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0000102212FALSE00001022122025-04-232025-04-23

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 _______________________ 
FORM 8-K 
_______________________ 
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 23, 2025
 _______________________ 
UNIVEST FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
  
Pennsylvania   0-7617   23-1886144
(State or other jurisdiction   (Commission   (I.R.S. Employer
of incorporation)   File Number)   Identification No.)
14 North Main Street, Souderton, Pennsylvania 18964
(Address of principal executive office)(Zip Code)
Registrant’s telephone number, including area code (215) 721-2400
Not applicable
(Former name or former address, if changed since last report)
 _______________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2 (b) under the Exchange Act (17 CFR 240.14d-2 (b))
Pre-commencement communications pursuant to Rule 13e-4 (c) under the Exchange Act (17 CFR 240.13e-4 (c))
Securities registered pursuant to Section 12(b) of the Act:
Title of class Trading Symbol Name of exchange on which registered
Common Stock, $5 par value UVSP The NASDAQ Stock Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicated by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨



Item 2.02 Results of Operations and Financial Condition
On April 23, 2025, Univest Financial Corporation (the “Corporation”), parent company of Univest Bank and Trust Co. (the "Bank"), issued a press release reporting 2025 first quarter earnings. A copy of this press release is attached to this Current Report on Form 8-K as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits
(a) Not applicable
(b) Not applicable
(c) Not applicable
(d) Exhibits
Exhibit No.    Description of Document
99.1   
104 The cover page from the Corporation's Form 8-K, formatted in Inline XBRL




SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
Univest Financial Corporation
By: /s/ Brian J. Richardson
Name: Brian J. Richardson
Title: Senior Executive Vice President,
Chief Financial Officer
April 24, 2025



EXHIBIT INDEX
 
Exhibit No.    Description of Document
99.1   
104 The cover page from the Corporation's Form 8-K, formatted in Inline XBRL


EX-99.1 2 exhibit991earningsrelease0.htm EX-99.1 Document

Exhibit 99.1
NEWS
logoa.jpg

CONTACT:     Brian J. Richardson
UNIVEST FINANCIAL CORPORATION
Chief Financial Officer
215-721-2446, richardsonb@univest.net                     

FOR IMMEDIATE RELEASE

UNIVEST FINANCIAL CORPORATION REPORTS FIRST QUARTER RESULTS
(Announces 4.8% increase in dividend)

SOUDERTON, Pa., April 23, 2025 - 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 March 31, 2025 of $22.4 million, or $0.77 diluted earnings per share, compared to net income of $20.3 million, or $0.69 diluted earnings per share, for the quarter ended March 31, 2024.

Dividend
On April 23, 2025, Univest declared a quarterly cash dividend of $0.22 per share to be paid on May 21, 2025 to shareholders of record as of May 7, 2025, which represents an increase of $0.01 per share, or 4.8%. Univest had last increased its dividend by $0.01 per share in May 2022.

One-Time Items
The financial results for the quarter included tax-free bank owned life insurance ("BOLI") death benefits claims of $1.0 million, which represented $0.04 diluted earnings per share.

Loans
Gross loans and leases increased $6.5 million, or 0.1% (0.4% annualized), from December 31, 2024. Gross loans and leases increased $254.0 million, or 3.9%, from March 31, 2024, primarily due to increases in commercial, commercial real estate, residential mortgage loans and home equity loans, partially offset by decreases in construction loans and lease financings.



Deposits, Borrowings and Liquidity
Total deposits decreased $100.8 million, or 1.5% (6.0% annualized), from December 31, 2024, primarily due to seasonal declines in public funds deposits and decreases in commercial and consumer deposits, partially offset by an increase in brokered deposits. Total deposits increased $253.1 million, or 4.0%, from March 31, 2024, due to increases in consumer, commercial, and public funds deposits, partially offset by a decrease in brokered deposits. Noninterest-bearing deposits totaled $1.4 billion and represented 21.5% of total deposits at March 31, 2025, compared to $1.4 billion representing 20.9% of total deposits at December 31, 2024. Unprotected deposits, which excludes insured, internal, and collateralized deposit accounts, totaled $1.5 billion at March 31, 2025 and December 31, 2024. This represented 21.9% of total deposits at March 31, 2025, compared to 22.0% at December 31, 2024.

Total borrowings decreased $57.0 million, or 14.8%, from December 31, 2024, primarily due to maturities of long-term FHLB advances totaling $50.0 million. These borrowings were replaced with brokered deposits during the quarter.

