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 31, 2024.

Dividend

On April 23, 2025, Univest declared a quarterly cash dividend of $0.22 per share to be paid on May 21, 2025 to shareholders of record as of May 7, 2025, which represents an increase of $0.01 per share, or 4.8%. Univest had last increased its dividend by $0.01 per share in May 2022.

One-Time Items

The financial results for the quarter included tax-free bank owned life insurance ("BOLI") death benefits claims of $1.0 million, which represented $0.04 diluted earnings per share.

Loans

Gross loans and leases increased $6.5 million, or 0.1% (0.4% annualized), from December 31, 2024. Gross loans and leases increased $254.0 million, or 3.9%, from March 31, 2024, primarily due to increases in commercial, commercial real estate, residential mortgage loans and home equity loans, partially offset by decreases in construction loans and lease financings.

Deposits, Borrowings and Liquidity

Total deposits decreased $100.8 million, or 1.5% (6.0% annualized), from December 31, 2024, primarily due to seasonal declines in public funds deposits and decreases in commercial and consumer deposits, partially offset by an increase in brokered deposits. Total deposits increased $253.1 million, or 4.0%, from March 31, 2024, due to increases in consumer, commercial, and public funds deposits, partially offset by a decrease in brokered deposits. Noninterest-bearing deposits totaled $1.4 billion and represented 21.5% of total deposits at March 31, 2025, compared to $1.4 billion representing 20.9% of total deposits at December 31, 2024. Unprotected deposits, which excludes insured, internal, and collateralized deposit accounts, totaled $1.5 billion at March 31, 2025 and December 31, 2024. This represented 21.9% of total deposits at March 31, 2025, compared to 22.0% at December 31, 2024.

Total borrowings decreased $57.0 million, or 14.8%, from December 31, 2024, primarily due to maturities of long-term FHLB advances totaling $50.0 million. These borrowings were replaced with brokered deposits during the quarter.

As of March 31, 2025, the Corporation and its subsidiaries reported cash and cash equivalents totaling $169.1 million and had committed borrowing capacity of $3.7 billion, of which $2.3 billion was available. The Corporation and its subsidiaries also maintained uncommitted funding sources from correspondent banks of $468.0 million at March 31, 2025. Future availability under these uncommitted funding sources is subject to the prerogatives of the granting banks and may be withdrawn at will.

Net Interest Income and Margin

Net interest income of $56.8 million for the first quarter of 2025 increased $5.3 million, or 10.3%, from the first quarter of 2024 and $1.3 million, or 2.4%, from the fourth quarter of 2024. The increase in net interest income for the first quarter of 2025 compared to the first quarter of 2024 was driven by higher average balances of loans and increased yields on interest earning assets, as well as a reduction in our overall cost of funds. The increase in net interest income for the first quarter of 2025 compared to the fourth quarter of 2024 was primarily driven by lower average balances of interest-bearing liabilities and related costs outpacing decreases in income from interest-earning deposits with other banks.

Net interest margin, on a tax-equivalent basis, was 3.09% for the first quarter of 2025, compared to 2.88% for the first and fourth quarters of 2024. Excess liquidity reduced net interest margin by approximately three basis points for the quarter ended March 31, 2025 compared to approximately 14 basis points for the quarter ended December 31, 2024 and approximately three basis points for the quarter ended March 31, 2024. Excluding the impact of excess liquidity, the net interest margin, on a tax-equivalent basis, would have been 3.12% for the quarter ended March 31, 2025 compared to 3.02% for the quarter ended December 31, 2024 and 2.91% for the quarter ended March 31, 2024.

Noninterest Income

Noninterest income for the quarter ended March 31, 2025 was $22.4 million, a decrease of $3.2 million, or 12.4%, from the comparable period in the prior year.

Other service fee income decreased $3.7 million, or 57.8%, for the quarter ended March 31, 2025 compared to the comparable period in the prior year, primarily due to a $3.4 million net gain from the sale of mortgage servicing rights associated with $591.1 million of serviced loans in the first quarter of 2024. Additionally, net servicing fees on sold mortgage loans decreased by $177 thousand, primarily attributable to the previously mentioned sale of mortgage servicing rights.

Other income decreased $780 thousand, or 76.1%, for the quarter ended March 31, 2025 compared to the comparable period in the prior year, primarily due to decreases in other real estate owned income, fees on risk participation agreements for interest rate swaps and gains on sale of Small Business Administration loans.

Net gain on mortgage banking activities decreased $292 thousand, or 31.1%, for the quarter ended March 31, 2025 compared to the comparable period in the prior year, primarily due to decreased salable volume.

