Univest Financial Corp

NASDAQ:UVSPUnited States

Oct 23, 2024

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• Univest Financial Corporation Reports Third Quarter Results, from 4:15PM ET on Wednesday Oct 23, 2024 by Dow Jones

  4:15PM ET on Wednesday Oct 23, 2024 by Dow Jones
  Companies Mentioned: UVSP
  outstandings $ 830,652 15.7% ----------------- ------- Total Commercial Loans $ 5,302,416 100.0% === ================= ----------------- ------- Consumer Loans and Total Outstanding Lease Financings Balance ----------------------- ---------------------- Real Estate-Residential Secured for Personal Purpose 969,562 Real Estate-Home Equity Secured for Personal Purpose 182,901 Loans to Individuals 26,794 Lease Financings 249,061 Total - Consumer Loans and Lease Financings $ 1,428,318 === ================= Total $ 6,730,734 === ================= Univest Financial Corporation Non-GAAP Reconciliation September 30, 2024 Non-GAAP to GAAP Reconciliation 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 nine As of or for the three months ended, months ended, --------------------------------------------------------------- -------------------------- (Dollars in thousands) 09/30/24 06/30/24 03/31/24 12/31/23 09/30/23 09/30/24 09/30/23 ----------- ----------- ----------- ----------- ----------- ----------- ------------- Restructuring charges (a) $ - $ - $ - $ 189 $ - $ - $ 1,330 Tax effect of restructuring charges - - - (40) - - (279) Restructuring charges, net of tax $ - $ - $ - $ 149 $ - $ - $ 1,051 ========= ========= ========= ========= ========= ========= ========= Net income $ 18,578 $ 18,107 $ 20,305 $ 16,254 $ 17,016 $ 56,990 $ 54,850 Amortization of intangibles, net of tax 130 149 148 167 174 426 574 Net income before amortization of intangibles $ 18,708 $ 18,256 $ 20,453 $ 16,421 $ 17,190 $ 57,416 $ 55,424 ========= ========= ========= ========= ========= ========= ========= Shareholders' equity $ 877,071 $ 854,137 $ 843,669 $ 839,208 $ 807,198 $ 877,071 $ 807,198 Goodwill (175,510) (175,510) (175,510) (175,510) (175,510) (175,510) (175,510) Other intangibles (b) (2,147) (2,157) (2,273) (2,405) (2,558) (2,147) (2,558) Tangible common equity $ 699,414 $ 676,470 $ 665,886 $ 661,293 $ 629,130 $ 699,414 $ 629,130 ========= ========= ========= ========= ========= ========= ========= Total assets $8,205,737 $7,855,446 $7,746,568 $7,780,628 $7,828,066 $8,205,737 $7,828,066 Goodwill (175,510) (175,510) (175,510) (175,510) (175,510) (175,510) (175,510) Other intangibles (b) (2,147) (2,157) (2,273) (2,405) (2,558) (2,147) (2,558) Tangible assets $8,028,080 $7,677,779 $7,568,785 $7,602,713 $7,649,998 $8,028,080 $7,649,998 ========= ========= ========= ========= ========= ========= ========= Average shareholders' equity $ 864,406 $ 844,572 $ 842,546 $ 814,941 $ 811,515 $ 850,559 $ 802,541 Average goodwill (175,510) (175,510) (175,510) (175,510) (175,510) (175,510) (175,510) Average other intangibles (b) (2,086) (2,222) (2,318) (2,477) (2,680) (2,209) (2,913) Average tangible common equity $ 686,810 $ 666,840 $ 664,718 $ 636,954 $ 633,325 $ 672,840 $ 624,118 ========= ========= ========= ========= ========= ========= ========= (a) Associated with branch optimization and headcount rationlization expense management strategies (b) Amount does not include mortgage servicing rights CONTACT: Brian J. Richardson UNIVEST FINANCIAL CORPORATION Chief Financial Officer 215-721-2446, richardsonb@univest.net
  