As of March 31, 2025, the Corporation and its subsidiaries reported cash and cash equivalents totaling $169.1 million and had committed borrowing capacity of $3.7 billion, of which $2.3 billion was available. The Corporation and its subsidiaries also maintained uncommitted funding sources from correspondent banks of $468.0 million at March 31, 2025. 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 $56.8 million for the first quarter of 2025 increased $5.3 million, or 10.3%, from the first quarter of 2024 and $1.3 million, or 2.4%, from the fourth quarter of 2024. The increase in net interest income for the first quarter of 2025 compared to the first quarter of 2024 was driven by higher average balances of loans and increased yields on interest earning assets, as well as a reduction in our overall cost of funds. The increase in net interest income for the first quarter of 2025 compared to the fourth quarter of 2024 was primarily driven by lower average balances of interest-bearing liabilities and related costs outpacing decreases in income from interest-earning deposits with other banks.

Net interest margin, on a tax-equivalent basis, was 3.09% for the first quarter of 2025, compared to 2.88% for the first and fourth quarters of 2024. Excess liquidity reduced net interest margin by approximately three basis points for the quarter ended March 31, 2025 compared to approximately 14 basis points for the quarter ended December 31, 2024 and approximately three basis points for the quarter ended March 31, 2024. Excluding the impact of excess liquidity, the net interest margin, on a tax-equivalent basis, would have been 3.12% for the quarter ended March 31, 2025 compared to 3.02% for the quarter ended December 31, 2024 and 2.91% for the quarter ended March 31, 2024.



Noninterest Income
Noninterest income for the quarter ended March 31, 2025 was $22.4 million, a decrease of $3.2 million, or 12.4%, from the comparable period in the prior year.

Other service fee income decreased $3.7 million, or 57.8%, for the quarter ended March 31, 2025 compared to the comparable period in the prior year, primarily due to a $3.4 million net gain from the sale of mortgage servicing rights associated with $591.1 million of serviced loans in the first quarter of 2024. Additionally, net servicing fees on sold mortgage loans decreased by $177 thousand, primarily attributable to the previously mentioned sale of mortgage servicing rights.

Other income decreased $780 thousand, or 76.1%, for the quarter ended March 31, 2025 compared to the comparable period in the prior year, primarily due to decreases in other real estate owned income, fees on risk participation agreements for interest rate swaps and gains on sale of Small Business Administration loans.

Net gain on mortgage banking activities decreased $292 thousand, or 31.1%, for the quarter ended March 31, 2025 compared to the comparable period in the prior year, primarily due to decreased salable volume.

Insurance commission and fee income decreased $312 thousand, or 4.3%, for the quarter ended March 31, 2025 compared to the comparable period in the prior year, primarily due to a decrease in contingent income of $700 thousand, which was $1.6 million and $2.3 million, for the three months ended March 31, 2025 and 2024, respectively. Contingent income is largely recognized in the first quarter of the year. The decrease was partially offset by an increase of $404 thousand in revenue for commercial lines.

BOLI income increased $1.1 million, or 132.7%, for the quarter ended March 31, 2025 compared to the comparable period in the prior year, primarily due to the previously discussed death benefits claims.

Investment advisory commission and fee income increased $419 thousand, or 8.1%, for the quarter ended March 31, 2025 compared to the comparable period in the prior year, primarily due to new customer relationships and appreciation of assets under management and supervision.

Service charges on deposit accounts increased $323 thousand, or 17.3%, for the quarter ended March 31, 2025 compared to the comparable period in the prior year, primarily due to an increase in treasury management income.




Noninterest Expense
Noninterest expense for the quarter ended March 31, 2025 was $49.3 million, a decrease of $746 thousand, or 1.5%, from the comparable period in the prior year.

Salaries, benefits and commissions decreased $512 thousand, or 1.6%, for the quarter ended March 31, 2025 compared to the comparable period in the prior year, primarily due to an increase in compensation capitalized and a decrease in medical claims expense, partially offset by an increase in incentive compensation due to increased profitability.

Tax Provision
The effective income tax rate was 18.7% and 20.5% for the quarters ended March 31, 2025 and March 31, 2024, respectively. The discrete tax effect of vested equity compensation awards favorably impacted the first quarter of 2025 by 71 basis points and unfavorably impacted the first quarter of 2024 by 74 basis points. Additionally, the effective tax rate for the three months ended March 31, 2025 was favorably impacted by 76 basis points from the proceeds of BOLI death benefits. Excluding the discrete impact of vested equity compensation awards and BOLI death benefits, the effective tax rate was 20.2% for the three months ended March 31, 2025 compared to 19.8% for the three months ended March 31, 2024.

