UNIVEST FINANCIAL CORPORATION REPORTS SECOND QUARTER RESULTS
(18.8% increase in earnings per share compared to 2025 second quarter)
SOUDERTON, Pa., July 22, 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 June 30, 2026 of $23.0 million, or $0.82 diluted earnings per share, compared to net income of $20.0 million, or $0.69 diluted earnings per share, for the quarter ended June 30, 2025.
Notable Non-Core Items
The financial results for the quarter included a pre-tax charge of $5.2 million ($4.1 million after-tax), or $0.15 diluted earnings per share, related to a valuation adjustment on an other real estate owned ("OREO") property. The adjustment was recorded based on an updated appraisal which reflects the property's estimated fair value less costs to sell. The property was initially transferred to OREO during the quarter ended June 30, 2022 and was listed for sale during the quarter ended June 30, 2025. The financial results for the quarter also included tax-free bank owned life insurance ("BOLI") death benefit proceeds of $708 thousand, which represented $0.03 diluted earnings per share.
Loans
Gross loans and leases increased $101.7 million, or 1.5% (6.0% annualized), from March 31, 2026, $127.2 million, or 1.8% (3.6% annualized), from December 31, 2025, and $240.8 million, or 3.5%, from June 30, 2025. The increases during these periods were primarily driven by growth in commercial, construction and commercial real estate loans. This growth was partially offset by a decline in residential mortgage loans, which is consistent with our strategy to focus balance sheet growth on full-relationship customers, which will improve our loan-to-deposit ratio.
Deposits and Liquidity
Total deposits increased $119.2 million, or 1.8% (7.2% annualized), from March 31, 2026, primarily due to increases in commercial, consumer and brokered deposits, partially offset by a seasonal decrease in public funds deposits. Total deposits decreased $154.3 million, or 2.2% (4.4% annualized), from December 31, 2025, primarily due to decreases in consumer and public funds deposits, partially offset by increases in commercial and brokered deposits. Total deposits increased $350.3 million, or 5.3%, from June 30, 2025, primarily due to increases in commercial and brokered deposits.
Noninterest-bearing deposits totaled $1.5 billion and represented 21.1% of total deposits at June 30, 2026, compared to $1.5 billion representing 21.7% of total deposits at March 31, 2026. Unprotected deposits, which excludes insured, internal, and collateralized deposit accounts, totaled $1.7 billion and $1.6 billion at June 30, 2026 and March 31, 2026, respectively. This represented 24.6% of total deposits at June 30, 2026, compared to 23.7% at March 31, 2026.
As of June 30, 2026, the Corporation and its subsidiaries held cash and cash equivalents totaling $195.3 million. The Corporation and its subsidiaries had committed borrowing capacity of $3.7 billion, of which $2.4 billion was available. The Corporation and its subsidiaries also maintained uncommitted funding sources from correspondent banks of $422.0 million at June 30, 2026. 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 $66.2 million for the second quarter of 2026 increased $6.7 million, or 11.3%, from the second quarter of 2025 and $2.9 million, or 4.5%, from the first quarter of 2026. The increase in net interest income for the second quarter of 2026 compared to the second quarter of 2025 was driven by higher average balances of loans, coupled with a reduction in our cost of funds, as lower rates paid on interest‑bearing liabilities more than offset the impact of higher average balances of these liabilities. The increase in net interest income for the second quarter of 2026 compared to the first quarter of 2026 was driven by higher average balances and yields on loans, coupled with a modest reduction in our cost of funds and a decrease in the average balance of interest-bearing liabilities, partially offset by lower average balances of interest-earning deposits with other banks.
Net interest margin, on a tax-equivalent basis, was 3.49% for the second quarter of 2026, compared to 3.33% for the first quarter of 2026 and 3.20% for the second quarter of 2025. Excess liquidity reduced net interest margin by approximately four basis points for the quarter ended June 30, 2026 compared to approximately 11 basis points for the quarter ended March 31, 2026 and approximately four basis points for the quarter ended June 30, 2025. Excluding the impact of excess liquidity, the net interest margin, on
a tax-equivalent basis, would have been 3.53% for the quarter ended June 30, 2026 compared to 3.44% for the first quarter of 2026 and 3.24% for the quarter ended June 30, 2025.