Insurance commission and fee income decreased $312 thousand, or 4.3%, for the quarter ended March 31, 2025 compared to the comparable period in the prior year, primarily due to a decrease in contingent income of $700 thousand, which was $1.6 million and $2.3 million, for the three months ended March 31, 2025 and 2024, respectively. Contingent income is largely recognized in the first quarter of the year. The decrease was partially offset by an increase of $404 thousand in revenue for commercial lines.

BOLI income increased $1.1 million, or 132.7%, for the quarter ended March 31, 2025 compared to the comparable period in the prior year, primarily due to the previously discussed death benefits claims.

Investment advisory commission and fee income increased $419 thousand, or 8.1%, for the quarter ended March 31, 2025 compared to the comparable period in the prior year, primarily due to new customer relationships and appreciation of assets under management and supervision.

Service charges on deposit accounts increased $323 thousand, or 17.3%, for the quarter ended March 31, 2025 compared to the comparable period in the prior year, primarily due to an increase in treasury management income.

Noninterest Expense

Noninterest expense for the quarter ended March 31, 2025 was $49.3 million, a decrease of $746 thousand, or 1.5%, from the comparable period in the prior year.

Salaries, benefits and commissions decreased $512 thousand, or 1.6%, for the quarter ended March 31, 2025 compared to the comparable period in the prior year, primarily due to an increase in compensation capitalized and a decrease in medical claims expense, partially offset by an increase in incentive compensation due to increased profitability.

Tax Provision

The effective income tax rate was 18.7% and 20.5% for the quarters ended March 31, 2025 and March 31, 2024, respectively. The discrete tax effect of vested equity compensation awards favorably impacted the first quarter of 2025 by 71 basis points and unfavorably impacted the first quarter of 2024 by 74 basis points. Additionally, the effective tax rate for the three months ended March 31, 2025 was favorably impacted by 76 basis points from the proceeds of BOLI death benefits. Excluding the discrete impact of vested equity compensation awards and BOLI death benefits, the effective tax rate was 20.2% for the three months ended March 31, 2025 compared to 19.8% for the three months ended March 31, 2024.

Asset Quality and Provision for Credit Losses

Nonperforming assets totaled $34.0 million at March 31, 2025, $33.2 million at December 31, 2024, and $40.0 million at March 31, 2024.

Net loan and lease charge-offs were $1.7 million for the three months ended March 31, 2025 compared to $767 thousand and $1.4 million for the three months ended December 31, 2024 and March 31, 2024, respectively.

The provision for credit losses was $2.3 million for the three months ended March 31, 2025 compared to $2.4 million and $1.4 million for the three months ended December 31, 2024 and March 31, 2024, respectively. The allowance for credit losses on loans and leases as a percentage of loans and leases held for investment was 1.28% at March 31, 2025 and December 31, 2024, and 1.30% at March 31, 2024.

Share Repurchases

During the quarter ended March 31, 2025, the Corporation repurchased 221,760 shares of common stock at an average price of $29.22 per share. Including brokerage fees and excise tax, the average price per share was $29.54. As of March 31, 2025, 1,178,394 shares are available for repurchase under the Share Repurchase Plan.

Conference Call

Univest will host a conference call to discuss first quarter 2025 results on Thursday, April 24, 2025 at 9:00 a.m. EST. Participants may preregister at https://www.netroadshow.com/events/login?show=175e015e&confId=80607. The general public can access the call by dialing 1-833-470-1428; using Access Code 021974. A replay of the conference call will be available through May 1, 2025 by dialing 1-866-813-9403; using Access Code 718470.

About Univest Financial Corporation

Univest Financial Corporation (UVSP), including its wholly-owned subsidiary Univest Bank and Trust Co., Member FDIC, has approximately $8.0 billion in assets and $5.2 billion in assets under management and supervision through its Wealth Management lines of business at March 31, 2025. Headquartered in Souderton, Pa. and founded in 1876, the Corporation and its subsidiaries provide a full range of financial solutions for individuals, businesses, municipalities and nonprofit organizations primarily in the Mid-Atlantic Region. Univest delivers these services through a network of more than 50 offices and online at www.univest.net.

