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Univest Financial Corporation Reports Fourth Quarter 2024 Results
18.2% increase in earnings per share compared to fourth quarter 2023 SOUDERTON, Pa., Jan. 22, 2025 (GLOBE NEWSWIRE) -- Univest Financial Corporation
About this update from Univest Financial Corporation
[{"type":"text","content":"18.2% increase in earnings per share compared to fourth quarter 2023\nSOUDERTON, Pa., Jan. 22, 2025 (GLOBE NEWSWIRE) -- Univest Financial Corporation (“Univest” or the \"Corporation\") (NASDAQ: UVSP), parent company of Univest Bank and Trust Co. (the \"Bank\") and its insurance, investments and equipment financing subsidiaries, announced net income for the quarter ended December 31, 2024 was $18.9 million, or $0.65 diluted earnings per share, compared to net income of $16.3 million, or $0.55 diluted earnings per share, for the quarter ended December 31, 2023. LoansGross loans and leases increased $95.8 million, or 1.4% (5.6% annualized), from September 30, 2024, primarily due to increases in commercial real estate and residential mortgage loans, partially offset by decreases in construction and commercial loans. Gross loans and leases increased $259.4 million, or 3.9%, from December 31, 2023, primarily due to increases in commercial, commercial real estate and residential mortgage loans, partially offset by a decrease in construction loans. Deposits and LiquidityTotal deposits decreased $94.9 million, or 1.4% (5.6% annualized), from September 30, 2024, primarily due to decreases in public funds and brokered deposits, partially offset by increases in commercial and consumer deposits. Total deposits increased $383.5 million, or 6.0%, from December 31, 2023, due to increases in consumer, commercial, brokered, and public funds deposits. Noninterest-bearing deposits totaled $1.4 billion and represented 20.9% of total deposits at December 31, 2024, compared to $1.3 billion representing 19.3% of total deposits at September 30, 2024. Unprotected deposits, which excludes insured, internal, and collateralized deposit accounts, totaled $1.5 billion at December 31, 2024 compared to $1.4 billion at September 30, 2024. This represented 22.0% of total deposits at December 31, 2024, compared to 20.3% at September 30, 2024. As of December 31, 2024, the Corporation reported on balance sheet cash and cash equivalents totaling $328.8 million. The Corporation and its subsidiaries had committed borrowing capacity of $3.7 billion at December 31, 2024, of which $2.1 billion was available. The Corporation and its subsidiaries also maintained uncommitted funding sources from correspondent banks of $468.0 million at December 31, 2024. Future availability ...