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Earnings surge at Univest (NASDAQ: UVSP) with higher Q1 EPS and dividend

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(Moderate)
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8-K

Rhea-AI Filing Summary

Univest Financial Corporation reported stronger first quarter 2026 results. Net income was $27.1 million, up from $22.4 million a year earlier, with diluted earnings per share rising to $0.96 from $0.77, a 24.7% increase.

The quarterly dividend was raised 4.5% to $0.23 per share. Net interest income grew 11.6% year over year to $63.4 million, and the tax-equivalent net interest margin improved to 3.33% from 3.09%. Noninterest income also increased, helped by higher investment advisory and insurance fees.

Noninterest expense rose 6.8% to $52.7 million, including a $427 thousand restructuring charge tied to closing two underutilized facilities. Asset quality remained solid, with net loan and lease charge-offs at $1.3 million and the allowance for credit losses steady at 1.28% of loans. Univest repurchased 351,138 shares at an average price of $33.70 and ended the quarter with $8.1 billion in assets.

Positive

  • Earnings and EPS growth: Net income rose to $27.1 million and diluted EPS increased 24.7% year over year to $0.96, with ROA at 1.33% and ROE at 11.57%.
  • Stronger core banking performance: Net interest income grew 11.6% to $63.4 million and tax-equivalent net interest margin improved to 3.33%, while the efficiency ratio improved to 59.7%.
  • Shareholder returns and capital: The quarterly dividend was raised 4.5% to $0.23 per share and 351,138 shares were repurchased at an average of $33.70, alongside CET1 and total capital ratios of 11.32% and 13.95%.

Negative

  • Deposit and asset quality trends: Total deposits fell $273.6 million, or 3.9%, from year-end 2025, and nonperforming assets increased to $41.2 million, or 0.51% of total assets, from $33.96 million a year earlier.
  • Higher operating costs and restructuring: Noninterest expense rose 6.8% year over year to $52.7 million, driven by higher salaries and medical claims, plus a $427 thousand restructuring charge related to closing two underutilized facilities.

Insights

Q1 2026 shows broad-based earnings strength with better margin and capital return.

Univest delivered net income of $27.1 million and diluted EPS of $0.96, up 24.7% year over year. Return on average assets reached 1.33% and return on average shareholders’ equity was 11.57%, indicating solid profitability for a regional bank.

Net interest income increased 11.6% to $63.4 million, while the tax-equivalent net interest margin improved to 3.33% from 3.09%. This reflects a combination of higher average loan balances and lower cost of funds, even as total deposits declined 3.9% from year-end on seasonal public funds runoff.

The efficiency ratio improved to 59.7% from 61.6% a year earlier, showing decent cost control despite higher salaries and medical claims. Management also raised the quarterly dividend 4.5% to $0.23 per share and repurchased 351,138 shares at an average of $33.70, signaling confidence while keeping capital ratios, such as the common equity tier 1 ratio at 11.32%, comfortably above regulatory minimums.

Credit metrics remain stable with modest pressure from new nonperformers.

Nonperforming assets stood at $41.2 million, up from $34.0 million a year earlier, and represented 0.51% of total assets. The allowance for credit losses stayed at 1.28% of loans and leases, providing coverage of more than five times nonperforming loans.

Net loan and lease charge-offs were $1.3 million, or an annualized 0.07% of average loans and leases, consistent with recent quarters and well below the spike seen in Q2 2025. The provision for credit losses declined to $1.3 million from $2.3 million a year ago, reflecting relatively stable portfolio performance.

Management noted specific commercial and residential real estate credits moving to nonaccrual and partially charged off, but overall asset quality ratios remain low by historical standards. Regulatory capital ratios, including a total risk-based capital ratio of 13.95%, suggest capacity to absorb normal credit volatility if economic conditions or real estate markets weaken.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Net income $27.1 million Quarter ended March 31, 2026; vs $22.4 million in Q1 2025
Diluted EPS $0.96 Q1 2026; up from $0.77 in Q1 2025 (24.7% increase)
Quarterly dividend per share $0.23 Declared April 22, 2026; 4.5% higher than prior $0.22
Net interest income $63.4 million Q1 2026; 11.6% higher than $56.8 million in Q1 2025
Net interest margin (FTE) 3.33% Q1 2026; vs 3.09% in Q1 2025 and 3.10% in Q4 2025
Total deposits $6.81 billion Period end March 31, 2026; down from $7.09 billion at December 31, 2025
Nonperforming assets $41.2 million Period end March 31, 2026; 0.51% of total assets
Share repurchases 351,138 shares at $33.70 Q1 2026 average repurchase price; $34.07 including fees and excise tax
net interest margin financial
"Net interest margin, on a tax-equivalent basis, was 3.33% for the first quarter of 2026"
Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.
bank owned life insurance financial
"tax-free bank owned life insurance ("BOLI") death benefit proceeds of $372 thousand"
Bank owned life insurance is a type of life insurance a bank buys on the lives of its employees so the bank, rather than the employee’s family, receives the payout when a covered person dies. It acts like a long-term asset that pays income and can help cover costs such as employee benefits or unexpected losses; investors watch it because the holding affects a bank’s reported earnings, cash flow stability, and capital position much like a conservative investment portfolio would.
nonperforming assets financial
"Nonperforming assets totaled $41.2 million at March 31, 2026"
Nonperforming assets are loans or investments that are not generating expected payments or returns because the borrower has fallen behind on payments or the investment has lost value. They matter to investors because a high level of nonperforming assets can indicate financial trouble for a bank or institution, potentially affecting its stability and profitability.
allowance for credit losses financial
"The allowance for credit losses on loans and leases as a percentage of loans and leases held for investment was 1.28%"
Allowance for credit losses is a reserve set aside by a financial institution to cover potential losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution prepare for loans that might turn sour. For investors, it signals how cautious the institution is about the quality of its loans and potential risks to its financial health.
efficiency ratio financial
"Efficiency ratio (2) | 59.7 % | | 61.8 % | | 60.2 %"
A measure of how much a company spends to produce each dollar of revenue, usually shown as operating expenses divided by revenue and expressed as a percentage. Think of it as a household’s budget: a lower percentage means more of each dollar earned stays as profit, while a higher number means costs are eating into returns. Investors use it to judge cost control and compare how efficiently companies turn revenue into earnings, especially in banks and financial firms.
common equity tier 1 risk-based capital ratio financial
"Common equity tier 1 risk-based capital ratio | 11.32 %"
A measure of a bank’s core capital — mainly common shares and retained earnings — divided by its assets after those assets are adjusted for how risky they are. Think of it like a household emergency fund sized against the value and riskiness of what you own: the larger the cushion, the better the bank can absorb losses. Investors use it to judge a bank’s financial strength, safety, and regulatory soundness, which affects dividends, lending capacity and the chance of government intervention.
Net income $27.1 million +$4.7 million YoY
Diluted EPS $0.96 +24.7% YoY
Net interest income $63.4 million +11.6% YoY
Net interest margin (FTE) 3.33% up from 3.09% in Q1 2025
Noninterest income $24.1 million +7.5% YoY
Efficiency ratio 59.7% improved from 61.6% in Q1 2025
Understanding 8-K Material Events →
0000102212FALSE00001022122026-04-222026-04-22

