Net Income and Earnings - Net income for Q4 2024 was $18.9 million, or $0.65 diluted earnings per share, an 18.2% increase compared to Q4 2023[1] - Net income for the twelve months ended 12/31/2024 was $75,931 thousand, up from $71,104 thousand in 2023[28] - Net income for the three months ended 12/31/2024 was $18,941 thousand, compared to $16,254 thousand for the same period in 2023, representing a 16.5% increase[47] - Basic net income per share for the twelve months ended 12/31/2024 was $2.60, up from $2.42 in 2023[28] - Net income before amortization of intangibles for the twelve months ended 12/31/2024 was $76,479 thousand, a 6.5% increase from $71,845 thousand for the same period in 2023[47] Loans and Leases - Gross loans and leases increased by $95.8 million (1.4%) from September 30, 2024, and $259.4 million (3.9%) from December 31, 2023[2] - Net loans and leases held for investment grew to $6,739,492 thousand, up from $6,481,827 thousand in December 2023[24] - Loans and leases, gross averaged $6,758,649 thousand for the three months ended December 31, 2024, compared to $6,594,233 thousand in the same period last year[24] - Total loans and leases held for investment increased to $6,826,583 thousand as of 12/31/2024, up from $6,567,214 thousand on 12/31/2023[26] - Commercial, financial, and agricultural loans remained stable at $972.84 million in Q4 2024, with a slight increase in yield to 7.15% from 7.13% in Q4 2023[36] - Real estate—commercial and construction loans increased to $3.63 billion in Q4 2024, up from $3.59 billion in Q4 2023, with a yield increase to 5.82% from 5.60%[36] - Commercial, financial, and agricultural loans generated $69,921 thousand in income with a yield of 7.19% in 2024, up from $67,487 thousand and 6.81% in 2023[40] - Real estate—commercial and construction loans increased to $3,587,147 thousand in 2024, generating $207,053 thousand in income with a yield of 5.77%, up from $3,483,576 thousand and $188,644 thousand in 2023[40] - CRE - Retail loans accounted for 8.6% of the commercial loan portfolio, totaling $463,882 thousand as of December 31, 2024[44] - Animal production loans represented 7.3% of the commercial loan portfolio, with a balance of $393,902 thousand as of December 31, 2024[44] - Total consumer loans and lease financings amounted to $1,447,719 thousand, including $994,972 thousand in real estate-residential secured loans for personal purposes as of December 31, 2024[44] - Industries with over $50 million in outstanding loans represented 84.3% of the commercial loan portfolio, totaling $4,532,454 thousand as of December 31, 2024[44] Deposits - Total deposits decreased by $94.9 million (1.4%) from September 30, 2024, but increased by $383.5 million (6.0%) from December 31, 2023[3] - Noninterest-bearing deposits totaled $1.4 billion, representing 20.9% of total deposits at December 31, 2024[3] - Total deposits reached $6,759,259 thousand, a rise from $6,375,781 thousand in the prior year[24] - Noninterest-bearing deposits increased to $1,414,635 thousand, up from $1,468,320 thousand in December 2023[24] - Total interest-bearing deposits grew to $5,146,751 thousand in 2024, with an average rate of 3.51%, up from $4,448,772 thousand and 2.83% in 2023[40] Net Interest Income and Margin - Net interest income for Q4 2024 was $55.5 million, a 5.1% increase from Q4 2023 and a 4.3% increase from Q3 2024[6] - Net interest margin was 2.88% for Q4 2024, compared to 2.82% for Q3 2024 and 2.84% for Q4 2023[7] - Net interest income for the twelve months ended 12/31/2024 was $211,170 thousand, compared to $219,997 thousand for the same period in 2023[28] - Net interest margin (FTE) for the three months ended December 31, 2024, was 2.88%, up from 2.82% in the previous quarter[30] - Net interest income increased to $55.79 million in Q4 2024, up from $53.02 million in Q4 2023, reflecting a growth of 5.2%[36] - Net interest margin improved to 2.88% in Q4 2024, up from 2.84% in Q4 2023, driven by higher interest-earning asset yields[36] - Net interest income decreased to $212,343 thousand in 2024 from $221,196 