SOUDERTON, Pa., July 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 June 30, 2025 of $20.0 million, or $0.69 diluted earnings per share, compared to net income of $18.1 million, or $0.62 diluted earnings per share, for the quarter ended June 30, 2024.

Loans

Gross loans and leases decreased $31.9 million, or 0.5% (2.0% annualized), from March 31, 2025 and $25.4 million, or 0.4% (0.8% annualized), from December 31, 2024 primarily due to decreases in commercial real estate, residential mortgage loans and lease financings, partially offset by increases in commercial, construction and home equity loans. Gross loans and leases increased $116.3 million, or 1.7%, from June 30, 2024, primarily due to increases in commercial real estate, residential mortgage and home equity loans, partially offset by decreases in commercial and construction loans and lease financings.

Deposits and Liquidity

Total deposits decreased $75.8 million, or 1.1% (4.4% annualized), from March 31, 2025, primarily due to seasonal decreases in public funds deposits and decreases in consumer and brokered deposits, partially offset by an increase in commercial deposits. Excluding decreases of $105.9 million in seasonal public funds deposits and $47.5 million in brokered deposits, deposits increased by $77.5 million during the quarter. Total deposits decreased $176.6 million, or 2.6% (5.2% annualized), from December 31, 2024, due to decreases in consumer and public funds deposits, partially offset by increases in commercial and brokered deposits. Total deposits increased $87.3 million, or 1.3%, from June 30, 2024, due to increases in commercial and public funds deposits, partially offset by decreases in consumer and brokered deposits.

Noninterest-bearing deposits totaled $1.5 billion and represented 22.2% of total deposits at June 30, 2025, compared to $1.4 billion representing 21.5% of total deposits at March 31, 2025. Unprotected deposits, which excludes insured, internal, and collateralized deposit accounts, totaled $1.5 billion at June 30, 2025 and March 31, 2025. This represented 23.0% of total deposits at June 30, 2025, compared to 21.9% at March 31, 2025.

As of June 30, 2025, the Corporation and its subsidiaries reported cash and cash equivalents totaling $160.4 million and had committed borrowing capacity of $3.6 billion, of which $2.3 billion was available. The Corporation and its subsidiaries also maintained uncommitted funding sources from correspondent banks of $469.0 million at June 30, 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 $59.5 million for the second quarter of 2025 increased $8.5 million, or 16.7%, from the second quarter of 2024 and $2.8 million, or 4.9%, from the first quarter of 2025. The increase in net interest income for the second quarter of 2025 compared to the second quarter of 2024 was driven by higher average balances of loans and higher yields on interest earning assets, as well as a reduction in our overall cost of funds. The increase in net interest income for the second quarter of 2025 compared to the first quarter of 2025 was primarily driven by higher yields on interest earning assets and lower average balances of interest-bearing liabilities and related costs.

Net interest margin, on a tax-equivalent basis, was 3.20% for the second quarter of 2025, compared to 3.09% for the first quarter of 2025 and 2.84% for the second quarter of 2024. Excess liquidity reduced net interest margin by approximately four basis points for the quarter ended June 30, 2025 compared to approximately three basis points for the quarter ended March 31, 2025 and approximately two basis points for the quarter ended June 30, 2024. Excluding the impact of excess liquidity, the net interest margin, on a tax-equivalent basis, would have been 3.24% for the quarter ended June 30, 2025 compared to 3.12% for the first quarter of 2025 and 2.86% for the second quarter of 2024.

Noninterest Income

Noninterest income for the quarter ended June 30, 2025 was $21.5 million, an increase of $521 thousand, or 2.5%, from the comparable period in the prior year.

Other income increased $491 thousand, or 65.9%, for the quarter ended June 30, 2025 compared to the comparable period in the prior year, primarily due to an increase of $299 thousand in gains on sale of Small Business Administration loans.

Service charges on deposit accounts increased $276 thousand, or 13.9%, for the quarter ended June 30, 2025 compared to the comparable period in the prior year, primarily due to an increase in treasury management income.

Investment advisory commission and fee income increased $222 thousand, or 4.2%, for the quarter ended June 30, 2025 compared to the comparable period in the prior year, primarily due to new customer relationships and appreciation of assets under management and supervision.

Net gain on mortgage banking activities decreased $729 thousand, or 42.6%, for the quarter ended June 30, 2025 compared to the comparable period in the prior year, primarily due to decreased salable volume.

Noninterest Expense

Noninterest expense for the quarter ended June 30, 2025 was $50.3 million, an increase of $1.6 million, or 3.3%, from the comparable period in the prior year.

