(21.5% increase in earnings per share compared to fourth quarter 2024)
SOUDERTON, Pa., January 28, 2026 - 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, 2025 of $22.7 million, or $0.79 diluted earnings per share, compared to net income of $18.9 million, or $0.65 diluted earnings per share, for the quarter ended December 31, 2024. For the year ended December 31, 2025, net income totaled $90.8 million, or $3.13 diluted earnings per share, compared to net income of $75.9 million, or $2.58 diluted earnings per share, for the year ended December 31, 2024.
Loans
Gross loans and leases increased $129.3 million, or 1.9% (7.6% annualized), from September 30, 2025, primarily due to increases in commercial and commercial real estate loans, partially offset by a decrease in residential mortgage loans. Gross loans and leases increased $88.2 million, or 1.3%, from December 31, 2024, primarily due to increases in construction, commercial real estate and home equity loans, partially offset by decreases in commercial and residential mortgage loans and lease financings.
Deposits and Liquidity
Total deposits decreased $130.8 million, or 1.8% (7.2% annualized), from September 30, 2025, primarily due to decreases in public funds and commercial deposits, partially offset by increases in consumer and brokered deposits. Total deposits increased $328.1 million, or 4.9%, from December 31, 2024, primarily
due to increases in commercial, brokered and public funds deposits, partially offset by a decrease in consumer deposits.
Noninterest-bearing deposits totaled $1.4 billion and represented 20.2% of total deposits at December 31, 2025, compared to $1.4 billion representing 19.3% of total deposits at September 30, 2025. Unprotected deposits, which excludes insured, internal, and collateralized deposit accounts, totaled $1.6 billion at December 31, 2025 and September 30, 2025. This represented 23.2% of total deposits at December 31, 2025, compared to 22.0% at September 30, 2025.
As of December 31, 2025, the Corporation and its subsidiaries held cash and cash equivalents totaling $553.7 million. The Corporation and its subsidiaries had committed borrowing capacity of $3.8 billion, of which $2.3 billion was available. The Corporation and its subsidiaries also maintained uncommitted funding sources from correspondent banks of $457.0 million at December 31, 2025. 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 Margin
Net interest income of $62.5 million for the fourth quarter of 2025 increased $7.1 million, or 12.8%, from the fourth quarter of 2024 and $1.2 million, or 2.0%, from the third quarter of 2025. The increase in net interest income for the fourth quarter of 2025 compared to the fourth quarter of 2024 was driven by higher average balances of loans and cash and cash equivalents and increased loan yields, as well as a reduction in our cost of funds, offset by decreases in the yield on cash and cash equivalents and an increase in deposits. The increase in net interest income for the fourth quarter of 2025 compared to the third quarter of 2025 was primarily driven by the increased average balance of cash and cash equivalents and a reduction in our cost of funds, offset by decreases in the yield on cash and cash equivalents and an increase in deposits.
Net interest margin, on a tax-equivalent basis, was 3.10% for the fourth quarter of 2025, compared to 3.17% for the third quarter of 2025 and 2.88% for the fourth quarter of 2024. Excess liquidity reduced net interest margin by approximately 27 basis points for the quarter ended December 31, 2025 compared to approximately 16 basis points for the quarter ended September 30, 2025 and approximately 14 basis points for the quarter ended December 31, 2024. Excluding the impact of excess liquidity, the net interest margin, on a tax-equivalent basis, would have been 3.37% for the quarter ended December 31, 2025 compared to 3.33% for the third quarter of 2025 and 3.02% for the fourth quarter of 2024.
Noninterest Income
Noninterest income for the quarter ended December 31, 2025 was $22.0 million, an increase of $692 thousand, or 3.2%, from the comparable period in the prior year.
Investment advisory commission and fee income increased $598 thousand, or 11.0%, for the quarter ended December 31, 2025 compared to the comparable period in the prior year, primarily due to the appreciation of assets under management and supervision and new customer relationships.
Other income increased $1.2 million, or 137.9%, for the quarter ended December 31, 2025 compared to the comparable period in the prior year. Fees on risk participation agreements for interest rate swaps increased $480 thousand due to increased demand. Additionally, income on other real estate owned increased $837 thousand for the quarter ended December 31, 2025 compared to the comparable period in the prior year due to leasing-related activities in the respective periods.
Other service fee income decreased $805 thousand, or 23.2%, for the quarter ended December 31, 2025 compared to the comparable period in the prior year. The three months ended December 31, 2024 included a 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 fourth quarter of 2024.
Net gain on mortgage banking activities decreased $434 thousand, or 32.9%, for the quarter ended December 31, 2025 compared to the comparable period in the prior year, primarily due to decreased salable volume.
Noninterest Expense
Noninterest expense for the quarter ended December 31, 2025 was $52.7 million, an increase of $2.1 million, or 4.1%, from the comparable period in the prior year.