thousand in 2023, with a net interest margin of 2.86% compared to 3.12% in 2023[40] Noninterest Income and Expenses - Noninterest income for Q4 2024 was $21.3 million, a 14.6% increase from the same period in 2023[8] - Noninterest income for the twelve months ended 12/31/2024 was $88,055 thousand, compared to $76,824 thousand in 2023[28] - Net deferred costs amortization for Q4 2024 was $676 thousand, compared to $428 thousand in Q4 2023, indicating higher amortization expenses[38] - Net deferred costs amortization for the twelve months ended December 31, 2024, was $2.7 million, compared to $2.1 million in 2023[42] - Restructuring charges for the twelve months ended 12/31/2024 were $1,519 thousand, compared to $189 thousand for the same period in 2023[47] Asset Quality and Credit Losses - Nonperforming assets totaled $33.2 million at December 31, 2024, down from $36.6 million at September 30, 2024, and $40.1 million at December 31, 2023[14] - The provision for credit losses was $2.4 million for Q4 2024, compared to $1.4 million for Q3 2024 and $1.9 million for Q4 2023[16] - Nonperforming loans and leases decreased to $12,988 thousand as of 12/31/2024, down from $21,061 thousand on 12/31/2023[26] - Allowance for credit losses as a percentage of loans and leases held for investment remained stable at 1.28% as of 12/31/2024[26] - Net loan and lease charge-offs for the twelve months ended 12/31/2024 were $3,802 thousand, down from $5,397 thousand in 2023[26] - Total nonperforming assets decreased to $33,205 thousand as of 12/31/2024, down from $40,093 thousand on 12/31/2023[26] Dividends and Shareholder Equity - Univest declared a quarterly cash dividend of $0.21 per share, payable on February 19, 2025[17] - Shareholders' equity increased to $887,301 thousand, compared to $839,208 thousand in December 2023[24] - Dividends declared per share remained consistent at $0.84 for both 2024 and 2023[28] - Common equity book value per share as of December 31, 2024, was $30.55, up from $28.44 in the same period in 2023[30] - Tangible common equity as of 12/31/2024 was $709,528 thousand, up 7.3% from $661,293 thousand as of 12/31/2023[47] - Average tangible common equity for the twelve months ended 12/31/2024 was $680,316 thousand, an 8.4% increase from $627,355 thousand for the same period in 2023[47] - Shareholders' equity as of 12/31/2024 was $887,301 thousand, a 5.7% increase from $839,208 thousand as of 12/31/2023[47] Total Assets and Liabilities - Total assets increased to $8,128,417 thousand as of December 31, 2024, compared to $7,780,628 thousand in the previous year[24] - Cash and cash equivalents stood at $328,844 thousand, up from $249,799 thousand in the previous year[24] - Investment securities available for sale, net of allowance for credit losses, totaled $357,361 thousand, slightly higher than $351,553 thousand in December 2023[24] - Long-term debt decreased to $225,000 thousand, down from $310,000 thousand in the previous year[24] - Total assets as of 12/31/2024 were $8,128,417 thousand, a 4.5% increase from $7,780,628 thousand as of 12/31/2023[47] - Tangible assets as of 12/31/2024 were $7,950,644 thousand, a 4.6% increase from $7,602,713 thousand as of 12/31/2023[47] - Total assets increased to $8.16 billion in Q4 2024, up from $7.87 billion in Q4 2023, reflecting overall growth in the company's financial position[36] Interest-Earning Assets and Liabilities - Total interest-earning assets for the three months ended December 31, 2024, were $7,701,557 thousand, generating $107,794 thousand in income at a rate of 5.57%[32] - Total interest-bearing liabilities for the three months ended December 31, 2024, were $5,816,110 thousand, with an expense of $52,004 thousand at a rate of 3.56%[32] - Total interest-earning assets grew to $7.70 billion in Q4 2024, compared to $7.41 billion in Q4 2023, an increase of 3.9%[36] - Total interest-bearing liabilities rose to $5.82 billion in Q4 2024, compared to $5.49 billion in Q4 2023, with a cost of funds increase to 3.56% from 3.50%[36] - Total interest-earning assets increased to $7,433,260 thousand in 