UVSP Univest Financial Corporation

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availability under these uncommitted funding sources is subject to the prerogatives of the granting banks and may be withdrawn at will.

Net Interest Income and MarginNet interest income of $55.5 million for the fourth quarter of 2024 increased $2.7 million, or 5.1%, from the fourth quarter of 2023 and $2.3 million, or 4.3%, from the third quarter of 2024. The increase in net interest income for the three months ended December 31, 2024 compared to the same period in the prior year was due to higher average balances of interest-earning assets and increased yields on loans and leases, partially offset by higher average balances in interest-bearing liabilities and related costs. The increase in net interest income for the three months ended December 31, 2024 compared to the three months ended September 30, 2024 was due to higher average balances of interest-earning deposits with other banks and a reduction in the cost of interest-bearing liabilities, partially offset by an increase in the average balance of interest-bearing liabilities.

Net interest margin, on a tax-equivalent basis, was 2.88% for the fourth quarter of 2024, compared to 2.82% for the third quarter of 2024 and 2.84% for the fourth quarter of 2023. Excess liquidity reduced net interest margin by approximately 14 basis points for the quarter ended December 31, 2024 compared to approximately nine basis points for the quarter ended September 30, 2024 and approximately ten basis points for the quarter ended December 31, 2023. Excluding the impact of excess liquidity, the net interest margin, on a tax-equivalent basis, would have been 3.02% for the quarter ended December 31, 2024 compared to 2.91% for the quarter ended September 30, 2024 and 2.94% for the quarter ended December 31, 2023.

Noninterest IncomeNoninterest income for the quarter ended December 31, 2024 was $21.3 million, an increase of $2.7 million, or 14.6%, from the comparable period in the prior year.

Investment advisory commission and fee income increased $896 thousand, or 19.6%, for the quarter ended December 31, 2024 compared to the comparable period in the prior year, primarily due to increased assets under management and supervision driven by new business and market appreciation.

Net gain on mortgage banking activities increased $511 thousand, or 63.2%, for the quarter ended December 31, 2024 compared to the comparable period in the prior year, primarily due to increased salable volume and favorable margins.

Other service fee income increased $506 thousand, or 17.1%, for the quarter ended December 31, 2024 compared to the comparable period in the prior year, primarily due to the reversal of a $785 thousand valuation allowance on mortgage servicing rights that was initially recorded in the third quarter of 2024. The reversal was driven by a decrease in prepayment speed assumptions as a result of the increase in interest rates during the quarter. Additionally, net servicing fees on sold mortgage loans decreased by $269 thousand, primarily attributable to the sale of mortgage servicing rights associated with $591.1 million of serviced loans in the first quarter of 2024 and increased amortization driven by prepayments.

Noninterest ExpenseNoninterest expense for the quarter ended December 31, 2024 was $50.7 million, an increase of $1.6 million, or 3.3%, from the comparable period in the prior year.

Salaries, benefits and commissions increased $2.2 million, or 7.5%, for the quarter ended December 31, 2024 compared to the comparable period in the prior year, primarily due to an increase in incentive compensation due to increased profitability.

Deposit insurance premiums decreased $248 thousand, or 18.4%, for the quarter ended December 31, 2024 compared to the comparable period in the prior year, driven by an improvement in the financial ratios that contribute to our deposit insurance assessment rate.

Data processing decreased $298 thousand, or 6.7%, for the quarter ended December 31, 2024 compared to the comparable period in the prior year, primarily due to reduced costs for various long-term service agreements.

Tax Provision The effective income tax rate was 20.3% for the quarters ended December 31, 2024 and December 31, 2023. The effective tax rates for the three months ended December 31, 2024 and 2023 reflected the benefits of tax-exempt income from investments in municipal securities and loans and leases.

Asset Quality and Provision for Credit LossesNonperforming assets totaled $33.2 million at December 31, 2024, $36.6 million at September 30, 2024, and $40.1 million at December 31, 2023. During the quarter, two nonaccrual modified construction loans to one borrower totaling $2.2 million were paid-off.

Net loan and lease charge-offs were $767 thousand for the three months ended December 31, 2024 compared to $820 thousand and $1.1 million for the three months ended September 30, 2024 and December 31, 2023, respectively.

The provision for credit losses was $2.4 million for the three months ended December 31, 2024 compared to $1.4 million and $1.9 million for the three months ended September 30, 2024 and December 31, 2023, respectively. The allowance for credit losses on loans and leases as a percentage of loans and leases held for investment was 1.28% at December 31, 2024, September 30, 2024 and December 31, 2023.