Salaries, benefits and commissions increased $1.5 million, or 4.7%, for the quarter ended December 31, 2025 compared to the comparable period in the prior year, primarily due to annual merit increases and an increase in incentive compensation due to increased profitability, partially offset by an increase in capitalized compensation driven by higher loan production.
Professional fees increased $278 thousand, or 16.7%, for the quarter ended December 31, 2025 compared to the comparable period in the prior year driven by an increase in consultant fees for data integration resources and legal fees.
Data processing increased $244 thousand, or 5.9%, for the quarter ended December 31, 2025 compared to the comparable period in the prior year due to increased costs on long-term service contracts.
Tax Provision
The effective income tax rate was 20.8% for the quarter ended December 31, 2025, compared to an effective tax rate of 20.3% for the quarter ended December 31, 2024.
Asset Quality and Provision for Credit Losses
Nonperforming assets totaled $37.8 million at December 31, 2025, $52.1 million at September 30, 2025, and $33.2 million at December 31, 2024. During the fourth quarter, loans totaling $13.9 million related to a nonaccrual commercial loan relationship were paid off and a $449 thousand recovery was recognized. This relationship was placed on nonaccrual during the second quarter of 2025. As of December 31, 2025, a residential property related to this relationship remains in other real estate owned with a carrying value of $1.4 million.
Net loan and lease charge-offs were $1.1 million for the three months ended December 31, 2025 compared to $480 thousand and $767 thousand for the three months ended September 30, 2025 and December 31, 2024, respectively.
The provision for credit losses was $3.1 million for the three months ended December 31, 2025 compared to $517 thousand and $2.4 million for the three months ended September 30, 2025 and December 31, 2024, 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, 2025, September 30, 2025, and December 31, 2024.
Dividend and Share Repurchases
On January 28, 2026, Univest declared a quarterly cash dividend of $0.22 per share to be paid on February 25, 2026 to shareholders of record as of February 11, 2026. On December 10, 2025, the Board of Directors of the Corporation approved an increase of 2,000,000 shares available for repurchase under the Corporation's share repurchase program, or approximately 7.1% of the Corporation's common stock outstanding as of November 30, 2025. During the quarter ended December 31, 2025, the Corporation repurchased 479,690 shares of common stock at an average price of $31.82 per share. Including brokerage fees and excise tax, the average cost per share was $32.17. As of December 31, 2025, 2,270,937 shares are available for repurchase under the Share Repurchase Plan.
Conference Call
Univest will host a conference call to discuss fourth quarter 2025 results on Thursday, January 29, 2026 at 9:00 a.m. EDT. Participants may preregister at https://www.netroadshow.com/events/login/LE9zwo3ifeosEEag73U8miOA26AU31t8QCP. The general public can access the call by dialing 1-833-470-1428; using Access Code 927698. A replay of the conference call will be available through February 5, 2026 by dialing 1-866-813-9403; using Access Code 393949.
About Univest Financial Corporation
