Financial Performance - The Corporation reported net income of $22.4 million for Q1 2025, a 10.3% increase from $20.3 million in Q1 2024[141]. - Diluted earnings per share increased to $0.77 in Q1 2025, up from $0.69 in Q1 2024, representing an 11.6% growth[141]. - Noninterest income decreased to $22.415 million in Q1 2025, down 12.4% from $25.595 million in Q1 2024[154]. - The effective tax rate for the three months ended March 31, 2025, was 18.7%, down from 20.5% in the prior year, influenced by discrete tax effects and BOLI death benefits[164]. - The Banking segment reported pre-tax income of $26.1 million for the three months ended March 31, 2025, compared to $24.6 million for the same period in 2024[187]. - The Wealth Management segment's pre-tax income increased to $2.0 million for the three months ended March 31, 2025, up from $1.9 million in 2024, attributed to new customer relationships[188]. - The Insurance segment reported a decrease in pre-tax income to $2.4 million for the three months ended March 31, 2025, down from $3.1 million in 2024, primarily due to a decrease in contingent income[189]. Interest Income and Margin - Net interest income on a tax-equivalent basis rose to $57.2 million in Q1 2025, a 10.5% increase from $51.8 million in Q1 2024[143]. - The tax-equivalent net interest margin improved to 3.09% in Q1 2025, compared to 2.88% in Q1 2024[144]. - The increase in net interest income was driven by higher average balances of loans and increased yields on interest-earning assets[143]. - Excess liquidity reduced the net interest margin by approximately three basis points for both Q1 2025 and Q1 2024[144]. - Total interest-earning assets increased to $7.514 billion in Q1 2025 from $7.238 billion in Q1 2024, reflecting a growth of 3.83%[145]. - Total interest expense decreased slightly to $46.635 million in Q1 2025 from $47.142 million in Q1 2024[145]. - The average rate on commercial, financial, and agricultural loans was 6.97% in Q1 2025, down from 7.11% in Q1 2024[145]. Asset and Liability Management - Total assets decreased by $153.3 million, or 1.9%, to $7.975 billion as of March 31, 2025, compared to December 31, 2024[165]. - Total liabilities increased to $7.084 billion as of March 31, 2025, compared to $6.854 billion at the end of 2024, reflecting a growth of 3.35%[145]. - Total deposits decreased by $100.8 million, or 1.5%, from December 31, 2024, primarily due to seasonal declines in public funds deposits and decreases in commercial and consumer deposits[181]. - Total liabilities decreased by $169.4 million, or 2.3%, from December 31, 2024, with significant reductions in short-term borrowings by 63.9% and long-term debt by 22.2%[180]. - Unencumbered cash and cash equivalents were $166.7 million at March 31, 2025, down from $327.8 million at December 31, 2024[198]. - The Corporation maintained committed borrowing capacity of $3.7 billion from the Federal Home Loan Bank and Federal Reserve Bank as of March 31, 2025[198]. Credit Quality - Provision for credit losses was $2.3 million for Q1 2025, compared to $1.4 million in Q1 2024, indicating an increase of 64.29%[151]. - The allowance for credit losses as a percentage of loans and leases held for investment remained stable at 1.28% as of March 31, 2025, unchanged from the previous quarter[152]. - Nonaccrual loans and leases decreased to $11.1 million from $12.7 million at December 31, 2024, with a related allowance for credit losses of $2.6 million[170]. - Gross loans and leases held for investment increased by $6.5 million, or 0.1%, primarily due to growth in commercial real estate and construction loans[168]. Operational Efficiency - Noninterest expense decreased by $746 thousand, or 1.5%, to $49.3 million for the three months ended March 31, 2025, compared to the prior year[162]. - Salaries, benefits, and commissions decreased by $512 thousand, or 1.6%, primarily due to increased capitalized compensation and reduced medical claims expense[163]. Capital Management - The Corporation's total capital ratio was 14.35% as of March 31, 2025, exceeding the required minimum of 8.00% for capital adequacy purposes[193]. - The Corporation aims to maintain adequate levels of capital and liquidity while limiting exposure to credit and interest rate risk[139]. Market Conditions - Non-brokered deposits remain the largest funding source for the Corporation, facing increased competition from various financial market participants[199]. - The Bank has cash requirements for various financial obligations, with certificates of deposit due within one year totaling $1.1 billion as of March 31, 2025[201]. - Commitments to extend credit are the Bank's most significant commitment, which may not represent future cash requirements as they often expire without being drawn upon[202]. - No material changes in the Corporation's market risk occurred during the period ended March 31, 2025[204].

