CORPORATION REPORTS THIRD QUARTER RESULTS
SOUDERTON, Pa., October 23, 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 September 30, 2024 was $18.6 million, or $0.63 diluted earnings per share, compared to net income of $17.0 million, or $0.58 diluted earnings per share, for the quarter ended September 30, 2023.
Loans
Gross loans and leases increased $45.9 million, or 0.7% (2.8% annualized), from June 30, 2024, primarily due to increases in commercial real estate and residential mortgage loans, partially offset by decreases in construction and commercial loans. Gross loans and leases increased $163.5 million, or 2.5% (3.3% annualized), from December 31, 2023, primarily due to increases in commercial, commercial real estate and residential mortgage loans, partially offset by a decrease in construction loans.
Deposits and Liquidity
Total deposits increased $358.8 million, or 5.5% (22.0% annualized), from June 30, 2024, primarily due to seasonal increases in public funds partially offset by decreases in commercial, consumer and brokered deposits. Total deposits increased $478.4 million, or 7.5% (10.0% annualized), from December 31, 2023, primarily due to increases in commercial, brokered, and seasonal public funds deposits. Noninterest-bearing deposits totaled $1.3 billion and represented 19.3% of total deposits at September 30, 2024, compared to $1.4 billion representing 21.5% of total deposits at June 30, 2024. Unprotected deposits, which excludes insured, internal, and collateralized deposit accounts, totaled $1.4 billion at September 30, 2024 and June 30, 2024. This represented 20.3% of total deposits at September 30, 2024, compared to 22.1% at June 30, 2024.
As of September 30, 2024, the Corporation reported on balance sheet cash and cash equivalents totaling $504.7 million. The Corporation and its subsidiaries had committed borrowing capacity of $3.6 billion at September 30, 2024, of which $1.8 billion was available. The Corporation and its subsidiaries also maintained uncommitted funding sources from correspondent banks of $468.0 million at September 30, 2024. Future availability under these uncommitted funding sources is subject to the prerogatives of the granting banks and may be withdrawn at will.
Net Interest Income and Margin
Net interest income of $53.2 million for the third quarter of 2024 decreased $386 thousand, or 0.7%, from the third quarter of 2023 and increased $2.2 million, or 4.3%, from the second quarter of 2024. The decrease in net interest income for the three months ended September 30, 2024 compared to the same period in the prior year reflects the continued pressure on the cost of deposits due to the shift of balances from lower to higher cost deposit products which exceeded the increase in interest income from asset yield expansion and the increase in average interest-earning assets. However, we continue to see indicators of stabilization in cost of funds and our funding mix. The increase in net interest income for the three months ended September 30, 2024 compared to the three months ended June 30, 2024 was due to higher average balances of interest-earning assets and increased yields on these assets, partially offset by higher interest-bearing liability balances and costs.
Net interest margin, on a tax-equivalent basis, was 2.82% for the third quarter of 2024, compared to 2.84% for the second quarter of 2024 and 2.96% for the third quarter of 2023. Excess liquidity reduced net interest margin by approximately nine basis points for the quarter ended September 30, 2024 compared to approximately two basis points for the quarter ended June 30, 2024 and approximately four basis points for the quarter ended September 30, 2023. Excluding the impact of excess liquidity, the net interest margin, on a tax-equivalent basis, was 2.91% for the quarter ended September 30, 2024 compared to 2.86% for the quarter ended June 30, 2024 and 3.00% for the quarter ended September 30, 2023.
Noninterest Income
Noninterest income for the quarter ended September 30, 2024 was $20.2 million, an increase of $1.5 million, or 7.8%, from the comparable period in the prior year.
Investment advisory commission and fee income increased $476 thousand, or 9.8%, for the quarter ended September 30, 2024 compared to the three months ended September 30, 2023, primarily due to increased assets under management and supervision driven by new business and market appreciation. Insurance commission and fee income increased $386 thousand, or 8.0%, for the quarter ended September 30, 2024 compared to the three months ended September 30, 2023, primarily due to an increase in commercial lines premiums. Other income increased $1.2 million, or 512.3%, for the quarter ended September 30, 2024 compared to the three months ended September 30, 2023, primarily due to an increase of $705 thousand in gains on the sale of Small Business Administration loans.