Univest Financial Corporation (UVSP), including its wholly-owned subsidiary Univest Bank and Trust Co., Member FDIC, has approximately $8.4 billion in assets and $5.9 billion in assets under management and supervision through its Wealth Management lines of business at December 31, 2025. 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) fluctuations in real estate values and both residential and commercial real estate market conditions; (5) changes in liquidity, including the size and composition of our deposit portfolio and the percentage of uninsured deposits in the portfolio; (6) our ability to access cost-effective funding; (7) changes in economic conditions nationally and in our market, including potential recessionary conditions and the levels of unemployment in our market area; (8) changes in the economic assumptions or methodology used to calculate our allowance for credit losses; (9) legislative, regulatory, accounting or tax changes; (10) monetary and fiscal policies of the U.S. government, including the policies of the Board of Governors of the Federal Reserve System; (11) the imposition of tariffs or other domestic or international governmental policies and retaliatory responses; (12) the impact of a potential government shutdown; (13) the failure to maintain current technologies and to successfully implement future information technology enhancements; (14) technological issues that may adversely affect our operations or those of our customers; (15) a failure or breach in our operational or security systems or infrastructure, including cyberattacks; (16) changes in the securities markets; (17) the current or anticipated impact of military conflict, terrorism or other geopolitical events; (18) our ability to enter into new markets successfully and capitalize on growth opportunities; (19) changes in investor sentiment or consumer spending or savings behavior; and/or (20) 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, 2025
(Dollars in thousands)
Balance Sheet (Period End)
12/31/2025
9/30/2025
6/30/2025
3/31/2025
12/31/2024
ASSETS
Cash and due from banks
$
63,579
$
70,843
$
76,624
$
73,319
$
75,998
Interest-earning deposits with other banks
490,133
745,896
83,741
95,815
252,846
Cash and cash equivalents
553,712
816,739
160,365
169,134
328,844
Investment securities held-to-maturity
123,024
126,040
128,455
130,889
134,111
Investment securities available for sale, net of allowance for credit losses
371,251
368,393
366,421
364,503
357,361
Investments in equity securities
2,014
2,413
1,801
1,667
2,506
Federal Home Loan Bank, Federal Reserve Bank and other stock, at cost
37,808
39,617
36,482
35,732
38,980
Loans held for sale
15,288
6,330
17,774
13,150
16,653
Loans and leases held for investment
6,914,804
6,785,482
6,801,185
6,833,037
6,826,583
Less: Allowance for credit losses, loans and leases
(88,165)
(86,527)
(86,989)
(87,790)
(87,091)
Net loans and leases held for investment
6,826,639
6,698,955
6,714,196
6,745,247
6,739,492
Premises and equipment, net
45,554
46,245
47,140
47,175
46,671
Operating lease right-of-use assets
25,795
26,536
27,278
27,182
28,531
Goodwill
175,510
175,510
175,510
175,510
175,510
Other intangibles, net of accumulated amortization
7,328
7,537
7,967
8,061
8,309
Bank owned life insurance
140,001
139,044
140,086
139,482
139,351
Accrued interest and other assets
112,973
120,257
115,581
117,435
112,098
Total assets
$
8,436,897
$
8,573,616
$
7,939,056
$
7,975,167
$
8,128,417
LIABILITIES
Noninterest-bearing deposits
$
1,431,974
$
1,390,565
$
1,461,189
$
1,433,995
$
1,414,635
Interest-bearing deposits:
5,655,339
5,827,578
5,121,471
5,224,503
5,344,624
Total deposits
7,087,313
7,218,143
6,582,660
6,658,498
6,759,259
Short-term borrowings
24,411
11,951
6,271
4,031
11,181
Long-term debt
200,000
200,000
200,000
175,000
225,000
Subordinated notes
98,867
129,597
149,511
149,386
149,261
Operating lease liabilities
28,531
29,310
30,106
30,062
31,485
Accrued expenses and other liabilities
54,457
51,396
53,775
54,718
64,930
Total liabilities
7,493,579
7,640,397
7,022,323
7,071,695
7,241,116
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
304,021
302,696
301,640
300,634
302,829
Retained earnings
591,202
574,715
555,403
541,776
525,780
Accumulated other comprehensive loss, net of tax benefit
(25,467)
(31,636)
(34,969)
(37,922)
(43,992)
Treasury stock, at cost
(84,222)
(70,340)
(63,125)
(58,800)
(55,100)
Total shareholders’ equity
943,318
933,219
916,733
903,472