Financial Data and Key Metrics Changes - The company reported net income of $22.4 million for Q1 2025, translating to $0.77 per share, indicating a solid start despite economic uncertainties [4] - Net loan growth was $6.5 million, impacted by larger payoffs, while deposits decreased by $100.8 million primarily due to seasonal declines in public funds deposits [5] - The net interest margin (NIM) improved to 3.09% from 2.88% in Q4 2024, reflecting stabilization in non-interest-bearing deposits and disciplined loan pricing [6] Business Line Data and Key Metrics Changes - Non-interest income decreased by $3.2 million or 12.4% compared to Q1 2024, with contingent income in the insurance line decreasing by $700,000 [10] - Non-interest expense decreased by $746,000 or 1.5% compared to Q1 2024, demonstrating a focus on prudent expense management [11] Market Data and Key Metrics Changes - Credit quality remained strong, with non-performing assets to total assets increasing slightly by two basis points to 43 basis points, and net charge-offs remaining low at 10 basis points annualized [6] Company Strategy and Development Direction - The company plans to continue stock buybacks, having repurchased 221,760 shares during the quarter, indicating a commitment to returning capital to shareholders [7] - The management aims to navigate the loan-to-deposit ratio towards a target of 95% to 100%, acknowledging the cyclicality and seasonality of public funds [18][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating uncertainties related to interest rates and geopolitical concerns, emphasizing a solid first quarter performance [4][27] - The company maintains a guidance range for fee income growth of 4% to 6% for the year, contingent on mortgage banking performance [15] Other Important Information - The Board of Directors announced a $0.01 increase in the quarterly dividend to $0.22 per share, reflecting a commitment to returning value to shareholders [6] Q&A Session Summary Question: Fee income growth expectations - Management confirmed a guidance range of 4% to 6% for fee income growth, with mortgage banking performance being a potential driver [15] Question: Loan-to-deposit ratio trends - Management indicated a long-term target of 95% to 100% for the loan-to-deposit ratio, acknowledging the seasonal fluctuations in public funds [18][20] Question: Capital return and buyback potential - Management discussed the potential for buybacks, indicating that decisions will be made quarterly based on earnings projections and regulatory capital ratios [22]