Dividend and Share RepurchasesOn January 22, 2025, Univest declared a quarterly cash dividend of $0.21 per share to be paid on February 19, 2025 to shareholders of record as of February 5, 2025. During the quarter ended December 31, 2024, the Corporation repurchased 139,492 shares of common stock at an average price of $29.64 per share. Including brokerage fees and excise tax, the average price per share was $29.97. During the year ended December 31, 2024, the Corporation repurchased 802,535 shares of common stock at an average price of $23.26 per share. Including brokerage fees and excise tax, the average price per share was $23.52. As of December 31, 2024, 1,400,154 shares are available for repurchase under the Share Repurchase Plan.

Conference CallUnivest will host a conference call to discuss fourth quarter 2024 results on Thursday, January 23, 2025 at 9:00 a.m. EST. Participants may preregister at https://www.netroadshow.com/events/login?show=36ba59ff&confId=76000. The general public can access the call by dialing 1-833-470-1428; using Access Code 072687. A replay of the conference call will be available through March 20, 2025 by dialing 1-866-813-9403; using Access Code 251906.

About Univest Financial CorporationUnivest Financial Corporation (UVSP), including its wholly-owned subsidiary Univest Bank and Trust Co., Member FDIC, has approximately $8.1 billion in assets and $5.2 billion in assets under management and supervision through its Wealth Management lines of business at December 31, 2024. 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) changes in liquidity, including the size and composition of our deposit portfolio and the percentage of uninsured deposits in the portfolio; (5) our ability to access cost-effective funding; (6) changes in economic conditions nationally and in our market, including potential recessionary conditions and the levels of unemployment in our market area; (7) changes in the economic assumptions or methodology used to calculate our allowance for credit losses; (8) legislative, regulatory, accounting or tax changes; (9) monetary and fiscal policies of the U.S. government, including the policies of the Board of Governors of the Federal Reserve System; (10) the imposition of tariffs or other domestic or international governmental policies impacting the value of the products of our borrowers; (11) technological issues that may adversely affect our operations or those of our customers; (12) a failure or breach in our operational or security systems or infrastructure, including cyberattacks; (13) changes in the securities markets; (14) the current or anticipated impact of military conflict, terrorism or other geopolitical events; (15) our ability to enter into new markets successfully and capitalize on growth opportunities and/or (16) 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)
December 31, 2024
(Dollars in thousands)
Balance Sheet (Period End)		12/31/24				09/30/24				06/30/24				03/31/24				12/31/23
ASSETS
Cash and due from banks		$	75,998			$	78,346			$	66,808			$	49,318			$	72,815
Interest-earning deposits with other banks			252,846				426,354				124,103				152,288				176,984
Cash and cash equivalents			328,844				504,700				190,911				201,606				249,799
Investment securities held-to-maturity			134,111				137,681				140,112				143,474				145,777
Investment securities available for sale, net of allowance for credit losses			357,361				354,100				342,776				350,819				351,553
Investments in equity securities			2,506				2,406				2,995				3,355				3,293
Federal Home Loan Bank, Federal Reserve Bank and other stock, at cost			38,980				40,235				37,438				37,394				40,499
Loans held for sale			16,653				17,131				28,176				13,188				11,637
Loans and leases held for investment			6,826,583				6,730,734				6,684,837				6,579,086				6,567,214
Less: Allowance for credit losses, loans and leases			(87,091	)			(86,041	)			(85,745	)			(85,632	)			(85,387	)
Net loans and leases held for investment			6,739,492				6,644,693				6,599,092				6,493,454				6,481,827
Premises and equipment, net			46,671				47,411				48,174				48,739				51,441
Operating lease right-of-use assets			28,531				29,260				29,985				30,702				31,795
Goodwill			175,510				175,510				175,510				175,510				175,510
Other intangibles, net of accumulated amortization			8,309				7,158				7,701				7,473				10,950
Bank owned life insurance			139,351				138,744				137,823				137,896				131,344
Accrued interest and other assets			112,098				106,708				114,753				102,958				95,203
Total assets		$	8,128,417			$	8,205,737			$	7,855,446			$	7,746,568			$	7,780,628
LIABILITIES
Noninterest-bearing deposits		$	1,414,635			$	1,323,953			$	1,397,308			$	1,401,806			$	1,468,320
Interest-bearing deposits:			5,344,624				5,530,195				5,098,014				5,003,552				4,907,461
Total deposits			6,759,259				6,854,148				6,495,322				6,405,358				6,375,781
Short-term borrowings			11,181				8,256				11,781				4,816				6,306
Long-term debt			225,000				225,000				250,000				250,000				310,000
Subordinated notes			149,261				149,136				149,011				148,886				148,761
Operating lease liabilities			31,485				32,246				33,015				33,744				34,851
Accrued expenses and other liabilities			64,930				59,880				62,180				60,095				65,721
Total liabilities			7,241,116				7,328,666				7,001,309				6,902,899				6,941,420
SHAREHOLDERS' EQUITY
Common stock, $5 par value: 48,000,000 shares authorized and 31,556,799 shares issued			157,784				157,784				157,784				157,784				157,784
Additional paid-in capital			302,829				301,262				300,166				298,914				301,066
Retained earnings			525,780				512,938				500,482				488,790				474,691
Accumulated other comprehensive loss, net of tax benefit			(43,992	)			(41,623	)			(54,124	)			(54,740	)			(50,646	)
Treasury stock, at cost			(55,100	)			(53,290	)			(50,171	)			(47,079	)			(43,687	)
Total shareholders’ equity			887,301				877,071				854,137				843,669				839,208
Total liabilities and shareholders’ equity		$	8,128,417			$	8,205,737			$	7,855,446			$	7,746,568			$	7,780,628
		For the three months ended,																				For the twelve months ended,
Balance Sheet (Average)		12/31/24				09/30/24				06/30/24				03/31/24				12/31/23				12/31/24			12/31/23
Assets		$	8,163,347			$	8,005,265			$	7,721,540			$	7,696,575			$	7,865,634			$	7,897,707		$	7,557,058
Investment securities, net of allowance for credit losses			500,748				493,334				493,140				500,983				489,587				497,051			507,625
Loans and leases, gross			6,758,649				6,730,791				6,640,536				6,577,365				6,594,233				6,677,206			6,418,664
Deposits			6,804,483				6,641,324				6,353,752				6,303,854				6,470,141				6,526,929			6,095,058
Shareholders' equity			880,237				864,406				844,572				842,546				814,941				858,019			805,667