This press release and the reports Univest files with the Securities and Exchange Commission often contain "forward-looking statements" relating to trends or factors affecting the financial services industry and, specifically, the financial condition and results of operations, business, prospects and strategies of Univest. These forward-looking statements involve certain risks and uncertainties in that there are a number of important factors that could cause Univest's future financial condition, results of operations, business, prospects or strategies to differ materially from those expressed or implied by the forward-looking statements. These factors include, but are not limited to: (1) competition and demand for financial services in our market area; (2) inflation and/or changes in interest rates, which may adversely impact our margins and yields, reduce the fair value of our financial instruments, reduce our loan originations and/or lead to higher operating costs and higher costs we pay to retain and attract deposits; (3) changes in asset quality, prepayment speeds, loan sale volumes, charge-offs and/or credit loss provisions; (4) fluctuations in real estate values and both residential and commercial real estate market conditions; (5) changes in liquidity, including the size and composition of our deposit portfolio and the percentage of uninsured deposits in the portfolio; (6) our ability to access cost-effective funding; (7) changes in economic conditions nationally and in our market, including potential recessionary conditions and the levels of unemployment in our market area; (8) changes in the economic assumptions or methodology used to calculate our allowance for credit losses; (9) legislative, regulatory, accounting or tax changes; (10) monetary and fiscal policies of the U.S. government, including the policies of the Board of Governors of the Federal Reserve System; (11) the imposition of tariffs or other domestic or international governmental policies; (12) the failure to maintain current technologies and to successfully implement future information technology enhancements; (13) technological issues that may adversely affect our operations or those of our customers; (14) a failure or breach in our operational or security systems or infrastructure, including cyberattacks; (15) changes in the securities markets; (16) the current or anticipated impact of military conflict, terrorism or other geopolitical events; (17) our ability to enter into new markets successfully and capitalize on growth opportunities and/or (18) risk factors mentioned in the reports and registration statements Univest files with the Securities and Exchange Commission.

(UVSP - ER)


Univest Financial Corporation
Consolidated Selected Financial Data (Unaudited)
March 31, 2025
(Dollars in thousands)

Balance Sheet (Period End)	03/31/25			12/31/24			09/30/24			06/30/24			03/31/24
ASSETS
Cash and due from banks	$	73,319		$	75,998		$	78,346		$	66,808		$	49,318
Interest-earning deposits with other banks		95,815			252,846			426,354			124,103			152,288
Cash and cash equivalents		169,134			328,844			504,700			190,911			201,606
Investment securities held-to-maturity		130,889			134,111			137,681			140,112			143,474
Investment securities available for sale, net of allowance for credit losses		364,503			357,361			354,100			342,776			350,819
Investments in equity securities		1,667			2,506			2,406			2,995			3,355
Federal Home Loan Bank, Federal Reserve Bank and other stock, at cost		35,732			38,980			40,235			37,438			37,394
Loans held for sale		13,150			16,653			17,131			28,176			13,188
Loans and leases held for investment		6,833,037			6,826,583			6,730,734			6,684,837			6,579,086
Less: Allowance for credit losses, loans and leases		(87,790	)		(87,091	)		(86,041	)		(85,745	)		(85,632	)
Net loans and leases held for investment		6,745,247			6,739,492			6,644,693			6,599,092			6,493,454
Premises and equipment, net		47,175			46,671			47,411			48,174			48,739
Operating lease right-of-use assets		27,182			28,531			29,260			29,985			30,702
Goodwill		175,510			175,510			175,510			175,510			175,510
Other intangibles, net of accumulated amortization		8,061			8,309			7,158			7,701			7,473
Bank owned life insurance		139,482			139,351			138,744			137,823			137,896
Accrued interest and other assets		117,435			112,098			106,708			114,753			102,958
Total assets	$	7,975,167		$	8,128,417		$	8,205,737		$	7,855,446		$	7,746,568

LIABILITIES
Noninterest-bearing deposits	$	1,433,995		$	1,414,635		$	1,323,953		$	1,397,308		$	1,401,806
Interest-bearing deposits:		5,224,503			5,344,624			5,530,195			5,098,014			5,003,552
Total deposits		6,658,498			6,759,259			6,854,148			6,495,322			6,405,358
Short-term borrowings		4,031			11,181			8,256			11,781			4,816
Long-term debt		175,000			225,000			225,000			250,000			250,000
Subordinated notes		149,386			149,261			149,136			149,011			148,886
Operating lease liabilities		30,062			31,485			32,246			33,015			33,744
Accrued expenses and other liabilities		54,718			64,930			59,880			62,180			60,095
Total liabilities		7,071,695			7,241,116			7,328,666			7,001,309			6,902,899