Noninterest Income
Noninterest income for the quarter ended June 30, 2026 was $18.1 million, a decrease of $3.4 million, or 15.8%, from the comparable period in the prior year, primarily due to the net loss on the sale and write-down of OREO of $5.2 million for the quarter ended June 30, 2026, due to the valuation adjustment recorded during the quarter as previously mentioned.
BOLI income increased $686 thousand, or 67.8%, for the quarter ended June 30, 2026 compared to the comparable period in the prior year. The financial results for the three months ended June 30, 2026 included $708 thousand in BOLI death benefit proceeds compared to $71 thousand for the three months ended June 30, 2025.
Investment advisory commission and fee income increased $583 thousand, or 10.7%, for the quarter ended June 30, 2026 compared to the comparable period in the prior year, driven by appreciation in assets under management and new customer relationships.
Net gain on mortgage banking activities increased $365 thousand, or 37.2%, for the quarter ended June 30, 2026 compared to the comparable period in the prior year, primarily due to increased salable volume and increased margins.
Noninterest Expense
Noninterest expense for the quarter ended June 30, 2026 was $53.1 million, an increase of $2.8 million, or 5.5%, from the comparable period in the prior year.
Salaries, benefits and commissions increased $1.7 million, or 5.3%, for the quarter ended June 30, 2026 compared to the comparable period in the prior year, primarily driven by higher salary expense of $1.3 million due to annual merit increases and an increase of $375 thousand in medical claims expenses.
Marketing and advertising expense increased $490 thousand, or 98.4%, for the quarter ended June 30, 2026 compared to the comparable period in the prior year. This increase was primarily driven by the inclusion of certain sponsorship activities that were historically reported in Other Expense and the Corporation's entry into a sponsorship agreement with a local university, enhancing community engagement and visibility.
Professional fees increased $432 thousand, or 27.1%, for the quarter ended June 30, 2026 compared to the comparable period in the prior year, primarily due to increased marketing consultant fees.
Tax Provision
The effective income tax rate was 19.6% for the quarter ended June 30, 2026, compared to an effective tax rate of 20.1% for the quarter ended June 30, 2025. The effective tax rates for the three months ended June 30, 2026 and 2025 were favorably impacted by proceeds of BOLI death benefit proceeds. Excluding the BOLI death benefit proceeds, the effective tax rate was 20.1% for the three months ended June 30, 2026 compared to 20.2% for the three months ended June 30, 2025. The effective tax rate for the quarter ended June 30, 2026, also reflected a discrete tax benefit related to equity compensation awards.
Asset Quality and Provision for Credit Losses
Nonperforming assets totaled $63.0 million at June 30, 2026, $41.2 million at March 31, 2026, and $50.6 million at June 30, 2025. During the second quarter, a commercial loan relationship totaling $28.6 million was placed on nonaccrual status with a specific reserve of $9.8 million. This increase was partially offset by the valuation adjustment recorded on OREO during the quarter.
Net loan and lease charge-offs were $1.9 million for the three months ended June 30, 2026 compared to $1.3 million and $7.8 million for the three months ended March 31, 2026 and June 30, 2025, respectively. Net loan and lease charge-offs for the three months ended June 30, 2025 included a $7.3 million charge-off associated with a nonaccrual commercial loan relationship.
The provision for credit losses was $2.7 million for the three months ended June 30, 2026 compared to $1.3 million and $5.7 million for the three months ended March 31, 2026 and June 30, 2025, respectively. The allowance for credit losses on loans and leases as a percentage of loans and leases held for investment was 1.28% at June 30, 2026, March 31, 2026, and June 30, 2025.