887,301
Total liabilities and shareholders’ equity
$
8,436,897
$
8,573,616
$
7,939,056
$
7,975,167
$
8,128,417
For the three months ended,
For the twelve months ended,
Balance Sheet (Average)
12/31/2025
9/30/2025
6/30/2025
3/31/2025
12/31/2024
12/31/2025
12/31/2024
Assets
$
8,528,465
$
8,191,010
$
7,979,475
$
7,981,043
$
8,163,347
$
8,171,555
$
7,897,707
Investment securities, net of allowance for credit losses
497,201
492,197
497,214
500,078
500,748
496,652
497,051
Loans and leases, gross
6,848,654
6,790,827
6,846,938
6,856,503
6,758,649
6,835,586
6,677,206
Deposits
7,165,437
6,836,043
6,633,250
6,617,653
6,804,483
6,814,659
6,526,929
Shareholders' equity
936,417
923,454
908,536
896,811
880,237
916,433
858,019
Univest Financial Corporation
Consolidated Summary of Loans by Type and Asset Quality Data (Unaudited)
December 31, 2025
(Dollars in thousands)
Summary of Major Loan and Lease Categories (Period End)
12/31/2025
9/30/2025
6/30/2025
3/31/2025
12/31/2024
Commercial, financial and agricultural
$
1,027,434
$
996,612
$
1,052,246
$
1,034,361
$
1,037,835
Real estate-commercial
3,621,536
3,517,803
3,485,615
3,546,402
3,530,451
Real estate-construction
306,793
309,365
302,424
281,785
274,483
Real estate-residential secured for business purpose
554,178
545,191
535,210
536,082
536,095
Real estate-residential secured for personal purpose
959,610
974,395
984,166
992,767
994,972
Real estate-home equity secured for personal purpose
200,394
197,503
195,014
189,119
186,836
Loans to individuals
12,793
13,447
14,069
16,930
21,250
Lease financings
232,066
231,166
232,441
235,591
244,661
Total loans and leases held for investment, net of deferred income
6,914,804
6,785,482
6,801,185
6,833,037
6,826,583
Less: Allowance for credit losses, loans and leases
(88,165)
(86,527)
(86,989)
(87,790)
(87,091)
Net loans and leases held for investment
$
6,826,639
$
6,698,955
$
6,714,196
$
6,745,247
$
6,739,492
Asset Quality Data (Period End)
12/31/2025
9/30/2025
6/30/2025
3/31/2025
12/31/2024
Nonaccrual loans and leases, including nonaccrual loans held for sale
$
13,743
$
27,330
$
27,909
$
11,126
$
12,667
Accruing loans and leases 90 days or more past due
89
829
125
322
321
Total nonperforming loans and leases
13,832
28,159
28,034
11,448
12,988
Other real estate owned
23,926
23,926
22,471
22,433
20,141
Repossessed assets
65
40
80
79
76
Total nonperforming assets
$
37,823
$
52,125
$
50,585
$
33,960
$
33,205
Nonaccrual loans and leases / Loans and leases held for investment
0.20
%
0.40
%
0.41
%
0.16
%
0.19
%
Nonperforming loans and leases / Loans and leases held for investment
0.20
%
0.41
%
0.41
%
0.17
%
0.19
%
Nonperforming assets / Total assets
0.45
%
0.61
%
0.64
%
0.43
%
0.41
%
Allowance for credit losses, loans and leases
$
88,165
$
86,527
$
86,989
$
87,790
$
87,091
Allowance for credit losses, loans and leases / Loans and leases held for investment
1.28
%
1.28
%
1.28
%
1.28
%
1.28
%
Allowance for credit losses, loans and leases / Nonaccrual loans and leases
641.53
%
316.60
%
311.69
%
789.05
%
687.54
%
Allowance for credit losses, loans and leases / Nonperforming loans and leases
637.40
%
307.28
%
310.30
%
766.86
%
670.55
%
For the three months ended,
For the twelve months ended,
12/31/2025
9/30/2025
6/30/2025
3/31/2025
12/31/2024
12/31/2025
12/31/2024
Net loan and lease charge-offs
$
1,145
$
480
$
7,807
$
1,686
$
767
$
11,118
$
3,802
Net loan and lease charge-offs (annualized)/Average loans and leases
0.07
%
0.03
%
0.46
%
0.10
%
0.05
%
0.16
%
0.06
%
Univest Financial Corporation
Consolidated Selected Financial Data (Unaudited)
December 31, 2025
(Dollars in thousands, except per share data)
For the three months ended,
For the twelve months ended,
For the period:
12/31/2025
9/30/2025
6/30/2025
3/31/2025
12/31/2024
12/31/2025
12/31/2024
Interest income
$
111,716
$
109,648
$
105,706
$
103,416
$
107,476
$
430,486
$
412,355
Interest expense
49,167
48,324
46,165
46,635
52,004
190,291
201,185