Salaries, benefits and commissions increased $1.3 million, or 4.5%, for the quarter ended June 30, 2025 compared to the comparable period in the prior year, due to increases in salary and medical claims expense. Additionally, variable compensation increased due to increased profitability.

Tax Provision

The effective income tax rate was 20.1% for the quarter ended June 30, 2025, compared to an effective tax rate of 19.9% for the quarter ended June 30, 2024. The effective tax rates for the three months ended June 30, 2025 and 2024 were favorably impacted by proceeds of BOLI death benefits received in both periods. Excluding the BOLI death benefits, the effective tax rate was 20.2% for the three months ended June 30, 2025 compared to 20.0% for the three months ended June 30, 2024.

Asset Quality and Provision for Credit Losses

Nonperforming assets totaled $50.6 million at June 30, 2025, $34.0 million at March 31, 2025, and $36.6 million at June 30, 2024. During the quarter, a $23.7 million commercial loan relationship was placed on nonaccrual status due to, among other things, suspected fraud. Subsequent to the relationship being placed on nonaccrual status, a $7.3 million charge-off was recognized during the quarter. The remaining $16.4 million carrying value is supported by the appraised value of real estate collateral.

Net loan and lease charge-offs were $7.8 million for the three months ended June 30, 2025 compared to $1.7 million and $809 thousand for the three months ended March 31, 2025 and June 30, 2024, respectively. The increase in charge-offs for the quarter compared to the prior periods was due to the previously discussed $7.3 million charge-off associated with a nonaccrual commercial loan relationship.

The provision for credit losses was $5.7 million for the three months ended June 30, 2025 compared to $2.3 million and $707 thousand for the three months ended March 31, 2025 and June 30, 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 June 30, 2025, March 31, 2025, and June 30, 2024.

Dividend and Share Repurchases

On July 23, 2025, Univest declared a quarterly cash dividend of $0.22 per share to be paid on August 20, 2025 to shareholders of record as of August 6, 2025. During the quarter ended June 30, 2025, the Corporation repurchased 172,757 shares of common stock at an average price of $28.45 per share. Including brokerage fees and excise tax, the average price per share was $28.77. As of June 30, 2025, 1,005,637 shares are available for repurchase under the Share Repurchase Plan.

Conference Call

Univest will host a conference call to discuss second quarter 2025 results on Thursday, July 24, 2025 at 9:00 a.m. EDT. Participants may preregister at https://www.netroadshow.com/events/login?show=d55d5140&confId=85192. The general public can access the call by dialing 1-833-470-1428; using Access Code 747843. A replay of the conference call will be available through July 31, 2025 by dialing 1-866-813-9403; using Access Code 563521.

About Univest Financial Corporation

Univest Financial Corporation (UVSP), including its wholly-owned subsidiary Univest Bank and Trust Co., Member FDIC, has approximately $7.9 billion in assets and $5.4 billion in assets under management and supervision through its Wealth Management lines of business at June 30, 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 and retaliatory responses; (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; (18) changes in investor sentiment or consumer spending or savings behavior; and/or (19) 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)
June 30, 2025
(Dollars in thousands)

Balance Sheet (Period End)	06/30/25			03/31/25			12/31/24			09/30/24			06/30/24
ASSETS
Cash and due from banks	$	76,624		$	73,319		$	75,998		$	78,346		$	66,808
Interest-earning deposits with other banks		83,741			95,815			252,846			426,354			124,103
Cash and cash equivalents		160,365			169,134			328,844			504,700			190,911
Investment securities held-to-maturity		128,455			130,889			134,111			137,681			140,112
Investment securities available for sale, net of allowance for credit losses		366,421			364,503			357,361			354,100			342,776
Investments in equity securities		1,801			1,667			2,506			2,406			2,995
Federal Home Loan Bank, Federal Reserve Bank and other stock, at cost		36,482			35,732			38,980			40,235			37,438
Loans held for sale		17,774			13,150			16,653			17,131			28,176
Loans and leases held for investment		6,801,185			6,833,037			6,826,583			6,730,734			6,684,837
Less: Allowance for credit losses, loans and leases		(86,989	)		(87,790	)		(87,091	)		(86,041	)		(85,745	)
Net loans and leases held for investment		6,714,196			6,745,247			6,739,492			6,644,693			6,599,092
Premises and equipment, net		47,140			47,175			46,671			47,411			48,174
Operating lease right-of-use assets		27,278			27,182			28,531			29,260			29,985
Goodwill		175,510			175,510			175,510			175,510			175,510
Other intangibles, net of accumulated amortization		7,967			8,061			8,309			7,158			7,701
Bank owned life insurance		140,086			139,482			139,351			138,744			137,823
Accrued interest and other assets		115,581			117,435			112,098			106,708			114,753
Total assets	$	7,939,056		$	7,975,167		$	8,128,417		$	8,205,737		$	7,855,446