2024 from $7,096,690 thousand in 2023, with a yield of 5.56% compared to 5.25% in 2023[40] - The ratio of average interest-earning assets to average interest-bearing liabilities decreased slightly to 132.42% in Q4 2024 from 134.93% in Q4 2023[36] Capital Ratios and Efficiency - Tier 1 leverage ratio as of December 31, 2024, was 9.51%, compared to 9.36% in the same period in 2023[30] - Total risk-based capital ratio as of December 31, 2024, was 14.19%, up from 13.90% in 2023[30] - Efficiency ratio for the twelve months ended December 31, 2024, was 65.7%, compared to 66.0% in 2023[30] - Return on average assets for the twelve months ended December 31, 2024, was 0.96%, compared to 0.94% in the same period in 2023[30] - Return on average shareholders' equity for the twelve months ended December 31, 2024, was 8.85%, slightly higher than 8.83% in 2023[30] Tax and Adjustments - Tax-equivalent adjustments were calculated using a federal applicable rate of 21.0% for both Q4 2024 and Q4 2023[38]

Group 1 - Univest reported quarterly earnings of $0.65 per share, exceeding the Zacks Consensus Estimate of $0.61 per share, and up from $0.55 per share a year ago, representing an earnings surprise of 6.56% [1] - The company achieved revenues of $76.8 million for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 3.26%, compared to $71.38 million in the same quarter last year [2] - Over the last four quarters, Univest has consistently surpassed consensus EPS estimates four times and topped revenue estimates two times [2] Group 2 - The stock's immediate price movement will depend on management's commentary during the earnings call and the sustainability of earnings expectations [3][4] - Univest shares have increased by approximately 2.2% since the beginning of the year, while the S&P 500 has gained 2.9% [3] - The current consensus EPS estimate for the upcoming quarter is $0.61 on revenues of $75.75 million, and for the current fiscal year, it is $2.32 on revenues of $308.02 million [7] Group 3 - The Zacks Industry Rank indicates that the Banks - Northeast sector is in the top 24% of over 250 Zacks industries, suggesting a favorable outlook for stocks in this category [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5][6] - The estimate revisions trend for Univest is currently favorable, resulting in a Zacks Rank 1 (Strong Buy) for the stock, indicating expected outperformance in the near future [6]

Core Viewpoint - Univest Financial Corporation reported a net income of $18.9 million for Q4 2024, reflecting an 18.2% increase in earnings per share compared to Q4 2023, driven by higher net interest income and noninterest income growth [1]. Financial Performance - Net income for Q4 2024 was $18.9 million, or $0.65 diluted earnings per share, compared to $16.3 million, or $0.55 diluted earnings per share, in Q4 2023 [1]. - Net interest income increased by $2.7 million, or 5.1%, from Q4 2023, totaling $55.5 million for Q4 2024 [5]. - Noninterest income for Q4 2024 was $21.3 million, an increase of $2.7 million, or 14.6%, from the same period last year [7]. Loans and Deposits - Gross loans and leases increased by $95.8 million, or 1.4% (5.6% annualized), from September 30, 2024, and by $259.4 million, or 3.9%, from December 31, 2023 [2]. - Total deposits decreased by $94.9 million, or 1.4% (5.6% annualized), from September 30, 2024, but increased by $383.5 million, or 6.0%, from December 31, 2023 [3]. Asset Quality - Nonperforming assets totaled $33.2 million at December 31, 2024, down from $40.1 million at December 31, 2023 [14]. - The provision for credit losses was $2.4 million for Q4 2024, compared to $1.4 million and $1.9 million for the previous quarters [16]. Shareholder Returns - The company declared a quarterly cash dividend of $0.21 per share, to be paid on February 19, 2025 [17]. - During Q4 2024, the company repurchased 139,492 shares at an average price of $29.64 per share [17]. Company Overview - Univest Financial Corporation has approximately $8.1 billion in assets and $5.2 billion in assets under management as of December 31, 2024 [19].