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 _______________________ 
FORM 8-K 
_______________________ 
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 22, 2026
 _______________________ 
UNIVEST FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
  
Pennsylvania 0-7617 23-1886144
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
14 North Main Street, Souderton, Pennsylvania 18964
(Address of principal executive office)(Zip Code)
Registrant’s telephone number, including area code (215) 721-2400
Not applicable
(Former name or former address, if changed since last report)
 _______________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2 (b) under the Exchange Act (17 CFR 240.14d-2 (b))
☐Pre-commencement communications pursuant to Rule 13e-4 (c) under the Exchange Act (17 CFR 240.13e-4 (c))
Securities registered pursuant to Section 12(b) of the Act:
Title of classTrading SymbolName of exchange on which registered
Common Stock, $5 par valueUVSPThe NASDAQ Stock Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company☐
If an emerging growth company, indicated by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.¨


Item 2.02Results of Operations and Financial Condition
On April 22, 2026, Univest Financial Corporation (the “Corporation”), parent company of Univest Bank and Trust Co. (the "Bank"), issued a press release reporting 2026 first quarter earnings. A copy of this press release is attached to this Current Report on Form 8-K as Exhibit 99.1.
Item 9.01Financial Statements and Exhibits
(a) Not applicable
(b) Not applicable
(c) Not applicable
(d) Exhibits
Exhibit No.  Description of Document
99.1  
Press release issued by Univest Financial Corporation on April 22, 2026
104The cover page from the Corporation's Form 8-K, formatted in Inline XBRL



SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
Univest Financial Corporation
By:/s/ Brian J. Richardson
Name:Brian J. Richardson
Title:Senior Executive Vice President,
Chief Financial Officer
April 23, 2026


EXHIBIT INDEX
 
Exhibit No.  Description of Document
99.1  
Press release issued by Univest Financial Corporation on April 22, 2026
104The cover page from the Corporation's Form 8-K, formatted in Inline XBRL



Exhibit 99.1
NEWS
logoa.jpg

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

FOR IMMEDIATE RELEASE

UNIVEST FINANCIAL CORPORATION REPORTS FIRST QUARTER RESULTS
(24.7% increase in earnings per share compared to 2025 first quarter)
(4.5% increase in dividend)

SOUDERTON, Pa., April 22, 2026 - 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, 2026 of $27.1 million, or $0.96 diluted earnings per share, compared to net income of $22.4 million, or $0.77 diluted earnings per share, for the quarter ended March 31, 2025.

Dividend
On April 22, 2026, Univest declared a quarterly cash dividend of $0.23 per share to be paid on May 20, 2026 to shareholders of record as of May 6, 2026, which represents an increase of $0.01 per share, or 4.5%. Univest had last increased its dividend by $0.01 per share in May 2025.

One-Time Items
The financial results for the quarter included tax-free bank owned life insurance ("BOLI") death benefit proceeds of $372 thousand, which represented $0.01 diluted earnings per share. In addition, the financial results for the quarter included a $427 thousand restructuring charge ($337 thousand after-tax), or $0.01 diluted earnings per share, related to the planned closure of two underutilized facilities: a financial center and a limited purpose banking office.

Loans
Gross loans and leases increased $25.4 million, or 0.4% (1.6% annualized), from December 31, 2025, primarily due to increases in commercial and commercial real estate loans, partially offset by decreases


in construction and residential mortgage loans. Gross loans and leases increased $107.2 million, or 1.6%, from March 31, 2025, driven primarily by growth in construction, commercial, commercial real estate, and home equity loans. This growth was partially offset by a decline in residential mortgage loans, which is consistent with our strategy to focus balance sheet growth on full-relationship customers which will improve our loan-to-deposit ratio.

Deposits and Liquidity
Total deposits decreased $273.6 million, or 3.9% (15.6% annualized), from December 31, 2025 due to decreases in commercial, consumer, brokered deposits, and public funds, primarily reflecting seasonal public funds runoff during the quarter. Total deposits increased $155.3 million, or 2.3%, from March 31, 2025, primarily due to an increase in commercial deposits, partially offset by decreases in consumer, brokered and public funds deposits.