LIABILITIES
Noninterest-bearing deposits	$	1,461,189		$	1,433,995		$	1,414,635		$	1,323,953		$	1,397,308
Interest-bearing deposits:		5,121,471			5,224,503			5,344,624			5,530,195			5,098,014
Total deposits		6,582,660			6,658,498			6,759,259			6,854,148			6,495,322
Short-term borrowings		6,271			4,031			11,181			8,256			11,781
Long-term debt		200,000			175,000			225,000			225,000			250,000
Subordinated notes		149,511			149,386			149,261			149,136			149,011
Operating lease liabilities		30,106			30,062			31,485			32,246			33,015
Accrued expenses and other liabilities		53,775			54,718			64,930			59,880			62,180
Total liabilities		7,022,323			7,071,695			7,241,116			7,328,666			7,001,309

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		301,640			300,634			302,829			301,262			300,166
Retained earnings		555,403			541,776			525,780			512,938			500,482
Accumulated other comprehensive loss, net of tax benefit		(34,969	)		(37,922	)		(43,992	)		(41,623	)		(54,124	)
Treasury stock, at cost		(63,125	)		(58,800	)		(55,100	)		(53,290	)		(50,171	)
Total shareholders' equity		916,733			903,472			887,301			877,071			854,137
Total liabilities and shareholders' equity	$	7,939,056		$	7,975,167		$	8,128,417		$	8,205,737		$	7,855,446


	For the three months ended,															For the six months ended,
Balance Sheet (Average)	06/30/25			03/31/25			12/31/24			09/30/24			06/30/24			06/30/25		06/30/24
Assets		7,979,475		$	7,981,043		$	8,163,347		$	8,005,265		$	7,721,540		$	7,980,254	$	7,709,058
Investment securities, net of allowance for credit losses		497,214			500,078			500,748			493,334			493,140			498,638		497,061
Loans and leases, gross		6,846,938			6,856,503			6,758,649			6,730,791			6,640,536			6,851,694		6,608,950
Deposits		6,633,250			6,617,653			6,804,483			6,641,324			6,353,752			6,625,494		6,328,804
Shareholders' equity		908,536			896,811			880,237			864,406			844,572			902,706		843,559

Univest Financial Corporation
Consolidated Summary of Loans by Type and Asset Quality Data (Unaudited)
June 30, 2025
(Dollars in thousands)

Summary of Major Loan and Lease Categories (Period End)	06/30/25			03/31/25			12/31/24			09/30/24			06/30/24
Commercial, financial and agricultural	$	1,052,246		$	1,034,361		$	1,037,835		$	1,044,043		$	1,055,332
Real estate-commercial		3,485,615			3,546,402			3,530,451			3,442,083			3,373,889
Real estate-construction		302,424			281,785			274,483			285,616			313,229
Real estate-residential secured for business purpose		535,210			536,082			536,095			530,674			532,628
Real estate-residential secured for personal purpose		984,166			992,767			994,972			969,562			952,665
Real estate-home equity secured for personal purpose		195,014			189,119			186,836			182,901			179,150
Loans to individuals		14,069			16,930			21,250			26,794			26,430
Lease financings		232,441			235,591			244,661			249,061			251,514
Total loans and leases held for investment, net of deferred income		6,801,185			6,833,037			6,826,583			6,730,734			6,684,837
Less: Allowance for credit losses, loans and leases		(86,989	)		(87,790	)		(87,091	)		(86,041	)		(85,745	)
Net loans and leases held for investment	$	6,714,196		$	6,745,247		$	6,739,492		$	6,644,693		$	6,599,092


Asset Quality Data (Period End)	06/30/25			03/31/25			12/31/24			09/30/24			06/30/24
Nonaccrual loans and leases, including nonaccrual loans held for sale	$	27,909		$	11,126		$	12,667		$	15,319		$	16,200
Accruing loans and leases 90 days or more past due		125			322			321			310			205
Total nonperforming loans and leases		28,034			11,448			12,988			15,629			16,405
Other real estate owned		22,471			22,433			20,141			20,915			20,007
Repossessed assets		80			79			76			79			149
Total nonperforming assets	$	50,585		$	33,960		$	33,205		$	36,623		$	36,561
Nonaccrual loans and leases / Loans and leases held for investment		0.41	%		0.16	%		0.19	%		0.23	%		0.24	%
Nonperforming loans and leases / Loans and leases held for investment		0.41	%		0.17	%		0.19	%		0.23	%		0.25	%
Nonperforming assets / Total assets		0.64	%		0.43	%		0.41	%		0.45	%		0.47	%

