Univest Financial's 10-K Report Reveals $71.1M Net Income

By Tamara Parker • Monday, February 26 16:34 • Permanent Link

Univest Financial Corporation has recently released its 10-K report, providing an insight into its financial performance and operations. The company operates as the bank holding company for Univest Bank and Trust Co., offering a range of banking services, wealth management, and insurance primarily in Pennsylvania. The Banking segment provides deposit taking, loan origination, mortgage banking, and equipment lease financing services. The Wealth Management segment offers investment advisory, financial planning, and trust and brokerage services, while the Insurance segment provides commercial property and casualty insurance, employee benefits solutions, personal insurance lines, and human resources consulting services.

In 2023, Univest Financial reported a net income of $71.1 million, with diluted earnings per share of $2.41, compared to a net income of $78.1 million and diluted earnings per share of $2.64 in 2022. The company's return on average assets was 0.94% in 2023, down from 1.12% in 2022. The return on average equity also decreased from 10.13% in 2022 to 8.83% in 2023.

The company's net interest income for the year ended December 31, 2023, was $220.0 million, representing a slight increase of 0.8% from the prior year. This increase was primarily driven by higher interest income from loans and investments due to the rising interest rate environment and an increase in average interest-earning assets.

Univest Financial's financial condition at the end of 2023 reflected cash and cash equivalents of $249.8 million, investment securities net of allowance for credit losses of $500.6 million, and net loans and leases held for investment of $6.48 billion. The company's assets totaled $7.78 billion, with deposits amounting to $6.38 billion and shareholders' equity at $839.2 million.

The 10-K report also highlighted the economic factors impacting the company, including prepayment rates, curtailment rates, recovery delay, unemployment rates, GDP rates, and house price index. The report provided a sensitivity analysis indicating the impact on the allowance for credit losses on loans and leases under various adjustment factors.

Today the company's shares have moved -0.2% to a price of $19.76. If you want to know more, read the company's complete 10-K report here.

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