Noninterest-bearing deposits totaled $1.5 billion and represented 21.7% of total deposits at March 31, 2026, compared to $1.4 billion representing 20.2% of total deposits at December 31, 2025. Unprotected deposits, which excludes insured, internal, and collateralized deposit accounts, totaled $1.6 billion at March 31, 2026 and December 31, 2025. This represented 23.7% of total deposits at March 31, 2026, compared to 23.2% at December 31, 2025.

As of March 31, 2026, the Corporation and its subsidiaries held cash and cash equivalents totaling $222.4 million. The Corporation and its subsidiaries had committed borrowing capacity of $3.7 billion, of which $2.4 billion was available. The Corporation and its subsidiaries also maintained uncommitted funding sources from correspondent banks of $472.0 million at March 31, 2026. 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 $63.4 million for the first quarter of 2026 increased $6.6 million, or 11.6%, from the first quarter of 2025 and $816 thousand, or 1.3%, from the fourth quarter of 2025. The increase in net interest income for the first quarter of 2026 compared to the first quarter of 2025 was driven by higher average balances of loans and cash and cash equivalents, as well as a reduction in our cost of funds offset by higher average balances of interest‑bearing liabilities. The increase in net interest income for the first quarter of 2026 compared to the fourth quarter of 2025 was primarily driven by the lower average balances and reduced costs of interest‑bearing liabilities, partially offset by lower average balances and reduced yields on interest-earning deposits with other banks.



Net interest margin, on a tax-equivalent basis, was 3.33% for the first quarter of 2026, compared to 3.10% for the fourth quarter of 2025 and 3.09% for the first quarter of 2025. Excess liquidity reduced net interest margin by approximately 11 basis points for the quarter ended March 31, 2026 compared to approximately 27 basis points for the quarter ended December 31, 2025 and approximately three basis points for the quarter ended March 31, 2025. Excluding the impact of excess liquidity, the net interest margin, on a tax-equivalent basis, would have been 3.44% for the quarter ended March 31, 2026 compared to 3.37% for the fourth quarter of 2025 and 3.12% for the quarter ended March 31, 2025.

Noninterest Income
Noninterest income for the quarter ended March 31, 2026 was $24.1 million, an increase of $1.7 million, or 7.5%, from the comparable period in the prior year.

Other income increased $587 thousand, or 239.6%, for the quarter ended March 31, 2026 compared to the comparable period in the prior year. Fees on risk participation agreements for interest rate swaps increased $219 thousand due to increased demand. Additionally, income on other real estate owned for the three months ended March 31, 2025 included a one-time expense of $254 thousand related to building repairs.

Investment advisory commission and fee income increased $541 thousand, or 9.6%, for the quarter ended March 31, 2026 compared to the comparable period in the prior year, driven by appreciation in assets under management and new customer relationships.

Insurance commission and fee income increased $534 thousand, or 7.8%, for the quarter ended March 31, 2026 compared to the comparable period in the prior year, primarily due to an increase of $342 thousand in premiums on commercial lines. Additionally, contingent income increased $194 thousand for the quarter, from $1.6 million for the three months ended March 31, 2025 to $1.8 million for the three months ended March 31, 2026. Contingent income is largely recognized in the first quarter of the year.

Other service fee income increased $334 thousand, or 12.3%, for the quarter ended March 31, 2026 compared to the comparable period in the prior year. This was driven by a $284 thousand decrease in the valuation allowance on servicing rights in the first quarter of 2026 compared to a $19 thousand increase in the first quarter of 2025.

Net gain on mortgage banking activities increased $144 thousand, or 22.3%, for the quarter ended March 31, 2026 compared to the comparable period in the prior year, primarily due to increased salable volume.



BOLI income decreased $627 thousand, or 32.0%, for the quarter ended March 31, 2026 compared to the comparable period in the prior year. The financial results for the three months ended March 31, 2026 included $372 thousand in BOLI death benefit proceeds compared to $1.0 million for the three months ended March 31, 2025.

Noninterest Expense
Noninterest expense for the quarter ended March 31, 2026 was $52.7 million, an increase of $3.3 million, or 6.8%, from the comparable period in the prior year.

Salaries, benefits and commissions increased $2.6 million, or 8.5%, for the quarter ended March 31, 2026 compared to the comparable period in the prior year, primarily driven by higher salary expense of $1.3 million. Additionally, medical claims expense increased by $753 thousand, or 48.8%. The Corporation maintains a self-insured medical plan and is responsible for claim costs up to the stop loss limit. This results in expense volatility based on the timing and magnitude of claims.

Restructuring charges increased $427 thousand for the quarter ended March 31, 2026 compared to the comparable period in the prior year as previously discussed.

Marketing and advertising expense increased $281 thousand, or 79.6%, for the quarter ended March 31, 2026 compared to the comparable period in the prior year. This increase was primarily driven by the inclusion of certain sponsorship activities that were historically reported in Other Expense and the Corporation's entry into a sponsorship agreement with a local university, enhancing community engagement and visibility.

Professional fees decreased $120 thousand, or 6.7%, for the quarter ended March 31, 2026 compared to the comparable period in the prior year, primarily due to reduced consultant fees.