Asset Quality and Provision for Credit Losses
Nonperforming assets totaled $34.0 million at March 31, 2025, $33.2 million at December 31, 2024, and $40.0 million at March 31, 2024.

Net loan and lease charge-offs were $1.7 million for the three months ended March 31, 2025 compared to $767 thousand and $1.4 million for the three months ended December 31, 2024 and March 31, 2024, respectively.

The provision for credit losses was $2.3 million for the three months ended March 31, 2025 compared to $2.4 million and $1.4 million for the three months ended December 31, 2024 and March 31, 2024, respectively. The allowance for credit losses on loans and leases as a percentage of loans and leases held for investment was 1.28% at March 31, 2025 and December 31, 2024, and 1.30% at March 31, 2024.

Share Repurchases
During the quarter ended March 31, 2025, the Corporation repurchased 221,760 shares of common stock at an average price of $29.22 per share. Including brokerage fees and excise tax, the average price per share was $29.54.



As of March 31, 2025, 1,178,394 shares are available for repurchase under the Share Repurchase Plan.

Conference Call
Univest will host a conference call to discuss first quarter 2025 results on Thursday, April 24, 2025 at 9:00 a.m. EST. Participants may preregister at https://www.netroadshow.com/events/login?show=175e015e&confId=80607. The general public can access the call by dialing 1-833-470-1428; using Access Code 021974. A replay of the conference call will be available through May 1, 2025 by dialing 1-866-813-9403; using Access Code 718470.

About Univest Financial Corporation
Univest Financial Corporation (UVSP), including its wholly-owned subsidiary Univest Bank and Trust Co., Member FDIC, has approximately $8.0 billion in assets and $5.2 billion in assets under management and supervision through its Wealth Management lines of business at March 31, 2025. 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) fluctuations in real estate values and both residential and commercial real estate market conditions; (5) changes in liquidity, including the size and composition of our deposit portfolio and the percentage of uninsured deposits in the portfolio; (6) our ability to access cost-effective funding; (7) changes in economic conditions nationally and in our market, including potential recessionary conditions and the levels of unemployment in our market area; (8) changes in the economic assumptions or methodology used to calculate our allowance for credit losses; (9) legislative, regulatory, accounting or tax changes; (10) monetary and fiscal policies of the U.S. government, including the policies of the Board of Governors of the Federal Reserve System; (11) the imposition of tariffs or other domestic or international governmental policies; (12) the failure to maintain current technologies and to successfully implement future information technology enhancements; (13) technological issues that may adversely affect our operations or those of our customers; (14) a failure or breach in our operational or security systems or infrastructure, including cyberattacks; (15) changes in the securities markets; (16) the current or anticipated impact of military conflict, terrorism or other geopolitical events; (17) our ability to enter into new markets successfully and capitalize on growth opportunities and/or (18) risk factors mentioned in the reports and registration statements Univest files with the Securities and Exchange Commission.

(UVSP - ER)