Net interest income
62,549
61,324
59,541
56,781
55,472
240,195
211,170
Provision for credit losses
3,145
517
5,694
2,311
2,380
11,667
5,933
Net interest income after provision for credit losses
59,404
60,807
53,847
54,470
53,092
228,528
205,237
Noninterest income:
Trust fee income
2,316
2,230
2,146
2,161
2,265
8,853
8,491
Service charges on deposit accounts
2,237
2,302
2,258
2,194
2,192
8,991
8,082
Investment advisory commission and fee income
6,055
5,671
5,460
5,613
5,457
22,799
21,208
Insurance commission and fee income
4,825
5,468
5,261
6,889
4,743
22,443
22,349
Other service fee income
2,668
2,416
3,147
2,707
3,473
10,938
14,747
Bank owned life insurance income
970
1,908
1,012
1,959
1,012
5,849
3,861
Net gain on sales of investment securities
—
—
—
—
—
—
18
Net gain on mortgage banking activities
886
848
981
647
1,320
3,362
5,265
Other income
2,065
1,080
1,236
245
868
4,626
4,034
Total noninterest income
22,022
21,923
21,501
22,415
21,330
87,861
88,055
Noninterest expense:
Salaries, benefits and commissions
33,009
31,652
31,536
30,826
31,518
127,023
123,745
Net occupancy
2,882
2,675
2,739
2,853
2,751
11,149
11,025
Equipment
1,052
1,076
1,043
1,122
1,147
4,293
4,453
Data processing
4,390
4,263
4,408
4,364
4,146
17,425
16,956
Professional fees
1,947
1,876
1,597
1,797
1,669
7,217
6,402
Marketing and advertising
479
323
498
353
552
1,653
2,173
Deposit insurance premiums
1,106
1,195
1,074
1,151
1,102
4,526
4,432
Intangible expenses
102
106
131
130
155
469
694
Other expense
7,743
7,503
7,306
6,732
7,618
29,284
28,112
Total noninterest expense
52,710
50,669
50,332
49,328
50,658
203,039
197,992
Income before taxes
28,716
32,061
25,016
27,557
23,764
113,350
95,300
Income tax expense
5,971
6,422
5,038
5,162
4,823
22,593
19,369
Net income
$
22,745
$
25,639
$
19,978
$
22,395
$
18,941
$
90,757
$
75,931
Net income per share:
Basic
$
0.80
$
0.89
$
0.69
$
0.77
$
0.65
$
3.16
$
2.60
Diluted
$
0.79
$
0.89
$
0.69
$
0.77
$
0.65
$
3.13
$
2.58
Dividends declared per share
$
0.22
$
0.22
$
0.22
$
0.21
$
0.21
$
0.87
$
0.84
Weighted average shares outstanding
28,376,191
28,716,582
28,859,348
29,000,567
29,070,039
28,734,922
29,215,365
Period end shares outstanding
28,156,917
28,576,346
28,810,805
28,962,648
29,045,877
28,156,917
29,045,877
Univest Financial Corporation
Consolidated Selected Financial Data (Unaudited)
December 31, 2025
For the three months ended,
For the twelve months ended,
Profitability Ratios (annualized)
12/31/2025
9/30/2025
6/30/2025
3/31/2025
12/31/2024
12/31/2025
12/31/2024
Return on average assets
1.06
%
1.24
%
1.00
%
1.14
%
0.92
%
1.11
%
0.96
%
Return on average shareholders' equity
9.64
%
11.02
%
8.82
%
10.13
%
8.56
%
9.90
%
8.85
%
Return on average tangible common equity (1)(3)
11.93
%
13.68
%
11.02
%
12.69
%
10.79
%
12.33
%
11.24
%
Net interest margin (FTE)
3.10
%
3.17
%
3.20
%
3.09
%
2.88
%
3.14
%
2.86
%
Efficiency ratio (2)
61.8
%
60.2
%
61.6
%
61.6
%
65.5
%
61.3
%
65.7
%
Capitalization Ratios
Dividends declared to net income
27.5
%
24.7
%
31.8
%
27.2
%
32.2
%
27.6
%
32.3
%
Shareholders' equity to assets (Period End)
11.18
%
10.88
%
11.55
%
11.33
%
10.92
%
11.18
%
10.92
%
Tangible common equity to tangible assets (1)
9.27
%
9.00
%
9.52
%
9.31
%
8.92
%
9.27
%
8.92
%
Common equity book value per share
$
33.50
$
32.66
$
31.82
$
31.19
$
30.55
$
33.50
$
30.55
Tangible common equity book value per share (1)
$
27.20
$
26.45
$
25.66
$
25.06
$
24.43
$
27.20
$
24.43
Regulatory Capital Ratios (Period End)
Tier 1 leverage ratio
9.51
%
9.85
%
9.94
%
9.80
%
9.51
%
9.51
%
9.51
%
Common equity tier 1 risk-based capital ratio
11.22
%
11.40
%
11.19
%
10.97
%
10.85
%
11.22
%
10.85
%
Tier 1 risk-based capital ratio
11.22
%
11.40
%
11.19
%
10.97
%
10.85
%
11.22
%
10.85
%
Total risk-based capital ratio
13.86
%
14.28
%
14.58
%
14.35
%
14.19
%
13.86
%
14.19
%
(1) Non-GAAP metric. A reconciliation of this and other non-GAAP financial measures is included at the end of this document.