Core Points - Univest Financial Corporation will host a conference call to discuss its fourth quarter 2024 earnings on January 23, 2025 at 9:00 a.m. [1] - Earnings are scheduled to be released after the market closes on January 22, 2025 [1] Company Overview - Univest Financial Corporation has approximately $8.2 billion in assets and $5.3 billion in assets under management and supervision as of September 30, 2024 [3] - The company provides a full range of financial solutions for individuals, businesses, municipalities, and nonprofit organizations primarily in the Mid-Atlantic Region [3] - Univest operates through a network of more than 50 offices and online services [3]

Financial Performance - The Corporation reported net income of $18.6 million for Q3 2024, a 9.2% increase from $17.0 million in Q3 2023[184] - Diluted earnings per share for Q3 2024 were $0.63, up from $0.58 in Q3 2023, representing an increase of 8.6%[184] - For the nine months ended September 30, 2024, net income was $57.0 million, a 3.9% increase from $54.9 million in the same period of 2023[185] - The Corporation's return on average assets for Q3 2024 was 0.92%, compared to 0.88% in Q3 2023, an increase of 4 basis points[184] - The return on average equity for Q3 2024 was 8.55%, up from 8.32% in Q3 2023, an increase of 23 basis points[184] Interest Income and Margin - Net interest income on a tax-equivalent basis for Q3 2024 was $53.5 million, a decrease of 0.7% compared to $53.9 million in Q3 2023[187] - The net interest margin for Q3 2024 was 2.82%, down from 2.96% in Q3 2023[188] - The tax-equivalent net interest income for the nine months ended September 30, 2024 was $156.6 million, a decrease of 6.9% from $168.2 million in the same period of 2023[187] - Net interest income for the period was $53,492 thousand, compared to $53,863 thousand in the previous year[190] - The net interest margin decreased to 2.82% from 2.96% year-over-year[190] - Net interest income for the period was $156,553 thousand, compared to $168,179 thousand in the previous year, indicating a decrease of about 6.93%[192] - The net interest margin decreased to 2.85% from 3.22% year-over-year, showing a decline of 11.52%[192] Assets and Liabilities - Total assets increased to $8,005,265 thousand, up from $7,693,983 thousand year-over-year[190] - Total liabilities rose to $7,140,859 thousand, compared to $6,882,468 thousand in the prior year[190] - Total shareholders' equity increased to $864,406 thousand, up from $811,515 thousand[190] - Total assets increased to $7,808,514 thousand, up from $7,453,070 thousand in the previous year, representing a growth of approximately 4.73%[192] - Total liabilities rose to $6,957,955 thousand, compared to $6,650,529 thousand, marking an increase of about 4.62%[192] - Total shareholders' equity increased to $850,559 thousand from $802,541 thousand, representing a growth of approximately 5.97%[192] Loans and Deposits - Commercial, financial, and agricultural loans amounted to $997,465 thousand, with a net interest income of $18,459 thousand[190] - Money market savings deposits increased to $1,849,628 thousand, generating $21,213 thousand in interest[190] - Commercial, financial, and agricultural loans increased to $972,003 thousand, up from $693,316 thousand, reflecting a growth of approximately 40.25%[192] - Real estate—commercial and construction loans rose to $3,572,375 thousand, compared to $3,447,551 thousand, indicating an increase of about 3.63%[192] - Interest-bearing checking deposits grew to $1,163,526 thousand from $980,725 thousand, representing an increase of approximately 18.63%[192] - Total outstanding commercial loan balance as of September 30, 2024, is $5,302,416 thousand, with a portfolio concentration of 84.3% in industries with over $50 million in outstandings[225] - Total deposits increased by $478.4 million, or 7.5%, from December 31, 2023, reaching $6,854,148 thousand[231] Noninterest Income and Expenses - Noninterest income for the three months ended September 30, 2024 was $20.2 million, an increase of $1.5 million, or 7.8%, from $18.7 million in the same period in 2023[199] - Trust fee income increased by $200 thousand, or 10.5%, for the three months ended September 30, 2024 compared to the same period in 2023[198] - Investment