Tax Provision
The effective income tax rate was 19.1% and 18.7% for the quarters ended March 31, 2026 and March 31, 2025, respectively. The discrete tax effect of vested equity compensation awards favorably impacted the first quarters of 2026 and 2025 by 132 and 71 basis points, respectively. Additionally, the effective tax rates for the three months ended March 31, 2026 and 2025 were favorably impacted by 21 and 73 basis points, respectively, from the proceeds of BOLI death benefit proceeds. Excluding the discrete impact of vested equity compensation awards and BOLI death benefit proceeds, the effective tax rate was 20.6% for the three months ended March 31, 2026 compared to 20.2% for the three months ended March 31, 2025.



Asset Quality and Provision for Credit Losses
Nonperforming assets totaled $41.2 million at March 31, 2026, $37.8 million at December 31, 2025, and $34.0 million at March 31, 2025. During the first quarter, a $3.9 million commercial real estate loan and a $1.0 million residential real estate loan secured for business purpose were placed on nonaccrual status. Subsequent to their nonaccrual designation, these loans incurred charge-offs totaling $652 thousand and were transferred to held-for-sale status.

Net loan and lease charge-offs were $1.3 million for the three months ended March 31, 2026 compared to $1.1 million and $1.7 million for the three months ended December 31, 2025 and March 31, 2025, respectively.

The provision for credit losses was $1.3 million for the three months ended March 31, 2026 compared to $3.1 million and $2.3 million for the three months ended December 31, 2025 and March 31, 2025, 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, 2026, December 31, 2025, and March 31, 2025.

Share Repurchases
During the quarter ended March 31, 2026, the Corporation repurchased 351,138 shares of common stock at an average price of $33.70 per share. Including brokerage fees and excise tax, the average cost per share was $34.07. As of March 31, 2026, 1,919,799 shares are available for repurchase under the Share Repurchase Plan.

Conference Call
Univest will host a conference call to discuss first quarter 2026 results on Thursday, April 23, 2026 at 9:00 a.m. EDT. Participants may preregister at https://registrations.events/direct/Q4I46085961. The general public can access the call by dialing 1-800-715-9871; referencing Access Code 46085 or "Univest Financial Corporation First Quarter 2026 Earnings Call" to the operator. A replay of the conference call will be available through April 30, 2026 using the following link: https://registrations.events/direct/Q4I46085961.

About Univest Financial Corporation
Univest Financial Corporation (UVSP), including its wholly-owned subsidiary Univest Bank and Trust Co., Member FDIC, has approximately $8.1 billion in assets and $5.8 billion in assets under management and supervision through its Wealth Management lines of business at March 31, 2026. 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 effectiveness of our risk management processes and procedures; (12) the ability to maintain and increase market share and control expenses; (13) the imposition of tariffs or other domestic or international governmental policies and retaliatory responses; (14) the impact of a potential government shutdown; (15) the failure to maintain current technologies and to successfully implement future information technology enhancements; (16) technological issues that may adversely affect our operations or those of our customers; (17) a failure or breach in our operational or security systems or infrastructure, including cyberattacks; (18) changes in the securities markets; (19) the current or anticipated impact of military conflict, terrorism or other geopolitical events; (20) our ability to enter into new markets successfully and capitalize on growth opportunities; (21) changes in investor sentiment or consumer spending or savings behavior; and/or (22) 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, 2026
(Dollars in thousands)
Balance Sheet (Period End)3/31/202612/31/20259/30/20256/30/20253/31/2025
ASSETS
Cash and due from banks $69,645 $63,579 $70,843 $76,624 $73,319 
Interest-earning deposits with other banks 152,712 490,133 745,896 83,741 95,815 
Cash and cash equivalents222,357 553,712 816,739 160,365 169,134 
Investment securities held-to-maturity119,490 123,024 126,040 128,455 130,889 
Investment securities available for sale, net of allowance for credit losses379,028 371,251 368,393 366,421 364,503 
Investments in equity securities2,898 2,014 2,413 1,801 1,667 
Federal Home Loan Bank, Federal Reserve Bank and other stock, at cost35,511 37,808 39,617 36,482 35,732 
Loans held for sale14,371 15,288 6,330 17,774 13,150 
Loans and leases held for investment6,940,212 6,914,804 6,785,482 6,801,185 6,833,037 
Less: Allowance for credit losses, loans and leases (88,900)(88,165)(86,527)(86,989)(87,790)
Net loans and leases held for investment6,851,312 6,826,639 6,698,955 6,714,196 6,745,247 
Premises and equipment, net 44,774 45,554 46,245 47,140 47,175 
Operating lease right-of-use assets25,032 25,795 26,536 27,278 27,182 
Goodwill175,510 175,510 175,510 175,510 175,510 
Other intangibles, net of accumulated amortization7,583 7,328 7,537 7,967 8,061 
Bank owned life insurance142,141 140,001 139,044 140,086 139,482 
Accrued interest and other assets 121,575 112,973 120,257 115,581 117,435 
Total assets $8,141,582 $8,436,897 $8,573,616 $7,939,056 $7,975,167 
LIABILITIES
Noninterest-bearing deposits$1,475,851 $1,431,974 $1,390,565 $1,461,189 $1,433,995 
Interest-bearing deposits:5,337,912 5,655,339 5,827,578 5,121,471 5,224,503 
Total deposits 6,813,763 7,087,313 7,218,143 6,582,660 6,658,498 
Short-term borrowings26,156 24,411 11,951 6,271 4,031 
Long-term debt 175,000 200,000 200,000 200,000 175,000 
Subordinated notes 98,908 98,867 129,597 149,511 149,386 
Operating lease liabilities27,699 28,531 29,310 30,106 30,062 
Accrued expenses and other liabilities 48,106 54,457 51,396 53,775 54,718 
Total liabilities 7,189,632 7,493,579 7,640,397 7,022,323 7,071,695 
SHAREHOLDERS' EQUITY
Common stock, $5 par value: 48,000,000 shares authorized and 31,556,799 shares issued157,784 157,784 157,784 157,784 157,784 
Additional paid-in capital301,154 304,021 302,696 301,640 300,634 
Retained earnings611,771 591,202 574,715 555,403 541,776 
Accumulated other comprehensive loss, net of tax benefit(25,951)(25,467)(31,636)(34,969)(37,922)
Treasury stock, at cost(92,808)(84,222)(70,340)(63,125)(58,800)
Total shareholders’ equity951,950 943,318 933,219 916,733 903,472 
Total liabilities and shareholders’ equity$8,141,582 $8,436,897 $8,573,616 $7,939,056 $7,975,167 
For the three months ended,
Balance Sheet (Average)3/31/202612/31/20259/30/20256/30/20253/31/2025
Assets$8,250,766 $8,528,465 $8,191,010 $7,979,475 $7,981,043 
Investment securities, net of allowance for credit losses499,078 497,201 492,197 497,214 500,078 
Loans and leases, gross6,939,600 6,848,654 6,790,827 6,846,938 6,856,503 
Deposits6,891,928 7,165,437 6,836,043 6,633,250 6,617,653 
Shareholders' equity949,509 936,417 923,454 908,536 896,811 