SHAREHOLDERS' EQUITY
Common stock, $5 par value: 48,000,000 shares authorized and 31,556,799 shares issued		157,784			157,784			157,784			157,784			157,784
Additional paid-in capital		300,634			302,829			301,262			300,166			298,914
Retained earnings		541,776			525,780			512,938			500,482			488,790
Accumulated other comprehensive loss, net of tax benefit		(37,922	)		(43,992	)		(41,623	)		(54,124	)		(54,740	)
Treasury stock, at cost		(58,800	)		(55,100	)		(53,290	)		(50,171	)		(47,079	)
Total shareholders' equity		903,472			887,301			877,071			854,137			843,669
Total liabilities and shareholders' equity	$	7,975,167		$	8,128,417		$	8,205,737		$	7,855,446		$	7,746,568


	For the three months ended,
Balance Sheet (Average)	03/31/25			12/31/24			06/30/24			03/31/24			12/31/23
Assets	$	7,981,043		$	8,163,347		$	8,005,265		$	7,721,540		$	7,696,575
Investment securities, net of allowance for credit losses		500,078			500,748			493,334			493,140			500,983
Loans and leases, gross		6,856,503			6,758,649			6,730,791			6,640,536			6,577,365
Deposits		6,617,653			6,804,483			6,641,324			6,353,752			6,303,854
Shareholders' equity		896,811			880,237			864,406			844,572			842,546

Univest Financial Corporation
Consolidated Summary of Loans by Type and Asset Quality Data (Unaudited)
March 31, 2025
(Dollars in thousands)

Summary of Major Loan and Lease Categories (Period End)	03/31/25			12/31/24			09/30/24			06/30/24			03/31/24
Commercial, financial and agricultural	$	1,034,361		$	1,037,835		$	1,044,043		$	1,055,332		$	1,014,568
Real estate-commercial		3,546,402			3,530,451			3,442,083			3,373,889			3,283,729
Real estate-construction		281,785			274,483			285,616			313,229			379,995
Real estate-residential secured for business purpose		536,082			536,095			530,674			532,628			524,196
Real estate-residential secured for personal purpose		992,767			994,972			969,562			952,665			922,412
Real estate-home equity secured for personal purpose		189,119			186,836			182,901			179,150			177,446
Loans to individuals		16,930			21,250			26,794			26,430			27,200
Lease financings		235,591			244,661			249,061			251,514			249,540
Total loans and leases held for investment, net of deferred income		6,833,037			6,826,583			6,730,734			6,684,837			6,579,086
Less: Allowance for credit losses, loans and leases		(87,790	)		(87,091	)		(86,041	)		(85,745	)		(85,632	)
Net loans and leases held for investment	$	6,745,247		$	6,739,492		$	6,644,693		$	6,599,092		$	6,493,454


Asset Quality Data (Period End)	03/31/25			12/31/24			09/30/24			06/30/24			03/31/24
Nonaccrual loans and leases, including nonaccrual loans held for sale	$	11,126		$	12,667		$	15,319		$	16,200		$	20,363
Accruing loans and leases 90 days or more past due		322			321			310			205			268
Total nonperforming loans and leases		11,448			12,988			15,629			16,405			20,631
Other real estate owned		22,433			20,141			20,915			20,007			19,220
Repossessed assets		79			76			79			149			167
Total nonperforming assets	$	33,960		$	33,205		$	36,623		$	36,561		$	40,018
Nonaccrual loans and leases / Loans and leases held for investment		0.16	%		0.19	%		0.23	%		0.24	%		0.31	%
Nonperforming loans and leases / Loans and leases held for investment		0.17	%		0.19	%		0.23	%		0.25	%		0.31	%
Nonperforming assets / Total assets		0.43	%		0.41	%		0.45	%		0.47	%		0.52	%

Allowance for credit losses, loans and leases	$	87,790		$	87,091		$	86,041		$	85,745		$	85,632
Allowance for credit losses, loans and leases / Loans and leases held for investment		1.28	%		1.28	%		1.28	%		1.28	%		1.30	%
Allowance for credit losses, loans and leases / Nonaccrual loans and leases		789.05	%		687.54	%		561.66	%		529.29	%		420.53	%
Allowance for credit losses, loans and leases / Nonperforming loans and leases		766.86	%		670.55	%		550.52	%		522.68	%		415.06	%


	For the three months ended,
	03/31/25			12/31/24			09/30/24			06/30/24			03/31/24
Net loan and lease charge-offs	$	1,686		$	767		$	820		$	809		$	1,406
Net loan and lease charge-offs (annualized)/Average loans and leases		0.10	%		0.05	%		0.05	%		0.05	%		0.09	%