advisory commission and fee income rose by $476 thousand, or 9.8%, for the three months ended September 30, 2024, driven by increased assets under management[200] - Insurance commission and fee income increased by $386 thousand, or 8.0%, for the three months ended September 30, 2024, primarily due to higher commercial lines premiums[201] - Other service fee income decreased by $1.2 million, or 39.9%, for the three months ended September 30, 2024, mainly due to a valuation allowance on mortgage servicing rights[202] - Noninterest expense for Q3 2024 was $48.6 million, a decrease of $436 thousand, or 0.9%, compared to Q3 2023[207] - Salaries, benefits, and commissions increased by $724 thousand, or 2.4%, for Q3 2024, primarily due to increased profitability[210] Capital and Liquidity - As of September 30, 2024, the Corporation's total capital to risk-weighted assets ratio was 14.27%, while the Bank's was 12.41%[243] - The Corporation's Tier 1 capital to risk-weighted assets ratio was 10.88% at September 30, 2024, compared to 10.58% at December 31, 2023[243] - Unencumbered cash and cash equivalents were $492.3 million at September 30, 2024, up from $241.5 million at December 31, 2023[252] - Committed borrowing capacity from the Federal Home Loan Bank and Federal Reserve Bank was $3.6 billion at September 30, 2024, an increase from $3.4 billion at December 31, 2023[252] - Core deposits remain the largest funding source for the Corporation, facing increased competition from various financial market participants[253] - The Corporation's liquidity management includes a contingency funding plan to address potential liquidity needs during financial crises[251] Other Notable Information - The effective tax rate for Q3 2024 was 20.6%, up from 20.0% in Q3 2023, primarily due to increases in state tax rates[212] - Goodwill has a net carrying value of $175.5 million as of September 30, 2024, with no impairment recorded during the nine months ended September 30, 2024[227] - Bank owned life insurance increased by $7.4 million, or 5.6%, from December 31, 2023, primarily due to new policies purchased[228] - Other assets increased by $11.5 million, or 12.1%, from December 31, 2023, mainly due to increases in pension plan assets and prepaid expenses[229] - The Banking segment reported pre-tax income of $22.5 million for the three months ended September 30, 2024, compared to $21.7 million for the same period in 2023[237] - The Wealth Management segment's noninterest income increased to $7.5 million for the three months ended September 30, 2024, up from $6.8 million in 2023[238] - The Insurance segment reported noninterest income of $5.2 million for the three months ended September 30, 2024, compared to $4.9 million in 2023[239]

Financial Data and Key Metrics Changes - The company reported net income of $18.6 million for Q3 2024, translating to $0.63 per share [3] - Deposits increased significantly by $358.8 million due to seasonal public funds deposits [3] - Loan growth was modest at $45.9 million, or 2.8% annualized, impacted by reduced line usage and elevated payoff activity [3] - Non-interest income rose by $1.5 million, or 7.8%, compared to the previous year, driven by growth in wealth management and insurance [3][6] - Non-interest expenses decreased by $436,000, or 0.9%, reflecting effective expense management strategies [3][7] Business Line Data and Key Metrics Changes - Wealth management and insurance segments saw growth of 9.8% and 8% respectively compared to Q3 2023 [3][6] - Non-interest income growth guidance for the year remains at 7% to 9%, excluding a prior gain on the sale of mortgage servicing rights [8][29] Market Data and Key Metrics Changes - The net interest margin (NIM) was reported at 2.82%, a decrease of 2 basis points from the prior quarter, while the core NIM expanded by 5 basis points to 2.91% [5][6] - The company expects loan growth of approximately 4% for the full year of 2024 [8] Company Strategy and Development Direction - The company plans to continue stock buybacks, having repurchased 156,728 shares in the quarter and 663,043 shares year-to-date, representing 2.25% of shares outstanding [4] - The management emphasized a focus on maintaining capital levels while utilizing excess capital for buybacks rather than pursuing M&A