Allowance for credit losses, loans and leases	$	86,989		$	87,790		$	87,091		$	86,041		$	85,745
Allowance for credit losses, loans and leases / Loans and leases held for investment		1.28	%		1.28	%		1.28	%		1.28	%		1.28	%
Allowance for credit losses, loans and leases / Nonaccrual loans and leases		311.69	%		789.05	%		687.54	%		561.66	%		529.29	%
Allowance for credit losses, loans and leases / Nonperforming loans and leases		310.30	%		766.86	%		670.55	%		550.52	%		522.68	%


	For the three months ended,															For the six months ended,
	06/30/25			03/31/25			12/31/24			09/30/24			06/30/24			06/30/25			06/30/24
Net loan and lease charge-offs	$	7,807		$	1,686		$	767		$	820		$	809		$	9,493		$	2,215
Net loan and lease charge-offs (annualized)/Average loans and leases		0.46	%		0.10	%		0.05	%		0.05	%		0.05	%		0.28	%		0.07	%

Univest Financial Corporation
Consolidated Selected Financial Data (Unaudited)
June 30, 2025
(Dollars in thousands, except per share data)
	For the three months ended,										For the six months ended,
For the period:	06/30/25		03/31/25		12/31/24		09/30/24		06/30/24		06/30/25		06/30/24
Interest income	$	105,706	$	103,416	$	107,476	$	106,438	$	99,832	$	209,122	$	198,441
Interest expense		46,165		46,635		52,004		53,234		48,805		92,800		95,947
Net interest income		59,541		56,781		55,472		53,204		51,027		116,322		102,494
Provision for credit losses		5,694		2,311		2,380		1,414		707		8,005		2,139
Net interest income after provision for credit losses		53,847		54,470		53,092		51,790		50,320		108,317		100,355
Noninterest income:
Trust fee income		2,146		2,161		2,265		2,110		2,008		4,307		4,116
Service charges on deposit accounts		2,258		2,194		2,192		2,037		1,982		4,452		3,853
Investment advisory commission and fee income		5,460		5,613		5,457		5,319		5,238		11,073		10,432
Insurance commission and fee income		5,261		6,889		4,743		5,238		5,167		12,150		12,368
Other service fee income		3,147		2,707		3,473		1,815		3,044		5,854		9,459
Bank owned life insurance income		1,012		1,959		1,012		921		1,086		2,971		1,928
Net gain on sales of investment securities		-		-		-		18		-		-		-
Net gain on mortgage banking activities		981		647		1,320		1,296		1,710		1,628		2,649
Other income		1,236		245		868		1,396		745		1,481		1,770
Total noninterest income		21,501		22,415		21,330		20,150		20,980		43,916		46,575
Noninterest expense:
Salaries, benefits and commissions		31,536		30,826		31,518		30,702		30,187		62,362		61,525
Net occupancy		2,739		2,853		2,751		2,723		2,679		5,592		5,551
Equipment		1,043		1,122		1,147		1,107		1,088		2,165		2,199
Data processing		4,408		4,364		4,146		4,154		4,161		8,772		8,656
Professional fees		1,597		1,797		1,669		1,579		1,466		3,394		3,154
Marketing and advertising		498		353		552		490		715		851		1,131
Deposit insurance premiums		1,074		1,151		1,102		1,097		1,098		2,225		2,233
Intangible expenses		131		130		155		164		188		261		375
Other expense		7,306		6,732		7,618		6,536		7,126		14,038		13,958
Total noninterest expense		50,332		49,328		50,658		48,552		48,708		99,660		98,782
Income before taxes		25,016		27,557		23,764		23,388		22,592		52,573		48,148
Income tax expense		5,038		5,162		4,823		4,810		4,485		10,200		9,736
Net income	$	19,978	$	22,395	$	18,941	$	18,578	$	18,107	$	42,373	$	38,412
Net income per share:
Basic	$	0.69	$	0.77	$	0.65	$	0.64	$	0.62	$	1.46	$	1.31
Diluted	$	0.69	$	0.77	$	0.65	$	0.63	$	0.62	$	1.45	$	1.30
Dividends declared per share	$	0.22	$	0.21	$	0.21	$	0.21	$	0.21	$	0.43	$	0.42
Weighted average shares outstanding		28,859,348		29,000,567		29,070,039		29,132,948		29,246,977		28,929,123		29,330,488
Period end shares outstanding		28,810,805		28,962,648		29,045,877		29,081,108		29,190,640		28,810,805		29,190,640


