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 22, 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 September 30, 2025 of $25.6 million, or $0.89 diluted earnings per share, compared to net income of $18.6 million, or $0.63 diluted earnings per share, for the quarter ended September 30, 2024.
One-Time Items
The financial results for the quarter included tax-free bank owned life insurance ("BOLI") death benefit claims of $967 thousand, which represented $0.03 diluted earnings per share.
Loans
Gross loans and leases decreased $15.7 million, or 0.2% (0.8% annualized), from June 30, 2025 and $41.1 million, or 0.6% (0.8% annualized), from December 31, 2024, primarily due to decreases in commercial and residential mortgage loans and lease financings, partially offset by increases in construction, commercial real estate and home equity loans. Gross loans and leases increased $54.7 million, or 0.8%, from September 30, 2024, primarily due to increases in construction, commercial real estate, residential mortgage and home equity loans, partially offset by decreases in commercial loans and lease financings.
Deposits and Liquidity
Total deposits increased $635.5 million, or 9.7% (38.8% annualized), from June 30, 2025 and $458.9 million, or 6.8% (9.1% annualized), from December 31, 2024, primarily due to seasonal increases in public funds deposits and increases in commercial and brokered deposits, partially offset by a decrease in consumer deposits.
Total deposits increased $364.0 million, or 5.3%, from September 30, 2024, primarily due to increases in public funds deposits and increases in commercial and brokered deposits, partially offset by a decrease in consumer deposits.
Noninterest-bearing deposits totaled $1.4 billion and represented 19.3% of total deposits at September 30, 2025, compared to $1.5 billion representing 22.2% of total deposits at June 30, 2025. Unprotected deposits, which excludes insured, internal, and collateralized deposit accounts, totaled $1.6 billion and $1.5 billion at September 30, 2025 and June 30, 2025, respectively. This represented 22.0% of total deposits at September 30, 2025, compared to 23.0% at June 30, 2025.
As of September 30, 2025, the Corporation and its subsidiaries reported cash and cash equivalents totaling $816.7 million, which reflected the $662.2 million increase in interest-earning deposits with other banks in the third quarter, and had committed borrowing capacity of $3.6 billion, of which $1.8 billion was available. The Corporation and its subsidiaries also maintained uncommitted funding sources from correspondent banks of $457.0 million at September 30, 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 $61.3 million for the third quarter of 2025 increased $8.1 million, or 15.3%, from the third quarter of 2024 and $1.8 million, or 3.0%, from the second quarter of 2025. The increase in net interest income for the third quarter of 2025 compared to the third quarter of 2024 was primarily driven by higher average balances on loans and cash and cash equivalents and increased loan yields, as well as a reduction in our overall cost of funds. The increase in net interest income for the third quarter of 2025 compared to the second quarter of 2025 was primarily driven by the increased average balance and yields on cash and cash equivalents and increased loan yields, which outpaced a decline in average loan balances.
Net interest margin, on a tax-equivalent basis, was 3.17% for the third quarter of 2025, compared to 3.20% for the second quarter of 2025 and 2.82% for the third quarter of 2024. Excess liquidity reduced net interest margin by approximately 16 basis points for the quarter ended September 30, 2025 compared to approximately four basis points for the quarter ended June 30, 2025 and approximately nine basis points for the quarter ended September 30, 2024. Excluding the impact of excess liquidity, the net interest margin, on a tax-equivalent basis, would have been 3.33% for the quarter ended September 30, 2025 compared to 3.24% for the second quarter of 2025 and 2.91% for the third quarter of 2024.
Noninterest Income
Noninterest income for the quarter ended September 30, 2025 was $21.9 million, an increase of $1.8 million, or 8.8%, from the comparable period in the prior year.
BOLI income increased $987 thousand, or 107.2%, for the quarter ended September 30, 2025 compared to the comparable period in the prior year, primarily due to death benefit claims.
Other service fee income increased $601 thousand, or 33.1%, for the quarter ended September 30, 2025 compared to the comparable period in the prior year. The three months ended September 30, 2025 included a $306 thousand valuation allowance recorded on mortgage servicing rights, compared to a $785 thousand valuation allowance recorded in the third quarter of 2024, each of which were driven by the decrease in interest rates during the respective periods and the impact on prepayments speed assumptions.
Investment advisory commission and fee income increased $352 thousand, or 6.6%, for the quarter ended September 30, 2025 compared to the comparable period in the prior year, primarily due to new customer relationships and the appreciation of assets under management and supervision.
Service charges on deposit accounts increased $265 thousand, or 13.0%, for the quarter ended September 30, 2025 compared to the comparable period in the prior year, primarily due to an increase in treasury management income.
Insurance commission and fee income increased $230 thousand, or 4.4%, for the quarter ended September 30, 2025 compared to the comparable period in the prior year, primarily due to an increase in commercial line premiums.
Net gain on mortgage banking activities decreased $448 thousand, or 34.6%, for the quarter ended September 30, 2025 compared to the comparable period in the prior year, primarily due to decreased salable volume.
Other income decreased $316 thousand, or 22.6%, for the quarter ended September 30, 2025 compared to the comparable period in the prior year, primarily due to a decrease of $303 thousand in gains on sale of Small Business Administration loans.
Noninterest Expense
Noninterest expense for the quarter ended September 30, 2025 was $50.7 million, an increase of $2.1 million, or 4.4%, from the comparable period in the prior year.
Salaries, benefits and commissions increased $950 thousand, or 3.1%, for the quarter ended September 30, 2025 compared to the comparable period in the prior year, primarily due to annual merit increases and an increase in incentive compensation due to increased profitability, partially offset by an increase in capitalized compensation driven by higher loan production.
Other expense increased $967 thousand, or 14.8%, for the quarter ended September 30, 2025 compared to the comparable period in the prior year due to increases in the Pennsylvania bank shares tax expense and loan workout fees, primarily related to one commercial real estate loan relationship.
Professional fees increased $297 thousand, or 18.8%, for the quarter ended September 30, 2025 compared to the comparable period in the prior year, primarily driven by an increase in consultant fees for data integration resources.
Tax Provision
The effective income tax rate was 20.0% for the quarter ended September 30, 2025, compared to an effective tax rate of 20.6% for the quarter ended September 30, 2024. The effective tax rate for the three months ended September 30, 2025 was favorably impacted by proceeds of BOLI death benefits received in the period. Excluding the BOLI death benefits, the effective tax rate was 20.7% for the three months ended September 30, 2025.
Asset Quality and Provision for Credit Losses
Nonperforming assets totaled $52.1 million at September 30, 2025, $50.6 million at June 30, 2025, and $36.6 million at September 30, 2024. During the third quarter, a $1.4 million residential real estate loan was transferred to other real estate owned. During the second quarter, a $23.7 million commercial loan relationship was placed on nonaccrual status due to, among other things, suspected fraud. Subsequent to the relationship being placed on nonaccrual status, a $7.3 million charge-off was recognized during the quarter.
Net loan and lease charge-offs were $480 thousand for the three months ended September 30, 2025 compared to $7.8 million and $820 thousand for the three months ended June 30, 2025 and September 30, 2024, respectively.
The provision for credit losses was $517 thousand for the three months ended September 30, 2025 compared to $5.7 million and $1.4 million for the three months ended June 30, 2025 and September 30, 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 September 30, 2025, June 30, 2025, and September 30, 2024.
Dividend and Share Repurchases
On October 22, 2025, Univest declared a quarterly cash dividend of $0.22 per share to be paid on November 19, 2025 to shareholders of record as of November 5, 2025. During the quarter ended September 30, 2025, the Corporation repurchased 255,010 shares of common stock at an average price of $30.16 per share. Including brokerage fees and excise tax, the average cost per share was $30.49. As of September 30, 2025, 750,627 shares are available for repurchase under the Share Repurchase Plan.
