Univest(US:UVSP)2024-10-24 12:41Financial 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]