Univest Financial Corporation
Consolidated Summary of Loans by Type and Asset Quality Data (Unaudited)
March 31, 2026
(Dollars in thousands)
Summary of Major Loan and Lease Categories (Period End)3/31/202612/31/20259/30/20256/30/20253/31/2025
Commercial, financial and agricultural$1,038,947 $1,027,434 $996,612 $1,052,246 $1,034,361 
Real estate-commercial3,656,779 3,621,536 3,517,803 3,485,615 3,546,402 
Real estate-construction299,962 306,793 309,365 302,424 281,785 
Real estate-residential secured for business purpose556,040 554,178 545,191 535,210 536,082 
Real estate-residential secured for personal purpose942,054 959,610 974,395 984,166 992,767 
Real estate-home equity secured for personal purpose201,244 200,394 197,503 195,014 189,119 
Loans to individuals12,319 12,793 13,447 14,069 16,930 
Lease financings232,867 232,066 231,166 232,441 235,591 
Total loans and leases held for investment, net of deferred income6,940,212 6,914,804 6,785,482 6,801,185 6,833,037 
Less: Allowance for credit losses, loans and leases(88,900)(88,165)(86,527)(86,989)(87,790)
Net loans and leases held for investment$6,851,312 $6,826,639 $6,698,955 $6,714,196 $6,745,247 

Asset Quality Data (Period End)3/31/202612/31/20259/30/20256/30/20253/31/2025
Nonaccrual loans and leases$13,289 $13,743 $27,330 $27,909 $11,126 
Accruing loans and leases 90 days or more past due3,750 89 829 125 322 
Total nonperforming loans and leases17,039 13,832 28,159 28,034 11,448 
Other real estate owned24,073 23,926 23,926 22,471 22,433 
Repossessed assets124 65 40 80 79 
Total nonperforming assets$41,236 $37,823 $52,125 $50,585 $33,960 
Nonaccrual loans and leases / Loans and leases held for investment0.19 %0.20 %0.40 %0.41 %0.16 %
Nonperforming loans and leases / Loans and leases held for investment0.25 %0.20 %0.41 %0.41 %0.17 %
Nonperforming assets / Total assets0.51 %0.45 %0.61 %0.64 %0.43 %
Allowance for credit losses, loans and leases$88,900 $88,165 $86,527 $86,989 $87,790 
Allowance for credit losses, loans and leases / Loans and leases held for investment1.28 %1.28 %1.28 %1.28 %1.28 %
Allowance for credit losses, loans and leases / Nonaccrual loans and leases668.97 %641.53 %316.60 %311.69 %789.05 %
Allowance for credit losses, loans and leases / Nonperforming loans and leases521.74 %637.40 %307.28 %310.30 %766.86 %
For the three months ended,
3/31/202612/31/20259/30/20256/30/20253/31/2025
Net loan and lease charge-offs$1,263 $1,145 $480 $7,807 $1,686 
Net loan and lease charge-offs (annualized)/Average loans and leases0.07 %0.07 %0.03 %0.46 %0.10 %


