Univest Financial Corporation Reports Fourth Quarter 2024 Results

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].