Univest Financial Corporation
Consolidated Selected Financial Data (Unaudited)
March 31, 2025
(Dollars in thousands, except per share data)
	For the three months ended,
For the period:	03/31/25		12/31/24		09/30/24		06/30/24		03/31/24
Interest income	$	103,416	$	107,476	$	106,438	$	99,832	$	98,609
Interest expense		46,635		52,004		53,234		48,805		47,142
Net interest income		56,781		55,472		53,204		51,027		51,467
Provision for credit losses		2,311		2,380		1,414		707		1,432
Net interest income after provision for credit losses		54,470		53,092		51,790		50,320		50,035
Noninterest income:
Trust fee income		2,161		2,265		2,110		2,008		2,108
Service charges on deposit accounts		2,194		2,192		2,037		1,982		1,871
Investment advisory commission and fee income		5,613		5,457		5,319		5,238		5,194
Insurance commission and fee income		6,889		4,743		5,238		5,167		7,201
Other service fee income		2,707		3,473		1,815		3,044		6,415
Bank owned life insurance income		1,959		1,012		921		1,086		842
Net gain on sales of investment securities		-		-		18		-		-
Net gain on mortgage banking activities		647		1,320		1,296		1,710		939
Other income		245		868		1,396		745		1,025
Total noninterest income		22,415		21,330		20,150		20,980		25,595
Noninterest expense:
Salaries, benefits and commissions		30,826		31,518		30,702		30,187		31,338
Net occupancy		2,853		2,751		2,723		2,679		2,872
Equipment		1,122		1,147		1,107		1,088		1,111
Data processing		4,364		4,146		4,154		4,161		4,495
Professional fees		1,797		1,669		1,579		1,466		1,688
Marketing and advertising		353		552		490		715		416
Deposit insurance premiums		1,151		1,102		1,097		1,098		1,135
Intangible expenses		130		155		164		188		187
Other expense		6,732		7,618		6,536		7,126		6,832
Total noninterest expense		49,328		50,658		48,552		48,708		50,074
Income before taxes		27,557		23,764		23,388		22,592		25,556
Income tax expense		5,162		4,823		4,810		4,485		5,251
Net income	$	22,395	$	18,941	$	18,578	$	18,107	$	20,305
Net income per share:
Basic	$	0.77	$	0.65	$	0.64	$	0.62	$	0.69
Diluted	$	0.77	$	0.65	$	0.63	$	0.62	$	0.69
Dividends declared per share	$	0.21	$	0.21	$	0.21	$	0.21	$	0.21
Weighted average shares outstanding		29,000,567		29,070,039		29,132,948		29,246,977		29,413,999
Period end shares outstanding		28,962,648		29,045,877		29,081,108		29,190,640		29,337,919

Univest Financial Corporation
Consolidated Selected Financial Data (Unaudited)
March 31, 2025



	For the three months ended,
Profitability Ratios (annualized)	03/31/25			12/31/24			09/30/24			06/30/24			03/31/24

Return on average assets		1.14	%		0.92	%		0.92	%		0.94	%		1.06	%
Return on average shareholders' equity		10.13	%		8.56	%		8.55	%		8.62	%		9.69	%
Return on average tangible common equity (1)(3)		12.69	%		10.79	%		10.84	%		11.01	%		12.38	%
Net interest margin (FTE)		3.09	%		2.88	%		2.82	%		2.84	%		2.88	%
Efficiency ratio (2)		61.6	%		65.5	%		65.7	%		67.1	%		64.6	%

Capitalization Ratios

Dividends declared to net income		27.2	%		32.2	%		33.0	%		33.9	%		30.5	%
Shareholders' equity to assets (Period End)		11.33	%		10.92	%		10.69	%		10.87	%		10.89	%
Tangible common equity to tangible assets (1)		9.31	%		8.92	%		8.71	%		8.81	%		8.80	%
Common equity book value per share	$	31.19		$	30.55		$	30.16		$	29.26		$	28.76
Tangible common equity book value per share (1)	$	25.06		$	24.43		$	24.05		$	23.17		$	22.70

Regulatory Capital Ratios (Period End)
Tier 1 leverage ratio		9.80	%		9.51	%		9.53	%		9.74	%		9.65	%
Common equity tier 1 risk-based capital ratio		10.97	%		10.85	%		10.88	%		10.72	%		10.71	%
Tier 1 risk-based capital ratio		10.97	%		10.85	%		10.88	%		10.72	%		10.71	%
Total risk-based capital ratio		14.35	%		14.19	%		14.27	%		14.09	%		14.11	%

(1) Non-GAAP metric. A reconciliation of this and other non-GAAP to GAAP performance measures is included below.
(2) Noninterest expense to net interest income before loan loss provision plus noninterest income adjusted for tax equivalent income.
(3) Net income before amortization of intangibles to average tangible common equity.