Other service fee income decreased $1.2 million, or 39.9%, for the quarter ended September 30, 2024 compared to the three months ended September 30, 2023, primarily due to a $785 thousand valuation allowance recorded on mortgage servicing rights driven by the increase in prepayment speed assumptions as a result of the decrease in interest rates during the quarter. Additionally, net servicing fees on sold mortgage loans decreased by $307 thousand, primarily attributable to the sale of mortgage servicing rights associated with $591.1 million of serviced loans in the first quarter of 2024 and increased amortization driven by prepayments.
Noninterest Expense
Noninterest expense for the quarter ended September 30, 2024 was $48.6 million, a decrease of $436 thousand, or 0.9%, from the comparable period in the prior year.
Other expense decreased $808 thousand, or 11.0%, for the quarter ended September 30, 2024 primarily due to decreases in retirement plan costs, insurance expense, recruiter fees, and bank shares tax expense.
Professional fees decreased $184 thousand, or 10.4%, for the quarter ended September 30, 2024 primarily driven by a reduction in consultant fees. Deposit insurance premiums decreased $161 thousand, or 12.8%, for the quarter ended September 30, 2024 driven by an improvement in the financial ratios that contribute to our deposit insurance assessment rate.
Salaries, benefits and commissions increased $724 thousand, or 2.4%, for the quarter ended September 30, 2024 compared to the three months ended September 30, 2023, primarily due to increases in salary expense and an increase in incentive compensation due to increased profitability, partially offset by an increase in compensation capitalized driven by higher loan production.
Tax Provision
The effective income tax rate was 20.6% for the quarter ended September 30, 2024, compared to an effective tax rate of 20.0% for the quarter ended September 30, 2023. The effective tax rates for the three months ended September 30, 2024 and 2023 reflected the benefits of tax-exempt income from investments in municipal securities and loans and leases. The increase in effective tax rate in the quarter was primarily due to increases in state tax rates.
Asset Quality and Provision for Credit Losses
Nonperforming assets totaled $36.6 million at September 30, 2024 and June 30, 2024, and $40.1 million at September 30, 2023.
Net loan and lease charge-offs were $820 thousand for the three months ended September 30, 2024 compared to $809 thousand and $969 thousand for the three months ended June 30, 2024 and September 30, 2023, respectively.
The provision for credit losses was $1.4 million for the three months ended September 30, 2024 compared to $707 thousand and $2.0 million for the three months ended June 30, 2024 and September 30, 2023, respectively. The allowance for credit losses on loans and leases as a percentage of loans and leases held for investment was 1.28% at September 30, 2024, June 30, 2024 and September 30, 2023.
Dividend and Share Repurchases
On October 23, 2024, Univest declared a quarterly cash dividend of $0.21 per share to be paid on November 20, 2024 to shareholders of record as of November 6, 2024. During the quarter ended September 30, 2024, the Corporation repurchased 156,728 shares of common stock at an average price of $26.47 per share. Including brokerage fees and excise tax, the average price per share was $26.76. As of September 30, 2024, 539,646 shares are available for repurchase under the Share Repurchase Plan. On October 23, 2024, the Corporation’s Board of Directors approved an increase of 1,000,000 shares available for repurchase under the Corporation’s share repurchase program.
Conference Call
Univest will host a conference call to discuss third quarter 2024 results on Thursday, October 24, 2024 at 9:00 a.m. EST. Participants may preregister at https://www.netroadshow.com/events/login?show=27c257f2&confId=71976. The general public can access the call by dialing 1-833-470-1428; using Access Code 752766. A replay of the conference call will be available through December 24, 2024 by dialing 1-866-813-9403; using Access Code 807549.
About Univest Financial Corporation
Univest Financial Corporation (UVSP), including its wholly-owned subsidiary Univest Bank and Trust Co., Member FDIC, has approximately $8.2 billion in assets and $5.3 billion in assets under management and supervision through its Wealth Management lines of business at September 30, 2024. Headquartered in Souderton, Pa. and founded in 1876, the Corporation and its subsidiaries provide a full range of financial solutions for individuals, businesses, municipalities and nonprofit organizations primarily in the Mid-Atlantic Region. Univest delivers these services through a network of more than 50 offices and online at www.univest.net.