Dividend and Share Repurchases
On July 22, 2026, Univest declared a quarterly cash dividend of $0.23 per share to be paid on August 19, 2026 to shareholders of record as of August 5, 2026. During the quarter ended June 30, 2026, the Corporation repurchased 425,539 shares of common stock at an average price of $38.71 per share. Including brokerage fees and excise tax, the average cost per share was $39.13. As of June 30, 2026, 1,494,260 shares are available for repurchase under the Share Repurchase Plan.
Conference Call
Univest will host a conference call to discuss second quarter 2026 results on Thursday, July 23, 2026 at 9:00 a.m. EDT. Participants may preregister at https://registrations.events/direct/Q4I3774017. The
general public can access the call by dialing 1-888-500-3691; referencing Conference ID 37740 or "Univest Financial Corporation Second Quarter 2026 Earnings Call" to the operator. A replay of the conference call will be available through July 30, 2026 using the following link: https://registrations.events/direct/Q4I3774017.
About Univest Financial Corporation
Univest Financial Corporation (UVSP), including its wholly-owned subsidiary Univest Bank and Trust Co., Member FDIC, has approximately $8.2 billion in assets and $6.2 billion in assets under management and supervision through its Wealth Management lines of business at June 30, 2026. 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 and are subject to change based on various factors, many of which are beyond our control. 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 effectiveness of our risk management processes and procedures; (12) the ability to maintain and increase market share and control expenses; (13) the imposition of tariffs or other domestic or international governmental policies, trade restrictions and retaliatory measures impacting our borrowers and the broader economy; (14) the impact of a potential government shutdown, debt ceiling impasses or fiscal uncertainty; (15) the failure to maintain current technologies and to successfully implement future information technology enhancements and the operational risks associated with the adoption of artificial intelligence and other emerging technologies; (16) risks associated with cybersecurity threats, data breaches, ransomware attacks, or other failures in our operational or security systems and infrastructure, including the risks arising from our dependence on third-party service providers and vendors; (17) changes in the securities markets; (18) the current or anticipated impact of military conflict, terrorism or other geopolitical events; (19) the ability to attract, develop and retain qualified personnel in a competitive labor market; (20) our ability to enter into new markets successfully and capitalize on growth opportunities; (21) changes in investor sentiment or consumer spending or savings behavior; and/or (22) 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)
June 30, 2026
(Dollars in thousands)
Balance Sheet (Period End)
6/30/2026
3/31/2026
12/31/2025
9/30/2025
6/30/2025
ASSETS
Cash and due from banks
$
79,490
$
69,645
$
63,579
$
70,843
$
76,624
Interest-earning deposits with other banks
115,835
152,712
490,133
745,896
83,741
Cash and cash equivalents
195,325
222,357
553,712
816,739
160,365
Investment securities held-to-maturity
116,207
119,490
123,024
126,040
128,455