Univest Financial Corporation
Average Balances and Interest Rates (Unaudited)
				For the Three Months Ended,
Tax Equivalent Basis	March 31, 2025							December 31, 2024
	Average			Income/		Average		Average			Income/		Average
(Dollars in thousands)	Balance			Expense		Rate		Balance			Expense		Rate
Assets:
Interest-earning deposits with other banks	$	119,997		$	1,360	4.60	%	$	402,753		$	4,852	4.79	%
Obligations of state and political subdivisions*		879			4	1.85			1,290			7	2.16
Other debt and equity securities		499,199			4,019	3.27			499,458			3,815	3.04
Federal Home Loan Bank, Federal Reserve Bank and other stock		37,561			687	7.42			39,407			746	7.53
Total interest-earning deposits, investments and other interest-earning assets		657,636			6,070	3.74			942,908			9,420	3.97

Commercial, financial, and agricultural loans		990,860			17,020	6.97			972,840			17,492	7.15
Real estate—commercial and construction loans		3,704,232			52,676	5.77			3,631,142			53,163	5.82
Real estate—residential loans		1,729,146			21,542	5.05			1,708,795			21,249	4.95
Loans to individuals		19,438			393	8.20			25,803			522	8.05
Tax-exempt loans and leases		230,133			2,861	5.04			233,036			2,652	4.53
Lease financings		182,694			3,240	7.19			187,033			3,296	7.01
Gross loans and leases		6,856,503			97,732	5.78			6,758,649			98,374	5.79
Total interest-earning assets		7,514,139			103,802	5.60			7,701,557			107,794	5.57
Cash and due from banks		56,690							56,989
Allowance for credit losses, loans and leases		(87,822	)						(86,812	)
Premises and equipment, net		46,852							47,155
Operating lease right-of-use assets		27,761							28,891
Other assets		423,423							415,567
Total assets	$	7,981,043						$	8,163,347

Liabilities:
Interest-bearing checking deposits	$	1,222,012		$	7,075	2.35	%	$	1,275,348		$	8,504	2.65	%
Money market savings		1,840,194			18,035	3.97			1,954,246			20,653	4.20
Regular savings		702,543			763	0.44			705,222			817	0.46
Time deposits		1,476,495			16,106	4.42			1,499,998			17,247	4.57
Total time and interest-bearing deposits		5,241,244			41,979	3.25			5,434,814			47,221	3.46

Short-term borrowings		6,909			14	0.82			7,102			1	0.06
Long-term debt		217,500			2,361	4.40			225,000			2,501	4.42
Subordinated notes		149,319			2,281	6.20			149,194			2,281	6.08
Total borrowings		373,728			4,656	5.05			381,296			4,783	4.99
Total interest-bearing liabilities		5,614,972			46,635	3.37			5,816,110			52,004	3.56
Noninterest-bearing deposits		1,376,409							1,369,669
Operating lease liabilities		30,675							31,864
Accrued expenses and other liabilities		62,176							65,467
Total liabilities		7,084,232							7,283,110
Total interest-bearing liabilities and noninterest-bearing deposits ("Cost of Funds")		6,991,381				2.71			7,185,779				2.88

Shareholders' Equity:
Common stock		157,784							157,784
Additional paid-in capital		302,653							301,895
Retained earnings and other equity		436,374							420,558
Total shareholders' equity		896,811							880,237
Total liabilities and shareholders' equity	$	7,981,043						$	8,163,347
Net interest income				$	57,167						$	55,790

Net interest spread						2.23							2.01
Effect of net interest-free funding sources						0.86							0.87
Net interest margin						3.09	%						2.88	%
Ratio of average interest-earning assets to average interest-bearing liabilities		133.82	%						132.42	%

* Obligations of states and political subdivisions are tax-exempt earning assets.
Notes: For rate calculation purposes, average loan and lease categories include deferred fees and costs and purchase accounting adjustments.
Net interest income includes net deferred costs amortization of $554 thousand and $676 thousand for the three months ended March 31,
2025 and December 31, 2024, respectively.
Nonaccrual loans and leases have been included in the average loan and lease balances. Loans held for sale have been included
in the average loan balances. Tax-equivalent amounts for the three months ended March 31, 2025 and December 31, 2024 have
been calculated using the Corporation's federal applicable rate of 21.0%.