# # #
This press release and the reports Univest files with the Securities and Exchange Commission often contain "forward-looking statements" relating to trends or factors affecting the financial services industry and, specifically, the financial condition and results of operations, business, prospects and strategies of Univest. These forward-looking statements involve certain risks and
uncertainties in that there are a number of important factors that could cause Univest's future financial condition, results of operations, business, prospects or strategies to differ materially from those expressed or implied by the forward-looking statements. These factors include, but are not limited to: (1) competition and demand for financial services in our market area; (2) inflation and/or changes in interest rates, which may adversely impact our margins and yields, reduce the fair value of our financial instruments, reduce our loan originations and/or lead to higher operating costs and higher costs we pay to retain and attract deposits; (3) changes in asset quality, prepayment speeds, loan sale volumes, charge-offs and/or credit loss provisions; (4) changes in liquidity, including the size and composition of our deposit portfolio and the percentage of uninsured deposits in the portfolio; (5) our ability to access cost-effective funding; (6) changes in economic conditions nationally and in our market, including potential recessionary conditions and the levels of unemployment in our market area; (7) economic assumptions or changes in our methodology, either of which may impact our allowance for credit losses calculation; (8) legislative, regulatory, accounting or tax changes; (9) monetary and fiscal policies of the U.S. government, including the policies of the Board of Governors of the Federal Reserve System; (10) technological issues that may adversely affect our operations or those of our customers; (11) a failure or breach in our operational or security systems or infrastructure, including cyberattacks; (12) changes in the securities markets; (13) the current or anticipated impact of military conflict, terrorism or other geopolitical events; (14) our ability to enter into new markets successfully and capitalize on growth opportunities and/or (15) risk factors mentioned in the reports and registration statements Univest files with the Securities and Exchange Commission.
(UVSP - ER)
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| Univest Financial Corporation |
| Consolidated Selected Financial Data (Unaudited) |
| September 30, 2024 |
| (Dollars in thousands) |
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| Balance Sheet (Period End) |
9/30/2024 |
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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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| ASSETS |
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| Cash and due from banks |
$ |
78,346 |
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$ |
66,808 |
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$ |
49,318 |
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$ |
72,815 |
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$ |
68,900 |
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| Interest-earning deposits with other banks |
426,354 |
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124,103 |
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152,288 |
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176,984 |
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221,441 |
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| Cash and cash equivalents |
504,700 |
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190,911 |
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201,606 |
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249,799 |
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290,341 |
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| Investment securities held-to-maturity |
137,681 |
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140,112 |
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143,474 |
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145,777 |
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149,451 |
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| Investment securities available for sale, net of allowance for credit losses |
354,100 |
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342,776 |
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350,819 |
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351,553 |
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334,538 |
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| Investments in equity securities |
2,406 |
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2,995 |
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3,355 |
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3,293 |
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4,054 |
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| Federal Home Loan Bank, Federal Reserve Bank and other stock, at cost |
40,235 |
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37,438 |
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37,394 |
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40,499 |
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42,417 |
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| Loans held for sale |
17,131 |
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28,176 |
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13,188 |
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11,637 |
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16,473 |
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| Loans and leases held for investment |
6,730,734 |
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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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| Less: Allowance for credit losses, loans and leases |
(86,041) |
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(85,745) |
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(85,632) |
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(85,387) |
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(83,837) |
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| Net loans and leases held for investment |
6,644,693 |
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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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| Premises and equipment, net |
47,411 |
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48,174 |
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48,739 |
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51,441 |
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51,287 |
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| Operating lease right-of-use assets |
29,260 |
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29,985 |
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30,702 |
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31,795 |
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31,053 |
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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 |
7,158 |
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7,701 |
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7,473 |
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10,950 |
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11,079 |
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| Bank owned life insurance |
138,744 |
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137,823 |