Conference Call
Univest will host a conference call to discuss third quarter 2025 results on Thursday, October 23, 2025 at 9:00 a.m. EDT. Participants may preregister at https://www.netroadshow.com/events/login/LE9zwo3gnOYXfXQJhlFjaq4KDhkgm0Ne3b3. The general public can access the call by dialing 1-833-470-1428; using Access Code 288002. A replay of the conference call will be available through October 30, 2025 by dialing 1-866-813-9403; using Access Code 734075.
About Univest Financial Corporation
Univest Financial Corporation (UVSP), including its wholly-owned subsidiary Univest Bank and Trust Co., Member FDIC, has approximately $8.6 billion in assets and $5.7 billion in assets under management and supervision through its Wealth Management lines of business at September 30, 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 and retaliatory responses; (12) the impacts of the current government shutdown; (13) the failure to maintain current technologies and to successfully implement future information technology enhancements; (14) technological issues that may adversely affect our operations or those of our customers; (15) a failure or breach in our operational or security systems or infrastructure, including cyberattacks; (16) changes in the securities markets; (17) the current or anticipated impact of military conflict, terrorism or other geopolitical events; (18) our ability to enter into new markets successfully and capitalize on growth opportunities; (19) changes in investor sentiment or consumer spending or savings behavior; and/or (20) 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, 2025 |
| (Dollars in thousands) |
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| Balance Sheet (Period End) |
9/30/2025 |
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6/30/2025 |
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3/31/2025 |
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12/31/2024 |
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9/30/2024 |
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| ASSETS |
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| Cash and due from banks |
$ |
70,843 |
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$ |
76,624 |
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$ |
73,319 |
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$ |
75,998 |
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$ |
78,346 |
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| Interest-earning deposits with other banks |
745,896 |
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83,741 |
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95,815 |
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252,846 |
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|
426,354 |
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| Cash and cash equivalents |
816,739 |
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160,365 |
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169,134 |
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328,844 |
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504,700 |
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| Investment securities held-to-maturity |
126,040 |
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128,455 |
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130,889 |
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134,111 |
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137,681 |
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| Investment securities available for sale, net of allowance for credit losses |
368,393 |
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366,421 |
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364,503 |
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357,361 |
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354,100 |
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| Investments in equity securities |
2,413 |
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1,801 |
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1,667 |
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2,506 |
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2,406 |
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| Federal Home Loan Bank, Federal Reserve Bank and other stock, at cost |
39,617 |
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36,482 |
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35,732 |
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38,980 |
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40,235 |
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| Loans held for sale |
6,330 |
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17,774 |
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13,150 |
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16,653 |
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17,131 |
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| Loans and leases held for investment |
6,785,482 |
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6,801,185 |
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6,833,037 |
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6,826,583 |
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6,730,734 |
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| Less: Allowance for credit losses, loans and leases |
(86,527) |
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(86,989) |
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(87,790) |
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(87,091) |
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(86,041) |
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| Net loans and leases held for investment |
6,698,955 |
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6,714,196 |
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6,745,247 |
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6,739,492 |
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6,644,693 |
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| Premises and equipment, net |
46,245 |
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47,140 |
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47,175 |
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46,671 |
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47,411 |
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| Operating lease right-of-use assets |
26,536 |
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27,278 |
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27,182 |
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28,531 |
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29,260 |
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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 |
7,537 |
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7,967 |
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8,061 |
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8,309 |
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7,158 |