Investment securities available for sale, net of allowance for credit losses
378,586
379,028
371,251
368,393
366,421
Investments in equity securities
2,705
2,898
2,014
2,413
1,801
Federal Home Loan Bank, Federal Reserve Bank and other stock, at cost
32,798
35,511
37,808
39,617
36,482
Loans held for sale
13,237
14,371
15,288
6,330
17,774
Loans and leases held for investment
7,041,957
6,940,212
6,914,804
6,785,482
6,801,185
Less: Allowance for credit losses, loans and leases
(89,967)
(88,900)
(88,165)
(86,527)
(86,989)
Net loans and leases held for investment
6,951,990
6,851,312
6,826,639
6,698,955
6,714,196
Premises and equipment, net
44,373
44,774
45,554
46,245
47,140
Operating lease right-of-use assets
24,267
25,032
25,795
26,536
27,278
Goodwill
175,510
175,510
175,510
175,510
175,510
Other intangibles, net of accumulated amortization
7,850
7,583
7,328
7,537
7,967
Bank owned life insurance
142,130
142,141
140,001
139,044
140,086
Accrued interest and other assets
118,014
121,575
112,973
120,257
115,581
Total assets
$
8,202,992
$
8,141,582
$
8,436,897
$
8,573,616
$
7,939,056
LIABILITIES
Noninterest-bearing deposits
$
1,463,965
$
1,475,851
$
1,431,974
$
1,390,565
$
1,461,189
Interest-bearing deposits:
5,469,043
5,337,912
5,655,339
5,827,578
5,121,471
Total deposits
6,933,008
6,813,763
7,087,313
7,218,143
6,582,660
Short-term borrowings
18,826
26,156
24,411
11,951
6,271
Long-term debt
125,000
175,000
200,000
200,000
200,000
Subordinated notes
98,994
98,908
98,867
129,597
149,511
Operating lease liabilities
26,863
27,699
28,531
29,310
30,106
Accrued expenses and other liabilities
46,048
48,106
54,457
51,396
53,775
Total liabilities
7,248,739
7,189,632
7,493,579
7,640,397
7,022,323
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
302,549
301,154
304,021
302,696
301,640
Retained earnings
628,327
611,771
591,202
574,715
555,403
Accumulated other comprehensive loss, net of tax benefit
(26,728)
(25,951)
(25,467)
(31,636)
(34,969)
Treasury stock, at cost
(107,679)
(92,808)
(84,222)
(70,340)
(63,125)
Total shareholders’ equity
954,253
951,950
943,318
933,219
916,733
Total liabilities and shareholders’ equity
$
8,202,992
$
8,141,582
$
8,436,897
$
8,573,616
$
7,939,056
For the three months ended,
For the six months ended,
Balance Sheet (Average)
6/30/2026
3/31/2026
12/31/2025
9/30/2025
6/30/2025
6/30/2026
6/30/2025
Assets
$
8,132,913
$
8,250,766
$
8,528,465
$
8,191,010
$
7,979,475
$
8,191,514
$
7,980,254
Investment securities, net of allowance for credit losses
502,065
499,078
497,201
492,197
497,214
500,579
498,638
Loans and leases, gross
7,008,079
6,939,600
6,848,654
6,790,827
6,846,938
6,974,029
6,851,694
Deposits
6,843,709
6,891,928
7,165,437
6,836,043
6,633,250
6,867,685
6,625,494
Shareholders' equity
951,863
949,509
936,417
923,454
908,536
950,693
902,706
Univest Financial Corporation
Consolidated Summary of Loans by Type and Asset Quality Data (Unaudited)
June 30, 2026
(Dollars in thousands)
Summary of Major Loan and Lease Categories (Period End)
6/30/2026
3/31/2026
12/31/2025
9/30/2025
6/30/2025
Commercial, financial and agricultural
$
1,081,624
$
1,038,947
$
1,027,434
$
996,612
$
1,052,246
Real estate-commercial
3,684,721
3,656,779
3,621,536
3,517,803
3,485,615
Real estate-construction
329,558
299,962
306,793
309,365
302,424
Real estate-residential secured for business purpose
576,326
556,040
554,178
545,191
535,210
Real estate-residential secured for personal purpose
911,116
942,054
959,610