Univest Financial Corporation
Consolidated Summary of Loans by Type and Asset Quality Data (Unaudited)
December 31, 2024
(Dollars in thousands)
Summary of Major Loan and Lease Categories (Period End)		12/31/24				09/30/24				06/30/24				03/31/24				12/31/23
Commercial, financial and agricultural		$	1,037,835			$	1,044,043			$	1,055,332			$	1,014,568			$	989,723
Real estate-commercial			3,530,451				3,442,083				3,373,889				3,283,729				3,302,798
Real estate-construction			274,483				285,616				313,229				379,995				394,462
Real estate-residential secured for business purpose			536,095				530,674				532,628				524,196				517,002
Real estate-residential secured for personal purpose			994,972				969,562				952,665				922,412				909,015
Real estate-home equity secured for personal purpose			186,836				182,901				179,150				177,446				179,282
Loans to individuals			21,250				26,794				26,430				27,200				27,749
Lease financings			244,661				249,061				251,514				249,540				247,183
Total loans and leases held for investment, net of deferred income			6,826,583				6,730,734				6,684,837				6,579,086				6,567,214
Less: Allowance for credit losses, loans and leases			(87,091	)			(86,041	)			(85,745	)			(85,632	)			(85,387	)
Net loans and leases held for investment		$	6,739,492			$	6,644,693			$	6,599,092			$	6,493,454			$	6,481,827
Asset Quality Data (Period End)		12/31/24				09/30/24				06/30/24				03/31/24				12/31/23
Nonaccrual loans and leases, including nonaccrual loans held for sale		$	12,667			$	15,319			$	16,200			$	20,363			$	20,527
Accruing loans and leases 90 days or more past due			321				310				205				268				534
Total nonperforming loans and leases			12,988				15,629				16,405				20,631				21,061
Other real estate owned			20,141				20,915				20,007				19,220				19,032
Repossessed assets			76				79				149				167				-
Total nonperforming assets		$	33,205			$	36,623			$	36,561			$	40,018			$	40,093
Nonaccrual loans and leases / Loans and leases held for investment			0.19	%			0.23	%			0.24	%			0.31	%			0.31	%
Nonperforming loans and leases / Loans and leases held for investment			0.19	%			0.23	%			0.25	%			0.31	%			0.32	%
Nonperforming assets / Total assets			0.41	%			0.45	%			0.47	%			0.52	%			0.52	%
Allowance for credit losses, loans and leases		$	87,091			$	86,041			$	85,745			$	85,632			$	85,387
Allowance for credit losses, loans and leases / Loans and leases held for investment			1.28	%			1.28	%			1.28	%			1.30	%			1.30	%
Allowance for credit losses, loans and leases / Nonaccrual loans and leases			687.54	%			561.66	%			529.29	%			420.53	%			415.97	%
Allowance for credit losses, loans and leases / Nonperforming loans and leases			670.55	%			550.52	%			522.68	%			415.06	%			405.43	%
		For the three months ended,																				For the twelve months ended,
		12/31/24				09/30/24				06/30/24				03/31/24				12/31/23				12/31/24				12/31/23
Net loan and lease charge-offs		$	767			$	820			$	809			$	1,406			$	1,074			$	3,802			$	5,397
Net loan and lease charge-offs (annualized)/Average loans and leases			0.05	%			0.05	%			0.05	%			0.09	%			0.06	%			0.06	%			0.08	%