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137,896 |
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131,344 |
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130,522 |
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| Accrued interest and other assets |
106,708 |
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114,753 |
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102,958 |
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95,203 |
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100,220 |
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| Total assets |
$ |
8,205,737 |
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$ |
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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| LIABILITIES |
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| Noninterest-bearing deposits |
$ |
1,323,953 |
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$ |
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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| Interest-bearing deposits: |
5,530,195 |
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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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| Total deposits |
6,854,148 |
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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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| Short-term borrowings |
8,256 |
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11,781 |
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4,816 |
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6,306 |
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14,676 |
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| Long-term debt |
225,000 |
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250,000 |
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250,000 |
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310,000 |
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320,000 |
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| Subordinated notes |
149,136 |
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149,011 |
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148,886 |
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148,761 |
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148,636 |
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| Operating lease liabilities |
32,246 |
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33,015 |
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33,744 |
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34,851 |
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34,017 |
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| Accrued expenses and other liabilities |
59,880 |
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62,180 |
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60,095 |
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65,721 |
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64,374 |
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| Total liabilities |
7,328,666 |
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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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| 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 |
301,262 |
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300,166 |
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298,914 |
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301,066 |
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300,171 |
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| Retained earnings |
512,938 |
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500,482 |
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488,790 |
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474,691 |
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464,634 |
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| Accumulated other comprehensive loss, net of tax benefit |
(41,623) |
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(54,124) |
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(54,740) |
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(50,646) |
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(71,586) |
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| Treasury stock, at cost |
(53,290) |
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(50,171) |
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(47,079) |
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(43,687) |
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(43,805) |
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| Total shareholders’ equity |
877,071 |
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854,137 |
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843,669 |
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839,208 |
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807,198 |
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| Total liabilities and shareholders’ equity |
$ |
8,205,737 |
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$ |
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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For the three months ended, |
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For the nine months ended, |
| Balance Sheet (Average) |
9/30/2024 |
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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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9/30/2024 |
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9/30/2023 |
| Assets |
$ |
8,005,265 |
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$ |
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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$ |
7,808,514 |
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$ |
7,453,070 |
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| Investment securities, net of allowance for credit losses |
493,334 |
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493,140 |
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500,983 |
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489,587 |
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506,341 |
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495,810 |
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513,704 |
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| Loans and leases, gross |
6,730,791 |
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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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6,649,860 |
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6,359,498 |
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| Deposits |
6,641,324 |
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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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6,433,737 |
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5,968,659 |
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| Shareholders' equity |
864,406 |
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844,572 |
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842,546 |
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814,941 |
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811,515 |
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850,559 |
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802,541 |
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| Univest Financial Corporation |
