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Univest Financial Corporation Reports Fourth Quarter and 2022 Results
(2022 Loan Growth of 16.0% (excluding PPP1 loans)) SOUDERTON, Pa., Jan. 25, 2023 (GLOBE NEWSWIRE) -- Univest Financial Corporation (“Univest” or the
About this update from Univest Financial Corporation
[{"type":"text","content":"(2022 Loan Growth of 16.0% (excluding PPP1 loans)) SOUDERTON, Pa., Jan. 25, 2023 (GLOBE NEWSWIRE) -- Univest Financial Corporation (“Univest” or the \"Corporation\") (NASDAQ: UVSP), parent company of Univest Bank and Trust Co. and its insurance, investments and equipment financing subsidiaries, announced net income for the quarter ended December 31, 2022 was $23.8 million, or $0.81 diluted earnings per share, compared to net income of $17.4 million, or $0.59 diluted earnings per share, for the quarter ended December 31, 2021. One-Time ItemsThe financial results for the quarter included bank owned life insurance (\"BOLI\") death benefit claims of $526 thousand, which represented $0.02 diluted earnings per share. Restructuring charges of $184 thousand were recognized in the fourth quarter related to the consolidation of two financial centers. LoansGross loans and leases, excluding Paycheck Protection Program (\"PPP\") loans1, increased $842.8 million, or 16.0%, from December 31, 2021, primarily due to increases in commercial, commercial real estate, construction, residential mortgage loans, and lease financings. Gross loans and leases, excluding PPP loans, increased $274.0 million, or 18.8% (annualized), from September 30, 2022, primarily due to increases in commercial, commercial real estate, construction, residential mortgage loans, and lease financings. DepositsTotal deposits decreased $151.3 million, or 2.5%, from December 31, 2021, primarily due to decreases in commercial, consumer and public funds deposits partially offset by an increase in brokered deposits. Total deposits increased $116.8 million, or 8.0% (annualized), from September 30, 2022, primarily due to increases in commercial, consumer and brokered deposits partially offset by decreases in public funds deposits. Net Interest Income and MarginNet interest income of $61.9 million for the three months ended December 31, 2022 increased $3.7 million, or 6.3%, from the three months ended September 30, 2022, and $14.4 million, or 30.3%, from the three months ended December 31, 2021. The increase in net interest income for the three months ended December 31, 2022 compared to the same period of 2021 and the prior quarter was largely due to significant loan growth, the rapid increase in interest rates and the asset sensitivity of the Corporation's balance sheet, offset by an...