Univest Financial Corporation
Consolidated Selected Financial Data (Unaudited)
December 31, 2024
(Dollars in thousands, except per share data)
		For the three months ended,															For the twelve months ended,
For the period:		12/31/24			09/30/24			06/30/24			03/31/24			12/31/23			12/31/24			12/31/23
Interest income		$	107,476		$	106,438		$	99,832		$	98,609		$	101,232		$	412,355		$	371,730
Interest expense			52,004			53,234			48,805			47,142			48,472			201,185			151,733
Net interest income			55,472			53,204			51,027			51,467			52,760			211,170			219,997
Provision for credit losses			2,380			1,414			707			1,432			1,931			5,933			10,770
Net interest income after provision for credit losses			53,092			51,790			50,320			50,035			50,829			205,237			209,227
Noninterest income:
Trust fee income			2,265			2,110			2,008			2,108			1,943			8,491			7,732
Service charges on deposit accounts			2,192			2,037			1,982			1,871			1,960			8,082			7,048
Investment advisory commission and fee income			5,457			5,319			5,238			5,194			4,561			21,208			18,864
Insurance commission and fee income			4,743			5,238			5,167			7,201			4,596			22,349			21,043
Other service fee income			3,473			1,815			3,044			6,415			2,967			14,747			12,381
Bank owned life insurance income			1,012			921			1,086			842			823			3,861			3,185
Net gain on sales of investment securities			-			18			-			-			-			18			-
Net gain on mortgage banking activities			1,320			1,296			1,710			939			809			5,265			3,689
Other income			868			1,396			745			1,025			961			4,034			2,882
Total noninterest income			21,330			20,150			20,980			25,595			18,620			88,055			76,824
Noninterest expense:
Salaries, benefits and commissions			31,518			30,702			30,187			31,338			29,321			123,745			120,188
Net occupancy			2,751			2,723			2,679			2,872			2,751			11,025			10,686
Equipment			1,147			1,107			1,088			1,111			1,066			4,453			4,132
Data processing			4,146			4,154			4,161			4,495			4,444			16,956			16,799
Professional fees			1,669			1,579			1,466			1,688			1,768			6,402			7,141
Marketing and advertising			552			490			715			416			632			2,173			2,180
Deposit insurance premiums			1,102			1,097			1,098			1,135			1,350			4,432			4,825
Intangible expenses			155			164			188			187			212			694			938
Restructuring charges			-			-			-			-			189			-			1,519
Other expense			7,618			6,536			7,126			6,832			7,313			28,112			28,954
Total noninterest expense			50,658			48,552			48,708			50,074			49,046			197,992			197,362
Income before taxes			23,764			23,388			22,592			25,556			20,403			95,300			88,689
Income tax expense			4,823			4,810			4,485			5,251			4,149			19,369			17,585
Net income		$	18,941		$	18,578		$	18,107		$	20,305		$	16,254		$	75,931		$	71,104
Net income per share:
Basic		$	0.65		$	0.64		$	0.62		$	0.69		$	0.55		$	2.60		$	2.42
Diluted		$	0.65		$	0.63		$	0.62		$	0.69		$	0.55		$	2.58		$	2.41
Dividends declared per share		$	0.21		$	0.21		$	0.21		$	0.21		$	0.21		$	0.84		$	0.84
Weighted average shares outstanding			29,070,039			29,132,948			29,246,977			29,413,999			29,500,147			29,215,365			29,433,359
Period end shares outstanding			29,045,877			29,081,108			29,190,640			29,337,919			29,511,721			29,045,877			29,511,721