Univest Financial Corporation
Consolidated Selected Financial Data (Unaudited)
March 31, 2025
(Dollars in thousands)
Balance Sheet (Period End) 3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024
ASSETS
Cash and due from banks $ 73,319  $ 75,998  $ 78,346  $ 66,808  $ 49,318 
Interest-earning deposits with other banks 95,815  252,846  426,354  124,103  152,288 
Cash and cash equivalents 169,134  328,844  504,700  190,911  201,606 
Investment securities held-to-maturity 130,889  134,111  137,681  140,112  143,474 
Investment securities available for sale, net of allowance for credit losses 364,503  357,361  354,100  342,776  350,819 
Investments in equity securities 1,667  2,506  2,406  2,995  3,355 
Federal Home Loan Bank, Federal Reserve Bank and other stock, at cost 35,732  38,980  40,235  37,438  37,394 
Loans held for sale 13,150  16,653  17,131  28,176  13,188 
Loans and leases held for investment 6,833,037  6,826,583  6,730,734  6,684,837  6,579,086 
Less: Allowance for credit losses, loans and leases (87,790) (87,091) (86,041) (85,745) (85,632)
Net loans and leases held for investment 6,745,247  6,739,492  6,644,693  6,599,092  6,493,454 
Premises and equipment, net 47,175  46,671  47,411  48,174  48,739 
Operating lease right-of-use assets 27,182  28,531  29,260  29,985  30,702 
Goodwill 175,510  175,510  175,510  175,510  175,510 
Other intangibles, net of accumulated amortization 8,061  8,309  7,158  7,701  7,473 
Bank owned life insurance 139,482  139,351  138,744  137,823  137,896 
Accrued interest and other assets 117,435  112,098  106,708  114,753  102,958 
Total assets $ 7,975,167  $ 8,128,417  $ 8,205,737  $ 7,855,446  $ 7,746,568 
LIABILITIES
Noninterest-bearing deposits $ 1,433,995  $ 1,414,635  $ 1,323,953  $ 1,397,308  $ 1,401,806 
Interest-bearing deposits: 5,224,503  5,344,624  5,530,195  5,098,014  5,003,552 
Total deposits 6,658,498  6,759,259  6,854,148  6,495,322  6,405,358 
Short-term borrowings 4,031  11,181  8,256  11,781  4,816 
Long-term debt 175,000  225,000  225,000  250,000  250,000 
Subordinated notes 149,386  149,261  149,136  149,011  148,886 
Operating lease liabilities 30,062  31,485  32,246  33,015  33,744 
Accrued expenses and other liabilities 54,718  64,930  59,880  62,180  60,095 
Total liabilities 7,071,695  7,241,116  7,328,666  7,001,309  6,902,899 
SHAREHOLDERS' EQUITY
Common stock, $5 par value: 48,000,000 shares authorized and 31,556,799 shares issued 157,784  157,784  157,784  157,784  157,784 
Additional paid-in capital 300,634  302,829  301,262  300,166  298,914 
Retained earnings 541,776  525,780  512,938  500,482  488,790 
Accumulated other comprehensive loss, net of tax benefit (37,922) (43,992) (41,623) (54,124) (54,740)
Treasury stock, at cost (58,800) (55,100) (53,290) (50,171) (47,079)
Total shareholders’ equity 903,472  887,301  877,071  854,137  843,669 
Total liabilities and shareholders’ equity $ 7,975,167  $ 8,128,417  $ 8,205,737  $ 7,855,446  $ 7,746,568 
For the three months ended,
Balance Sheet (Average) 3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024
Assets $ 7,981,043  $ 8,163,347  $ 8,005,265  $ 7,721,540  $ 7,696,575 
Investment securities, net of allowance for credit losses 500,078  500,748  493,334  493,140  500,983 
Loans and leases, gross 6,856,503  6,758,649  6,730,791  6,640,536  6,577,365 
Deposits 6,617,653  6,804,483  6,641,324  6,353,752  6,303,854 
Shareholders' equity 896,811  880,237  864,406  844,572  842,546 



Univest Financial Corporation
Consolidated Summary of Loans by Type and Asset Quality Data (Unaudited)
March 31, 2025
(Dollars in thousands)
Summary of Major Loan and Lease Categories (Period End) 3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024
Commercial, financial and agricultural $ 1,034,361  $ 1,037,835  $ 1,044,043  $ 1,055,332  $ 1,014,568 
Real estate-commercial 3,546,402  3,530,451  3,442,083  3,373,889  3,283,729 
Real estate-construction 281,785  274,483  285,616  313,229  379,995 
Real estate-residential secured for business purpose 536,082  536,095  530,674  532,628  524,196 
Real estate-residential secured for personal purpose 992,767  994,972  969,562  952,665  922,412 
Real estate-home equity secured for personal purpose 189,119  186,836  182,901  179,150  177,446 
Loans to individuals 16,930  21,250  26,794  26,430  27,200 
Lease financings 235,591  244,661  249,061  251,514  249,540 
Total loans and leases held for investment, net of deferred income 6,833,037  6,826,583  6,730,734  6,684,837  6,579,086 
Less: Allowance for credit losses, loans and leases (87,790) (87,091) (86,041) (85,745) (85,632)
Net loans and leases held for investment $ 6,745,247  $ 6,739,492  $ 6,644,693  $ 6,599,092  $ 6,493,454 

