EX-99.1 3 exhibit991earningsrelease0.htm EX-99.1 Document

Exhibit 99.1
NEWS
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CONTACT:     Brian J. Richardson
UNIVEST FINANCIAL CORPORATION
Chief Financial Officer
215-721-2446, richardsonb@univest.net                     

FOR IMMEDIATE RELEASE

UNIVEST FINANCIAL CORPORATION REPORTS SECOND QUARTER RESULTS

SOUDERTON, Pa., July 23, 2025 - 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)6/30/20253/31/202512/31/20249/30/20246/30/2024
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 equivalents160,365 169,134 328,844 504,700 190,911 
Investment securities held-to-maturity128,455 130,889 134,111 137,681 140,112 
Investment securities available for sale, net of allowance for credit losses366,421 364,503 357,361 354,100 342,776 
Investments in equity securities1,801 1,667 2,506 2,406 2,995 
Federal Home Loan Bank, Federal Reserve Bank and other stock, at cost36,482 35,732 38,980 40,235 37,438 
Loans held for sale17,774 13,150 16,653 17,131 28,176 
Loans and leases held for investment6,801,185 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 investment6,714,196 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 assets27,278 27,182 28,531 29,260 29,985 
Goodwill175,510 175,510 175,510 175,510 175,510 
Other intangibles, net of accumulated amortization7,967 8,061 8,309 7,158 7,701 
Bank owned life insurance140,086 139,482 139,351 138,744 137,823 
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 borrowings6,271 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 liabilities30,106 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 issued157,784 157,784 157,784 157,784 157,784 
Additional paid-in capital301,640 300,634 302,829 301,262 300,166 
Retained earnings555,403 541,776 525,780 512,938 500,482 
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’ equity916,733 903,472 887,301 877,071 854,137 
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)6/30/20253/31/202512/31/20249/30/20246/30/20246/30/20256/30/2024
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 losses497,214 500,078 500,748 493,334 493,140 498,638 497,061 
Loans and leases, gross6,846,938 6,856,503 6,758,649 6,730,791 6,640,536 6,851,694 6,608,950 
Deposits6,633,250 6,617,653 6,804,483 6,641,324 6,353,752 6,625,494 6,328,804 
Shareholders' equity908,536 896,811 880,237 864,406 844,572 902,706 843,559 


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)6/30/20253/31/202512/31/20249/30/20246/30/2024
Commercial, financial and agricultural$1,052,246 $1,034,361 $1,037,835 $1,044,043 $1,055,332 
Real estate-commercial3,485,615 3,546,402 3,530,451 3,442,083 3,373,889 
Real estate-construction302,424 281,785 274,483 285,616 313,229 
Real estate-residential secured for business purpose535,210 536,082 536,095 530,674 532,628 
Real estate-residential secured for personal purpose984,166 992,767 994,972 969,562 952,665 
Real estate-home equity secured for personal purpose195,014 189,119 186,836 182,901 179,150 
Loans to individuals14,069 16,930 21,250 26,794 26,430 
Lease financings232,441 235,591 244,661 249,061 251,514 
Total loans and leases held for investment, net of deferred income6,801,185 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)6/30/20253/31/202512/31/20249/30/20246/30/2024
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 due125 322 321 310 205 
Total nonperforming loans and leases28,034 11,448 12,988 15,629 16,405 
Other real estate owned22,471 22,433 20,141 20,915 20,007 
Repossessed assets80 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 investment0.41 %0.16 %0.19 %0.23 %0.24 %
Nonperforming loans and leases / Loans and leases held for investment0.41 %0.17 %0.19 %0.23 %0.25 %
Nonperforming assets / Total assets0.64 %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 investment1.28 %1.28 %1.28 %1.28 %1.28 %
Allowance for credit losses, loans and leases / Nonaccrual loans and leases311.69 %789.05 %687.54 %561.66 %529.29 %
Allowance for credit losses, loans and leases / Nonperforming loans and leases310.30 %766.86 %670.55 %550.52 %522.68 %
For the three months ended,For the six months ended,
6/30/20253/31/202512/31/20249/30/20246/30/20246/30/20256/30/2024