Univest Financial Corporation
Consolidated Selected Financial Data (Unaudited)
March 31, 2026
(Dollars in thousands, except per share data)
For the three months ended,
For the period:3/31/202612/31/20259/30/20256/30/20253/31/2025
Interest income$106,351 $111,716 $109,648 $105,706 $103,416 
Interest expense42,986 49,167 48,324 46,165 46,635 
Net interest income63,365 62,549 61,324 59,541 56,781 
Provision for credit losses1,303 3,145 517 5,694 2,311 
Net interest income after provision for credit losses62,062 59,404 60,807 53,847 54,470 
Noninterest income:
Trust fee income2,236 2,316 2,230 2,146 2,161 
Service charges on deposit accounts2,279 2,237 2,302 2,258 2,194 
Investment advisory commission and fee income6,154 6,055 5,671 5,460 5,613 
Insurance commission and fee income7,423 4,825 5,468 5,261 6,889 
Other service fee income3,041 2,668 2,416 3,147 2,707 
Bank owned life insurance income1,332 970 1,908 1,012 1,959 
Net gain on mortgage banking activities791 886 848 981 647 
Other income832 2,065 1,080 1,236 245 
Total noninterest income24,088 22,022 21,923 21,501 22,415 
Noninterest expense:
Salaries, benefits and commissions33,459 33,009 31,652 31,536 30,826 
Net occupancy2,998 2,882 2,675 2,739 2,853 
Equipment1,079 1,052 1,076 1,043 1,122 
Data processing4,480 4,390 4,263 4,408 4,364 
Professional fees1,677 1,947 1,876 1,597 1,797 
Marketing and advertising634 479 323 498 353 
Deposit insurance premiums1,170 1,106 1,195 1,074 1,151 
Intangible expenses93 102 106 131 130 
Restructuring charges427 — — — — 
Other expense6,652 7,743 7,503 7,306 6,732 
Total noninterest expense52,669 52,710 50,669 50,332 49,328 
Income before taxes33,481 28,716 32,061 25,016 27,557 
Income tax expense6,389 5,971 6,422 5,038 5,162 
Net income$27,092 $22,745 $25,639 $19,978 $22,395 
Net income per share:
Basic$0.97 $0.80 $0.89 $0.69 $0.77 
Diluted$0.96 $0.79 $0.89 $0.69 $0.77 
Dividends declared per share$0.22 $0.22 $0.22 $0.22 $0.21 
Weighted average shares outstanding28,032,897 28,376,191 28,716,582 28,859,348 29,000,567 
Period end shares outstanding27,949,173 28,156,917 28,576,346 28,810,805 28,962,648 