Asset Quality Data (Period End) 3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024
Nonaccrual loans and leases, including nonaccrual loans held for sale $ 11,126  $ 12,667  $ 15,319  $ 16,200  $ 20,363 
Accruing loans and leases 90 days or more past due 322  321  310  205  268 
Total nonperforming loans and leases 11,448  12,988  15,629  16,405  20,631 
Other real estate owned 22,433  20,141  20,915  20,007  19,220 
Repossessed assets 79  76  79  149  167 
Total nonperforming assets $ 33,960  $ 33,205  $ 36,623  $ 36,561  $ 40,018 
Nonaccrual loans and leases / Loans and leases held for investment 0.16  % 0.19  % 0.23  % 0.24  % 0.31  %
Nonperforming loans and leases / Loans and leases held for investment 0.17  % 0.19  % 0.23  % 0.25  % 0.31  %
Nonperforming assets / Total assets 0.43  % 0.41  % 0.45  % 0.47  % 0.52  %
Allowance for credit losses, loans and leases $ 87,790  $ 87,091  $ 86,041  $ 85,745  $ 85,632 
Allowance for credit losses, loans and leases / Loans and leases held for investment 1.28  % 1.28  % 1.28  % 1.28  % 1.30  %
Allowance for credit losses, loans and leases / Nonaccrual loans and leases 789.05  % 687.54  % 561.66  % 529.29  % 420.53  %
Allowance for credit losses, loans and leases / Nonperforming loans and leases 766.86  % 670.55  % 550.52  % 522.68  % 415.06  %
For the three months ended,
3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024
Net loan and lease charge-offs $ 1,686  $ 767  $ 820  $ 809  $ 1,406 
Net loan and lease charge-offs (annualized)/Average loans and leases 0.10  % 0.05  % 0.05  % 0.05  % 0.09  %



Univest Financial Corporation
Consolidated Selected Financial Data (Unaudited)
March 31, 2025
(Dollars in thousands, except per share data)
For the three months ended,
For the period: 3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024
Interest income $ 103,416  $ 107,476  $ 106,438  $ 99,832  $ 98,609 
Interest expense 46,635  52,004  53,234  48,805  47,142 
Net interest income 56,781  55,472  53,204  51,027  51,467 
Provision for credit losses 2,311  2,380  1,414  707  1,432 
Net interest income after provision for credit losses 54,470  53,092  51,790  50,320  50,035 
Noninterest income:
Trust fee income 2,161  2,265  2,110  2,008  2,108 
Service charges on deposit accounts 2,194  2,192  2,037  1,982  1,871 
Investment advisory commission and fee income 5,613  5,457  5,319  5,238  5,194 
Insurance commission and fee income 6,889  4,743  5,238  5,167  7,201 
Other service fee income 2,707  3,473  1,815  3,044  6,415 
Bank owned life insurance income 1,959  1,012  921  1,086  842 
Net gain on sales of investment securities —  —  18  —  — 
Net gain on mortgage banking activities 647  1,320  1,296  1,710  939 
Other income 245  868  1,396  745  1,025 
Total noninterest income 22,415  21,330  20,150  20,980  25,595 
Noninterest expense:
Salaries, benefits and commissions 30,826  31,518  30,702  30,187  31,338 
Net occupancy 2,853  2,751  2,723  2,679  2,872 
Equipment 1,122  1,147  1,107  1,088  1,111 
Data processing 4,364  4,146  4,154  4,161  4,495 
Professional fees 1,797  1,669  1,579  1,466  1,688 
Marketing and advertising 353  552  490  715  416 
Deposit insurance premiums 1,151  1,102  1,097  1,098  1,135 
Intangible expenses 130  155  164  188  187 
Other expense 6,732  7,618  6,536  7,126  6,832 
Total noninterest expense 49,328  50,658  48,552  48,708  50,074 
Income before taxes 27,557  23,764  23,388  22,592  25,556 
Income tax expense 5,162  4,823  4,810  4,485  5,251 
Net income $ 22,395  $ 18,941  $ 18,578  $ 18,107  $ 20,305 
Net income per share:
Basic $ 0.77  $ 0.65  $ 0.64  $ 0.62  $ 0.69 
Diluted $ 0.77  $ 0.65  $ 0.63  $ 0.62  $ 0.69 
Dividends declared per share $ 0.21  $ 0.21  $ 0.21  $ 0.21  $ 0.21 
Weighted average shares outstanding 29,000,567  29,070,039  29,132,948  29,246,977  29,413,999 
Period end shares outstanding 28,962,648  29,045,877  29,081,108  29,190,640  29,337,919 