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| Bank owned life insurance |
139,044 |
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140,086 |
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139,482 |
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139,351 |
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138,744 |
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| Accrued interest and other assets |
120,257 |
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115,581 |
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117,435 |
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112,098 |
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106,708 |
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| Total assets |
$ |
8,573,616 |
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$ |
7,939,056 |
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$ |
7,975,167 |
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$ |
8,128,417 |
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$ |
8,205,737 |
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| LIABILITIES |
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| Noninterest-bearing deposits |
$ |
1,390,565 |
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$ |
1,461,189 |
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$ |
1,433,995 |
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$ |
1,414,635 |
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$ |
1,323,953 |
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| Interest-bearing deposits: |
5,827,578 |
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5,121,471 |
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5,224,503 |
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5,344,624 |
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5,530,195 |
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| Total deposits |
7,218,143 |
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6,582,660 |
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6,658,498 |
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6,759,259 |
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6,854,148 |
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| Short-term borrowings |
11,951 |
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6,271 |
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4,031 |
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11,181 |
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8,256 |
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| Long-term debt |
200,000 |
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200,000 |
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175,000 |
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225,000 |
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225,000 |
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| Subordinated notes |
129,597 |
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149,511 |
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149,386 |
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149,261 |
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149,136 |
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| Operating lease liabilities |
29,310 |
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30,106 |
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30,062 |
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31,485 |
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32,246 |
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| Accrued expenses and other liabilities |
51,396 |
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53,775 |
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54,718 |
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64,930 |
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59,880 |
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| Total liabilities |
7,640,397 |
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7,022,323 |
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7,071,695 |
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7,241,116 |
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7,328,666 |
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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 |
302,696 |
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301,640 |
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300,634 |
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302,829 |
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301,262 |
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| Retained earnings |
574,715 |
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555,403 |
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541,776 |
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525,780 |
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512,938 |
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| Accumulated other comprehensive loss, net of tax benefit |
(31,636) |
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(34,969) |
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(37,922) |
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(43,992) |
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(41,623) |
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| Treasury stock, at cost |
(70,340) |
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(63,125) |
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(58,800) |
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(55,100) |
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(53,290) |
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| Total shareholders’ equity |
933,219 |
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916,733 |
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903,472 |
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887,301 |
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877,071 |
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| Total liabilities and shareholders’ equity |
$ |
8,573,616 |
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$ |
7,939,056 |
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$ |
7,975,167 |
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$ |
8,128,417 |
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$ |
8,205,737 |
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For the three months ended, |
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For the nine months ended, |
| Balance Sheet (Average) |
9/30/2025 |
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6/30/2025 |
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3/31/2025 |
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12/31/2024 |
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9/30/2024 |
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9/30/2025 |
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9/30/2024 |
| Assets |
$ |
8,191,010 |
