Univest Financial Corp Stock Price, News & Analysis

Univest Financial Corporation (NASDAQ: UVSP) reported net income of $20.8 million, or $0.71 diluted EPS, for Q3 2022, nearly flat from $20.9 million in Q3 2021. Total gross loans rose 13.5% from Q2 2022, driven by growth in commercial and residential loans. However, noninterest income fell 12.6% to $18.0 million, significantly impacted by a 74.7% decline in mortgage banking activities. Noninterest expense increased by 7.9% to $46.7 million, partly due to a digital transformation initiative. Share repurchases and a quarterly dividend of $0.21 per share were also announced.

Univest Financial Corporation (Nasdaq: UVSP) will host a conference call to discuss its third quarter 2022 earnings on October 27, 2022, at 9:00 a.m. Earnings will be released post-market on October 26, 2022. Participants can pre-register for a special dial-in number to avoid delays. The company, headquartered in Souderton, PA, has approximately $6.7 billion in assets and $4.1 billion in assets under management as of June 30, 2022. Univest provides a wide range of financial solutions across the Mid-Atlantic Region.

KBRA has released its latest U.S. Bank Compendium, analyzing the 2Q22 results for U.S. banks rated by KBRA amidst rising interest rates. The report discusses how banks are adjusting to these changes and potential impacts on profitability amid economic uncertainty. Key performance metrics, including credit ratios and returns on assets, are highlighted. The Compendium also provides a quarterly ESG Bulletin featuring Univest Financial Corporation (NASDAQ: UVSP) along with summaries of all publicly traded banks in KBRA's rated universe.

Univest Financial Corporation (UVSP) announced a net income of $13.2 million ($0.45 EPS) for Q2 2022, down from $20.9 million ($0.71 EPS) in Q2 2021. For the first half, net income totaled $33.5 million ($1.13 EPS), down from $53.5 million ($1.81 EPS). Loan growth was strong at 19.6% annualized, but total deposits decreased by $484.9 million (32% annualized) due to seasonal factors. Net interest income rose to $51.5 million, reflecting increased loan balances. Noninterest income fell by 6.1% to $19.0 million, primarily from reduced mortgage banking activities. A quarterly dividend of $0.21 was declared.

Univest Financial Corporation (UVSP) will host a conference call on July 28, 2022, at 9:00 a.m. to discuss its second quarter 2022 earnings, scheduled for release after market close on July 27, 2022. Participants can pre-register via the provided link to receive a special dial-in number. Univest manages approximately $7.1 billion in assets and $4.6 billion in assets under management as of March 31, 2022.

Univest Financial Corporation (NASDAQ: UVSP) reported Q1 2022 net income of $20.3 million, down from $32.6 million in Q1 2021. Diluted EPS was $0.68, compared to $1.11 a year earlier. A 5% dividend increase to $0.21 per share was announced, with planned quarterly repurchases of 150,000 shares. The corporation expanded to Western PA and Maryland with the hiring of two new market presidents. Noninterest income decreased by 12%, driven by a significant drop in mortgage banking activities. The net interest margin slightly improved to 2.89% despite rising interest rates.

Univest Financial Corporation (UVSP) announced a conference call to discuss its first quarter 2022 earnings, scheduled for April 28, 2022, at 9:00 a.m. The earnings report will be released after market close on April 27, 2022. The conference call will allow participants to engage in discussions about the company's performance. Univest manages approximately $7.1 billion in assets and $4.9 billion in assets under management as of December 31, 2021. The company provides a variety of financial services across the Mid-Atlantic region.

Univest Bank and Trust Co., a subsidiary of Univest Financial Corporation (NASDAQ: UVSP), has announced the appointment of Patrick McCormick as Executive Vice President and Chief Credit Officer. McCormick, with nearly 20 years of industry experience, will oversee credit policy and manage credit risk in the bank’s loan portfolio, succeeding Duane Brobst, who is retiring after more than 30 years. President Mike Keim praised McCormick’s extensive background, anticipating it will aid in the growth of their loan portfolio.

Univest Financial Corporation (UVSP) reported a net income of $91.8 million for 2021, up from $46.9 million in 2020. Diluted earnings per share increased to $3.11 from $1.60. For Q4 2021, net income was $17.4 million, down from $25.9 million in Q4 2020. Loan growth was 9.4% excluding PPP loans. Total deposits rose 15.5% to $812.4 million. However, noninterest income fell 4.7% in Q4. A quarterly cash dividend of $0.20 per share was declared. The corporation will discuss results in a conference call on January 27, 2022.