974,395
984,166
Real estate-home equity secured for personal purpose
205,502
201,244
200,394
197,503
195,014
Loans to individuals
12,342
12,319
12,793
13,447
14,069
Lease financings
240,768
232,867
232,066
231,166
232,441
Total loans and leases held for investment, net of deferred income
7,041,957
6,940,212
6,914,804
6,785,482
6,801,185
Less: Allowance for credit losses, loans and leases
(89,967)
(88,900)
(88,165)
(86,527)
(86,989)
Net loans and leases held for investment
$
6,951,990
$
6,851,312
$
6,826,639
$
6,698,955
$
6,714,196
Asset Quality Data (Period End)
6/30/2026
3/31/2026
12/31/2025
9/30/2025
6/30/2025
Nonaccrual loans and leases
$
43,897
$
13,289
$
13,743
$
27,330
$
27,909
Accruing loans and leases 90 days or more past due
160
3,750
89
829
125
Total nonperforming loans and leases
44,057
17,039
13,832
28,159
28,034
Other real estate owned
18,914
24,073
23,926
23,926
22,471
Repossessed assets
10
124
65
40
80
Total nonperforming assets
$
62,981
$
41,236
$
37,823
$
52,125
$
50,585
Nonaccrual loans and leases / Loans and leases held for investment
0.62
%
0.19
%
0.20
%
0.40
%
0.41
%
Nonperforming loans and leases / Loans and leases held for investment
0.63
%
0.25
%
0.20
%
0.41
%
0.41
%
Nonperforming assets / Total assets
0.77
%
0.51
%
0.45
%
0.61
%
0.64
%
Allowance for credit losses, loans and leases
$
89,967
$
88,900
$
88,165
$
86,527
$
86,989
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
204.95
%
668.97
%
641.53
%
316.60
%
311.69
%
Allowance for credit losses, loans and leases / Nonperforming loans and leases
204.21
%
521.74
%
637.40
%
307.28
%
310.30
%
For the three months ended,
For the six months ended,
6/30/2026
3/31/2026
12/31/2025
9/30/2025
6/30/2025
6/30/2026
6/30/2025
Net loan and lease charge-offs
$
1,932
$
1,263
$
1,145
$
480
$
7,807
$
3,195
$
9,493
Net loan and lease charge-offs (annualized)/Average loans and leases
0.11
%
0.07
%
0.07
%
0.03
%
0.46
%
0.09
%
0.28
%
Univest Financial Corporation
Consolidated Selected Financial Data (Unaudited)
June 30, 2026
(Dollars in thousands, except per share data)
For the three months ended,
For the six months ended,
For the period:
6/30/2026
3/31/2026
12/31/2025
9/30/2025
6/30/2025
6/30/2026
6/30/2025
Interest income
$
108,129
$
106,351
$
111,716
$
109,648
$
105,706
$
214,480
$
209,122
Interest expense
41,881
42,986
49,167
48,324
46,165
84,867
92,800
Net interest income
66,248
63,365
62,549
61,324
59,541
129,613
116,322
Provision for credit losses
2,672
1,303
3,145
517
5,694
3,975
8,005
Net interest income after provision for credit losses
63,576
62,062
59,404
60,807
53,847
125,638
108,317
Noninterest income:
Trust fee income
2,283
2,236
2,316
2,230
2,146
4,519
4,307
Service charges on deposit accounts
2,363
2,279
2,237
2,302
2,258
4,642
4,452
Investment advisory commission and fee income
6,043
6,154
6,055
5,671
5,460
12,197
11,073
Insurance commission and fee income
5,351
7,423
4,825
5,468
5,261
12,774
12,150
Other service fee income
3,319
3,041
2,668
2,416
3,147
6,360
5,854
Bank owned life insurance income
1,698
1,332
970
1,908
1,012
3,030
2,971
Net gain on investment securities transactions
11
—
—
—
—
11
—
Net gain on mortgage banking activities
1,346
791
886
848
981
2,137
1,628
Net (loss) gain on sales and write-downs of other real estate owned
(5,249)
—
—
—
—
(5,249)
4
Other income
941
832
2,065
1,080
1,236
1,773
1,477
Total noninterest income
18,106
24,088
22,022
21,923
21,501
42,194
43,916