Univest Financial Corporation
Consolidated Selected Financial Data (Unaudited)
June 30, 2025



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

Return on average assets		1.00	%		1.14	%		0.92	%		0.92	%		0.94	%		1.07	%		1.00	%
Return on average shareholders' equity		8.82	%		10.13	%		8.56	%		8.55	%		8.62	%		9.47	%		9.16	%
Return on average tangible common equity (1)(3)		11.02	%		12.69	%		10.79	%		10.84	%		11.01	%		11.84	%		11.69	%
Net interest margin (FTE)		3.20	%		3.09	%		2.88	%		2.82	%		2.84	%		3.14	%		2.86	%
Efficiency ratio (2)		61.6	%		61.6	%		65.5	%		65.7	%		67.1	%		61.6	%		65.8	%

Capitalization Ratios

Dividends declared to net income		31.8	%		27.2	%		32.2	%		33.0	%		33.9	%		29.4	%		32.1	%
Shareholders' equity to assets (Period End)		11.55	%		11.33	%		10.92	%		10.69	%		10.87	%		11.55	%		10.87	%
Tangible common equity to tangible assets (1)		9.52	%		9.31	%		8.92	%		8.71	%		8.81	%		9.52	%		8.81	%
Common equity book value per share	$	31.82		$	31.19		$	30.55		$	30.16		$	29.26		$	31.82		$	29.26
Tangible common equity book value per share (1)	$	25.66		$	25.06		$	24.43		$	24.05		$	23.17		$	25.66		$	23.17

Regulatory Capital Ratios (Period End)
Tier 1 leverage ratio		9.94	%		9.80	%		9.51	%		9.53	%		9.74	%		9.94	%		9.74	%
Common equity tier 1 risk-based capital ratio		11.19	%		10.97	%		10.85	%		10.88	%		10.72	%		11.19	%		10.72	%
Tier 1 risk-based capital ratio		11.19	%		10.97	%		10.85	%		10.88	%		10.72	%		11.19	%		10.72	%
Total risk-based capital ratio		14.58	%		14.35	%		14.19	%		14.27	%		14.09	%		14.58	%		14.09	%

(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	June 30, 2025							March 31, 2025
	Average			Income/		Average		Average			Income/		Average
(Dollars in thousands)	Balance			Expense		Rate		Balance			Expense		Rate
Assets:
Interest-earning deposits with other banks	$	131,391		$	1,371	4.19	%	$	119,997		$	1,360	4.60	%
Obligations of state and political subdivisions*		-			-	-			879			4	1.85
Other debt and equity securities		497,214			3,962	3.20			499,199			4,019	3.27
Federal Home Loan Bank, Federal Reserve Bank and other stock		36,711			671	7.33			37,561			687	7.42
Total interest-earning deposits, investments and other interest-earning assets		665,316			6,004	3.62			657,636			6,070	3.74

Commercial, financial, and agricultural loans		1,005,784			17,686	7.05			990,860			17,020	6.97
Real estate—commercial and construction loans		3,692,262			54,165	5.88			3,704,232			52,676	5.77
Real estate—residential loans		1,727,381			21,772	5.06			1,729,146			21,542	5.05
Loans to individuals		15,575			337	8.68			19,438			393	8.20
Tax-exempt loans and leases		228,856			2,966	5.20			230,133			2,861	5.04
Lease financings		177,080			3,192	7.23			182,694			3,240	7.19
Gross loans and leases		6,846,938			100,118	5.86			6,856,503			97,732	5.78
Total interest-earning assets		7,512,254			106,122	5.67			7,514,139			103,802	5.60
Cash and due from banks		55,335							56,690
Allowance for credit losses, loans and leases		(88,127	)						(87,822	)
Premises and equipment, net		47,299							46,852
Operating lease right-of-use assets		26,948							27,761
Other assets		425,766							423,423
Total assets	$	7,979,475						$	7,981,043