Univest Financial Corporation
Consolidated Selected Financial Data (Unaudited)
December 31, 2024
					For the three months ended,																				For the twelve months ended,
Profitability Ratios (annualized)					12/31/24				09/30/24				06/30/24				03/31/24				12/31/23				12/31/24				12/31/23
Return on average assets						0.92	%			0.92	%			0.94	%			1.06	%			0.82	%			0.96	%			0.94	%
Return on average assets, excluding restructuring						0.92	%			0.92	%			0.94	%			1.06	%			0.83	%			0.96	%			0.96	%
charges (1)
Return on average shareholders' equity						8.56	%			8.55	%			8.62	%			9.69	%			7.91	%			8.85	%			8.83	%
Return on average shareholders' equity, excluding						8.56	%			8.55	%			8.62	%			9.69	%			7.99	%			8.85	%			8.97	%
restructuring charges (1)
Return on average tangible common equity (1)(3)						10.79	%			10.84	%			11.01	%			12.38	%			10.23	%			11.24	%			11.45	%
Return on average tangible common equity, excluding						10.79	%			10.84	%			11.01	%			12.38	%			10.32	%			11.24	%			11.64	%
restructuring charges (1)(3)
Net interest margin (FTE)						2.88	%			2.82	%			2.84	%			2.88	%			2.84	%			2.86	%			3.12	%
Efficiency ratio (2)						65.5	%			65.7	%			67.1	%			64.6	%			68.3	%			65.7	%			66.0	%
Efficiency ratio, excluding restructuring charges (1)(2)						65.5	%			65.7	%			67.1	%			64.6	%			68.0	%			65.7	%			65.5	%
Capitalization Ratios
Dividends declared to net income						32.2	%			33.0	%			33.9	%			30.5	%			38.1	%			32.3	%			34.8	%
Shareholders' equity to assets (Period End)						10.92	%			10.69	%			10.87	%			10.89	%			10.79	%			10.92	%			10.79	%
Tangible common equity to tangible assets (1)						8.92	%			8.71	%			8.81	%			8.80	%			8.70	%			8.92	%			8.70	%
Common equity book value per share					$	30.55			$	30.16			$	29.26			$	28.76			$	28.44			$	30.55			$	28.44
Tangible common equity book value per share (1)					$	24.43			$	24.05			$	23.17			$	22.70			$	22.41			$	24.43			$	22.41
Regulatory Capital Ratios (Period End)
Tier 1 leverage ratio						9.51	%			9.53	%			9.74	%			9.65	%			9.36	%			9.51	%			9.36	%
Common equity tier 1 risk-based capital ratio						10.85	%			10.88	%			10.72	%			10.71	%			10.58	%			10.85	%			10.58	%
Tier 1 risk-based capital ratio						10.85	%			10.88	%			10.72	%			10.71	%			10.58	%			10.85	%			10.58	%
Total risk-based capital ratio						14.19	%			14.27	%			14.09	%			14.11	%			13.90	%			14.19	%			13.90	%
(1) Non-GAAP metric. A reconciliation of this and other non-GAAP to GAAP performance measures is included below.
(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 Basis	December 31, 2024							September 30, 2024
	Average			Income/		Average		Average			Income/		Average
(Dollars in thousands)	Balance			Expense		Rate		Balance			Expense		Rate
Assets:
Interest-earning deposits with other banks	$	402,753		$	4,852	4.79	%	$	270,724		$	3,624	5.33	%
Obligations of state and political subdivisions*		1,290			7	2.16			1,283			7	2.17
Other debt and equity securities		499,458			3,815	3.04			492,051			3,706	3.00
Federal Home Loan Bank, Federal Reserve Bank and other stock		39,407			746	7.53			38,769			742	7.61
Total interest-earning deposits, investments and other interest-earning assets		942,908			9,420	3.97			802,827			8,079	4.00
		-							-
Commercial, financial, and agricultural loans		972,840			17,492	7.15			997,465			18,459	7.36
Real estate—commercial and construction loans		3,631,142			53,163	5.82			3,592,556			52,672	5.83
Real estate—residential loans		1,708,795			21,249	4.95			1,692,361			21,127	4.97
Loans to individuals		25,803			522	8.05			26,651			549	8.20
Tax-exempt loans and leases		233,036			2,652	4.53			232,159			2,565	4.40
Lease financings		187,033			3,296	7.01			189,599			3,275	6.87
Gross loans and leases		6,758,649			98,374	5.79			6,730,791			98,647	5.83
Total interest-earning assets		7,701,557			107,794	5.57			7,533,618			106,726	5.64
Cash and due from banks		56,989							62,902
Allowance for credit losses, loans and leases		(86,812	)						(86,517	)
Premises and equipment, net		47,155							47,989
Operating lease right-of-use assets		28,891							29,620
Other assets		415,567							417,653
Total assets	$	8,163,347						$	8,005,265
Liabilities:
Interest-bearing checking deposits	$	1,275,348		$	8,504	2.65	%	$	1,215,166		$	8,824	2.89	%
Money market savings		1,954,246			20,653	4.20			1,849,628			21,213	4.56
Regular savings		705,222			817	0.46			727,395			878	0.48
Time deposits		1,499,998			17,247	4.57			1,491,560			17,255	4.60
Total time and interest-bearing deposits		5,434,814			47,221	3.46			5,283,749			48,170	3.63
Short-term borrowings		7,102			1	0.06			8,210			1	0.05
Long-term debt		225,000			2,501	4.42			247,826			2,781	4.46
Subordinated notes		149,194			2,281	6.08			149,068			2,282	6.09
Total borrowings		381,296			4,783	4.99			405,104			5,064	4.97
Total interest-bearing liabilities		5,816,110			52,004	3.56			5,688,853			53,234	3.72
Noninterest-bearing deposits		1,369,669							1,357,575
Operating lease liabilities		31,864							32,627
Accrued expenses and other liabilities		65,467							61,804
Total liabilities		7,283,110							7,140,859
Total interest-bearing liabilities and noninterest-bearing deposits ("Cost of Funds")		7,185,779				2.88			7,046,428				3.01
Shareholders' Equity:
Common stock		157,784							157,784
Additional paid-in capital		301,895							300,565
Retained earnings and other equity		420,558							406,057
Total shareholders' equity		880,237							864,406
Total liabilities and shareholders' equity	$	8,163,347						$	8,005,265
Net interest income				$	55,790						$	53,492
Net interest spread						2.01							1.92
Effect of net interest-free funding sources						0.87							0.90
Net interest margin						2.88	%						2.82	%
Ratio of average interest-earning assets to average interest-bearing liabilities		132.42	%						132.43	%
* 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 $676 thousand and $897 thousand for the three months ended December 31,
2024 and September 30, 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 December 31, 2024 and September 30, 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 Three Months Ended December 31,
Tax Equivalent Basis				2024							2023
	Average			Income/		Average		Average			Income/		Average
(Dollars in thousands)	Balance			Expense		Rate		Balance			Expense		Rate
Assets:
Interest-earning deposits with other banks	$	402,753		$	4,852	4.79	%	$	280,693		$	3,804	5.38	%
Obligations of state and political subdivisions*		1,290			7	2.16			2,277			14	2.44
Other debt and equity securities		499,458			3,815	3.04			487,310			3,678	2.99
Federal Home Loan Bank, Federal Reserve Bank and other stock		39,407			746	7.53			41,361			767	7.36
Total interest-earning deposits, investments and other interest-earning assets		942,908			9,420	3.97			811,641			8,263	4.04
		-
Commercial, financial, and agricultural loans		972,840			17,492	7.15			973,450			17,485	7.13
Real estate—commercial and construction loans		3,631,142			53,163	5.82			3,590,477			50,715	5.60
Real estate—residential loans		1,708,795			21,249	4.95			1,585,705			19,133	4.79
Loans to individuals		25,803			522	8.05			27,667			558	8.00
Tax-exempt loans and leases		233,036			2,652	4.53			230,394			2,438	4.20
Lease financings		187,033			3,296	7.01			186,540			2,897	6.16
Gross loans and leases		6,758,649			98,374	5.79			6,594,233			93,226	5.61
Total interest-earning assets		7,701,557			107,794	5.57			7,405,874			101,489	5.44
Cash and due from banks		56,989							54,981
Allowance for credit losses, loans and leases		(86,812	)						(84,386	)
Premises and equipment, net		47,155							51,489
Operating lease right-of-use assets		28,891							31,251
Other assets		415,567							406,425
Total assets	$	8,163,347						$	7,865,634
Liabilities:
Interest-bearing checking deposits	$	1,275,348		$	8,504	2.65	%	$	1,193,386		$	8,409	2.80	%
Money market savings		1,954,246			20,653	4.20			1,845,153			21,133	4.54
Regular savings		705,222			817	0.46			784,937			874	0.44
Time deposits		1,499,998			17,247	4.57			1,188,054			12,748	4.26
Total time and interest-bearing deposits		5,434,814			47,221	3.46			5,011,530			43,164	3.42
Short-term borrowings		7,102			1	0.06			9,814			1	0.04
Long-term debt		225,000			2,501	4.42			318,805			3,026	3.77
Subordinated notes		149,194			2,281	6.08			148,693			2,281	6.09
Total borrowings		381,296			4,783	4.99			477,312			5,308	4.41
Total interest-bearing liabilities		5,816,110			52,004	3.56			5,488,842			48,472	3.50
Noninterest-bearing deposits		1,369,669							1,458,610
Operating lease liabilities		31,864							34,255
Accrued expenses and other liabilities		65,467							68,986
Total liabilities		7,283,110							7,050,693
Total interest-bearing liabilities and noninterest-bearing deposits ("Cost of Funds")		7,185,779				2.88			6,947,452				2.77
Shareholders' Equity:
Common stock		157,784							157,784
Additional paid-in capital		301,895							300,558
Retained earnings and other equity		420,558							356,599
Total shareholders' equity		880,237							814,941
Total liabilities and shareholders' equity	$	8,163,347						$	7,865,634
Net interest income				$	55,790						$	53,017
Net interest spread						2.01							1.94
Effect of net interest-free funding sources						0.87							0.90
Net interest margin						2.88	%						2.84	%
Ratio of average interest-earning assets to average interest-bearing liabilities		132.42	%						134.93	%
* 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 $676 thousand and $428 thousand for the three months ended December 31,
2024 and 2023, 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 December 31, 2024 and 2023 have been
calculated using the Corporation’s federal applicable rate of 21.0%.