Univest Financial Corporation
Average Balances and Interest Rates (Unaudited)
	For the Three Months Ended March 31,
Tax Equivalent Basis	2025							2024
	Average			Income/		Average		Average			Income/		Average
(Dollars in thousands)	Balance			Expense		Rate		Balance			Expense		Rate
Assets:
Interest-earning deposits with other banks	$	119,997		$	1,360	4.60	%	$	120,845		$	1,609	5.36	%
Obligations of state and political subdivisions*		879			4	1.85			1,951			12	2.47
Other debt and equity securities		499,199			4,019	3.27			499,032			3,647	2.94
Federal Home Loan Bank, Federal Reserve Bank and other stock		37,561			687	7.42			39,115			724	7.44
Total interest-earning deposits, investments and other interest-earning assets		657,636			6,070	3.74			660,943			5,992	3.65

Commercial, financial, and agricultural loans		990,860			17,020	6.97			934,649			16,523	7.11
Real estate—commercial and construction loans		3,704,232			52,676	5.77			3,575,142			50,641	5.70
Real estate—residential loans		1,729,146			21,542	5.05			1,618,188			19,555	4.86
Loans to individuals		19,438			393	8.20			27,315			548	8.07
Tax-exempt loans and leases		230,133			2,861	5.04			232,380			2,464	4.26
Lease financings		182,694			3,240	7.19			189,691			3,169	6.72
Gross loans and leases		6,856,503			97,732	5.78			6,577,365			92,900	5.68
Total interest-earning assets		7,514,139			103,802	5.60			7,238,308			98,892	5.49
Cash and due from banks		56,690							54,870
Allowance for credit losses, loans and leases		(87,822	)						(86,495	)
Premises and equipment, net		46,852							50,592
Operating lease right-of-use assets		27,761							31,121
Other assets		423,423							408,179
Total assets	$	7,981,043						$	7,696,575

Liabilities:
Interest-bearing checking deposits	$	1,222,012		$	7,075	2.35	%	$	1,180,696		$	8,218	2.80	%
Money market savings		1,840,194			18,035	3.97			1,705,291			19,220	4.53
Regular savings		702,543			763	0.44			769,926			905	0.47
Time deposits		1,476,495			16,106	4.42			1,238,878			13,630	4.42
Total time and interest-bearing deposits		5,241,244			41,979	3.25			4,894,791			41,973	3.45

Short-term borrowings		6,909			14	0.82			10,127			5	0.20
Long-term debt		217,500			2,361	4.40			292,486			2,883	3.96
Subordinated notes		149,319			2,281	6.20			148,818			2,281	6.16
Total borrowings		373,728			4,656	5.05			451,431			5,169	4.61
Total interest-bearing liabilities		5,614,972			46,635	3.37			5,346,222			47,142	3.55
Noninterest-bearing deposits		1,376,409							1,409,063
Operating lease liabilities		30,675							34,166
Accrued expenses and other liabilities		62,176							64,578
Total liabilities		7,084,232							6,854,029
Total interest-bearing liabilities and noninterest-bearing deposits ("Cost of Funds")		6,991,381				2.71			6,755,285				2.81

Shareholders' Equity:
Common stock		157,784							157,784
Additional paid-in capital		302,653							300,679
Retained earnings and other equity		436,374							384,083
Total shareholders' equity		896,811							842,546
Total liabilities and shareholders' equity	$	7,981,043						$	7,696,575
Net interest income				$	57,167						$	51,750

Net interest spread						2.23							1.94
Effect of net interest-free funding sources						0.86							0.94
Net interest margin						3.09	%						2.88	%
Ratio of average interest-earning assets to average interest-bearing liabilities		133.82	%						135.39	%

* Obligations of states and political subdivisions are tax-exempt earning assets.
Notes: For rate calculation purposes, average loan and lease categories include deferred fees and costs and purchase accounting adjustments.
Net interest income includes net deferred costs amortization of $554 thousand and $453 thousand for the three months ended
March 31, 2025 and 2024, respectively.
Nonaccrual loans and leases have been included in the average loan and lease balances. Loans held for sale have been included
in the average loan balances. Tax-equivalent amounts for the three months ended March 31, 2025 and 2024 have been
calculated using the Corporation's federal applicable rate of 21.0%.