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$ |
7,979,475 |
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$ |
7,981,043 |
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$ |
8,163,347 |
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$ |
8,005,265 |
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$ |
8,051,278 |
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$ |
7,808,514 |
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| Investment securities, net of allowance for credit losses |
492,197 |
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497,214 |
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500,078 |
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500,748 |
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493,334 |
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496,468 |
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495,810 |
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| Loans and leases, gross |
6,790,827 |
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6,846,938 |
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6,856,503 |
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6,758,649 |
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6,730,791 |
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6,831,183 |
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6,649,860 |
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| Deposits |
6,836,043 |
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6,633,250 |
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6,617,653 |
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6,804,483 |
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6,641,324 |
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6,696,449 |
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6,433,737 |
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| Shareholders' equity |
923,454 |
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|
908,536 |
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896,811 |
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880,237 |
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864,406 |
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909,698 |
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850,559 |
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| Univest Financial Corporation |
| Consolidated Summary of Loans by Type and Asset Quality Data (Unaudited) |
| September 30, 2025 |
| (Dollars in thousands) |
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| Summary of Major Loan and Lease Categories (Period End) |
9/30/2025 |
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6/30/2025 |
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3/31/2025 |
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12/31/2024 |
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9/30/2024 |
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| Commercial, financial and agricultural |
$ |
996,612 |
|
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$ |
1,052,246 |
|
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$ |
1,034,361 |
|
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$ |
1,037,835 |
|
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$ |
1,044,043 |
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| Real estate-commercial |
3,517,803 |
|
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3,485,615 |
|
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3,546,402 |
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3,530,451 |
|
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3,442,083 |
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| Real estate-construction |
309,365 |
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|
302,424 |
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|
281,785 |
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274,483 |
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285,616 |
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| Real estate-residential secured for business purpose |
545,191 |
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|
535,210 |
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|
536,082 |
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|
536,095 |
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|
530,674 |
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|
|
| Real estate-residential secured for personal purpose |
974,395 |
|
|
984,166 |
|
|
992,767 |
|
|
994,972 |
|
|
969,562 |
|
|
|
|
|
| Real estate-home equity secured for personal purpose |
197,503 |
|
|
195,014 |
|
|
189,119 |
|
|
186,836 |
|
|
182,901 |
|
|
|
|
|
| Loans to individuals |
13,447 |
|
|
14,069 |
|
|
16,930 |
|
|
21,250 |
|
|
26,794 |
|
|
|
|
|
| Lease financings |
231,166 |
|
|
232,441 |
|
|
235,591 |
|
|
244,661 |
|
|
249,061 |
|
|
|
|
|
| Total loans and leases held for investment, net of deferred income |
6,785,482 |
|
|
6,801,185 |
|
|
6,833,037 |
|
|
6,826,583 |
|
|
6,730,734 |
|
|
|
|
|
| Less: Allowance for credit losses, loans and leases |
(86,527) |
|
|
(86,989) |
|
|
(87,790) |
|
|
(87,091) |
|
|
(86,041) |
|
|
|
|
|
| Net loans and leases held for investment |
$ |
6,698,955 |
|
|
$ |
6,714,196 |
|
|
$ |
6,745,247 |
|
|
$ |
6,739,492 |
|
|
$ |
6,644,693 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Asset Quality Data (Period End) |
9/30/2025 |
|
6/30/2025 |
|
3/31/2025 |
|
12/31/2024 |
|
9/30/2024 |
|
|
|
|
| Nonaccrual loans and leases, including nonaccrual loans held for sale |
$ |
27,330 |
|
|
$ |
27,909 |
|
|
$ |
11,126 |
|
|
$ |
12,667 |
|
|
$ |
15,319 |
|
|
|
|
|
| Accruing loans and leases 90 days or more past due |
829 |
|
|
125 |
|
|
322 |
|
|
321 |
|
|
310 |
|
|
|
|
|
| Total nonperforming loans and leases |
28,159 |
|
|
28,034 |
|
|
11,448 |
|
|
12,988 |
|
|
15,629 |
|
|
|
|
|
| Other real estate owned |
23,926 |
|
|
22,471 |
|
|
22,433 |
|
|
20,141 |
|
|
20,915 |
|
|
|
|
|
| Repossessed assets |
40 |
|
|
80 |
|
|
79 |
|
|
76 |
|
|
79 |
|
|
|
|
|
| Total nonperforming assets |
$ |
52,125 |
|
|
$ |
50,585 |
|
|
$ |
33,960 |
|
|
$ |
33,205 |
|
|
$ |
36,623 |
|
|
|
|
|
| Nonaccrual loans and leases / Loans and leases held for investment |
0.40 |
% |
|
0.41 |
% |
|
0.16 |
% |
|
0.19 |
% |
|
0.23 |
% |
|
|
|
|
| Nonperforming loans and leases / Loans and leases held for investment |
0.41 |
% |
|
0.41 |
% |
|
0.17 |
% |
|
0.19 |
% |
|
0.23 |
% |
|
|
|
|
| Nonperforming assets / Total assets |
0.61 |
% |
|
0.64 |
% |
|
0.43 |
% |
|
0.41 |
% |
|
0.45 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Allowance for credit losses, loans and leases |
$ |
86,527 |
|
|
$ |
86,989 |
|
|
$ |
87,790 |
|
|
$ |
87,091 |
|
|
$ |
86,041 |
|
|
|
|
|
| Allowance for credit losses, loans and leases / Loans and leases held for investment |
1.28 |
% |
|
1.28 |
% |
|
1.28 |
% |
|
1.28 |
% |
|
1.28 |
% |
|
|
|
|
| Allowance for credit losses, loans and leases / Nonaccrual loans and leases |
316.60 |
% |
|
311.69 |
% |
|
789.05 |
% |
|
687.54 |
% |
|
561.66 |
% |
|
|
|
|