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 leases0.46 %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:6/30/20253/31/202512/31/20249/30/20246/30/20246/30/20256/30/2024
Interest income$105,706 $103,416 $107,476 $106,438 $99,832 $209,122 $198,441 
Interest expense46,165 46,635 52,004 53,234 48,805 92,800 95,947 
Net interest income59,541 56,781 55,472 53,204 51,027 116,322 102,494 
Provision for credit losses5,694 2,311 2,380 1,414 707 8,005 2,139 
Net interest income after provision for credit losses53,847 54,470 53,092 51,790 50,320 108,317 100,355 
Noninterest income:
Trust fee income2,146 2,161 2,265 2,110 2,008 4,307 4,116 
Service charges on deposit accounts2,258 2,194 2,192 2,037 1,982 4,452 3,853 
Investment advisory commission and fee income5,460 5,613 5,457 5,319 5,238 11,073 10,432 
Insurance commission and fee income5,261 6,889 4,743 5,238 5,167 12,150 12,368 
Other service fee income3,147 2,707 3,473 1,815 3,044 5,854 9,459 
Bank owned life insurance income1,012 1,959 1,012 921 1,086 2,971 1,928 
Net gain on sales of investment securities— — — 18 — — — 
Net gain on mortgage banking activities981 647 1,320 1,296 1,710 1,628 2,649 
Other income1,236 245 868 1,396 745 1,481 1,770 
Total noninterest income21,501 22,415 21,330 20,150 20,980 43,916 46,575 
Noninterest expense:
Salaries, benefits and commissions31,536 30,826 31,518 30,702 30,187 62,362 61,525 
Net occupancy2,739 2,853 2,751 2,723 2,679 5,592 5,551 
Equipment1,043 1,122 1,147 1,107 1,088 2,165 2,199 
Data processing4,408 4,364 4,146 4,154 4,161 8,772 8,656 
Professional fees1,597 1,797 1,669 1,579 1,466 3,394 3,154 
Marketing and advertising498 353 552 490 715 851 1,131 
Deposit insurance premiums1,074 1,151 1,102 1,097 1,098 2,225 2,233 
Intangible expenses131 130 155 164 188 261 375 
Other expense7,306 6,732 7,618 6,536 7,126 14,038 13,958 
Total noninterest expense50,332 49,328 50,658 48,552 48,708 99,660 98,782 
Income before taxes25,016 27,557 23,764 23,388 22,592 52,573 48,148 
Income tax expense5,038 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 outstanding28,859,348 29,000,567 29,070,039 29,132,948 29,246,977 28,929,123 29,330,488 
Period end shares outstanding28,810,805 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)6/30/20253/31/202512/31/20249/30/20246/30/20246/30/20256/30/2024
Return on average assets1.00 %1.14 %0.92 %0.92 %0.94 %1.07 %1.00 %
Return on average shareholders' equity8.82 %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 income31.8 %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 ratio9.94 %9.80 %9.51 %9.53 %9.74 %9.94 %9.74 %
Common equity tier 1 risk-based capital ratio11.19 %10.97 %10.85 %10.88 %10.72 %11.19 %10.72 %
Tier 1 risk-based capital ratio11.19 %10.97 %10.85 %10.88 %10.72 %11.19 %10.72 %
Total risk-based capital ratio14.58 %14.35 %14.19 %14.27 %14.09 %14.58 %14.09 %
(1) Non-GAAP metric. A reconciliation of this and other non-GAAP 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 BasisJune 30, 2025March 31, 2025
AverageIncome/AverageAverageIncome/Average
(Dollars in thousands)BalanceExpenseRateBalanceExpenseRate
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 securities497,214 3,962 3.20 499,199 4,019 3.27 
Federal Home Loan Bank, Federal Reserve Bank and other stock36,711 671 7.33 37,561 687 7.42 
Total interest-earning deposits, investments and other interest-earning assets665,316 6,004 3.62 657,636 6,070 3.74 
Commercial, financial, and agricultural loans1,005,784 17,686 7.05 990,860 17,020 6.97 
Real estate—commercial and construction loans3,692,262 54,165 5.88 3,704,232 52,676 5.77 
Real estate—residential loans1,727,381 21,772 5.06 1,729,146 21,542 5.05 
Loans to individuals15,575 337 8.68 19,438 393 8.20 
Tax-exempt loans and leases228,856 2,966 5.20 230,133 2,861 5.04 
Lease financings177,080 3,192 7.23 182,694 3,240 7.19 
     Gross loans and leases6,846,938 100,118 5.86 6,856,503 97,732 5.78 
          Total interest-earning assets7,512,254 106,122 5.67 7,514,139 103,802 5.60 
Cash and due from banks55,335 56,690 
Allowance for credit losses, loans and leases(88,127)(87,822)
Premises and equipment, net47,299 46,852 
Operating lease right-of-use assets26,948 27,761 
Other assets425,766 423,423 
      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 savings1,754,428 16,945 3.87 1,840,194 18,035 3.97 