• *DJ Univest Financial 3Q EPS 63c >UVSP, from 4:15PM ET on Wednesday Oct 23, 2024 by Dow Jones

  4:15PM ET on Wednesday Oct 23, 2024 by Dow Jones
  Companies Mentioned: UVSP
  outstandings $ 830,652 15.7% ----------------- ------- Total Commercial Loans $ 5,302,416 100.0% === ================= ----------------- ------- Consumer Loans and Total Outstanding Lease Financings Balance ----------------------- ---------------------- Real Estate-Residential Secured for Personal Purpose 969,562 Real Estate-Home Equity Secured for Personal Purpose 182,901 Loans to Individuals 26,794 Lease Financings 249,061 Total - Consumer Loans and Lease Financings $ 1,428,318 === ================= Total $ 6,730,734 === ================= Univest Financial Corporation Non-GAAP Reconciliation September 30, 2024 Non-GAAP to GAAP Reconciliation 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 nine As of or for the three months ended, months ended, --------------------------------------------------------------- -------------------------- (Dollars in thousands) 09/30/24 06/30/24 03/31/24 12/31/23 09/30/23 09/30/24 09/30/23 ----------- ----------- ----------- ----------- ----------- ----------- ------------- Restructuring charges (a) $ - $ - $ - $ 189 $ - $ - $ 1,330 Tax effect of restructuring charges - - - (40) - - (279) Restructuring charges, net of tax $ - $ - $ - $ 149 $ - $ - $ 1,051 ========= ========= ========= ========= ========= ========= ========= Net income $ 18,578 $ 18,107 $ 20,305 $ 16,254 $ 17,016 $ 56,990 $ 54,850 Amortization of intangibles, net of tax 130 149 148 167 174 426 574 Net income before amortization of intangibles $ 18,708 $ 18,256 $ 20,453 $ 16,421 $ 17,190 $ 57,416 $ 55,424 ========= ========= ========= ========= ========= ========= ========= Shareholders' equity $ 877,071 $ 854,137 $ 843,669 $ 839,208 $ 807,198 $ 877,071 $ 807,198 Goodwill (175,510) (175,510) (175,510) (175,510) (175,510) (175,510) (175,510) Other intangibles (b) (2,147) (2,157) (2,273) (2,405) (2,558) (2,147) (2,558) Tangible common equity $ 699,414 $ 676,470 $ 665,886 $ 661,293 $ 629,130 $ 699,414 $ 629,130 ========= ========= ========= ========= ========= ========= ========= Total assets $8,205,737 $7,855,446 $7,746,568 $7,780,628 $7,828,066 $8,205,737 $7,828,066 Goodwill (175,510) (175,510) (175,510) (175,510) (175,510) (175,510) (175,510) Other intangibles (b) (2,147) (2,157) (2,273) (2,405) (2,558) (2,147) (2,558) Tangible assets $8,028,080 $7,677,779 $7,568,785 $7,602,713 $7,649,998 $8,028,080 $7,649,998 ========= ========= ========= ========= ========= ========= ========= Average shareholders' equity $ 864,406 $ 844,572 $ 842,546 $ 814,941 $ 811,515 $ 850,559 $ 802,541 Average goodwill (175,510) (175,510) (175,510) (175,510) (175,510) (175,510) (175,510) Average other intangibles (b) (2,086) (2,222) (2,318) (2,477) (2,680) (2,209) (2,913) Average tangible common equity $ 686,810 $ 666,840 $ 664,718 $ 636,954 $ 633,325 $ 672,840 $ 624,118 ========= ========= ========= ========= ========= ========= ========= (a) Associated with branch optimization and headcount rationlization expense management strategies (b) Amount does not include mortgage servicing rights CONTACT: Brian J. Richardson UNIVEST FINANCIAL CORPORATION Chief Financial Officer 215-721-2446, richardsonb@univest.net