Univest Financial Corporation
Average Balances and Interest Rates (Unaudited)
				For the Twelve Months Ended December 31,
Tax Equivalent Basis				2024							2023
	Average			Income/		Average		Average			Income/		Average
(Dollars in thousands)	Balance			Expense		Rate		Balance			Expense		Rate
Assets:
Interest-earning deposits with other banks	$	220,356		$	11,193	5.08	%	$	130,309		$	6,660	5.11	%
Obligations of state and political subdivisions*		1,447			33	2.28			2,282			62	2.72
Other debt and equity securities		495,604			14,909	3.01			505,343			14,225	2.81
Federal Home Loan Bank, Federal Reserve Bank and other stock		38,647			2,912	7.53			40,092			2,869	7.16
Total interest-earning deposits, investments and other interest-earning assets		756,054			29,047	3.84			678,026			23,816	3.51
		-
Commercial, financial, and agricultural loans		972,213			69,921	7.19			991,505			67,487	6.81
Real estate—commercial and construction loans		3,587,147			207,053	5.77			3,483,576			188,644	5.42
Real estate—residential loans		1,670,126			82,344	4.93			1,505,799			70,349	4.67
Loans to individuals		26,646			2,161	8.11			27,063			2,011	7.43
Tax-exempt loans and leases		232,020			10,157	4.38			232,501			9,597	4.13
Lease financings		189,054			12,845	6.79			178,220			11,025	6.19
Gross loans and leases		6,677,206			384,481	5.76			6,418,664			349,113	5.44
Total interest-earning assets		7,433,260			413,528	5.56			7,096,690			372,929	5.25
Cash and due from banks		57,799							58,593
Allowance for credit losses, loans and leases		(86,530	)						(82,474	)
Premises and equipment, net		48,610							51,921
Operating lease right-of-use assets		29,990							31,351
Other assets		414,578							400,977
Total assets	$	7,897,707						$	7,557,058
Liabilities:
Interest-bearing checking deposits	$	1,191,634		$	32,857	2.76	%	$	1,034,327		$	23,668	2.29	%
Money market savings		1,801,035			80,217	4.45			1,611,169			64,153	3.98
Regular savings		740,493			3,529	0.48			871,332			3,249	0.37
Time deposits		1,413,589			64,266	4.55			931,944			34,979	3.75
Total time and interest-bearing deposits		5,146,751			180,869	3.51			4,448,772			126,049	2.83
Short-term borrowings		13,703			249	1.82			148,776			7,095	4.77
Long-term debt		253,733			10,942	4.31			263,877			9,464	3.59
Subordinated notes		149,007			9,125	6.12			148,507			9,125	6.14
Total borrowings		416,443			20,316	4.88			561,160			25,684	4.58
Total interest-bearing liabilities		5,563,194			201,185	3.62			5,009,932			151,733	3.03
Noninterest-bearing deposits		1,380,178							1,646,286
Operating lease liabilities		33,006							34,474
Accrued expenses and other liabilities		63,310							60,699
Total liabilities		7,039,688							6,751,391
Total interest-bearing liabilities and noninterest-bearing deposits ("Cost of Funds")		6,943,372				2.90			6,656,218				2.28
Shareholders' Equity:
Common stock		157,784							157,784
Additional paid-in capital		300,644							299,804
Retained earnings and other equity		399,591							348,079
Total shareholders' equity		858,019							805,667
Total liabilities and shareholders' equity	$	7,897,707						$	7,557,058
Net interest income				$	212,343						$	221,196
Net interest spread						1.94							2.22
Effect of net interest-free funding sources						0.92							0.90
Net interest margin						2.86	%						3.12	%
Ratio of average interest-earning assets to average interest-bearing liabilities		133.61	%						141.65	%
* 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 $2.7 million and $2.1 million for the twelve months ended
December 31, 2024 and 2023, 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 twelve months ended December 31, 2024 and 2023 have
been calculated using the Corporation’s federal applicable rate of 21.0%.