Univest Financial Corporation
Consolidated Selected Financial Data (Unaudited)
March 31, 2026
For the three months ended,
Profitability Ratios (annualized)3/31/202612/31/20259/30/20256/30/20253/31/2025
Return on average assets1.33%1.06%1.24%1.00%1.14%
Return on average assets, excluding restructuring charges (1)1.35%1.06%1.24%1.00%1.14%
Return on average shareholders' equity11.57%9.64%11.02%8.82%10.13%
Return on average shareholder's equity, excluding restructuring charges (1)11.72%9.64%11.02%8.82%10.13%
Return on average tangible common equity (1)(3)14.27%11.93%13.68%11.02%12.69%
Return on average tangible common equity, excluding restructuring charges (1)(3)14.45%11.93%13.68%11.02%12.69%
Net interest margin (FTE)3.33%3.10%3.17%3.20%3.09%
Efficiency ratio (2)59.7%61.8%60.2%61.6%61.6%
Capitalization Ratios
Dividends declared to net income22.8%27.5%24.7%31.8%27.2%
Shareholders' equity to assets (Period End)11.69%11.18%10.88%11.55%11.33%
Tangible common equity to tangible assets (1)9.72%9.27%9.00%9.52%9.31%
Common equity book value per share$34.06 $33.50 $32.66 $31.82 $31.19 
Tangible common equity book value per share (1)$27.71 $27.20 $26.45 $25.66 $25.06 
Regulatory Capital Ratios (Period End)
Tier 1 leverage ratio9.95%9.51%9.85%9.94%9.80%
Common equity tier 1 risk-based capital ratio11.32%11.22%11.40%11.19%10.97%
Tier 1 risk-based capital ratio11.32%11.22%11.40%11.19%10.97%
Total risk-based capital ratio13.95%13.86%14.28%14.58%14.35%
(1) Non-GAAP metric. A reconciliation of this and other non-GAAP financial measures is included at the end of this document.
(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 BasisMarch 31, 2026December 31, 2025
AverageIncome/AverageAverageIncome/Average
(Dollars in thousands)BalanceExpenseRateBalanceExpenseRate
Assets:
Interest-earning deposits with other banks$306,797 $2,810 3.71 %$680,052 $6,808 3.97 %
Other debt and equity securities499,078 4,053 3.29 497,201 4,021 3.21 
Federal Home Loan Bank, Federal Reserve Bank and other stock37,286 704 7.66 38,894 754 7.69 
Total interest-earning deposits, investments and other interest-earning assets843,161 7,567 3.64 1,216,147 11,583 3.78 
Commercial, financial, and agricultural loans959,673 15,331 6.48 939,461 15,900 6.71 
Real estate—commercial and construction loans3,861,156 55,796 5.86 3,781,248 56,163 5.89 
Real estate—residential loans1,710,239 21,526 5.10 1,716,569 21,967 5.08 
Loans to individuals12,396 273 8.93 13,023 297 9.08 
Tax-exempt loans and leases223,166 3,116 5.66 225,707 3,091 5.43 
Lease financings172,970 3,212 7.53 172,646 3,158 7.26 
     Gross loans and leases6,939,600 99,254 5.80 6,848,654 100,576 5.83 
          Total interest-earning assets7,782,761 106,821 5.57 8,064,801 112,159 5.52 
Cash and due from banks57,980 56,000 
Allowance for credit losses, loans and leases(88,832)(87,615)
Premises and equipment, net45,359 46,062 
Operating lease right-of-use assets25,414 26,153 
Other assets428,084 423,064 
      Total assets$8,250,766 $8,528,465 
Liabilities:
Interest-bearing checking deposits$1,280,570 $7,722 2.45 %$1,389,619 $9,175 2.62 %
Money market savings2,045,306 16,918 3.35 2,168,721 19,679 3.60 
Regular savings765,296 1,372 0.73 754,027 1,444 0.76 
Time deposits1,389,144 13,130 3.83 1,441,199 14,371 3.96 
Total time and interest-bearing deposits5,480,316 39,142 2.90 5,753,566 44,669 3.08 
Short-term borrowings25,578 3 0.05 21,490 3 0.06 
Long-term debt201,389 2,093 4.21 200,000 2,144 4.25 
Subordinated notes98,897 1,748 7.17 120,764 2,351 7.72 
     Total borrowings325,864 3,844 4.78 342,254 4,498 5.21 
     Total interest-bearing liabilities5,806,180 42,986 3.00 6,095,820 49,167 3.20 
Noninterest-bearing deposits1,411,612 1,411,871 
Operating lease liabilities28,116 28,902 
Accrued expenses and other liabilities55,349 55,455 
     Total liabilities7,301,257 7,592,048 
Total interest-bearing liabilities and noninterest-bearing deposits ("Cost of Funds")7,217,792 2.42 7,507,691 2.60 
Shareholders' Equity:
Common stock157,784 157,784 
Additional paid-in capital303,413 303,235 
Retained earnings and other equity488,312 475,398 
     Total shareholders' equity949,509 936,417 
     Total liabilities and shareholders' equity$8,250,766 $8,528,465 
Net interest income$63,835 $62,992 
Net interest spread2.57 2.32 
Effect of net interest-free funding sources0.76 0.78 
Net interest margin3.33 %3.10 %
Ratio of average interest-earning assets to average interest-bearing liabilities134.04 %132.30 %
*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 $793 thousand and $559 thousand for the three months ended March 31, 2026 and December 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 March 31, 2026 and December 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 March 31,
Tax Equivalent Basis20262025
AverageIncome/AverageAverageIncome/Average
(Dollars in thousands)BalanceExpenseRateBalanceExpenseRate
Assets:
Interest-earning deposits with other banks$306,797 $2,810 3.71 %$119,997 $1,360 4.60 %
Obligations of state and political subdivisions*— — — 879 4 1.85 
Other debt and equity securities499,078 4,053 3.29 499,199 4,019 3.27 
Federal Home Loan Bank, Federal Reserve Bank and other stock37,286 704 7.66 37,561 687 7.42 
Total interest-earning deposits, investments and other interest-earning assets843,161 7,567 3.64 657,636 6,070 3.74 
Commercial, financial, and agricultural loans959,673 15,331 6.48 990,860 17,020 6.97 
Real estate—commercial and construction loans3,861,156 55,796 5.86 3,704,232 52,676 5.77 
Real estate—residential loans1,710,239 21,526 5.10 1,729,146 21,542 5.05 
Loans to individuals12,396 273 8.93 19,438 393 8.20 
Tax-exempt loans and leases223,166 3,116 5.66 230,133 2,861 5.04 
Lease financings172,970 3,212 7.53 182,694 3,240 7.19 
     Gross loans and leases6,939,600 99,254 5.80 6,856,503 97,732 5.78 
          Total interest-earning assets7,782,761 106,821 5.57 7,514,139 103,802 5.60 
Cash and due from banks57,980 56,690 
Allowance for credit losses, loans and leases(88,832)(87,822)
Premises and equipment, net45,359 46,852 
Operating lease right-of-use assets25,414 27,761 
Other assets428,084 423,423 
      Total assets$8,250,766 $7,981,043 
Liabilities:
Interest-bearing checking deposits$1,280,570 $7,722 2.45 %$1,222,012 $7,075 2.35 %
Money market savings2,045,306 16,918 3.35 1,840,194 18,035 3.97 
Regular savings765,296 1,372 0.73 702,543 763 0.44 
Time deposits1,389,144 13,130 3.83 1,476,495 16,106 4.42 
Total time and interest-bearing deposits5,480,316 39,142 2.90 5,241,244 41,979 3.25 
Short-term borrowings25,578 3 0.05 6,909 14 0.82 
Long-term debt201,389 2,093 4.21 217,500 2,361 4.40 
Subordinated notes98,897 1,748 7.17 149,319 2,281 6.20 
     Total borrowings325,864 3,844 4.78 373,728 4,656 5.05 
     Total interest-bearing liabilities5,806,180 42,986 3.00 5,614,972 46,635 3.37 
Noninterest-bearing deposits1,411,612 1,376,409 
Operating lease liabilities28,116 30,675 
Accrued expenses and other liabilities55,349 62,176 
     Total liabilities7,301,257 7,084,232 
Total interest-bearing liabilities and noninterest-bearing deposits ("Cost of Funds")7,217,792 2.42 6,991,381 2.71 
Shareholders' Equity:
Common stock157,784 157,784 
Additional paid-in capital303,413 302,653 
Retained earnings and other equity488,312 436,374 
     Total shareholders' equity949,509 896,811 
     Total liabilities and shareholders' equity$8,250,766 $7,981,043 
Net interest income$63,835 $57,167 
Net interest spread2.57 2.23 
Effect of net interest-free funding sources0.76 0.86 
Net interest margin3.33 %3.09 %
Ratio of average interest-earning assets to average interest-bearing liabilities134.04 %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 $793 thousand and $554 thousand for the three months ended March 31, 2026 and 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 March 31, 2026 and 2025 have been calculated using the Corporation’s federal applicable rate of 21.0%.