Univest Financial Corporation
Loan Portfolio Overview (Unaudited)
March 31, 2025

(Dollars in thousands)
Industry Description	Total Outstanding Balance		% of Commercial Loan Portfolio
CRE - Retail	$	469,397	8.7	%
Animal Production		394,279	7.3
CRE - Multi-family		360,743	6.7
CRE - Office		299,751	5.6
CRE - 1-4 Family Residential Investment		278,386	5.2
CRE - Industrial / Warehouse		253,136	4.7
Hotels & Motels (Accommodation)		207,710	3.8
Specialty Trade Contractors		189,427	3.5
Nursing and Residential Care Facilities		177,053	3.3
Motor Vehicle and Parts Dealers		146,911	2.7
Merchant Wholesalers, Durable Goods		146,037	2.7
Homebuilding (tract developers, remodelers)		140,612	2.6
Repair and Maintenance		134,183	2.5
Crop Production		110,882	2.1
CRE - Mixed-Use - Residential		109,872	2.0
Wood Product Manufacturing		101,606	1.9
Professional, Scientific, and Technical Services		95,730	1.8
Food Services and Drinking Places		86,916	1.6
Administrative and Support Services		83,145	1.5
Merchant Wholesalers, Nondurable Goods		83,088	1.5
Fabricated Metal Product Manufacturing		78,181	1.4
Real Estate Lenders, Secondary Market Financing		75,461	1.4
Religious Organizations, Advocacy Groups		65,857	1.2
CRE - Mixed-Use - Commercial		64,683	1.2
Miniwarehouse / Self-Storage		64,553	1.2
Personal and Laundry Services		64,508	1.2
Education		62,362	1.2
Amusement, Gambling, and Recreation Industries		61,437	1.1
Food Manufacturing		56,400	1.0
Industries with >$50 million in outstandings	$	4,462,306	82.7	%
Industries with <$50 million in outstandings	$	936,324	17.3	%
Total Commercial Loans	$	5,398,630	100.0	%


Consumer Loans and Lease Financings	Total Outstanding Balance
Real Estate-Residential Secured for Personal Purpose		992,767
Real Estate-Home Equity Secured for Personal Purpose		189,119
Loans to Individuals		16,930
Lease Financings		235,591
Total - Consumer Loans and Lease Financings	$	1,434,407
Total	$	6,833,037

Univest Financial Corporation
Non-GAAP Reconciliation
March 31, 2025



Non-GAAP to GAAP Reconciliation
Management uses non-GAAP measures in its analysis of the Corporation's performance. These measures should not be considered a substitute for GAAP basis measures nor should they be viewed as a substitute for operating results determined in accordance with GAAP. Management believes the presentation of the non-GAAP financial measures, which exclude the impact of the specified items, provides useful supplemental information that is essential to a proper understanding of the financial results of the Corporation. See the table below for additional information on non-GAAP measures used throughout this earnings release.

	As of or for the three months ended,
(Dollars in thousands)	03/31/25			12/31/24			09/30/24			06/30/24			03/31/24
Net income	$	22,395		$	18,941		$	18,578		$	18,107		$	20,305
Amortization of intangibles, net of tax		103			122			130			149			148
Net income before amortization of intangibles	$	22,498		$	19,063		$	18,708		$	18,256		$	20,453

Shareholders' equity	$	903,472		$	887,301		$	877,071		$	854,137		$	843,669
Goodwill		(175,510	)		(175,510	)		(175,510	)		(175,510	)		(175,510	)
Other intangibles (a)		(2,104	)		(2,263	)		(2,147	)		(2,157	)		(2,273	)
Tangible common equity	$	725,858		$	709,528		$	699,414		$	676,470		$	665,886

Total assets	$	7,975,167		$	8,128,417		$	8,205,737		$	7,855,446		$	7,746,568
Goodwill		(175,510	)		(175,510	)		(175,510	)		(175,510	)		(175,510	)
Other intangibles (a)		(2,104	)		(2,263	)		(2,147	)		(2,157	)		(2,273	)
Tangible assets	$	7,797,553		$	7,950,644		$	8,028,080		$	7,677,779		$	7,568,785

Average shareholders' equity	$	896,811		$	880,237		$	864,406		$	844,572		$	842,546
Average goodwill		(175,510	)		(175,510	)		(175,510	)		(175,510	)		(175,510	)
Average other intangibles (a)		(2,162	)		(2,146	)		(2,086	)		(2,222	)		(2,318	)
Average tangible common equity	$	719,139		$	702,581		$	686,810		$	666,840		$	664,718

(a) Amount does not include mortgage servicing rights

CONTACT:
Brian J. Richardson
UNIVEST FINANCIAL CORPORATION
Chief Financial Officer
215-721-2446, richardsonb@univest.net

Univest Financial Corporation Reports First Quarter Results