Financial Data and Key Metrics Changes - The company reported net income of $22.4 million for Q1 2025, translating to $0.77 per share, indicating a solid start despite economic uncertainties [4] - Net loan growth was $6.5 million, impacted by larger payoffs, while deposits decreased by $100.8 million primarily due to seasonal declines in public funds [5] - The net interest margin (NIM) improved to 3.09% from 2.88% in Q4 2024, reflecting effective loan pricing discipline [5][7] - Nonperforming assets to total assets increased slightly by 2 basis points to 43 basis points, with net charge-offs remaining low at 10 basis points annualized [6] Business Line Data and Key Metrics Changes - Noninterest income decreased by $3.2 million or 12.4% compared to the previous quarter, with a notable decline in contingent income from the insurance line [8] - Noninterest expense decreased by $746,000 or 1.5%, demonstrating the company's focus on prudent expense management [9] Market Data and Key Metrics Changes - The company observed a cautious approach from commercial customers due to uncertainties surrounding tariffs, taxes, and interest rates, impacting loan growth [5] Company Strategy and Development Direction - The company plans to continue stock buybacks, having repurchased 221,760 shares during the quarter, and aims to maintain a disciplined approach to capital deployment [6][16] - The management maintains a loan-to-deposit ratio target of 95% to 105%, acknowledging the seasonal fluctuations in public funds [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating uncertainties in the economic environment and highlighted a solid first quarter performance [20] - The company expects fee income growth in the mid-single digits for the year, contingent on mortgage banking performance [11] Other Important Information - The Board of Directors announced a $0.01 increase in the quarterly dividend to $0.22 per share, reflecting the company's commitment to returning capital to shareholders [6] Q&A Session Summary Question: Fee income growth expectations - Management confirmed guidance for fee income growth at 4% to 6% for the year, with mortgage banking performance being a potential driver [11] Question: Loan to deposit ratio trends - Management indicated a long-term target of 95% to 100% for the loan-to-deposit ratio, acknowledging the cyclical nature of public funds [12][13] Question: Capital returns and buybacks - Management discussed the potential for continued stock buybacks, emphasizing a cautious approach based on earnings projections and regulatory capital ratios [15][16]

Exhibit 99.1 NEWS CONTACT: Brian J. Richardson UNIVEST FINANCIAL CORPORATION Chief Financial Officer 215-721-2446, richardsonb@univest.net FOR IMMEDIATE RELEASE UNIVEST FINANCIAL CORPORATION REPORTS FIRST QUARTER RESULTS (Announces 4.8% increase in dividend) SOUDERTON, Pa., April 23, 2025 - Univest Financial Corporation ("Univest" or the "Corporation") (NASDAQ: UVSP), parent company of Univest Bank and Trust Co. (the "Bank") and its insurance, investments and equipment financing subsidiaries, announced net ...

Univest (UVSP) came out with quarterly earnings of $0.77 per share, beating the Zacks Consensus Estimate of $0.64 per share. This compares to earnings of $0.60 per share a year ago. These figures are adjusted for non- recurring items. There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have c ...

(Announces 4.8% increase in dividend)SOUDERTON, Pa., April 23, 2025 (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 March 31, 2025 of $22.4 million, or $0.77 diluted earnings per share, compared to net income of $20.3 million, or $0.69 diluted earnings per share, for the quarter ended March ...