Noninterest expense:
Salaries, benefits and commissions
33,208
33,459
33,009
31,652
31,536
66,667
62,362
Net occupancy
2,938
2,998
2,882
2,675
2,739
5,936
5,592
Equipment
1,122
1,079
1,052
1,076
1,043
2,201
2,165
Data processing
4,627
4,480
4,390
4,263
4,408
9,107
8,772
Professional fees
2,029
1,677
1,947
1,876
1,597
3,706
3,394
Marketing and advertising
988
634
479
323
498
1,622
851
Deposit insurance premiums
1,118
1,170
1,106
1,195
1,074
2,288
2,225
Intangible expenses
92
93
102
106
131
185
261
Restructuring charges
—
427
—
—
—
427
—
Other expense
7,002
6,652
7,743
7,503
7,306
13,654
14,038
Total noninterest expense
53,124
52,669
52,710
50,669
50,332
105,793
99,660
Income before taxes
28,558
33,481
28,716
32,061
25,016
62,039
52,573
Income tax expense
5,605
6,389
5,971
6,422
5,038
11,994
10,200
Net income
$
22,953
$
27,092
$
22,745
$
25,639
$
19,978
$
50,045
$
42,373
Net income per share:
Basic
$
0.83
$
0.97
$
0.80
$
0.89
$
0.69
$
1.79
$
1.46
Diluted
$
0.82
$
0.96
$
0.79
$
0.89
$
0.69
$
1.78
$
1.45
Dividends declared per share
$
0.23
$
0.22
$
0.22
$
0.22
$
0.22
$
0.45
$
0.43
Weighted average shares outstanding
27,741,836
28,032,897
28,376,191
28,716,582
28,859,348
27,886,563
28,929,123
Period end shares outstanding
27,585,768
27,949,173
28,156,917
28,576,346
28,810,805
27,585,768
28,810,805
Univest Financial Corporation
Consolidated Selected Financial Data (Unaudited)
June 30, 2026
For the three months ended,
For the six months ended,
Profitability Ratios (annualized)
6/30/2026
3/31/2026
12/31/2025
9/30/2025
6/30/2025
6/30/2026
6/30/2025
Return on average assets
1.13
%
1.33
%
1.06
%
1.24
%
1.00
%
1.23
%
1.07
%
Return on average assets, excluding restructuring charges (1)
1.13
%
1.35
%
1.06
%
1.24
%
1.00
%
1.24
%
1.07
%
Return on average shareholders' equity
9.67
%
11.57
%
9.64
%
11.02
%
8.82
%
10.62
%
9.47
%
Return on average shareholder's equity, excluding restructuring charges (1)
9.67
%
11.72
%
9.64
%
11.02
%
8.82
%
10.69
%
9.47
%
Return on average tangible common equity (1)(3)
11.93
%
14.27
%
11.93
%
13.68
%
11.02
%
13.09
%
11.84
%
Return on average tangible common equity, excluding restructuring charges (1)(3)
11.93
%
14.45
%
11.93
%
13.68
%
11.02
%
13.18
%
11.84
%
Net interest margin (FTE)
3.49
%
3.33
%
3.10
%
3.17
%
3.20
%
3.41
%
3.14
%
Efficiency ratio (2)
62.3
%
59.7
%
61.8
%
60.2
%
61.6
%
60.9
%
61.6
%
Capitalization Ratios
Dividends declared to net income
27.9
%
22.8
%
27.5
%
24.7
%
31.8
%
25.1
%
29.4
%
Shareholders' equity to assets (Period End)
11.63
%
11.69
%
11.18
%
10.88
%
11.55
%
11.63
%
11.55
%
Tangible common equity to tangible assets (1)
9.68
%
9.72
%
9.27
%
9.00
%
9.52
%
9.68
%
9.52
%
Common equity book value per share
$
34.59
$
34.06
$
33.50
$
32.66
$
31.82
$
34.59
$
31.82
Tangible common equity book value per share (1)
$
28.16
$
27.71
$
27.20
$
26.45
$
25.66
$
28.16
$
25.66
Regulatory Capital Ratios (Period End)
Tier 1 leverage ratio
10.13
%
9.95
%
9.51
%
9.85
%
9.94
%
10.13
%
9.94
%
Common equity tier 1 risk-based capital ratio
11.19
%
11.32
%
11.22
%
11.40
%
11.19
%
11.19
%
11.19
%
Tier 1 risk-based capital ratio
11.19
%
11.32
%
11.22
%
11.40
%
11.19
%
11.19
%
11.19
%
Total risk-based capital ratio
13.81
%
13.95
%
13.86
%
14.28
%
14.58
%
13.81
%
14.58
%
(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
June 30, 2026
March 31, 2026
Average
Income/
Average
Average
Income/
Average
(Dollars in thousands)
Balance
Expense
Rate