Liabilities:
Interest-bearing checking deposits	$	1,216,909		$	7,800	2.57	%	$	1,222,012		$	7,075	2.35	%
Money market savings		1,754,428			16,945	3.87			1,840,194			18,035	3.97
Regular savings		700,762			749	0.43			702,543			763	0.44
Time deposits		1,541,008			16,261	4.23			1,476,495			16,106	4.42
Total time and interest-bearing deposits		5,213,107			41,755	3.21			5,241,244			41,979	3.25

Short-term borrowings		5,254			1	0.08			6,909			14	0.82
Long-term debt		200,549			2,128	4.26			217,500			2,361	4.40
Subordinated notes		149,444			2,281	6.12			149,319			2,281	6.20
Total borrowings		355,247			4,410	4.98			373,728			4,656	5.05
Total interest-bearing liabilities		5,568,354			46,165	3.33			5,614,972			46,635	3.37
Noninterest-bearing deposits		1,420,143							1,376,409
Operating lease liabilities		29,802							30,675
Accrued expenses and other liabilities		52,640							62,176
Total liabilities		7,070,939							7,084,232
Total interest-bearing liabilities and noninterest-bearing deposits ("Cost of Funds")		6,988,497				2.65			6,991,381				2.71

Shareholders' Equity:
Common stock		157,784							157,784
Additional paid-in capital		301,016							302,653
Retained earnings and other equity		449,736							436,374
Total shareholders' equity		908,536							896,811
Total liabilities and shareholders' equity	$	7,979,475						$	7,981,043
Net interest income				$	59,957						$	57,167

Net interest spread						2.34							2.23
Effect of net interest-free funding sources						0.86							0.86
Net interest margin						3.20	%						3.09	%
Ratio of average interest-earning assets to average interest-bearing liabilities		134.91	%						133.82	%

* 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 $689 thousand and $554 thousand for the three months ended June 30, 2025 and March 31, 2025, 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 June 30, 2025 and March 31, 2025 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 June 30,
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	$	131,391		$	1,371	4.19	%	$	84,546		$	1,108	5.27	%
Obligations of state and political subdivisions*		-			-	-			1,269			7	2.22
Other debt and equity securities		497,214			3,962	3.20			491,871			3,741	3.06
Federal Home Loan Bank, Federal Reserve Bank and other stock		36,711			671	7.33			37,286			700	7.55
Total interest-earning deposits, investments and other interest-earning assets		665,316			6,004	3.62			614,972			5,556	3.63

Commercial, financial, and agricultural loans		1,005,784			17,686	7.05			983,615			17,447	7.13
Real estate—commercial and construction loans		3,692,262			54,165	5.88			3,549,206			50,577	5.73
Real estate—residential loans		1,727,381			21,772	5.06			1,660,489			20,413	4.94
Loans to individuals		15,575			337	8.68			26,821			542	8.13
Tax-exempt loans and leases		228,856			2,966	5.20			230,495			2,476	4.32
Lease financings		177,080			3,192	7.23			189,910			3,105	6.58
Gross loans and leases		6,846,938			100,118	5.86			6,640,536			94,560	5.73
Total interest-earning assets		7,512,254			106,122	5.67			7,255,508			100,116	5.55
Cash and due from banks		55,335							56,387
Allowance for credit losses, loans and leases		(88,127	)						(86,293	)
Premises and equipment, net		47,299							48,725
Operating lease right-of-use assets		26,948							30,344
Other assets		425,766							416,869
Total assets	$	7,979,475						$	7,721,540

Liabilities:
Interest-bearing checking deposits	$	1,216,909		$	7,800	2.57	%	$	1,094,150		$	7,311	2.69	%
Money market savings		1,754,428			16,945	3.87			1,692,759			19,131	4.55
Regular savings		700,762			749	0.43			759,960			929	0.49
Time deposits		1,541,008			16,261	4.23			1,422,113			16,134	4.56
Total time and interest-bearing deposits		5,213,107			41,755	3.21			4,968,982			43,505	3.52

Short-term borrowings		5,254			1	0.08			29,506			242	2.30
Long-term debt		200,549			2,128	4.26			250,000			2,777	4.47
Subordinated notes		149,444			2,281	6.12			148,943			2,281	6.16
Total borrowings		355,247			4,410	4.98			428,449			5,300	4.98
Total interest-bearing liabilities		5,568,354			46,165	3.33			5,397,431			48,805	3.64
Noninterest-bearing deposits		1,420,143							1,384,770
Operating lease liabilities		29,802							33,382
Accrued expenses and other liabilities		52,640							61,385
Total liabilities		7,070,939							6,876,968
Total interest-bearing liabilities and noninterest-bearing deposits ("Cost of Funds")		6,988,497				2.65			6,782,201				2.89