Core Viewpoint - Univest Financial Corporation will host a conference call to discuss its first quarter 2025 earnings on April 24, 2025, with earnings released after market close on April 23, 2025 [1] Company Overview - Univest Financial Corporation, including its subsidiary Univest Bank and Trust Co., has approximately $8.1 billion in assets and $5.2 billion in assets under management as of December 31, 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 - Interest income for 2024 reached $412,355,000, an increase of 11% from $371,730,000 in 2023[188] - Net income for 2024 was $75,931,000, compared to $71,104,000 in 2023, marking a 6.9% increase[188] - The Corporation reported net income of $75.9 million for 2024, an increase of 6.8% from $71.1 million in 2023[190] - Diluted earnings per share for 2024 were $2.58, up from $2.41 in 2023, reflecting a 7.1% increase[190] - Basic net income per share for 2024 was $2.60, up from $2.42 in 2023, reflecting a growth of 7.4%[302] - Comprehensive income for 2024 was $82,585 thousand, compared to $82,562 thousand in 2023, showing stability in overall financial performance[304] Income and Expenses - Noninterest income increased to $88,055,000, up from $76,824,000 in 2023, reflecting a growth of 14.4%[188] - Total noninterest income rose to $88,055 thousand in 2024, a 14.6% increase compared to $76,824 thousand in 2023[302] - Net interest income after provision for credit losses was $205,237,000, slightly down from $209,227,000 in 2023[188] - Total noninterest expense for 2024 was $197,992 thousand, a slight increase from $197,362 thousand in 2023[302] - Interest expense rose by $49.5 million in 2024, primarily due to increased costs of interest-bearing deposits[194] - The company reported a total interest expense of $201,185 thousand in 2024, which is a 32.5% increase from $151,733 thousand in 2023[302] Credit Quality - The allowance for credit losses to total loans and leases held for investment was 1.28% at year-end 2024, down from 1.30% in 2023[188] - The provision for credit losses for the year ended December 31, 2024 was $5.9 million, down from $10.8 million in 2023[203] - Net loan and lease charge-offs for the year ended December 31, 2024 were $3.8 million, down from $5.4 million in 2023[203] - Nonaccrual loans and leases decreased to $12.7 million in 2024 from $20.5 million in 2023, indicating improved asset quality[233] - The allowance for credit losses on loans and leases was $87.1 million, representing 1.28% of loans and leases held for investment[237] - The allowance for credit losses on loans and leases increased to $87.1 million in 2024, up from $85.4 million in 2023, representing a 2.0% increase[242] Assets and Liabilities - Total assets increased by $347.8 million, or 4.5%, from December 31, 2023, reaching $8,128.4 million[221] - The Corporation's total liabilities rose to $7.24 billion in 2024, a 4.3% increase from $6.94 billion in 2023[246] - Total deposits rose by $383.5 million, or 6.0%, to $6.76 billion as of December 31, 2024, driven by increases in consumer, commercial, brokered, and public funds deposits[247] - Cash and cash equivalents increased by $79.0 million, or 31.6%, primarily due to increased interest-earning deposits at the Federal Reserve Bank[222] - The Corporation's long-term debt decreased by $85.0 million, or 27.4%, to $225.0 million in 2024, reflecting pay-downs during the year[246] Capital and Equity - Total shareholders' equity increased by $48.1 million, or 5.7%, to $887.3 million as of December 31, 2024, mainly due to a rise in retained earnings[252] - The Corporation's Tier 1 risk-based capital ratio improved to 10.85% in 2024 from 10.58% in 2023, indicating a stronger capital position[258] - Shareholders' equity grew to $887,301 thousand in 2024, compared to $839,208 thousand in 2023, marking an increase of about 5.7%[300] Economic Outlook - The economic forecast indicates a GDP growth rate of 1.12% for 2024, up from 0.76% in 2023[183] - The Corporation's cumulative gap as a percentage of interest-earning assets is -20.7% within three months and 25.0% over five years, indicating a greater amount of liabilities that can reprice over assets in the next twelve months[264] Operational Efficiency - The efficiency ratio improved to 65.7% in 2024 from 66.0% in 2023, indicating better cost management[188] - The return on average assets was 0.96% for 2024, slightly up from 0.94% in 2023[188] - Return on average equity for 2024 was 8.85%, a marginal increase from 8.83% in 2023[190] Strategic Initiatives - The Corporation's strategy for credit risk management includes well-defined credit policies and regular monitoring of loan performance[231] - The Corporation's liquidity management includes a contingency funding plan to address potential liquidity needs during financial crises[277] - The Corporation's loan portfolio is managed with strict underwriting standards, focusing on the borrower's capacity and willingness to repay[269]

Financial Data and Key Metrics - Net income for Q4 2024 was $18.9 million, or $0.65 per share [4] - Loans grew by $95.8 million during the quarter, representing a 5.6% annualized growth rate [4] - Consumer and commercial deposits increased by $104 million during the quarter [4] Business Line Data and Key Metrics - No specific data provided for individual business lines in the provided content Market Data and Key Metrics - No specific data provided for individual markets in the provided content Company Strategy and Industry Competition - No specific information provided regarding company strategy or industry competition in the provided content Management Commentary on Operating Environment and Future Outlook - No specific commentary provided by management on the operating environment or future outlook in the provided content Other Important Information - Management reminded listeners of the forward-looking statements disclaimer, noting that actual results may differ materially from those contemplated by such statements [3] Q&A Session Summary - No Q&A session content provided in the provided documents

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]