| Consolidated Summary of Loans by Type and Asset Quality Data (Unaudited) |
| September 30, 2024 |
| (Dollars in thousands) |
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| Summary of Major Loan and Lease Categories (Period End) |
9/30/2024 |
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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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| Commercial, financial and agricultural |
$ |
1,044,043 |
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$ |
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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| Real estate-commercial |
3,442,083 |
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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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| Real estate-construction |
285,616 |
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313,229 |
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379,995 |
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394,462 |
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427,561 |
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| Real estate-residential secured for business purpose |
530,674 |
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|
532,628 |
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|
524,196 |
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517,002 |
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516,471 |
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| Real estate-residential secured for personal purpose |
969,562 |
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|
952,665 |
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|
922,412 |
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909,015 |
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861,122 |
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| Real estate-home equity secured for personal purpose |
182,901 |
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|
179,150 |
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177,446 |
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|
179,282 |
|
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176,855 |
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| Loans to individuals |
26,794 |
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26,430 |
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27,200 |
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27,749 |
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27,331 |
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| Lease financings |
249,061 |
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251,514 |
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249,540 |
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247,183 |
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240,474 |
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|
|
| 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) |
9/30/2024 |
|
6/30/2024 |
|
3/31/2024 |
|
12/31/2023 |
|
9/30/2023 |
|
|
|
|
| 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 |
% |
|
0.32 |
% |
|
0.32 |
% |
|
0.31 |
% |
|
|
|
|
| Nonperforming assets / Total assets |
0.45 |
% |
|
0.47 |
% |
|
0.52 |
% |
|
0.52 |
% |
|
0.51 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Allowance for credit losses, loans and leases |
$ |
86,041 |
|
|
$ |
85,745 |
|
|
$ |
85,632 |
|
|
$ |
85,387 |
|
|
$ |
83,837 |
|
|
|
|
|
| Allowance for credit losses, loans and leases / Loans and leases held for investment |
1.28 |
% |
|
1.28 |
% |
|
1.30 |
% |
|
1.30 |
% |
|
1.28 |
% |
|
|
|
|
| Allowance for credit losses, loans and leases / Nonaccrual loans and leases |
561.66 |
% |
|
529.29 |
% |
|
420.53 |
% |
|
415.97 |
% |
|
463.57 |
% |
|
|
|
|
| Allowance for credit losses, loans and leases / Nonperforming loans and leases |
550.52 |
% |
|
522.68 |
% |
|
415.06 |
% |
|
405.43 |
% |
|
414.62 |
% |
|
|
|
|
*Includes a $5.8 million loan held for sale at September 30, 2023. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended, |
|
For the nine months ended, |
|
9/30/2024 |
|
6/30/2024 |
|
3/31/2024 |
|
12/31/2023 |
|
9/30/2023 |
|
9/30/2024 |
|
9/30/2023 |
| 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: |
9/30/2024 |
|
6/30/2024 |
|
3/31/2024 |
|
12/31/2023 |
|
9/30/2023 |
|
9/30/2024 |
|
9/30/2023 |
| 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) |
9/30/2024 |
|
6/30/2024 |
|
3/31/2024 |
|
12/31/2023 |
|
9/30/2023 |
|
9/30/2024 |
|
9/30/2023 |
| Return on average assets |
0.92 |
% |
|
0.94 |
% |
|
1.06 |
% |
|
0.82 |
% |
|
0.88 |
% |
|
0.97 |
% |
|
0.98 |
% |
| Return on average assets, excluding restructuring charges (1) |
0.92 |
% |
|
0.94 |
% |
|
1.06 |
% |
|
0.83 |
% |
|
0.88 |
% |
|
0.97 |
% |
|
1.00 |
% |
| 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 restructuring charges (1) |
8.55 |
% |
|
8.62 |
% |
|
9.69 |
% |
|
7.99 |
% |
|
8.32 |
% |
|
8.95 |
% |
|
9.31 |
% |
| 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 restructuring charges (1)(3) |
10.84 |
% |
|
11.01 |
% |
|
12.38 |
% |
|
10.32 |
% |
|
10.77 |
% |
|
11.40 |
% |
|
12.10 |
% |
| 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 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 |
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 $897 thousand and $698 thousand for the three months ended September 30, 2024 and June 30, 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 September 30, 2024 and June 30, 2024 have been calculated using the Corporation’s federal applicable rate of 21.0%. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Univest Financial Corporation |
| Average Balances and Interest Rates (Unaudited) |
|
For the Three Months Ended September 30, |
|
| Tax Equivalent 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 $897 thousand and $563 thousand for the three months ended September 30, 2024 and 2023, respectively. |
| Nonaccrual loans and leases have been included in the average loan and lease balances. Loans held for sale have been included in the average loan balances. |
Tax-equivalent amounts for the three months ended September 30, 2024 and 2023 have been calculated using the Corporation’s federal applicable rate of 21.0%. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Univest Financial Corporation |
| Average Balances and Interest Rates (Unaudited) |
|
For the Nine Months Ended September 30, |
|
| Tax Equivalent 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 $2.0 million and $1.7 million for the nine months ended September 30, 2024 and 2023, respectively. |
| Nonaccrual loans and leases have been included in the average loan and lease balances. Loans held for sale have been included in the average loan balances. |
Tax-equivalent amounts for the nine months ended September 30, 2024 and 2023 have been calculated using the Corporation’s federal applicable rate of 21.0%. |
|
|
|
|
|
|
|
|
|
|
|
|
| Univest Financial Corporation |
| Loan Portfolio Overview (Unaudited) |
| September 30, 2024 |
|
|
|
|
| (Dollars in thousands) |
|
|
|
| Industry 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 >$50 million in outstandings |
$ |
4,471,764 |
|
|
84.3 |
% |
| Industries with <$50 million in outstandings |
$ |
830,652 |
|
|
15.7 |
% |
| Total Commercial Loans |
$ |
5,302,416 |
|
|
100.0 |
% |
|
|
|
|
| Consumer Loans and Lease 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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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) |
9/30/2024 |
|
6/30/2024 |
|
3/31/2024 |
|
12/31/2023 |
|
9/30/2023 |
|
9/30/2024 |
|
9/30/2023 |
| 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 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