Univest Financial Corporation
Loan Portfolio Overview (Unaudited)
December 31, 2024
(Dollars in thousands)
Industry Description	Total Outstanding Balance			% of Commercial Loan Portfolio
CRE - Retail	$	463,882		8.6	%
Animal Production		393,902		7.3
CRE - Multi-family		344,169		6.4
CRE - Office		294,331		5.5
CRE - 1-4 Family Residential Investment		287,690		5.3
CRE - Industrial / Warehouse		255,232		4.7
Hotels & Motels (Accommodation)		198,815		3.7
Specialty Trade Contractors		191,896		3.6
Nursing and Residential Care Facilities		176,130		3.3
Education		170,487		3.2
Motor Vehicle and Parts Dealers		147,580		2.7
Merchant Wholesalers, Durable Goods		138,633		2.6
Repair and Maintenance		132,950		2.5
Homebuilding (tract developers, remodelers)		129,031		2.4
Crop Production		111,628		2.1
CRE - Mixed-Use - Residential		111,590		2.1
Wood Product Manufacturing		98,629		1.8
Food Services and Drinking Places		87,765		1.6
Administrative and Support Services		78,656		1.5
Fabricated Metal Product Manufacturing		76,611		1.4
Religious Organizations, Advocacy Groups		74,011		1.4
Real Estate Lenders, Secondary Market Financing		70,748		1.3
Personal and Laundry Services		70,595		1.3
Amusement, Gambling, and Recreation Industries		68,990		1.3
CRE - Mixed-Use - Commercial		67,187		1.2
Miniwarehouse / Self-Storage		65,018		1.2
Merchant Wholesalers, Nondurable Goods		63,662		1.2
Private Equity & Special Purpose Entities (except 52592)		56,186		1.0
Truck Transportation		55,679		1.0
Food Manufacturing		50,771		0.9
Industries with >$50 million in outstandings	$	4,532,454		84.3	%
Industries with <$50 million in outstandings	$	846,410		15.7	%
Total Commercial Loans	$	5,378,864		100.0	%
Consumer Loans and Lease Financings	Total Outstanding Balance
Real Estate-Residential Secured for Personal Purpose		994,972
Real Estate-Home Equity Secured for Personal Purpose		186,836
Loans to Individuals		21,250
Lease Financings		244,661
Total - Consumer Loans and Lease Financings	$	1,447,719
Total	$	6,826,583