(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, 2025
September 30, 2025
Average
Income/
Average
Average
Income/
Average
(Dollars in thousands)
Balance
Expense
Rate
Balance
Expense
Rate
Assets:
Interest-earning deposits with other banks
$
680,052
$
6,808
3.97
%
$
395,944
$
4,363
4.37
%
Other debt and equity securities
497,201
4,021
3.21
492,197
3,923
3.16
Federal Home Loan Bank, Federal Reserve Bank and other stock
38,894
754
7.69
37,159
736
7.86
Total interest-earning deposits, investments and other interest-earning assets
1,216,147
11,583
3.78
925,300
9,022
3.87
Commercial, financial, and agricultural loans
939,461
15,900
6.71
949,676
17,223
7.20
Real estate—commercial and construction loans
3,781,248
56,163
5.89
3,705,154
55,469
5.94
Real estate—residential loans
1,716,569
21,967
5.08
1,719,844
21,846
5.04
Loans to individuals
13,023
297
9.08
13,497
308
9.05
Tax-exempt loans and leases
225,707
3,091
5.43
229,253
3,033
5.25
Lease financings
172,646
3,158
7.26
173,403
3,159
7.23
Gross loans and leases
6,848,654
100,576
5.83
6,790,827
101,038
5.90
Total interest-earning assets
8,064,801
112,159
5.52
7,716,127
110,060
5.66
Cash and due from banks
56,000
60,950
Allowance for credit losses, loans and leases
(87,615)
(88,202)
Premises and equipment, net
46,062
46,980
Operating lease right-of-use assets
26,153
26,901
Other assets
423,064
428,254
Total assets
$
8,528,465
$
8,191,010
Liabilities:
Interest-bearing checking deposits
$
1,389,619
$
9,175
2.62
%
$
1,293,781
$
8,685
2.66
%
Money market savings
2,168,721
19,679
3.60
1,915,501
18,765
3.89
Regular savings
754,027
1,444
0.76
724,927
1,068
0.58
Time deposits
1,441,199
14,371
3.96
1,482,837
15,100
4.04
Total time and interest-bearing deposits
5,753,566
44,669
3.08
5,417,046
43,618
3.19
Short-term borrowings
21,490
3
0.06
10,639
1
0.04
Long-term debt
200,000
2,144
4.25
200,000
2,145
4.26
Subordinated notes
120,764
2,351
7.72
139,127
2,560
7.30
Total borrowings
342,254
4,498
5.21
349,766
4,706
5.34
Total interest-bearing liabilities
6,095,820
49,167
3.20
5,766,812
48,324
3.32
Noninterest-bearing deposits
1,411,871
1,418,997
Operating lease liabilities
28,902
29,702
Accrued expenses and other liabilities
55,455
52,045
Total liabilities
7,592,048
7,267,556
Total interest-bearing liabilities and noninterest-bearing deposits ("Cost of Funds")
7,507,691
2.60
7,185,809
2.67
Shareholders' Equity:
Common stock
157,784
157,784
Additional paid-in capital
303,235
302,063
Retained earnings and other equity
475,398
463,607
Total shareholders' equity
936,417
923,454
Total liabilities and shareholders' equity
$
8,528,465
$
8,191,010
Net interest income
$
62,992
$
61,736
Net interest spread
2.32
2.34
Effect of net interest-free funding sources
0.78
0.83
Net interest margin
3.10
%
3.17
%
Ratio of average interest-earning assets to average interest-bearing liabilities
132.30
%
133.80
%
*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 $559 thousand and $687 thousand for the three months ended December 31, 2025 and September 30, 2025, 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, 2025 and September 30, 2025 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
2025
2024
Average
Income/
Average
Average
Income/
Average
(Dollars in thousands)
Balance
Expense
Rate
Balance
Expense
Rate
Assets:
Interest-earning deposits with other banks
$
680,052
$
6,808
3.97
%
$
402,753
$
4,852
4.79
%
Obligations of state and political subdivisions*
—
—
—
1,290
7
2.16
Other debt and equity securities
497,201
4,021
3.21
499,458
3,815
3.04
Federal Home Loan Bank, Federal Reserve Bank and other stock
38,894
754
7.69
39,407
746
7.53
Total interest-earning deposits, investments and other interest-earning assets
1,216,147
11,583
3.78
942,908
9,420
3.97
Commercial, financial, and agricultural loans
939,461
15,900
6.71
972,840
17,492
7.15
Real estate—commercial and construction loans
3,781,248
56,163
5.89
3,631,142
53,163
5.82
Real estate—residential loans
1,716,569
21,967
5.08
1,708,795
21,249
4.95
Loans to individuals
13,023
297
9.08
25,803
522
8.05
Tax-exempt loans and leases
225,707
3,091
5.43
233,036
2,652
4.53
Lease financings
172,646
3,158
7.26
187,033
3,296
7.01
Gross loans and leases
6,848,654
100,576
5.83
6,758,649
98,374
5.79
Total interest-earning assets
8,064,801
112,159
5.52
7,701,557
107,794
5.57
Cash and due from banks
56,000
56,989
Allowance for credit losses, loans and leases
(87,615)
(86,812)
Premises and equipment, net
46,062
47,155
Operating lease right-of-use assets
26,153
28,891
Other assets
423,064
415,567
Total assets
$
8,528,465
$
8,163,347
Liabilities:
Interest-bearing checking deposits
$
1,389,619
$
9,175
2.62
%
$
1,275,348
$
8,504
2.65
%
Money market savings
2,168,721
19,679
3.60
1,954,246
20,653
4.20
Regular savings
754,027
1,444
0.76
705,222