Regular savings700,762 749 0.43 702,543 763 0.44 
Time deposits1,541,008 16,261 4.23 1,476,495 16,106 4.42 
Total time and interest-bearing deposits5,213,107 41,755 3.21 5,241,244 41,979 3.25 
Short-term borrowings5,254 1 0.08 6,909 14 0.82 
Long-term debt200,549 2,128 4.26 217,500 2,361 4.40 
Subordinated notes149,444 2,281 6.12 149,319 2,281 6.20 
     Total borrowings355,247 4,410 4.98 373,728 4,656 5.05 
     Total interest-bearing liabilities5,568,354 46,165 3.33 5,614,972 46,635 3.37 
Noninterest-bearing deposits1,420,143 1,376,409 
Operating lease liabilities29,802 30,675 
Accrued expenses and other liabilities52,640 62,176 
     Total liabilities7,070,939 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 stock157,784 157,784 
Additional paid-in capital301,016 302,653 
Retained earnings and other equity449,736 436,374 
     Total shareholders' equity908,536 896,811 
     Total liabilities and shareholders' equity$7,979,475 $7,981,043 
Net interest income$59,957 $57,167 
Net interest spread2.34 2.23 
Effect of net interest-free funding sources0.86 0.86 
Net interest margin3.20 %3.09 %
Ratio of average interest-earning assets to average interest-bearing liabilities134.91 %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 Basis20252024
AverageIncome/AverageAverageIncome/Average
(Dollars in thousands)BalanceExpenseRateBalanceExpenseRate
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 securities497,214 3,962 3.20 491,871 3,741 3.06 
Federal Home Loan Bank, Federal Reserve Bank and other stock36,711 671 7.33 37,286 700 7.55 
Total interest-earning deposits, investments and other interest-earning assets665,316 6,004 3.62 614,972 5,556 3.63 
Commercial, financial, and agricultural loans1,005,784 17,686 7.05 983,615 17,447 7.13 
Real estate—commercial and construction loans3,692,262 54,165 5.88 3,549,206 50,577 5.73 
Real estate—residential loans1,727,381 21,772 5.06 1,660,489 20,413 4.94 
Loans to individuals15,575 337 8.68 26,821 542 8.13 
Tax-exempt loans and leases228,856 2,966 5.20 230,495 2,476 4.32 
Lease financings177,080 3,192 7.23 189,910 3,105 6.58 
     Gross loans and leases6,846,938 100,118 5.86 6,640,536 94,560 5.73 
          Total interest-earning assets7,512,254 106,122 5.67 7,255,508 100,116 5.55 
Cash and due from banks55,335 56,387 
Allowance for credit losses, loans and leases(88,127)(86,293)
Premises and equipment, net47,299 48,725 
Operating lease right-of-use assets26,948 30,344 
Other assets425,766 416,869 
      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 savings1,754,428 16,945 3.87 1,692,759 19,131 4.55 
Regular savings700,762 749 0.43 759,960 929 0.49 
Time deposits1,541,008 16,261 4.23 1,422,113 16,134 4.56 
Total time and interest-bearing deposits5,213,107 41,755 3.21 4,968,982 43,505 3.52 
Short-term borrowings5,254 1 0.08 29,506 242 2.30 
Long-term debt200,549 2,128 4.26 250,000 2,777 4.47 
Subordinated notes149,444 2,281 6.12 148,943 2,281 6.16 
     Total borrowings355,247 4,410 4.98 428,449 5,300 4.98 
     Total interest-bearing liabilities5,568,354 46,165 3.33 5,397,431 48,805 3.64 
Noninterest-bearing deposits1,420,143 1,384,770 
Operating lease liabilities29,802 33,382 
Accrued expenses and other liabilities52,640 61,385 
     Total liabilities7,070,939 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 stock157,784 157,784 
Additional paid-in capital301,016 299,426 
Retained earnings and other equity449,736 387,362 
     Total shareholders' equity908,536 844,572 
     Total liabilities and shareholders' equity$7,979,475 $7,721,540 
Net interest income$59,957 $51,311 
Net interest spread2.34 1.91 
Effect of net interest-free funding sources0.86 0.93 
Net interest margin3.20 %2.84 %
Ratio of average interest-earning assets to average interest-bearing liabilities134.91 %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 Basis20252024
AverageIncome/AverageAverageIncome/Average
(Dollars in thousands)BalanceExpenseRateBalanceExpenseRate
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 securities498,201 7,981 3.23 495,451 7,388 3.00 
Federal Home Loan Bank, Federal Reserve Bank and other stock37,134 1,358 7.37 38,201 1,424 7.50 
Total interest-earning deposits, investments and other interest-earning assets661,497 12,074 3.68 637,958 11,548 3.64 