Shareholders' Equity:
Common stock		157,784							157,784
Additional paid-in capital		301,016							299,426
Retained earnings and other equity		449,736							387,362
Total shareholders' equity		908,536							844,572
Total liabilities and shareholders' equity	$	7,979,475						$	7,721,540
Net interest income				$	59,957						$	51,311

Net interest spread						2.34							1.91
Effect of net interest-free funding sources						0.86							0.93
Net interest margin						3.20	%						2.84	%
Ratio of average interest-earning assets to average interest-bearing liabilities		134.91	%						134.43	%

* 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 $689 thousand and $698 thousand for the three months ended June 30, 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 June 30, 2025 and 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 Six Months Ended June 30,
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	$	125,725		$	2,731	4.38	%	$	102,696		$	2,717	5.32	%
Obligations of state and political subdivisions*		437			4	1.85			1,610			19	2.37
Other debt and equity securities		498,201			7,981	3.23			495,451			7,388	3.00
Federal Home Loan Bank, Federal Reserve Bank and other stock		37,134			1,358	7.37			38,201			1,424	7.50
Total interest-earning deposits, investments and other interest-earning assets		661,497			12,074	3.68			637,958			11,548	3.64

Commercial, financial, and agricultural loans		998,363			34,706	7.01			959,132			33,970	7.12
Real estate—commercial and construction loans		3,698,214			106,841	5.83			3,562,174			101,218	5.71
Real estate—residential loans		1,728,259			43,314	5.05			1,639,339			39,968	4.90
Loans to individuals		17,495			730	8.41			27,068			1,090	8.10
Tax-exempt loans and leases		229,491			5,827	5.12			231,437			4,940	4.29
Lease financings		179,872			6,432	7.21			189,800			6,274	6.65
Gross loans and leases		6,851,694			197,850	5.82			6,608,950			187,460	5.70
Total interest-earning assets		7,513,191			209,924	5.63			7,246,908			199,008	5.52
Cash and due from banks		56,009							55,628
Allowance for credit losses, loans and leases		(87,975	)						(86,394	)
Premises and equipment, net		47,076							49,659
Operating lease right-of-use assets		27,352							30,733
Other assets		424,601							412,524
Total assets	$	7,980,254						$	7,709,058

Liabilities:
Interest-bearing checking deposits	$	1,219,446		$	14,875	2.46	%	$	1,137,423		$	15,529	2.75	%
Money market savings		1,797,074			34,980	3.93			1,699,025			38,351	4.54
Regular savings		701,648			1,512	0.43			764,943			1,834	0.48
Time deposits		1,508,930			32,367	4.33			1,330,496			29,764	4.50
Total time and interest-bearing deposits		5,227,098			83,734	3.23			4,931,887			85,478	3.49

Short-term borrowings		6,076			15	0.50			19,816			247	2.51
Long-term debt		208,978			4,489	4.33			271,243			5,660	4.20
Subordinated notes		149,382			4,562	6.16			148,881			4,562	6.16
Total borrowings		364,436			9,066	5.02			439,940			10,469	4.79
Total interest-bearing liabilities		5,591,534			92,800	3.35			5,371,827			95,947	3.59
Noninterest-bearing deposits		1,398,396							1,396,917
Operating lease liabilities		30,236							33,774
Accrued expenses and other liabilities		57,382							62,981
Total liabilities		7,077,548							6,865,499
Total interest-bearing liabilities and noninterest-bearing deposits ("Cost of Funds")		6,989,930				2.68			6,768,744				2.85

Shareholders' Equity:
Common stock		157,784							157,784
Additional paid-in capital		301,830							300,052
Retained earnings and other equity		443,092							385,723
Total shareholders' equity		902,706							843,559
Total liabilities and shareholders' equity	$	7,980,254						$	7,709,058
Net interest income				$	117,124						$	103,061

Net interest spread						2.28							1.93
Effect of net interest-free funding sources						0.86							0.93
Net interest margin						3.14	%						2.86	%
Ratio of average interest-earning assets to average interest-bearing liabilities		134.37	%						134.91	%

* 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 $1.2 million for the six months ended June 30, 2025 and 2024.
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 six months ended June 30, 2025 and 2024 have been calculated using the Corporation's federal applicable rate of 21.0%.