817
0.46
Time deposits
1,441,199
14,371
3.96
1,499,998
17,247
4.57
Total time and interest-bearing deposits
5,753,566
44,669
3.08
5,434,814
47,221
3.46
Short-term borrowings
21,490
3
0.06
7,102
1
0.06
Long-term debt
200,000
2,144
4.25
225,000
2,501
4.42
Subordinated notes
120,764
2,351
7.72
149,194
2,281
6.08
Total borrowings
342,254
4,498
5.21
381,296
4,783
4.99
Total interest-bearing liabilities
6,095,820
49,167
3.20
5,816,110
52,004
3.56
Noninterest-bearing deposits
1,411,871
1,369,669
Operating lease liabilities
28,902
31,864
Accrued expenses and other liabilities
55,455
65,467
Total liabilities
7,592,048
7,283,110
Total interest-bearing liabilities and noninterest-bearing deposits ("Cost of Funds")
7,507,691
2.60
7,185,779
2.88
Shareholders' Equity:
Common stock
157,784
157,784
Additional paid-in capital
303,235
301,895
Retained earnings and other equity
475,398
420,558
Total shareholders' equity
936,417
880,237
Total liabilities and shareholders' equity
$
8,528,465
$
8,163,347
Net interest income
$
62,992
$
55,790
Net interest spread
2.32
2.01
Effect of net interest-free funding sources
0.78
0.87
Net interest margin
3.10
%
2.88
%
Ratio of average interest-earning assets to average interest-bearing liabilities
132.30
%
132.42
%
*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 $559 thousand and $676 thousand for the three months ended December 31, 2025 and 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, 2025 and 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 Twelve Months Ended December 31,
Tax Equivalent Basis
2025
2024
Average
Income/
Average
Average
Income/
Average
(Dollars in thousands)
Balance
Expense
Rate
Balance
Expense
Rate
Assets:
Interest-earning deposits with other banks
$
333,556
$
13,902
4.17
%
$
220,356
$
11,193
5.08
%
Obligations of state and political subdivisions*
217
4
1.84
1,447
33
2.28
Other debt and equity securities
496,435
15,925
3.21
495,604
14,909
3.01
Federal Home Loan Bank, Federal Reserve Bank and other stock
37,584
2,848
7.58
38,647
2,912
7.53
Total interest-earning deposits, investments and other interest-earning assets
867,792
32,679
3.77
756,054
29,047
3.84
Commercial, financial, and agricultural loans
971,245
67,829
6.98
972,213
69,921
7.19
Real estate—commercial and construction loans
3,720,892
218,473
5.87
3,587,147
207,053
5.77
Real estate—residential loans
1,723,191
87,127
5.06
1,670,126
82,344
4.93
Loans to individuals
15,360
1,335
8.69
26,646
2,161
8.11
Tax-exempt loans and leases
228,478
11,951
5.23
232,020
10,157
4.38
Lease financings
176,420
12,749
7.23
189,054
12,845
6.79
Gross loans and leases
6,835,586
399,464
5.84
6,677,206
384,481
5.76
Total interest-earning assets
7,703,378
432,143
5.61
7,433,260
413,528
5.56
Cash and due from banks
57,252
57,799
Allowance for credit losses, loans and leases
(87,942)
(86,530)
Premises and equipment, net
46,797
48,610
Operating lease right-of-use assets
26,936
29,990
Other assets
425,134
414,578
Total assets
$
8,171,555
$
7,897,707
Liabilities:
Interest-bearing checking deposits
$
1,281,075
$
32,735
2.56
%
$
1,191,634
$
32,857
2.76
%
Money market savings
1,920,600
73,424
3.82
1,801,035
80,217
4.45
Regular savings
720,718
4,024
0.56
740,493
3,529
0.48
Time deposits
1,485,281
61,838
4.16
1,413,589
64,266
4.55
Total time and interest-bearing deposits
5,407,674
172,021
3.18
5,146,751
180,869
3.51
Short-term borrowings
11,112
19
0.17
13,703
249
1.82
Long-term debt
204,452
8,778
4.29
253,733
10,942
4.31
Subordinated notes
139,584
9,473
6.79
149,007
9,125
6.12
Total borrowings
355,148
18,270
5.14
416,443
20,316
4.88
Total interest-bearing liabilities
5,762,822
190,291
3.30
5,563,194
201,185
3.62
Noninterest-bearing deposits
1,406,985
1,380,178
Operating lease liabilities
29,765
33,006
Accrued expenses and other liabilities
55,550
63,310
Total liabilities
7,255,122
7,039,688
Total interest-bearing liabilities and noninterest-bearing deposits ("Cost of Funds")
7,169,807
2.65
6,943,372
2.90
Shareholders' Equity:
Common stock
157,784
157,784
Additional paid-in capital
302,243
300,644
Retained earnings and other equity
456,406
399,591
Total shareholders' equity
916,433
858,019
Total liabilities and shareholders' equity
$
8,171,555
$
7,897,707
Net interest income
$
241,852
$
212,343
Net interest spread
2.31
1.94
Effect of net interest-free funding sources
0.83
0.92
Net interest margin
3.14
%
2.86
%
Ratio of average interest-earning assets to average interest-bearing liabilities
133.67
%
133.61
%
*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 $2.5 million and $2.7 million for the twelve months ended December 31, 2025 and 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 twelve months ended December 31, 2025 and 2024 have been calculated using the Corporation’s federal applicable rate of 21.0%.