opportunities in the near term [19] Management's Comments on Operating Environment and Future Outlook - Management noted stability in non-performing assets and loan delinquencies, indicating a stable credit environment [6] - The company anticipates a neutral impact from potential Fed rate cuts on net interest income and margin due to a well-matched loan and deposit book [15][27] - Competitive pressures in the deposit market remain intense, with management observing that customers are more aware of Fed rate changes [16][17] Other Important Information - The provision for credit losses was recorded at $1.4 million, with a coverage ratio of 1.28% unchanged from the previous quarter [6] - The effective tax rate is expected to be approximately 20.5% based on current statutory rates [8] Q&A Session Summary Question: Can you discuss the linked quarter growth in expenses? - Management indicated that the fourth quarter expenses would be around $50 million, which is a reasonable starting point for next year, with some normalization expected [9][10] Question: How much of the $350 million in deposits is seasonal municipal? - Management clarified that the overall build occurs in Q3, with potential outflows of about $100 million per month in Q4 [11][12] Question: What factors could drive upside or downside to your guidance? - Management highlighted competitive deposit pricing and market valuations as key factors influencing guidance [14] Question: How is competition trending in your market for loans and deposits? - Management noted that deposit pricing has come down, but competition remains stiff, particularly for larger credits [16][17] Question: Will you reserve capital for potential M&A in the future? - Management stated that the focus remains on stock buybacks rather than building capital for M&A opportunities [19] Question: What is the outlook for the loan pipeline? - Management reported a healthy loan pipeline primarily in commercial and industrial loans, maintaining pricing discipline [22][24] Question: How much of your deposit base fits into higher cost categories? - Management indicated that approximately $2 billion in deposits automatically repriced, with $325 million in exception priced deposits having been reduced by 50 basis points [25][26]

Financial Performance - Net income for Q3 2024 was $18.6 million, or $0.63 diluted earnings per share, up from $17.0 million, or $0.58 per share in Q3 2023, representing a 9.4% increase in net income[1] - Noninterest income for Q3 2024 was $20.2 million, an increase of $1.5 million, or 7.8%, compared to Q3 2023[7] - Net income for the period was $18,578 million, up from $18,107 million in the previous quarter[22] - Net income for the quarter ended September 30, 2024, was $18,578,000, compared to $18,107,000 for the same period last year, representing a 2.6% increase[29] Asset and Deposit Growth - Total deposits rose by $358.8 million, or 5.5% (22.0% annualized), from June 30, 2024, and by $478.4 million, or 7.5% (10.0% annualized), from December 31, 2023[3] - Total assets increased to $8,205,737 million, compared to $7,855,446 million in the previous quarter, indicating a growth of 4.4%[19] - Cash and cash equivalents rose significantly to $504,700 million, compared to $190,911 million in the prior quarter, marking an increase of 164.5%[19] - Total assets increased to $8,005,265 thousand, up from $7,721,540 thousand[24] - Total assets increased to $8,005,265 thousand, up from $7,693,983 thousand[25] - Total assets increased to $7,808,514,000 as of September 30, 2024, compared to $7,453,070,000 in the previous year, reflecting a growth of approximately 4.7%[26] Loan and Lease Performance - Gross loans and leases increased by $45.9 million, or 0.7% (2.8% annualized), from June 30, 2024, and by $163.5 million, or 2.5% (3.3% annualized), from December 31, 2023[2] - Net loans and leases held for investment reached $6,644,693 million, up from $6,599,092 million, reflecting a growth of 0.7%[19] - Total loans and leases held for investment increased to $6,730,734, up from $6,684,837 in the previous quarter, representing a growth of 0.68%[21] - Nonperforming loans and leases totaled $15,629, a decrease from $16,405 in the previous quarter, indicating a reduction of 4.71%[21] Expense Management - Noninterest