Univest Financial Corporation
Loan Portfolio Overview (Unaudited)
June 30, 2025

(Dollars in thousands)
Industry Description	Total Outstanding Balance		% of Commercial Loan Portfolio
CRE - Retail	$	453,445	8.4	%
Animal Production		401,946	7.5
CRE - Multi-family		360,345	6.7
CRE - 1-4 Family Residential Investment		279,322	5.2
CRE - Office		262,374	4.9
Hotels & Motels (Accommodation)		222,878	4.1
CRE - Industrial / Warehouse		222,234	4.1
Specialty Trade Contractors		197,138	3.7
Nursing and Residential Care Facilities		167,978	3.1
Homebuilding (tract developers, remodelers)		154,166	2.9
Merchant Wholesalers, Durable Goods		140,876	2.6
Repair and Maintenance		135,318	2.5
Motor Vehicle and Parts Dealers		132,852	2.5
Crop Production		113,684	2.1
CRE - Mixed-Use - Residential		113,422	2.1
Wood Product Manufacturing		99,041	1.8
Food Services and Drinking Places		88,822	1.7
Real Estate Lenders, Secondary Market Financing		87,750	1.6
Administrative and Support Services		86,092	1.6
Professional, Scientific, and Technical Services		85,567	1.6
Merchant Wholesalers, Nondurable Goods		81,836	1.5
Private Equity & Special Purpose Entities (except 52592)		76,957	1.4
CRE - Mixed-Use - Commercial		76,067	1.4
Fabricated Metal Product Manufacturing		72,635	1.4
Amusement, Gambling, and Recreation Industries		69,971	1.3
Education		65,839	1.2
Religious Organizations, Advocacy Groups		65,568	1.2
Personal and Laundry Services		63,886	1.2
Miniwarehouse / Self-Storage		63,531	1.2
Food Manufacturing		53,682	1.0
Industries with >$50 million in outstandings	$	4,495,222	83.6	%
Industries with <$50 million in outstandings	$	880,273	16.4	%
Total Commercial Loans	$	5,375,495	100.0	%


Consumer Loans and Lease Financings	Total Outstanding Balance
Real Estate-Residential Secured for Personal Purpose		984,166
Real Estate-Home Equity Secured for Personal Purpose		195,014
Loans to Individuals		14,069
Lease Financings		232,441
Total - Consumer Loans and Lease Financings	$	1,425,690

Total	$	6,801,185

Univest Financial Corporation
Non-GAAP Reconciliation
June 30, 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,															As of or for the six months ended,
(Dollars in thousands)	06/30/25			03/31/25			12/31/24			09/30/24			06/30/24			06/30/25			06/30/24
Net income	$	19,978		$	22,395		$	18,941		$	18,578		$	18,107		$	42,373		$	38,412
Amortization of intangibles, net of tax		103			103			122			130			149			206			296
Net income before amortization of intangibles	$	20,081		$	22,498		$	19,063		$	18,708		$	18,256		$	42,579		$	38,708

Shareholders' equity	$	916,733		$	903,472		$	887,301		$	877,071		$	854,137		$	916,733		$	854,137
Goodwill		(175,510	)		(175,510	)		(175,510	)		(175,510	)		(175,510	)		(175,510	)		(175,510	)
Other intangibles (a)		(2,040	)		(2,104	)		(2,263	)		(2,147	)		(2,157	)		(2,040	)		(2,157	)
Tangible common equity	$	739,183		$	725,858		$	709,528		$	699,414		$	676,470		$	739,183		$	676,470

Total assets	$	7,939,056		$	7,975,167		$	8,128,417		$	8,205,737		$	7,855,446		$	7,939,056		$	7,855,446
Goodwill		(175,510	)		(175,510	)		(175,510	)		(175,510	)		(175,510	)		(175,510	)		(175,510	)
Other intangibles (a)		(2,040	)		(2,104	)		(2,263	)		(2,147	)		(2,157	)		(2,040	)		(2,157	)
Tangible assets	$	7,761,506		$	7,797,553		$	7,950,644		$	8,028,080		$	7,677,779		$	7,761,506		$	7,677,779

Average shareholders' equity	$	908,536		$	896,811		$	880,237		$	864,406		$	844,572		$	902,706		$	843,559
Average goodwill		(175,510	)		(175,510	)		(175,510	)		(175,510	)		(175,510	)		(175,510	)		(175,510	)
Average other intangibles (a)		(2,068	)		(2,162	)		(2,146	)		(2,086	)		(2,222	)		(2,114	)		(2,271	)
Average tangible common equity	$	730,958		$	719,139		$	702,581		$	686,810		$	666,840		$	725,082		$	665,778

(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 Second Quarter Results