Univest Financial Corporation
Loan Portfolio Overview (Unaudited)
December 31, 2025
(Dollars in thousands)
Industry Description
Total Outstanding Balance
% of Commercial Loan Portfolio
CRE - Retail
$
437,864
7.9
%
Animal Production
428,809
7.8
CRE - Multi-family
383,688
7.0
CRE - 1-4 Family Residential Investment
277,643
5.0
Hotels & Motels (Accommodation)
259,170
4.7
CRE - Office
244,534
4.4
CRE - Industrial / Warehouse
222,619
4.0
Specialty Trade Contractors
209,450
3.8
Nursing and Residential Care Facilities
163,938
3.0
Homebuilding (tract developers, remodelers)
150,906
2.7
Merchant Wholesalers, Durable Goods
137,124
2.5
Crop Production
135,818
2.5
Repair and Maintenance
124,570
2.3
Motor Vehicle and Parts Dealers
116,657
2.1
CRE - Mixed-Use - Commercial
114,659
2.1
CRE - Mixed-Use - Residential
108,517
2.0
Administrative and Support Services
99,083
1.8
Wood Product Manufacturing
98,771
1.8
Real Estate Lenders, Secondary Market Financing
93,066
1.7
Professional, Scientific, and Technical Services
92,883
1.7
Food Services and Drinking Places
90,211
1.6
Fabricated Metal Product Manufacturing
79,947
1.5
Merchant Wholesalers, Nondurable Goods
79,922
1.5
Education
78,031
1.4
Amusement, Gambling, and Recreation Industries
76,874
1.4
Religious Organizations, Advocacy Groups
65,397
1.2
Miniwarehouse / Self-Storage
63,371
1.2
Personal and Laundry Services
62,052
1.1
Food Manufacturing
59,804
1.1
Machinery Manufacturing
52,598
1.0
Industries with >$50 million in outstandings
$
4,607,976
83.6
%
Industries with <$50 million in outstandings
$
901,965
16.4
%
Total Commercial Loans
$
5,509,941
100.0
%
Consumer Loans and Lease Financings
Total Outstanding Balance
Real Estate-Residential Secured for Personal Purpose
$
959,610
Real Estate-Home Equity Secured for Personal Purpose
200,394
Loans to Individuals
12,793
Lease Financings
232,066
Total Consumer Loans and Lease Financings
$
1,404,863
Total
$
6,914,804
Univest Financial Corporation
Non-GAAP Reconciliation
December 31, 2025
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)
12/31/2025
9/30/2025
6/30/2025
3/31/2025
12/31/2024
12/31/2025
12/31/2024
Net income
$
22,745
$
25,639
$
19,978
$
22,395
$
18,941
$
90,757
$
75,931
Amortization of intangibles, net of tax
81
84
103
103
122
371
548
Net income before amortization of intangibles
$
22,826
$
25,723
$
20,081
$
22,498
$
19,063
$
91,128
$
76,479
Shareholders' equity
$
943,318
$
933,219
$
916,733
$
903,472
$
887,301
$
943,318
$
887,301
Goodwill
(175,510)
(175,510)
(175,510)
(175,510)
(175,510)
(175,510)
(175,510)
Other intangibles (a)
(1,919)
(1,966)
(2,040)
(2,104)
(2,263)
(1,919)
(2,263)
Tangible common equity
$
765,889
$
755,743
$
739,183
$
725,858
$
709,528
$
765,889
$
709,528
Total assets
$
8,436,897
$
8,573,616
$
7,939,056
$
7,975,167
$
8,128,417
$
8,436,897
$
8,128,417
Goodwill
(175,510)
(175,510)
(175,510)
(175,510)
(175,510)
(175,510)
(175,510)
Other intangibles (a)
(1,919)
(1,966)
(2,040)
(2,104)
(2,263)
(1,919)
(2,263)
Tangible assets
$
8,259,468
$
8,396,140
$
7,761,506
$
7,797,553
$
7,950,644
$
8,259,468
$
7,950,644
Average shareholders' equity
$
936,417
$
923,454
$
908,536
$
896,811
$
880,237
$
916,433
$
858,019
Average goodwill
(175,510)
(175,510)
(175,510)
(175,510)
(175,510)
(175,510)
(175,510)
Average other intangibles (a)
(1,935)
(1,983)
(2,068)
(2,162)
(2,146)
(2,036)
(2,193)
Average tangible common equity
$
758,972
$
745,961
$
730,958
$
719,139
$
702,581
$
738,887
$
680,316
(a) Amount does not include mortgage servicing rights