expense for Q3 2024 was $48.6 million, a decrease of $436 thousand, or 0.9%, from the same period last year[9] - Total noninterest expense was $48,552 million, slightly down from $48,708 million in the previous quarter[22] - The company is focused on financial service center optimization and headcount rationalization as part of its expense management strategies[29] Capital and Equity - Total shareholders' equity increased to $877,071 million, up from $854,137 million in the previous quarter, representing a growth of 2.2%[18] - Shareholders' equity on average for the nine months ended September 30, 2024, was $850,559 million, compared to $802,541 million for the same period last year, showing an increase of 6.0%[20] - The company reported a total shareholders' equity of $850,559,000, up from $802,541,000, reflecting an increase of approximately 6%[26] Income and Taxation - The effective income tax rate for Q3 2024 was 20.6%, compared to 20.0% for Q3 2023[11] - Income before taxes increased to $23,388 million from $22,592 million in the previous quarter[22] Dividends - The Corporation declared a quarterly cash dividend of $0.21 per share, payable on November 20, 2024[13] - Dividends declared per share remained stable at $0.21 for the current and previous quarters[22] - Dividends declared to net income ratio is 33.0%, up from 36.4% year-over-year[23] Credit Quality - Nonperforming assets totaled $36.6 million as of September 30, 2024, unchanged from June 30, 2024, and down from $40.1 million in Q3 2023[12] - The allowance for credit losses on loans and leases was $86,041 million, consistent with the previous quarter's $85,745 million[19] - The ratio of allowance for credit losses to nonperforming loans and leases was 561.66%, up from 529.29% in the previous quarter, indicating improved coverage[21]

Company Performance - Univest (UVSP) reported quarterly earnings of $0.63 per share, exceeding the Zacks Consensus Estimate of $0.56 per share, and up from $0.58 per share a year ago, representing an earnings surprise of 12.50% [1] - The company posted revenues of $73.35 million for the quarter ended September 2024, which was 1.02% below the Zacks Consensus Estimate, compared to $72.28 million in the same quarter last year [1] - Over the last four quarters, Univest has surpassed consensus EPS estimates four times and topped consensus revenue estimates two times [1] Stock Performance - Univest shares have increased approximately 24.2% since the beginning of the year, outperforming the S&P 500's gain of 22.7% [2] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.55 on revenues of $74.63 million, and for the current fiscal year, it is $2.31 on revenues of $294.24 million [4] - The estimate revisions trend for Univest is currently favorable, resulting in a Zacks Rank 1 (Strong Buy) for the stock, indicating expected outperformance in the near future [4] Industry Context - The Banks - Northeast industry, to which Univest belongs, is currently ranked in the top 20% of over 250 Zacks industries, suggesting a positive outlook for stocks within this sector [5] - The Bancorp (TBBK), another company in the same industry, is expected to report quarterly earnings of $1.12 per share, reflecting a year-over-year increase of 21.7% [5]

SOUDERTON, Pa., Oct. 23, 2024 (GLOBE NEWSWIRE) -- Univest Financial Corporation (“Univest” or the "Corporation") (NASDAQ: UVSP), parent company of Univest Bank and Trust Co. (the "Bank") and its insurance, investments and equipment financing subsidiaries, announced net income for the quarter ended September 30, 2024 was $18.6 million, or $0.63 diluted earnings per share, compared to net income of $17.0 million, or $0.58 diluted earnings per share, for the quarter ended September 30, 2023. LoansGross loans a ...

SOUDERTON, Pa., Oct. 07, 2024 (GLOBE NEWSWIRE) -- Univest Financial Corporation (Nasdaq: UVSP), parent company of Univest Bank and Trust Co. and its insurance, investment and equipment finance subsidiaries, announced it will host a conference call to discuss its third quarter 2024 earnings on Thursday, October 24, 2024 at 9:00 a.m. Earnings are scheduled to be released after the close of the market on Wednesday, October 23, 2024. Pre-registration Telephone participants may avoid any delays by pre-registerin ...