| Allowance for credit losses, loans and leases / Nonperforming loans and leases |
307.28 |
% |
|
310.30 |
% |
|
766.86 |
% |
|
670.55 |
% |
|
550.52 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended, |
|
For the nine months ended, |
|
9/30/2025 |
|
6/30/2025 |
|
3/31/2025 |
|
12/31/2024 |
|
9/30/2024 |
|
9/30/2025 |
|
9/30/2024 |
| Net loan and lease charge-offs |
$ |
480 |
|
|
$ |
7,807 |
|
|
$ |
1,686 |
|
|
$ |
767 |
|
|
$ |
820 |
|
|
$ |
9,973 |
|
|
$ |
3,035 |
|
| Net loan and lease charge-offs (annualized)/Average loans and leases |
0.03 |
% |
|
0.46 |
% |
|
0.10 |
% |
|
0.05 |
% |
|
0.05 |
% |
|
0.20 |
% |
|
0.06 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Univest Financial Corporation |
| Consolidated Selected Financial Data (Unaudited) |
| September 30, 2025 |
| (Dollars in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended, |
|
For the nine months ended, |
| For the period: |
9/30/2025 |
|
6/30/2025 |
|
3/31/2025 |
|
12/31/2024 |
|
9/30/2024 |
|
9/30/2025 |
|
9/30/2024 |
| Interest income |
$ |
109,648 |
|
|
$ |
105,706 |
|
|
$ |
103,416 |
|
|
$ |
107,476 |
|
|
$ |
106,438 |
|
|
$ |
318,770 |
|
|
$ |
304,879 |
|
| Interest expense |
48,324 |
|
|
46,165 |
|
|
46,635 |
|
|
52,004 |
|
|
53,234 |
|
|
141,124 |
|
|
149,181 |
|
| Net interest income |
61,324 |
|
|
59,541 |
|
|
56,781 |
|
|
55,472 |
|
|
53,204 |
|
|
177,646 |
|
|
155,698 |
|
| Provision for credit losses |
517 |
|
|
5,694 |
|
|
2,311 |
|
|
2,380 |
|
|
1,414 |
|
|
8,522 |
|
|
3,553 |
|
| Net interest income after provision for credit losses |
60,807 |
|
|
53,847 |
|
|
54,470 |
|
|
53,092 |
|
|
51,790 |
|
|
169,124 |
|
|
152,145 |
|
| Noninterest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Trust fee income |
2,230 |
|
|
2,146 |
|
|
2,161 |
|
|
2,265 |
|
|
2,110 |
|
|
6,537 |
|
|
6,226 |
|
| Service charges on deposit accounts |
2,302 |
|
|
2,258 |
|
|
2,194 |
|
|
2,192 |
|
|
2,037 |
|
|
6,754 |
|
|
5,890 |
|
| Investment advisory commission and fee income |
5,671 |
|
|
5,460 |
|
|
5,613 |
|
|
5,457 |
|
|
5,319 |
|
|
16,744 |
|
|
15,751 |
|
| Insurance commission and fee income |
5,468 |
|
|
5,261 |
|
|
6,889 |
|
|
4,743 |
|
|
5,238 |
|
|
17,618 |
|
|
17,606 |
|
| Other service fee income |
2,416 |
|
|
3,147 |
|
|
2,707 |
|
|
3,473 |
|
|
1,815 |
|
|
8,270 |
|
|
11,274 |
|
| Bank owned life insurance income |
1,908 |
|
|
1,012 |
|
|
1,959 |
|
|
1,012 |
|
|
921 |
|
|
4,879 |
|
|
2,849 |
|
| Net gain on sales of investment securities |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
18 |
|
|
— |
|
|
18 |
|
| Net gain on mortgage banking activities |
848 |
|
|
981 |
|
|
647 |
|
|
1,320 |
|
|
1,296 |
|
|
2,476 |
|
|
3,945 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other income |
1,080 |
|
|
1,236 |
|
|
245 |
|
|
868 |
|
|
1,396 |
|
|
2,561 |
|
|
3,166 |
|
| Total noninterest income |
21,923 |
|
|
21,501 |
|
|
22,415 |
|
|
21,330 |
|
|
20,150 |
|
|
65,839 |
|
|
66,725 |
|
| Noninterest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Salaries, benefits and commissions |
31,652 |
|
|
31,536 |
|
|
30,826 |
|
|
31,518 |
|
|
30,702 |
|
|
94,014 |
|
|
92,227 |
|
| Net occupancy |
2,675 |
|
|
2,739 |
|
|
2,853 |
|
|
2,751 |
|
|
2,723 |
|
|
8,267 |
|
|
8,274 |
|
| Equipment |
1,076 |
|
|
1,043 |
|
|
1,122 |
|
|
1,147 |
|
|
1,107 |
|
|
3,241 |
|
|
3,306 |
|
| Data processing |
4,263 |
|
|
4,408 |
|
|
4,364 |
|
|
4,146 |
|
|
4,154 |
|
|
13,035 |
|
|
12,810 |
|
| Professional fees |
1,876 |
|
|
1,597 |
|
|
1,797 |
|
|
1,669 |
|
|
1,579 |
|
|
5,270 |
|
|
4,733 |
|
| Marketing and advertising |
323 |
|
|
498 |
|
|
353 |
|
|
552 |
|
|
490 |
|
|
1,174 |
|
|
1,621 |
|
| Deposit insurance premiums |
1,195 |
|
|
1,074 |
|
|
1,151 |
|
|
1,102 |
|
|
1,097 |
|
|
3,420 |
|
|
3,330 |
|
| Intangible expenses |
106 |
|
|
131 |
|
|
130 |
|
|
155 |
|
|
164 |
|
|
367 |
|
|
539 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other expense |
7,503 |
|
|
7,306 |
|
|
6,732 |
|
|
7,618 |
|
|
6,536 |
|
|
21,541 |
|
|
20,494 |
|
| Total noninterest expense |
50,669 |
|
|
50,332 |
|
|
49,328 |
|
|
50,658 |
|
|
48,552 |
|
|
150,329 |
|
|
147,334 |
|
| Income before taxes |
32,061 |
|
|
25,016 |
|
|
27,557 |
|
|
23,764 |
|
|
23,388 |
|
|
84,634 |
|
|
71,536 |
|
| Income tax expense |
6,422 |
|
|
5,038 |
|
|
5,162 |
|
|
4,823 |
|
|
4,810 |
|
|
16,622 |
|
|
14,546 |
|
| Net income |
$ |
25,639 |
|
|
$ |
19,978 |
|
|
$ |
22,395 |
|
|
$ |
18,941 |
|
|
$ |
18,578 |
|
|
$ |
68,012 |
|
|
$ |
56,990 |
|
| Net income per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic |
$ |
0.89 |
|
|
$ |
0.69 |
|
|
$ |
0.77 |
|
|
$ |
0.65 |
|
|
$ |
0.64 |
|
|
$ |
2.36 |
|
|
$ |
1.95 |
|
| Diluted |
$ |
0.89 |
|
|
$ |
0.69 |
|
|
$ |
0.77 |
|
|
$ |
0.65 |
|
|
$ |
0.63 |
|
|
$ |
2.34 |
|
|
$ |
1.94 |
|
| Dividends declared per share |
$ |
0.22 |
|
|
$ |
0.22 |
|
|
$ |
0.21 |
|
|
$ |
0.21 |
|
|
$ |
0.21 |
|
|
$ |
0.65 |
|
|
$ |
0.63 |
|
| Weighted average shares outstanding |
28,716,582 |
|
|
28,859,348 |
|
|
29,000,567 |
|
|
29,070,039 |
|
|
29,132,948 |
|
|
28,856,903 |
|
|
29,264,161 |
|
| Period end shares outstanding |
28,576,346 |
|
|
28,810,805 |
|
|
28,962,648 |
|
|
29,045,877 |
|
|
29,081,108 |
|
|
28,576,346 |
|
|
29,081,108 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Univest Financial Corporation |
| Consolidated Selected Financial Data (Unaudited) |
| September 30, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended, |
|
For the nine months ended, |
| Profitability Ratios (annualized) |
9/30/2025 |
|
6/30/2025 |
|
3/31/2025 |
|
12/31/2024 |
|
9/30/2024 |
|
9/30/2025 |
|
9/30/2024 |
| Return on average assets |
1.24 |
% |
|
1.00 |
% |
|
1.14 |
% |
|
0.92 |
% |
|
0.92 |
% |
|
1.13 |
% |
|
0.97 |
% |
| Return on average shareholders' equity |
11.02 |
% |
|
8.82 |
% |
|
10.13 |
% |
|
8.56 |
% |
|
8.55 |
% |
|
10.00 |
% |
|
8.95 |
% |
| Return on average tangible common equity (1)(3) |
13.68 |
% |
|
11.02 |
% |
|
12.69 |
% |
|
10.79 |
% |
|
10.84 |
% |
|
12.47 |
% |
|
11.40 |
% |
| Net interest margin (FTE) |
3.17 |
% |
|
3.20 |
% |
|
3.09 |
% |
|
2.88 |
% |
|
2.82 |
% |
|
3.15 |
% |
|
2.85 |
% |
| Efficiency ratio (2) |
60.2 |
% |
|
61.6 |
% |
|
61.6 |
% |
|
65.5 |
% |
|
65.7 |
% |
|
61.1 |
% |
|
65.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Capitalization Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dividends declared to net income |
24.7 |
% |
|
31.8 |
% |
|
27.2 |
% |
|
32.2 |
% |
|
33.0 |
% |
|
27.6 |
% |
|
32.4 |
% |
| Shareholders' equity to assets (Period End) |
10.88 |
% |
|
11.55 |
% |
|
11.33 |
% |
|
10.92 |
% |
|
10.69 |
% |
|
10.88 |
% |
|
10.69 |
% |
| Tangible common equity to tangible assets (1) |
9.00 |
% |
|
9.52 |
% |
|
9.31 |
% |
|
8.92 |
% |
|
8.71 |
% |
|
9.00 |
% |
|
8.71 |
% |
| Common equity book value per share |
$ |
32.66 |
|
|
$ |
31.82 |
|
|
$ |
31.19 |
|
|
$ |
30.55 |
|
|
$ |
30.16 |
|
|
$ |
32.66 |
|
|
$ |
30.16 |
|
| Tangible common equity book value per share (1) |
$ |
26.45 |
|
|
$ |
25.66 |
|
|
$ |
25.06 |
|
|
$ |
24.43 |
|
|
$ |
24.05 |
|
|
$ |
26.45 |
|
|
$ |
24.05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Regulatory Capital Ratios (Period End) |
