Q2 2024 Univest Financial Corp Earnings Call Transcript
Key Points
- Univest Financial Corp (UVSP) reported a net income of $18.2 million for the second quarter, equating to $0.62 per share.
- The company experienced a significant growth in deposits, increasing by $90 million or 5.6% annualized during the quarter.
- Loan growth was robust, with an increase of approximately $106 million or 6.4% annualized.
- Noninterest income rose by $1.1 million or 5.8% compared to the previous year, driven by gains in mortgage banking activities and investment advisory fees.
- The company actively repurchased 190,808 shares of stock, contributing to a growth in tangible book value.
- Net interest margin (NIM) decreased slightly, with reported NIM at 2.84%, down from 2.88% in the first quarter.
- The cost of interest-bearing liabilities increased by 9 basis points, indicating rising funding costs.
- Provision for credit losses was recorded at $707,000, reflecting ongoing credit risk management challenges.
- Despite a decrease in noninterest expense, excluding restructuring charges, expenses were up by $239,000 or 0.5% year over year.
- The competitive environment for deposits remains intense, impacting the cost and availability of funds.
(technical difficulty) For joining us for the Univest Financial Corporation second-quarter 2024 earnings call. My name is Corley, and I'll be the call coordinator for today. (Operator Instructions) I would like to hand over to our host, Jeff Schweitzer, CEO and President, to begin.
Thank you, Corley, and good morning, and thank you to all of our listeners for joining us. Joining me on the call this morning is Mike Keim, our Chief Operating Officer and President of Univest Bank and Trust; and Brian Richardson, our Chief Financial Officer.
Before we begin, I would like to remind everyone of the forward-looking statements disclaimer. Please be advised that during the course of this conference call, management may make forward-looking statements that express management's intentions, beliefs or expectations within the meaning of the federal securities laws.
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