Univest Financial Corporation
Consolidated Selected Financial Data (Unaudited)
March 31, 2025
For the three months ended,
Profitability Ratios (annualized) 3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024
Return on average assets 1.14  % 0.92  % 0.92  % 0.94  % 1.06  %
Return on average shareholders' equity 10.13  % 8.56  % 8.55  % 8.62  % 9.69  %
Return on average tangible common equity (1)(3) 12.69  % 10.79  % 10.84  % 11.01  % 12.38  %
Net interest margin (FTE) 3.09  % 2.88  % 2.82  % 2.84  % 2.88  %
Efficiency ratio (2) 61.6  % 65.5  % 65.7  % 67.1  % 64.6  %
Capitalization Ratios
Dividends declared to net income 27.2  % 32.2  % 33.0  % 33.9  % 30.5  %
Shareholders' equity to assets (Period End) 11.33  % 10.92  % 10.69  % 10.87  % 10.89  %
Tangible common equity to tangible assets (1) 9.31  % 8.92  % 8.71  % 8.81  % 8.80  %
Common equity book value per share $ 31.19  $ 30.55  $ 30.16  $ 29.26  $ 28.76 
Tangible common equity book value per share (1) $ 25.06  $ 24.43  $ 24.05  $ 23.17  $ 22.70 
Regulatory Capital Ratios (Period End)
Tier 1 leverage ratio 9.80  % 9.51  % 9.53  % 9.74  % 9.65  %
Common equity tier 1 risk-based capital ratio 10.97  % 10.85  % 10.88  % 10.72  % 10.71  %
Tier 1 risk-based capital ratio 10.97  % 10.85  % 10.88  % 10.72  % 10.71  %
Total risk-based capital ratio 14.35  % 14.19  % 14.27  % 14.09  % 14.11  %
(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 March 31, 2025 December 31, 2024
Average Income/ Average Average Income/ Average
(Dollars in thousands) Balance Expense Rate Balance Expense Rate
Assets:
Interest-earning deposits with other banks $ 119,997  $ 1,360  4.60  % $ 402,753  $ 4,852  4.79  %
Obligations of state and political subdivisions* 879  1.85  1,290  2.16 
Other debt and equity securities 499,199  4,019  3.27  499,458  3,815  3.04 
Federal Home Loan Bank, Federal Reserve Bank and other stock 37,561  687  7.42  39,407  746  7.53 
Total interest-earning deposits, investments and other interest-earning assets 657,636  6,070  3.74  942,908  9,420  3.97 
Commercial, financial, and agricultural loans 990,860  17,020  6.97  972,840  17,492  7.15 
Real estate—commercial and construction loans 3,704,232  52,676  5.77  3,631,142  53,163  5.82 
Real estate—residential loans 1,729,146  21,542  5.05  1,708,795  21,249  4.95 
Loans to individuals 19,438  393  8.20  25,803  522  8.05 
Tax-exempt loans and leases 230,133  2,861  5.04  233,036  2,652  4.53 
Lease financings 182,694  3,240  7.19  187,033  3,296  7.01 
     Gross loans and leases 6,856,503  97,732  5.78  6,758,649  98,374  5.79 
          Total interest-earning assets 7,514,139  103,802  5.60  7,701,557  107,794  5.57 
Cash and due from banks 56,690  56,989 
Allowance for credit losses, loans and leases (87,822) (86,812)
Premises and equipment, net 46,852  47,155 
Operating lease right-of-use assets 27,761  28,891 
Other assets 423,423  415,567 
      Total assets $ 7,981,043  $ 8,163,347 
Liabilities:
Interest-bearing checking deposits $ 1,222,012  $ 7,075  2.35  % $ 1,275,348  $ 8,504  2.65  %
Money market savings 1,840,194  18,035  3.97  1,954,246  20,653  4.20 
Regular savings 702,543  763  0.44  705,222  817  0.46 
Time deposits 1,476,495  16,106  4.42  1,499,998  17,247  4.57 
Total time and interest-bearing deposits 5,241,244  41,979  3.25  5,434,814  47,221  3.46 
Short-term borrowings 6,909  14  0.82  7,102  0.06 
Long-term debt 217,500  2,361  4.40  225,000  2,501  4.42 
Subordinated notes 149,319  2,281  6.20  149,194  2,281  6.08 
     Total borrowings 373,728  4,656  5.05  381,296  4,783  4.99 
     Total interest-bearing liabilities 5,614,972  46,635  3.37  5,816,110  52,004  3.56 
Noninterest-bearing deposits 1,376,409  1,369,669 
Operating lease liabilities 30,675  31,864 
Accrued expenses and other liabilities 62,176  65,467 
     Total liabilities 7,084,232  7,283,110 
Total interest-bearing liabilities and noninterest-bearing deposits ("Cost of Funds") 6,991,381  2.71  7,185,779  2.88 
Shareholders' Equity:
Common stock 157,784  157,784 
Additional paid-in capital 302,653  301,895 
Retained earnings and other equity 436,374  420,558 
     Total shareholders' equity 896,811  880,237 
     Total liabilities and shareholders' equity $ 7,981,043  $ 8,163,347 
Net interest income $ 57,167  $ 55,790 
Net interest spread 2.23  2.01 
Effect of net interest-free funding sources 0.86  0.87 
Net interest margin 3.09  % 2.88  %
Ratio of average interest-earning assets to average interest-bearing liabilities 133.82  % 132.42  %
*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 $554 thousand and $676 thousand for the three months ended March 31, 2025 and December 31, 2024, respectively.
Nonaccrual loans and leases have been included in the average loan and lease balances. Loans held for sale have been included in the average loan balances.
Tax-equivalent amounts for the three months ended March 31, 2025 and December 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 March 31,
Tax Equivalent Basis 2025 2024
Average Income/ Average Average Income/ Average
(Dollars in thousands) Balance Expense Rate Balance Expense Rate
Assets:
Interest-earning deposits with other banks $ 119,997  $ 1,360  4.60  % $ 120,845  $ 1,609  5.36  %
Obligations of state and political subdivisions* 879  1.85  1,951  12  2.47 
Other debt and equity securities 499,199  4,019  3.27  499,032  3,647  2.94 
Federal Home Loan Bank, Federal Reserve Bank and other stock 37,561  687  7.42  39,115  724  7.44 
Total interest-earning deposits, investments and other interest-earning assets 657,636  6,070  3.74  660,943  5,992  3.65 
Commercial, financial, and agricultural loans 990,860  17,020  6.97  934,649  16,523  7.11 
Real estate—commercial and construction loans 3,704,232  52,676  5.77  3,575,142  50,641  5.70 
Real estate—residential loans 1,729,146  21,542  5.05  1,618,188  19,555  4.86 
Loans to individuals 19,438  393  8.20  27,315  548  8.07 
Tax-exempt loans and leases 230,133  2,861  5.04  232,380  2,464  4.26 
Lease financings 182,694  3,240  7.19  189,691  3,169  6.72 
     Gross loans and leases 6,856,503  97,732  5.78  6,577,365  92,900  5.68 
          Total interest-earning assets 7,514,139  103,802  5.60  7,238,308  98,892  5.49 
Cash and due from banks 56,690  54,870 
Allowance for credit losses, loans and leases (87,822) (86,495)
Premises and equipment, net 46,852  50,592 
Operating lease right-of-use assets 27,761  31,121 
Other assets 423,423  408,179 
      Total assets $ 7,981,043  $ 7,696,575 
Liabilities:
Interest-bearing checking deposits $ 1,222,012  $ 7,075  2.35  % $ 1,180,696  $ 8,218  2.80  %
Money market savings 1,840,194  18,035  3.97  1,705,291  19,220  4.53 
Regular savings 702,543  763  0.44  769,926  905  0.47 
Time deposits 1,476,495  16,106  4.42  1,238,878  13,630  4.42 
Total time and interest-bearing deposits 5,241,244  41,979  3.25  4,894,791  41,973  3.45 
Short-term borrowings 6,909  14  0.82  10,127  0.20 
Long-term debt 217,500  2,361  4.40  292,486  2,883  3.96 
Subordinated notes 149,319  2,281  6.20  148,818  2,281  6.16 
     Total borrowings 373,728  4,656  5.05  451,431  5,169  4.61 
     Total interest-bearing liabilities 5,614,972  46,635  3.37  5,346,222  47,142  3.55 
Noninterest-bearing deposits 1,376,409  1,409,063 
Operating lease liabilities 30,675  34,166 
Accrued expenses and other liabilities 62,176  64,578 
     Total liabilities 7,084,232  6,854,029 
Total interest-bearing liabilities and noninterest-bearing deposits ("Cost of Funds") 6,991,381  2.71  6,755,285  2.81 
Shareholders' Equity:
Common stock 157,784  157,784 
Additional paid-in capital 302,653  300,679 
Retained earnings and other equity 436,374  384,083 
     Total shareholders' equity 896,811  842,546 
     Total liabilities and shareholders' equity $ 7,981,043  $ 7,696,575 
Net interest income $ 57,167  $ 51,750 
Net interest spread 2.23  1.94 
Effect of net interest-free funding sources 0.86  0.94 
Net interest margin 3.09  % 2.88  %
Ratio of average interest-earning assets to average interest-bearing liabilities 133.82  % 135.39  %
*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 $554 thousand and $453 thousand for the three months ended March 31, 2025 and 2024, respectively.
Nonaccrual loans and leases have been included in the average loan and lease balances. Loans held for sale have been included in the average loan balances.
Tax-equivalent amounts for the three months ended March 31, 2025 and 2024 have been calculated using the Corporation’s federal applicable rate of 21.0%.



