Univest Financial Corp

NASDAQ:UVSPUnited States

Ratings actions from Benzinga: https://www.benzinga.com/quote/UVSP/analyst-ratings

(END) Dow Jones Newswires

April 26, 2024 10:05 ET (14:05 GMT)

----------------------- ------------------------- Real Estate-Residential Secured for Personal Purpose 922,412 Real Estate-Home Equity Secured for Personal Purpose 177,446 Loans to Individuals 27,200 Lease Financings 249,540 Total - Consumer Loans and Lease Financings $ 1,376,598 === ==================== Total $ 6,579,086 === ==================== Univest Financial Corporation Non-GAAP Reconciliation March 31, 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 three months ended, ----------------------------------------------------------------- (Dollars in thousands) 03/31/24 12/31/23 09/30/23 06/30/23 03/31/23 ----------- ----------- ----------- ----------- ------------- Restructuring charges (a) $ - $ 189 $ - $ 1,330 $ - Tax effect of restructuring charges - (40) - (279) - Restructuring charges, net of tax $ - $ 149 $ - $ 1,051 $ - ========= ========= ========= ========= ========= Net income $ 20,305 $ 16,254 $ 17,016 $ 16,800 $ 21,034 Amortization of intangibles, net of tax 148 167 174 200 200 Net income before amortization of intangibles $ 20,453 $ 16,421 $ 17,190 $ 17,000 $ 21,234 ========= ========= ========= ========= ========= Shareholders' equity $ 843,669 $ 839,208 $ 807,198 $ 805,222 $ 798,496 Goodwill (175,510) (175,510) (175,510) (175,510) (175,510) Other intangibles (b) (2,273) (2,405) (2,558) (2,767) (3,054) Tangible common equity $ 665,886 $ 661,293 $ 629,130 $ 626,945 $ 619,932 ========= ========= ========= ========= ========= Total assets $7,746,568 $7,780,628 $7,828,066 $7,600,150 $7,358,991 Goodwill (175,510) (175,510) (175,510) (175,510) (175,510) Other intangibles (b) (2,273) (2,405) (2,558) (2,767) (3,054) Tangible assets $7,568,785 $7,602,713 $7,649,998 $7,421,873 $7,180,427 ========= ========= ========= ========= ========= Average shareholders' equity $ 842,546 $ 814,941 $ 811,515 $ 806,709 $ 789,153 Average goodwill (175,510) (175,510) (175,510) (175,510) (175,510) Average other intangibles (b) (2,318) (2,477) (2,680) (2,924) (3,137) Average tangible common equity $ 664,718 $ 636,954 $ 633,325 $ 628,275 $ 610,506 ========= ========= ========= ========= ========= (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