Balance
Expense
Rate
Assets:
Interest-earning deposits with other banks
$
120,511
$
1,118
3.72
%
$
306,797
$
2,810
3.71
%
Other debt and equity securities
502,065
4,203
3.36
499,078
4,053
3.29
Federal Home Loan Bank, Federal Reserve Bank and other stock
33,537
625
7.47
37,286
704
7.66
Total interest-earning deposits, investments and other interest-earning assets
656,113
5,946
3.63
843,161
7,567
3.64
Commercial, financial, and agricultural loans
989,950
16,293
6.60
959,673
15,331
6.48
Real estate—commercial and construction loans
3,892,900
57,589
5.93
3,861,156
55,796
5.86
Real estate—residential loans
1,711,210
22,002
5.16
1,710,239
21,526
5.10
Loans to individuals
12,511
270
8.66
12,396
273
8.93
Tax-exempt loans and leases
224,883
3,235
5.77
223,166
3,116
5.66
Lease financings
176,625
3,294
7.48
172,970
3,212
7.53
Gross loans and leases
7,008,079
102,683
5.88
6,939,600
99,254
5.80
Total interest-earning assets
7,664,192
108,629
5.69
7,782,761
106,821
5.57
Cash and due from banks
58,713
57,980
Allowance for credit losses, loans and leases
(89,488)
(88,832)
Premises and equipment, net
44,926
45,359
Operating lease right-of-use assets
24,640
25,414
Other assets
429,930
428,084
Total assets
$
8,132,913
$
8,250,766
Liabilities:
Interest-bearing checking deposits
$
1,255,397
$
7,603
2.43
%
$
1,280,570
$
7,722
2.45
%
Money market savings
1,998,397
16,604
3.33
2,045,306
16,918
3.35
Regular savings
748,657
1,203
0.64
765,296
1,372
0.73
Time deposits
1,411,889
13,357
3.79
1,389,144
13,130
3.83
Total time and interest-bearing deposits
5,414,340
38,767
2.87
5,480,316
39,142
2.90
Short-term borrowings
33,437
30
0.36
25,578
3
0.05
Long-term debt
131,868
1,337
4.07
201,389
2,093
4.21
Subordinated notes
98,944
1,747
7.08
98,897
1,748
7.17
Total borrowings
264,249
3,114
4.73
325,864
3,844
4.78
Total interest-bearing liabilities
5,678,589
41,881
2.96
5,806,180
42,986
3.00
Noninterest-bearing deposits
1,429,369
1,411,612
Operating lease liabilities
27,271
28,116
Accrued expenses and other liabilities
45,821
55,349
Total liabilities
7,181,050
7,301,257
Total interest-bearing liabilities and noninterest-bearing deposits ("Cost of Funds")
7,107,958
2.36
7,217,792
2.42
Shareholders' Equity:
Common stock
157,784
157,784
Additional paid-in capital
301,620
303,413
Retained earnings and other equity
492,459
488,312
Total shareholders' equity
951,863
949,509
Total liabilities and shareholders' equity
$
8,132,913
$
8,250,766
Net interest income
$
66,748
$
63,835
Net interest spread
2.73
2.57
Effect of net interest-free funding sources
0.76
0.76
Net interest margin
3.49
%
3.33
%
Ratio of average interest-earning assets to average interest-bearing liabilities
134.97
%
134.04
%
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 $801 thousand and $793 thousand for the three months ended June 30, 2026 and March 31, 2026, 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 June 30, 2026 and March 31, 2026 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 June 30,
Tax Equivalent Basis
2026
2025
Average
Income/
Average
Average
Income/
Average
(Dollars in thousands)
Balance
Expense
Rate
Balance
Expense
Rate
Assets:
Interest-earning deposits with other banks
$
120,511
$
1,118
3.72
%
$
131,391
$
1,371
4.19
%
Other debt and equity securities
502,065
4,203
3.36
497,214
3,962
3.20
Federal Home Loan Bank, Federal Reserve Bank and other stock
33,537
625
7.47
36,711
671
7.33
