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]

Univest Financial Corporation (NASDAQ:UVSP) Q3 2024 Earnings Conference Call October 24, 2024 9:00 AM ET Corporate Participants Jeff Schweitzer - President and Chief Executive Officer Brian Richardson - Chief Financial Officer Conference Call Participants Frank Schiraldi - Piper Sandler Matthew Breese - Stephens Inc. Operator Good morning all and thank you for joining us for the Univest Financial Corporation's Third Quarter 2024 Earnings Call. My name is Carly and I'll be the call coordinator for today. [Op ...

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 ...

Shares of Univest (UVSP) have been struggling lately and have lost 8.8% over the past two weeks. However, a hammer chart pattern was formed in its last trading session, which could mean that the stock found support with bulls being able to counteract the bears. So, it could witness a trend reversal down the road. While the formation of a hammer pattern is a technical indication of nearing a bottom with potential exhaustion of selling pressure, rising optimism among Wall Street analysts about the future earn ...

| --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------|-------|--------|-----------------------------|--------|-------|---------|---------------------------|---------| | (Dollars in thousands, except per share data) | | 2024 | Three Months Ended June 30, | \n2023 | | 2024 | Six Months Ended June 30, | 2023 | | Interest income | | | | | | | | | | Interest and fees on loans and leases | $ | 94,276 | $ | 85,320 | $ | 186,893 | $ | 163,975 | | Intere ...

Momentum investing revolves around the idea of following a stock's recent trend in either direction. In the 'long' context, investors will be essentially be "buying high, but hoping to sell even higher." With this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving that way. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades. Even though momentum is a popular stock cha ...

Univest Financial Corporation (NASDAQ:UVSP) Q2 2024 Earnings Conference Call July 25, 2024 9:00 AM ET Company Participants Jeff Schweitzer - President and CEO Brian Richardson - CFO Mike Keim - President and COO, Univest Bank and Trust Conference Call Participants David Mirochnick - Stephens Operator Good morning, all, and thank you for joining us for the Univest Financial Corporation Second Quarter 2024 Earnings Call. My name is Corley, and I'll be the call coordinator for today. [Operator Instructions] I ...