|
|
|
|
|
|
|
|
|
|
|
|
| Tier 1 leverage ratio |
9.85 |
% |
|
9.94 |
% |
|
9.80 |
% |
|
9.51 |
% |
|
9.53 |
% |
|
9.85 |
% |
|
9.53 |
% |
| Common equity tier 1 risk-based capital ratio |
11.40 |
% |
|
11.19 |
% |
|
10.97 |
% |
|
10.85 |
% |
|
10.88 |
% |
|
11.40 |
% |
|
10.88 |
% |
| Tier 1 risk-based capital ratio |
11.40 |
% |
|
11.19 |
% |
|
10.97 |
% |
|
10.85 |
% |
|
10.88 |
% |
|
11.40 |
% |
|
10.88 |
% |
| Total risk-based capital ratio |
14.28 |
% |
|
14.58 |
% |
|
14.35 |
% |
|
14.19 |
% |
|
14.27 |
% |
|
14.28 |
% |
|
14.27 |
% |
| (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, 2025 |
|
|
June 30, 2025 |
|
|
Average |
|
Income/ |
|
Average |
|
|
Average |
|
Income/ |
|
Average |
|
| (Dollars in thousands) |
Balance |
|
Expense |
|
Rate |
|
|
Balance |
|
Expense |
|
Rate |
|
| Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest-earning deposits with other banks |
$ |
395,944 |
|
|
$ |
4,363 |
|
|
4.37 |
|
% |
|
$ |
131,391 |
|
|
$ |
1,371 |
|
|
4.19 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other debt and equity securities |
492,197 |
|
|
3,923 |
|
|
3.16 |
|
|
|
497,214 |
|
|
3,962 |
|
|
3.20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Federal Home Loan Bank, Federal Reserve Bank and other stock |
37,159 |
|
|
736 |
|
|
7.86 |
|
|
|
36,711 |
|
|
671 |
|
|
7.33 |
|
|
| Total interest-earning deposits, investments and other interest-earning assets |
925,300 |
|
|
9,022 |
|
|
3.87 |
|
|
|
665,316 |
|
|
6,004 |
|
|
3.62 |
|
|
| Commercial, financial, and agricultural loans |
949,676 |
|
|
17,223 |
|
|
7.20 |
|
|
|
1,005,784 |
|
|
17,686 |
|
|
7.05 |
|
|
| Real estate—commercial and construction loans |
3,705,154 |
|
|
55,469 |
|
|
5.94 |
|
|
|
3,692,262 |
|
|
54,165 |
|
|
5.88 |
|
|
| Real estate—residential loans |
1,719,844 |
|
|
21,846 |
|
|
5.04 |
|
|
|
1,727,381 |
|
|
21,772 |
|
|
5.06 |
|
|
| Loans to individuals |
13,497 |
|
|
308 |
|
|
9.05 |
|
|
|
15,575 |
|
|
337 |
|
|
8.68 |
|
|
| Tax-exempt loans and leases |
229,253 |
|
|
3,033 |
|
|
5.25 |
|
|
|
228,856 |
|
|
2,966 |
|
|
5.20 |
|
|
| Lease financings |
173,403 |
|
|
3,159 |
|
|
7.23 |
|
|
|
177,080 |
|
|
3,192 |
|
|
7.23 |
|
|
| Gross loans and leases |
6,790,827 |
|
|
101,038 |
|
|
5.90 |
|
|
|
6,846,938 |
|
|
100,118 |
|
|
5.86 |
|
|
| Total interest-earning assets |
7,716,127 |
|
|
110,060 |
|
|
5.66 |
|
|
|
7,512,254 |
|
|
106,122 |
|
|
5.67 |
|
|
| Cash and due from banks |
60,950 |
|
|
|
|
|
|
|
55,335 |
|
|
|
|
|
|
| Allowance for credit losses, loans and leases |
(88,202) |
|
|
|
|
|
|
|
(88,127) |
|
|
|
|
|
|
| Premises and equipment, net |
46,980 |
|
|
|
|
|
|
|
47,299 |
|
|
|
|
|
|
| Operating lease right-of-use assets |
26,901 |
|
|
|
|
|
|
|
26,948 |
|
|
|
|
|
|
| Other assets |
428,254 |
|
|
|
|
|
|
|
425,766 |
|
|
|
|
|
|
| Total assets |
$ |
8,191,010 |
|
|
|
|
|
|
|
$ |
7,979,475 |
|
|
|
|
|
|
| Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest-bearing checking deposits |
$ |
1,293,781 |
|
|
$ |
8,685 |
|
|
2.66 |
|
% |
|
$ |
1,216,909 |
|
|
$ |
7,800 |
|
|
2.57 |
|
% |
| Money market savings |
1,915,501 |
|
|
18,765 |
|
|
3.89 |
|
|
|
1,754,428 |
|
|
16,945 |
|
|
3.87 |
|
|
| Regular savings |
724,927 |
|
|
1,068 |
|
|
0.58 |
|
|
|
700,762 |
|
|
749 |
|
|
0.43 |
|
|
| Time deposits |
1,482,837 |
|
|
15,100 |
|
|
4.04 |
|
|
|
1,541,008 |
|
|
16,261 |
|
|
4.23 |
|
|
| Total time and interest-bearing deposits |
5,417,046 |
|
|
43,618 |
|
|
3.19 |
|
|
|
5,213,107 |
|
|
41,755 |
|
|
3.21 |
|
|
| Short-term borrowings |
10,639 |
|
|
1 |
|
|
0.04 |
|
|
|
5,254 |
|
|
1 |
|
|
0.08 |
|
|
| Long-term debt |
200,000 |
|
|
2,145 |
|
|
4.26 |
|
|
|
200,549 |
|
|
2,128 |
|
|
4.26 |
|
|
| Subordinated notes |
139,127 |
|
|
2,560 |
|
|
7.30 |
|
|
|
149,444 |
|
|
2,281 |
|
|
6.12 |
|
|
| Total borrowings |
349,766 |
|
|
4,706 |
|
|
5.34 |
|
|
|
355,247 |
|
|
4,410 |
|
|
4.98 |
|
|
| Total interest-bearing liabilities |
5,766,812 |
|
|
48,324 |
|
|
3.32 |
|
|
|
5,568,354 |
|
|
46,165 |
|
|
3.33 |
|
|
| Noninterest-bearing deposits |
1,418,997 |
|
|
|
|
|
|
|
1,420,143 |
|
|
|
|
|
|
| Operating lease liabilities |
29,702 |
|
|
|
|
|
|
|
29,802 |
|
|
|
|
|
|
| Accrued expenses and other liabilities |
52,045 |
|
|
|
|
|
|
|
52,640 |
|
|
|
|
|
|
| Total liabilities |
7,267,556 |
|
|
|
|
|
|
|
7,070,939 |
|
|
|
|
|
|
| Total interest-bearing liabilities and noninterest-bearing deposits ("Cost of Funds") |
7,185,809 |
|
|
|
|
2.67 |
|
|
|
6,988,497 |
|
|
|
|
2.65 |
|
|
| Shareholders' Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Common stock |
157,784 |
|
|
|
|
|
|
|
157,784 |
|
|
|
|
|
|
| Additional paid-in capital |
302,063 |
|
|
|
|
|
|
|
301,016 |
|
|
|
|
|
|
| Retained earnings and other equity |
463,607 |
|
|
|
|
|
|
|
449,736 |
|
|
|
|
|
|
| Total shareholders' equity |
923,454 |
|
|
|
|
|
|
|
908,536 |
|
|
|
|
|
|
| Total liabilities and shareholders' equity |
$ |
8,191,010 |
|
|
|
|
|
|
|
$ |
7,979,475 |
|
|
|
|
|
|
| Net interest income |
|
|
$ |
61,736 |
|
|
|
|
|
|
|
$ |
59,957 |
|
|
|
|
| Net interest spread |
|
|
|
|
2.34 |
|
|
|
|
|
|
|
2.34 |
|
|
| Effect of net interest-free funding sources |
|
|
|
|
0.83 |
|
|
|
|
|
|
|
0.86 |
|
|
| Net interest margin |
|
|
|
|
3.17 |
|
% |
|
|
|
|
|
3.20 |
|
% |
| Ratio of average interest-earning assets to average interest-bearing liabilities |
133.80 |
|
|
% |
|
|
|
|
134.91 |
|
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| *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 $687 thousand and $689 thousand for the three months ended September 30, 2025 and June 30, 2025, 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, 2025 and June 30, 2025 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 |
2025 |
|
|
2024 |
|
|
Average |
|
Income/ |
|
Average |
|
|
Average |
|
Income/ |
|
Average |
|
| (Dollars in thousands) |
Balance |
|
Expense |
|
Rate |
|
|
Balance |
|
Expense |
|
Rate |
|
| Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest-earning deposits with other banks |
$ |
395,944 |
|
|
$ |
4,363 |
|
|
4.37 |
|
% |
|
$ |
270,724 |
|
|
$ |
3,624 |
|
|
5.33 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Obligations of state and political subdivisions* |
— |
|
|
— |
|
|
— |
|
|
|
1,283 |
|
|
7 |
|
|
2.17 |
|
|
| Other debt and equity securities |
492,197 |
|
|
3,923 |
|
|
3.16 |
|
|
|
492,051 |
|
|
3,706 |
|
|
3.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Federal Home Loan Bank, Federal Reserve Bank and other stock |
37,159 |
|
|
736 |
|
|
7.86 |
|
|
|
38,769 |
|
|
742 |
|
|
7.61 |
|
|
| Total interest-earning deposits, investments and other interest-earning assets |
925,300 |
|
|
9,022 |
|
|
3.87 |
|
|
|
802,827 |
|
|
8,079 |
|
|
4.00 |
|
|
| Commercial, financial, and agricultural loans |
949,676 |
|
|
17,223 |
|
|
7.20 |
|
|
|
997,465 |
|
|
18,459 |
|
|
7.36 |
|
|
| Real estate—commercial and construction loans |
3,705,154 |
|
|
55,469 |
|
|
5.94 |
|
|
|
3,592,556 |
|
|
52,672 |
|
|
5.83 |
|
|
| Real estate—residential loans |
1,719,844 |
|
|
21,846 |
|
|
5.04 |
|
|
|
1,692,361 |
|
|
21,127 |
|
|
4.97 |
|
|
| Loans to individuals |
13,497 |
|