Commercial, financial, and agricultural loans998,363 34,706 7.01 959,132 33,970 7.12 
Real estate—commercial and construction loans3,698,214 106,841 5.83 3,562,174 101,218 5.71 
Real estate—residential loans1,728,259 43,314 5.05 1,639,339 39,968 4.90 
Loans to individuals17,495 730 8.41 27,068 1,090 8.10 
Tax-exempt loans and leases229,491 5,827 5.12 231,437 4,940 4.29 
Lease financings179,872 6,432 7.21 189,800 6,274 6.65 
     Gross loans and leases6,851,694 197,850 5.82 6,608,950 187,460 5.70 
          Total interest-earning assets7,513,191 209,924 5.63 7,246,908 199,008 5.52 
Cash and due from banks56,009 55,628 
Allowance for credit losses, loans and leases(87,975)(86,394)
Premises and equipment, net47,076 49,659 
Operating lease right-of-use assets27,352 30,733 
Other assets424,601 412,524 
      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 savings1,797,074 34,980 3.93 1,699,025 38,351 4.54 
Regular savings701,648 1,512 0.43 764,943 1,834 0.48 
Time deposits1,508,930 32,367 4.33 1,330,496 29,764 4.50 
Total time and interest-bearing deposits5,227,098 83,734 3.23 4,931,887 85,478 3.49 
Short-term borrowings6,076 15 0.50 19,816 247 2.51 
Long-term debt208,978 4,489 4.33 271,243 5,660 4.20 
Subordinated notes149,382 4,562 6.16 148,881 4,562 6.16 
     Total borrowings364,436 9,066 5.02 439,940 10,469 4.79 
     Total interest-bearing liabilities5,591,534 92,800 3.35 5,371,827 95,947 3.59 
Noninterest-bearing deposits1,398,396 1,396,917 
Operating lease liabilities30,236 33,774 
Accrued expenses and other liabilities57,382 62,981 
     Total liabilities7,077,548 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 stock157,784 157,784 
Additional paid-in capital301,830 300,052 
Retained earnings and other equity443,092 385,723 
     Total shareholders' equity902,706 843,559 
     Total liabilities and shareholders' equity$7,980,254 $7,709,058 
Net interest income$117,124 $103,061 
Net interest spread2.28 1.93 
Effect of net interest-free funding sources0.86 0.93 
Net interest margin3.14 %2.86 %
Ratio of average interest-earning assets to average interest-bearing liabilities134.37 %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 DescriptionTotal Outstanding Balance % of Commercial Loan Portfolio
CRE - Retail$453,445 8.4 %
Animal Production401,946 7.5 
CRE - Multi-family360,345 6.7 
CRE - 1-4 Family Residential Investment279,322 5.2 
CRE - Office262,374 4.9 
Hotels & Motels (Accommodation)222,878 4.1 
CRE - Industrial / Warehouse222,234 4.1 
Specialty Trade Contractors197,138 3.7 
Nursing and Residential Care Facilities167,978 3.1 
Homebuilding (tract developers, remodelers)154,166 2.9 
Merchant Wholesalers, Durable Goods140,876 2.6 
Repair and Maintenance135,318 2.5 
Motor Vehicle and Parts Dealers132,852 2.5 
Crop Production113,684 2.1 
CRE - Mixed-Use - Residential113,422 2.1 
Wood Product Manufacturing99,041 1.8 
Food Services and Drinking Places88,822 1.7 
Real Estate Lenders, Secondary Market Financing87,750 1.6 
Administrative and Support Services86,092 1.6 
Professional, Scientific, and Technical Services85,567 1.6 
Merchant Wholesalers, Nondurable Goods81,836 1.5 
Private Equity & Special Purpose Entities (except 52592)76,957 1.4 
CRE - Mixed-Use - Commercial76,067 1.4 
Fabricated Metal Product Manufacturing72,635 1.4 
Amusement, Gambling, and Recreation Industries69,971 1.3 
Education65,839 1.2 
Religious Organizations, Advocacy Groups65,568 1.2 
Personal and Laundry Services63,886 1.2 
Miniwarehouse / Self-Storage63,531 1.2 
Food Manufacturing53,682 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 FinancingsTotal Outstanding Balance
Real Estate-Residential Secured for Personal Purpose$984,166 
Real Estate-Home Equity Secured for Personal Purpose195,014 
Loans to Individuals14,069 
Lease Financings232,441 
Total Consumer Loans and Lease Financings$1,425,690 
Total$6,801,185 


Univest Financial Corporation
Non-GAAP Reconciliation
June 30, 2025
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)6/30/20253/31/202512/31/20249/30/20246/30/20246/30/20256/30/2024
Net income$19,978 $22,395 $18,941 $18,578 $18,107 $42,373 $38,412 
Amortization of intangibles, net of tax103 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