Univest Financial Corporation
Loan Portfolio Overview (Unaudited)
March 31, 2025
(Dollars in thousands)
Industry Description Total Outstanding Balance % of Commercial Loan Portfolio
CRE - Retail $ 469,397  8.7  %
Animal Production 394,279  7.3 
CRE - Multi-family 360,743  6.7 
CRE - Office 299,751  5.6 
CRE - 1-4 Family Residential Investment 278,386  5.2 
CRE - Industrial / Warehouse 253,136  4.7 
Hotels & Motels (Accommodation) 207,710  3.8 
Specialty Trade Contractors 189,427  3.5 
Nursing and Residential Care Facilities 177,053  3.3 
Motor Vehicle and Parts Dealers 146,911  2.7 
Merchant Wholesalers, Durable Goods 146,037  2.7 
Homebuilding (tract developers, remodelers) 140,612  2.6 
Repair and Maintenance 134,183  2.5 
Crop Production 110,882  2.1 
CRE - Mixed-Use - Residential 109,872  2.0 
Wood Product Manufacturing 101,606  1.9 
Professional, Scientific, and Technical Services 95,730  1.8 
Food Services and Drinking Places 86,916  1.6 
Administrative and Support Services 83,145  1.5 
Merchant Wholesalers, Nondurable Goods 83,088  1.5 
Fabricated Metal Product Manufacturing 78,181  1.4 
Real Estate Lenders, Secondary Market Financing 75,461  1.4 
Religious Organizations, Advocacy Groups 65,857  1.2 
CRE - Mixed-Use - Commercial 64,683  1.2 
Miniwarehouse / Self-Storage 64,553  1.2 
Personal and Laundry Services 64,508  1.2 
Education 62,362  1.2 
Amusement, Gambling, and Recreation Industries 61,437  1.1 
Food Manufacturing 56,400  1.0 
Industries with >$50 million in outstandings $ 4,462,306  82.7  %
Industries with <$50 million in outstandings $ 936,324  17.3  %
Total Commercial Loans $ 5,398,630  100.0  %
Consumer Loans and Lease Financings Total Outstanding Balance
Real Estate-Residential Secured for Personal Purpose $ 992,767 
Real Estate-Home Equity Secured for Personal Purpose 189,119 
Loans to Individuals 16,930 
Lease Financings 235,591 
Total Consumer Loans and Lease Financings $ 1,434,407 
Total $ 6,833,037 