|
308 |
|
|
9.05 |
|
|
|
26,651 |
|
|
549 |
|
|
8.20 |
|
|
| Tax-exempt loans and leases |
229,253 |
|
|
3,033 |
|
|
5.25 |
|
|
|
232,159 |
|
|
2,565 |
|
|
4.40 |
|
|
| Lease financings |
173,403 |
|
|
3,159 |
|
|
7.23 |
|
|
|
189,599 |
|
|
3,275 |
|
|
6.87 |
|
|
| Gross loans and leases |
6,790,827 |
|
|
101,038 |
|
|
5.90 |
|
|
|
6,730,791 |
|
|
98,647 |
|
|
5.83 |
|
|
| Total interest-earning assets |
7,716,127 |
|
|
110,060 |
|
|
5.66 |
|
|
|
7,533,618 |
|
|
106,726 |
|
|
5.64 |
|
|
| Cash and due from banks |
60,950 |
|
|
|
|
|
|
|
62,902 |
|
|
|
|
|
|
| Allowance for credit losses, loans and leases |
(88,202) |
|
|
|
|
|
|
|
(86,517) |
|
|
|
|
|
|
| Premises and equipment, net |
46,980 |
|
|
|
|
|
|
|
47,989 |
|
|
|
|
|
|
| Operating lease right-of-use assets |
26,901 |
|
|
|
|
|
|
|
29,620 |
|
|
|
|
|
|
| Other assets |
428,254 |
|
|
|
|
|
|
|
417,653 |
|
|
|
|
|
|
| Total assets |
$ |
8,191,010 |
|
|
|
|
|
|
|
$ |
8,005,265 |
|
|
|
|
|
|
| Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest-bearing checking deposits |
$ |
1,293,781 |
|
|
$ |
8,685 |
|
|
2.66 |
|
% |
|
$ |
1,215,166 |
|
|
$ |
8,824 |
|
|
2.89 |
|
% |
| Money market savings |
1,915,501 |
|
|
18,765 |
|
|
3.89 |
|
|
|
1,849,628 |
|
|
21,213 |
|
|
4.56 |
|
|
| Regular savings |
724,927 |
|
|
1,068 |
|
|
0.58 |
|
|
|
727,395 |
|
|
878 |
|
|
0.48 |
|
|
| Time deposits |
1,482,837 |
|
|
15,100 |
|
|
4.04 |
|
|
|
1,491,560 |
|
|
17,255 |
|
|
4.60 |
|
|
| Total time and interest-bearing deposits |
5,417,046 |
|
|
43,618 |
|
|
3.19 |
|
|
|
5,283,749 |
|
|
48,170 |
|
|
3.63 |
|
|
| Short-term borrowings |
10,639 |
|
|
1 |
|
|
0.04 |
|
|
|
8,210 |
|
|
1 |
|
|
0.05 |
|
|
| Long-term debt |
200,000 |
|
|
2,145 |
|
|
4.26 |
|
|
|
247,826 |
|
|
2,781 |
|
|
4.46 |
|
|
| Subordinated notes |
139,127 |
|
|
2,560 |
|
|
7.30 |
|
|
|
149,068 |
|
|
2,282 |
|
|
6.09 |
|
|
| Total borrowings |
349,766 |
|
|
4,706 |
|
|
5.34 |
|
|
|
405,104 |
|
|
5,064 |
|
|
4.97 |
|
|
| Total interest-bearing liabilities |
5,766,812 |
|
|
48,324 |
|
|
3.32 |
|
|
|
5,688,853 |
|
|
53,234 |
|
|
3.72 |
|
|
| Noninterest-bearing deposits |
1,418,997 |
|
|
|
|
|
|
|
1,357,575 |
|
|
|
|
|
|
| Operating lease liabilities |
29,702 |
|
|
|
|
|
|
|
32,627 |
|
|
|
|
|
|
| Accrued expenses and other liabilities |
52,045 |
|
|
|
|
|
|
|
61,804 |
|
|
|
|
|
|
| Total liabilities |
7,267,556 |
|
|
|
|
|
|
|
7,140,859 |
|
|
|
|
|
|
| Total interest-bearing liabilities and noninterest-bearing deposits ("Cost of Funds") |
7,185,809 |
|
|
|
|
2.67 |
|
|
|
7,046,428 |
|
|
|
|
3.01 |
|
|
| Shareholders' Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Common stock |
157,784 |
|
|
|
|
|
|
|
157,784 |
|
|
|
|
|
|
| Additional paid-in capital |
302,063 |
|
|
|
|
|
|
|
300,565 |
|
|
|
|
|
|
| Retained earnings and other equity |
463,607 |
|
|
|
|
|
|
|
406,057 |
|
|
|
|
|
|
| Total shareholders' equity |
923,454 |
|
|
|
|
|
|
|
864,406 |
|
|
|
|
|
|
| Total liabilities and shareholders' equity |
$ |
8,191,010 |
|
|
|
|
|
|
|
$ |
8,005,265 |
|
|
|
|
|
|
| Net interest income |
|
|
$ |
61,736 |
|
|
|
|
|
|
|
$ |
53,492 |
|
|
|
|
| Net interest spread |
|
|
|
|
2.34 |
|
|
|
|
|
|
|
1.92 |
|
|
| Effect of net interest-free funding sources |
|
|
|
|
0.83 |
|
|
|
|
|
|
|
0.90 |
|
|
| Net interest margin |
|
|
|
|
3.17 |
|
% |
|
|
|
|
|
2.82 |
|
% |
| Ratio of average interest-earning assets to average interest-bearing liabilities |
133.80 |
|
|
% |
|
|
|
|
132.43 |
|
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| *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 $687 thousand and $897 thousand for the three months ended September 30, 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 September 30, 2025 and 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 Nine Months Ended September 30, |
|
| 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 |
$ |
216,788 |
|
|
$ |
7,094 |
|
|
4.38 |
|
% |
|
$ |
159,114 |
|
|
$ |
6,341 |
|
|
5.32 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Obligations of state and political subdivisions* |
290 |
|
|
4 |
|
|
1.84 |
|
|
|
1,500 |
|
|
26 |
|
|
2.32 |
|
|
| Other debt and equity securities |
496,178 |
|
|
11,904 |
|
|
3.21 |
|
|
|
494,310 |
|
|
11,094 |
|
|
3.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Federal Home Loan Bank, Federal Reserve Bank and other stock |
37,142 |
|
|
2,094 |
|
|
7.54 |
|
|
|
38,392 |
|
|
2,166 |
|
|
7.54 |
|
|
| Total interest-earning deposits, investments and other interest-earning assets |
750,398 |
|
|
21,096 |
|
|
3.76 |
|
|
|
693,316 |
|
|
19,627 |
|
|
3.78 |
|
|
| Commercial, financial, and agricultural loans |
981,956 |
|
|
51,929 |
|
|
7.07 |
|
|
|
972,003 |
|
|
52,429 |
|
|
7.21 |
|
|
| Real estate—commercial and construction loans |
3,700,553 |
|
|
162,310 |
|
|
5.86 |
|
|
|
3,572,375 |
|
|
153,890 |
|
|
5.75 |
|
|
| Real estate—residential loans |
1,725,423 |
|
|
65,160 |
|
|
5.05 |
|
|
|
1,657,142 |
|
|
61,095 |
|
|
4.92 |
|
|
| Loans to individuals |
16,148 |
|
|
1,038 |
|
|
8.59 |
|
|
|
26,928 |
|
|
1,639 |
|
|
8.13 |
|
|
| Tax-exempt loans and leases |
229,411 |
|
|
8,860 |
|
|
5.16 |
|
|
|
231,679 |
|
|
7,505 |
|
|
4.33 |
|
|
| Lease financings |
177,692 |
|
|
9,591 |
|
|
7.22 |
|
|
|
189,733 |
|
|
9,549 |
|
|
6.72 |
|
|
| Gross loans and leases |
6,831,183 |
|
|
298,888 |
|
|
5.85 |
|
|
|
6,649,860 |
|
|
286,107 |
|
|
5.75 |
|
|
| Total interest-earning assets |
7,581,581 |
|
|
319,984 |
|
|
5.64 |
|
|
|
7,343,176 |
|
|
305,734 |
|
|
5.56 |
|
|
| Cash and due from banks |
57,674 |
|
|
|
|
|
|
|
58,070 |
|
|
|
|
|
|
| Allowance for credit losses, loans and leases |
(88,052) |
|
|
|
|
|
|
|
(86,435) |
|
|
|
|
|
|
| Premises and equipment, net |
47,044 |
|
|
|
|
|
|
|
49,098 |
|
|
|
|
|
|
| Operating lease right-of-use assets |
27,200 |
|
|
|
|
|
|
|
30,359 |
|
|
|
|
|
|
| Other assets |
425,831 |
|
|
|
|
|
|
|
414,246 |
|
|
|
|
|
|
| Total assets |
$ |
8,051,278 |
|
|
|
|
|
|
|
$ |
7,808,514 |
|
|
|
|
|
|
| Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest-bearing checking deposits |
$ |
1,244,497 |
|
|
$ |
23,560 |
|
|
2.53 |
|
% |
|
$ |
1,163,526 |
|
|
$ |
24,353 |
|
|
2.80 |
|
% |
| Money market savings |
1,836,983 |
|
|
53,745 |
|
|
3.91 |
|
|
|
1,749,592 |
|
|
59,564 |
|
|
4.55 |
|
|
| Regular savings |
709,493 |
|
|
2,580 |
|
|
0.49 |
|
|
|
752,336 |
|
|
2,712 |
|
|
0.48 |
|
|
| Time deposits |
1,500,137 |
|
|
47,467 |
|
|
4.23 |
|
|
|
1,384,576 |
|
|
47,019 |
|
|
4.54 |
|
|
| Total time and interest-bearing deposits |
5,291,110 |
|
|
127,352 |
|
|
3.22 |
|
|
|
5,050,030 |
|
|
133,648 |
|
|
3.54 |
|
|
| Short-term borrowings |
7,614 |
|
|
16 |
|
|
0.28 |
|
|
|
15,919 |
|
|
248 |
|
|
2.08 |
|
|
| Long-term debt |
205,952 |
|
|
6,634 |
|
|
4.31 |
|
|
|
263,380 |
|
|
8,441 |
|
|
4.28 |
|
|
| Subordinated notes |
145,926 |
|
|
7,122 |
|
|
6.53 |
|
|
|
148,944 |
|
|
6,844 |
|
|
6.14 |
|
|
| Total borrowings |
359,492 |
|
|
13,772 |
|
|
5.12 |
|
|
|
428,243 |
|
|
15,533 |
|
|
4.85 |
|
|
| Total interest-bearing liabilities |
5,650,602 |
|
|
141,124 |
|
|
3.34 |
|
|
|
5,478,273 |
|
|
149,181 |
|
|
3.64 |
|
|
| Noninterest-bearing deposits |