Univest Financial Corporation
Loan Portfolio Overview (Unaudited)
March 31, 2026
(Dollars in thousands)
Industry DescriptionTotal Outstanding Balance % of Commercial Loan Portfolio
Animal Production$432,795 7.8 %
CRE - Retail428,107 7.7 
CRE - Multi-family389,616 7.0 
CRE - 1-4 Family Residential Investment276,464 5.0 
Hotels & Motels (Accommodation)268,311 4.8 
CRE - Office255,519 4.6 
CRE - Industrial / Warehouse221,472 4.0 
Specialty Trade Contractors212,762 3.8 
Nursing and Residential Care Facilities163,252 2.9 
Homebuilding (tract developers, remodelers)149,383 2.7 
Crop Production136,365 2.5 
Merchant Wholesalers, Durable Goods132,459 2.4 
Repair and Maintenance128,533 2.3 
CRE - Mixed-Use - Commercial120,441 2.2 
Motor Vehicle and Parts Dealers119,414 2.2 
CRE - Mixed-Use - Residential109,227 2.0 
Nondepository Credit Intermediation and Related Activities (except 5221)104,189 1.9 
Wood Product Manufacturing103,621 1.9 
Administrative and Support Services97,371 1.8 
Food Services and Drinking Places90,711 1.6 
Professional, Scientific, and Technical Services90,018 1.6 
Education82,622 1.5 
Merchant Wholesalers, Nondurable Goods81,088 1.5 
Fabricated Metal Product Manufacturing78,283 1.4 
Amusement, Gambling, and Recreation Industries75,792 1.4 
Personal and Laundry Services64,254 1.2 
Food Manufacturing63,358 1.1 
Miniwarehouse / Self-Storage63,051 1.1 
Religious Organizations, Advocacy Groups62,815 1.1 
Private Equity & Special Purpose Entities (except 52592)56,916 1.0 
Machinery Manufacturing56,210 1.0 
Industries with >$50 million in outstandings$4,714,419 84.9 %
Industries with <$50 million in outstandings $837,309 15.1 %
Total Commercial Loans$5,551,728 100.0 %
Consumer Loans and Lease FinancingsTotal Outstanding Balance
Real Estate-Residential Secured for Personal Purpose$942,054 
Real Estate-Home Equity Secured for Personal Purpose201,244 
Loans to Individuals12,319 
Lease Financings232,867 
Total Consumer Loans and Lease Financings$1,388,484 
Total$6,940,212 


Univest Financial Corporation
Non-GAAP Reconciliation
March 31, 2026
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)3/31/202612/31/20259/30/20256/30/20253/31/2025
Restructuring charges (a)$427 $— $— $— $— 
Tax effect of restructuring charges(90)— — — — 
Restructuring charges, net of tax$337 $— $— $— $— 
Net income$27,092 $22,745 $25,639 $19,978 $22,395 
Amortization of intangibles, net of tax73 81 84 103 103 
Net income before amortization of intangibles$27,165 $22,826 $25,723 $20,081 $22,498 
Shareholders' equity$951,950 $943,318 $933,219 $916,733 $903,472 
Goodwill(175,510)(175,510)(175,510)(175,510)(175,510)
Other intangibles (b)(1,960)(1,919)(1,966)(2,040)(2,104)
Tangible common equity$774,480 $765,889 $755,743 $739,183 $725,858 
Total assets$8,141,582 $8,436,897 $8,573,616 $7,939,056 $7,975,167 
Goodwill(175,510)(175,510)(175,510)(175,510)(175,510)
Other intangibles (b)(1,960)(1,919)(1,966)(2,040)(2,104)
Tangible assets$7,964,112 $8,259,468 $8,396,140 $7,761,506 $7,797,553 
Average shareholders' equity$949,509 $936,417 $923,454 $908,536 $896,811 
Average goodwill(175,510)(175,510)(175,510)(175,510)(175,510)
Average other intangibles (b)(1,922)(1,935)(1,983)(2,068)(2,162)
Average tangible common equity$772,077 $758,972 $745,961 $730,958 $719,139 
(a) Associated with planned closure of two underutilized facilities; a financial center and a limited purpose banking office
(b) Amount does not include mortgage servicing rights


Source: View Original Filing on SEC EDGAR

FAQ

How did Univest Financial (UVSP) perform in Q1 2026?

Univest Financial reported net income of $27.1 million and diluted EPS of $0.96 for Q1 2026. This compares with net income of $22.4 million and EPS of $0.77 a year earlier, reflecting 24.7% year-over-year EPS growth and stronger overall profitability.

What happened to Univest Financial’s dividend in the first quarter of 2026?

Univest Financial raised its quarterly cash dividend to $0.23 per share in Q1 2026. The increase of $0.01 per share represents a 4.5% boost versus the prior dividend level, continuing the company’s pattern of periodic $0.01-per-share dividend increases.

How did Univest Financial’s net interest margin change in Q1 2026?

Univest’s tax-equivalent net interest margin improved to 3.33% in Q1 2026 from 3.09% a year earlier. The expansion was driven by higher average loan balances, better yields on earning assets, and a reduction in the overall cost of interest-bearing liabilities.

What were Univest Financial’s key credit quality metrics in Q1 2026?

In Q1 2026, nonperforming assets totaled $41.2 million, or 0.51% of total assets. Net loan and lease charge-offs were $1.3 million, an annualized 0.07% of average loans, while the allowance for credit losses remained at 1.28% of loans and leases.

Did Univest Financial repurchase any shares during Q1 2026?

Yes. Univest Financial repurchased 351,138 common shares during Q1 2026 at an average price of $33.70 per share. Including brokerage fees and excise tax, the average cost was $34.07, and 1,919,799 shares remained available under the repurchase plan.

How did Univest Financial’s deposits and liquidity position look at March 31, 2026?

At March 31, 2026, Univest reported total deposits of $6.81 billion, down from $7.09 billion at year-end, mainly from seasonal public funds runoff. The company held $222.4 million in cash and equivalents and had $2.4 billion in available committed borrowing capacity.

What were Univest Financial’s capital ratios and book value in Q1 2026?

As of March 31, 2026, Univest’s common equity tier 1 capital ratio was 11.32% and total risk-based capital ratio was 13.95%. Common equity book value per share was $34.06, while tangible common equity book value per share stood at $27.71.

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