Univest Financial Corporation
Non-GAAP Reconciliation
March 31, 2025
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,
(Dollars in thousands) 3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024
Net income $ 22,395  $ 18,941  $ 18,578  $ 18,107  $ 20,305 
Amortization of intangibles, net of tax 103  122  130  149  148 
Net income before amortization of intangibles $ 22,498  $ 19,063  $ 18,708  $ 18,256  $ 20,453 
Shareholders' equity $ 903,472  $ 887,301  $ 877,071  $ 854,137  $ 843,669 
Goodwill (175,510) (175,510) (175,510) (175,510) (175,510)
Other intangibles (a) (2,104) (2,263) (2,147) (2,157) (2,273)
Tangible common equity $ 725,858  $ 709,528  $ 699,414  $ 676,470  $ 665,886 
Total assets $ 7,975,167  $ 8,128,417  $ 8,205,737  $ 7,855,446  $ 7,746,568 
Goodwill (175,510) (175,510) (175,510) (175,510) (175,510)
Other intangibles (a) (2,104) (2,263) (2,147) (2,157) (2,273)
Tangible assets $ 7,797,553  $ 7,950,644  $ 8,028,080  $ 7,677,779  $ 7,568,785 
Average shareholders' equity $ 896,811  $ 880,237  $ 864,406  $ 844,572  $ 842,546 
Average goodwill (175,510) (175,510) (175,510) (175,510) (175,510)
Average other intangibles (a) (2,162) (2,146) (2,086) (2,222) (2,318)
Average tangible common equity $ 719,139  $ 702,581  $ 686,810  $ 666,840  $ 664,718 
(a) Amount does not include mortgage servicing rights