Univest Financial Corporation
Non-GAAP Reconciliation
December 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,																				As of or for the twelve months ended,
(Dollars in thousands)				12/31/24				09/30/24				06/30/24				03/31/24				12/31/23				12/31/24				12/31/23
Restructuring charges (a)				$	-			$	-			$	-			$	-			$	189			$	-			$	1,519
Tax effect of restructuring charges					-				-				-				-				(40	)			-				(319	)
Restructuring charges, net of tax				$	-			$	-			$	-			$	-			$	149			$	-			$	1,200
Net income				$	18,941			$	18,578			$	18,107			$	20,305			$	16,254			$	75,931			$	71,104
Amortization of intangibles, net of tax					122				130				149				148				167				548				741
Net income before amortization of intangibles				$	19,063			$	18,708			$	18,256			$	20,453			$	16,421			$	76,479			$	71,845
Shareholders' equity				$	887,301			$	877,071			$	854,137			$	843,669			$	839,208			$	887,301			$	839,208
Goodwill					(175,510	)			(175,510	)			(175,510	)			(175,510	)			(175,510	)			(175,510	)			(175,510	)
Other intangibles (b)					(2,263	)			(2,147	)			(2,157	)			(2,273	)			(2,405	)			(2,263	)			(2,405	)
Tangible common equity				$	709,528			$	699,414			$	676,470			$	665,886			$	661,293			$	709,528			$	661,293
Total assets				$	8,128,417			$	8,205,737			$	7,855,446			$	7,746,568			$	7,780,628			$	8,128,417			$	7,780,628
Goodwill					(175,510	)			(175,510	)			(175,510	)			(175,510	)			(175,510	)			(175,510	)			(175,510	)
Other intangibles (b)					(2,263	)			(2,147	)			(2,157	)			(2,273	)			(2,405	)			(2,263	)			(2,405	)
Tangible assets				$	7,950,644			$	8,028,080			$	7,677,779			$	7,568,785			$	7,602,713			$	7,950,644			$	7,602,713
Average shareholders' equity				$	880,237			$	864,406			$	844,572			$	842,546			$	814,941			$	858,019			$	805,667
Average goodwill					(175,510	)			(175,510	)			(175,510	)			(175,510	)			(175,510	)			(175,510	)			(175,510	)
Average other intangibles (b)					(2,146	)			(2,086	)			(2,222	)			(2,318	)			(2,477	)			(2,193	)			(2,802	)
Average tangible common equity				$	702,581			$	686,810			$	666,840			$	664,718			$	636,954			$	680,316			$	627,355
(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