1,405,339 |
|
|
|
|
|
|
|
1,383,707 |
|
|
|
|
|
|
| Operating lease liabilities |
30,056 |
|
|
|
|
|
|
|
33,389 |
|
|
|
|
|
|
| Accrued expenses and other liabilities |
55,583 |
|
|
|
|
|
|
|
62,586 |
|
|
|
|
|
|
| Total liabilities |
7,141,580 |
|
|
|
|
|
|
|
6,957,955 |
|
|
|
|
|
|
| Total interest-bearing liabilities and noninterest-bearing deposits ("Cost of Funds") |
7,055,941 |
|
|
|
|
2.67 |
|
|
|
6,861,980 |
|
|
|
|
2.90 |
|
|
| Shareholders' Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Common stock |
157,784 |
|
|
|
|
|
|
|
157,784 |
|
|
|
|
|
|
| Additional paid-in capital |
301,908 |
|
|
|
|
|
|
|
300,224 |
|
|
|
|
|
|
| Retained earnings and other equity |
450,006 |
|
|
|
|
|
|
|
392,551 |
|
|
|
|
|
|
| Total shareholders' equity |
909,698 |
|
|
|
|
|
|
|
850,559 |
|
|
|
|
|
|
| Total liabilities and shareholders' equity |
$ |
8,051,278 |
|
|
|
|
|
|
|
$ |
7,808,514 |
|
|
|
|
|
|
| Net interest income |
|
|
$ |
178,860 |
|
|
|
|
|
|
|
$ |
156,553 |
|
|
|
|
| Net interest spread |
|
|
|
|
2.30 |
|
|
|
|
|
|
|
1.92 |
|
|
| Effect of net interest-free funding sources |
|
|
|
|
0.85 |
|
|
|
|
|
|
|
0.93 |
|
|
| Net interest margin |
|
|
|
|
3.15 |
|
% |
|
|
|
|
|
2.85 |
|
% |
| Ratio of average interest-earning assets to average interest-bearing liabilities |
134.17 |
|
|
% |
|
|
|
|
134.04 |
|
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| *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 $1.9 million and $2.0 million for the nine months ended September 30, 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 nine months ended September 30, 2025 and 2024 have been calculated using the Corporation’s federal applicable rate of 21.0%. |
|
|
|
|
|
|
|
|
|
|
|
|
| Univest Financial Corporation |
| Loan Portfolio Overview (Unaudited) |
| September 30, 2025 |
|
|
|
|
| (Dollars in thousands) |
|
|
|
| Industry Description |
Total Outstanding Balance |
|
% of Commercial Loan Portfolio |
| CRE - Retail |
$ |
448,366 |
|
|
8.4 |
% |
| Animal Production |
413,288 |
|
|
7.7 |
|
| CRE - Multi-family |
356,421 |
|
|
6.6 |
|
| CRE - 1-4 Family Residential Investment |
279,521 |
|
|
5.2 |
|
| CRE - Office |
256,336 |
|
|
4.8 |
|
| Hotels & Motels (Accommodation) |
238,680 |
|
|
4.4 |
|
| CRE - Industrial / Warehouse |
217,278 |
|
|
4.0 |
|
| Specialty Trade Contractors |
200,691 |
|
|
3.7 |
|
| Nursing and Residential Care Facilities |
167,358 |
|
|
3.1 |
|
| Homebuilding (tract developers, remodelers) |
164,095 |
|
|
3.1 |
|
| Merchant Wholesalers, Durable Goods |
134,234 |
|
|
2.5 |
|
| Crop Production |
132,372 |
|
|
2.5 |
|
| Motor Vehicle and Parts Dealers |
132,116 |
|
|
2.5 |
|
| Repair and Maintenance |
111,548 |
|
|
2.1 |
|
| CRE - Mixed-Use - Residential |
107,602 |
|
|
2.0 |
|
| CRE - Mixed-Use - Commercial |
99,810 |
|
|
1.9 |
|
| Wood Product Manufacturing |
95,624 |
|
|
1.8 |
|
| Real Estate Lenders, Secondary Market Financing |
92,254 |
|
|
1.7 |
|
| Administrative and Support Services |
89,330 |
|
|
1.7 |
|
| Food Services and Drinking Places |
88,826 |
|
|
1.7 |
|
| Merchant Wholesalers, Nondurable Goods |
84,534 |
|
|
1.6 |
|
| Professional, Scientific, and Technical Services |
81,206 |
|
|
1.5 |
|
| Fabricated Metal Product Manufacturing |
74,269 |
|
|
1.4 |
|
| Amusement, Gambling, and Recreation Industries |
72,892 |
|
|
1.4 |
|
| Religious Organizations, Advocacy Groups |
66,259 |
|
|
1.2 |
|
| Personal and Laundry Services |
63,955 |
|
|
1.2 |
|
| Miniwarehouse / Self-Storage |
63,941 |
|
|
1.2 |
|
| Education |
63,844 |
|
|
1.2 |
|
| Food Manufacturing |
55,063 |
|
|
1.0 |
|
| Private Equity & Special Purpose Entities (except 52592) |
50,895 |
|
|
0.9 |
|
| Industries with >$50 million in outstandings |
$ |
4,502,608 |
|
|
83.9 |
% |
| Industries with <$50 million in outstandings |
$ |
866,363 |
|
|
16.1 |
% |
| Total Commercial Loans |
$ |
5,368,971 |
|
|
100.0 |
% |
|
|
|
|
| Consumer Loans and Lease Financings |
Total Outstanding Balance |
|
|
| Real Estate-Residential Secured for Personal Purpose |
$ |
974,395 |
|
|
|
| Real Estate-Home Equity Secured for Personal Purpose |
197,503 |
|
|
|
| Loans to Individuals |
13,447 |
|
|
|
| Lease Financings |
231,166 |
|
|
|
| Total Consumer Loans and Lease Financings |
$ |
1,416,511 |
|
|
|
|
|
|
|
| Total |
$ |
6,785,482 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Univest Financial Corporation |
| Non-GAAP Reconciliation |
| September 30, 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, |
|
As of or for the nine months ended, |
| (Dollars in thousands) |
9/30/2025 |
|
6/30/2025 |
|
3/31/2025 |
|
12/31/2024 |
|
9/30/2024 |
|
9/30/2025 |
|
9/30/2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income |
$ |
25,639 |
|
|
$ |
19,978 |
|
|
$ |
22,395 |
|
|
$ |
18,941 |
|
|
$ |
18,578 |
|
|
$ |
68,012 |
|
|
$ |
56,990 |
|
| Amortization of intangibles, net of tax |
84 |
|
|
103 |
|
|
103 |
|
|
122 |
|
|
130 |
|
|
290 |
|
|
426 |
|
| Net income before amortization of intangibles |
$ |
25,723 |
|
|
$ |
20,081 |
|
|
$ |
22,498 |
|
|
$ |
19,063 |
|
|
$ |
18,708 |
|
|
$ |
68,302 |
|
|
$ |
57,416 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shareholders' equity |
$ |
933,219 |
|
|
$ |
916,733 |
|
|
$ |
903,472 |
|
|
$ |
887,301 |
|
|
$ |
877,071 |
|
|
$ |
933,219 |
|
|
$ |
877,071 |
|
| Goodwill |
(175,510) |
|
|
(175,510) |
|
|
(175,510) |
|
|
(175,510) |
|
|
(175,510) |
|
|
(175,510) |
|
|
(175,510) |
|
| Other intangibles (a) |
(1,966) |
|
|
(2,040) |
|
|
(2,104) |
|
|
(2,263) |
|
|
(2,147) |
|
|
(1,966) |
|
|
(2,147) |
|
| Tangible common equity |
$ |
755,743 |
|
|
$ |
739,183 |
|
|
$ |
725,858 |
|
|
$ |
709,528 |
|
|
$ |
699,414 |
|
|
$ |
755,743 |
|
|
$ |
699,414 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total assets |
$ |
8,573,616 |
|
|
$ |
7,939,056 |
|
|
$ |
7,975,167 |
|
|
$ |
8,128,417 |
|
|
$ |
8,205,737 |
|
|
$ |
8,573,616 |
|
|
$ |
8,205,737 |
|
| Goodwill |
(175,510) |
|
|
(175,510) |
|
|
(175,510) |
|
|
(175,510) |
|
|
(175,510) |
|
|
(175,510) |
|
|
(175,510) |
|
| Other intangibles (a) |
(1,966) |
|
|
(2,040) |
|
|
(2,104) |
|
|
(2,263) |
|
|
(2,147) |
|
|
(1,966) |
|
|
(2,147) |
|
| Tangible assets |
$ |
8,396,140 |
|
|
$ |
7,761,506 |
|
|
$ |
7,797,553 |
|
|
$ |
7,950,644 |
|
|
$ |
8,028,080 |
|
|
$ |
8,396,140 |
|
|
$ |
8,028,080 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Average shareholders' equity |
$ |
923,454 |
|
|
$ |
908,536 |
|
|
$ |
896,811 |
|
|
$ |
880,237 |
|
|
$ |
864,406 |
|
|
$ |
909,698 |
|
|
$ |
850,559 |
|
| Average goodwill |
(175,510) |
|
|
(175,510) |
|
|
(175,510) |
|
|
(175,510) |
|
|
(175,510) |
|
|
(175,510) |
|
|
(175,510) |
|
| Average other intangibles (a) |
(1,983) |
|
|
(2,068) |
|
|
(2,162) |
|
|
(2,146) |
|
|
(2,086) |
|
|
(2,071) |
|
|
(2,209) |
|
| Average tangible common equity |
$ |
745,961 |
|
|
$ |
730,958 |
|
|
$ |
719,139 |
|
|
$ |
702,581 |
|
|
$ |
686,810 |
|
|
$ |
732,117 |
|
|
$ |
672,840 |
|
|
|
|
|
|
|
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| (a) Amount does not include mortgage servicing rights |
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エドガーで原本を確認する