Total interest-earning deposits, investments and other interest-earning assets
656,113
5,946
3.63
665,316
6,004
3.62
Commercial, financial, and agricultural loans
989,950
16,293
6.60
1,005,784
17,686
7.05
Real estate—commercial and construction loans
3,892,900
57,589
5.93
3,692,262
54,165
5.88
Real estate—residential loans
1,711,210
22,002
5.16
1,727,381
21,772
5.06
Loans to individuals
12,511
270
8.66
15,575
337
8.68
Tax-exempt loans and leases
224,883
3,235
5.77
228,856
2,966
5.20
Lease financings
176,625
3,294
7.48
177,080
3,192
7.23
Gross loans and leases
7,008,079
102,683
5.88
6,846,938
100,118
5.86
Total interest-earning assets
7,664,192
108,629
5.69
7,512,254
106,122
5.67
Cash and due from banks
58,713
55,335
Allowance for credit losses, loans and leases
(89,488)
(88,127)
Premises and equipment, net
44,926
47,299
Operating lease right-of-use assets
24,640
26,948
Other assets
429,930
425,766
Total assets
$
8,132,913
$
7,979,475
Liabilities:
Interest-bearing checking deposits
$
1,255,397
$
7,603
2.43
%
$
1,216,909
$
7,800
2.57
%
Money market savings
1,998,397
16,604
3.33
1,754,428
16,945
3.87
Regular savings
748,657
1,203
0.64
700,762
749
0.43
Time deposits
1,411,889
13,357
3.79
1,541,008
16,261
4.23
Total time and interest-bearing deposits
5,414,340
38,767
2.87
5,213,107
41,755
3.21
Short-term borrowings
33,437
30
0.36
5,254
1
0.08
Long-term debt
131,868
1,337
4.07
200,549
2,128
4.26
Subordinated notes
98,944
1,747
7.08
149,444
2,281
6.12
Total borrowings
264,249
3,114
4.73
355,247
4,410
4.98
Total interest-bearing liabilities
5,678,589
41,881
2.96
5,568,354
46,165
3.33
Noninterest-bearing deposits
1,429,369
1,420,143
Operating lease liabilities
27,271
29,802
Accrued expenses and other liabilities
45,821
52,640
Total liabilities
7,181,050
7,070,939
Total interest-bearing liabilities and noninterest-bearing deposits ("Cost of Funds")
7,107,958
2.36
6,988,497
2.65
Shareholders' Equity:
Common stock
157,784
157,784
Additional paid-in capital
301,620
301,016
Retained earnings and other equity
492,459
449,736
Total shareholders' equity
951,863
908,536
Total liabilities and shareholders' equity
$
8,132,913
$
7,979,475
Net interest income
$
66,748
$
59,957
Net interest spread
2.73
2.34
Effect of net interest-free funding sources
0.76
0.86
Net interest margin
3.49
%
3.20
%
Ratio of average interest-earning assets to average interest-bearing liabilities
134.97
%
134.91
%
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 $801 thousand and $689 thousand for the three months ended June 30, 2026 and 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 June 30, 2026 and 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 Six Months Ended June 30,
Tax Equivalent Basis
2026
2025
Average
Income/
Average
Average
Income/
Average
(Dollars in thousands)
Balance
Expense
Rate
Balance
Expense
Rate
Assets:
Interest-earning deposits with other banks
$
213,140
$
3,928
3.72
$
125,725
$
2,731
4.38
%
Obligations of state and political subdivisions*
—
—
—
437
4
1.85
Other debt and equity securities
500,579
8,256
3.33
498,201
7,981
3.23
Federal Home Loan Bank, Federal Reserve Bank and other stock
35,401
1,329
7.57
37,134
1,358
7.37
Total interest-earning deposits, investments and other interest-earning assets
749,120
13,513
3.64
661,497
12,074
3.68
Commercial, financial, and agricultural loans
974,895
31,624
6.54
998,363
34,706
7.01
Real estate—commercial and construction loans
3,877,116
113,385
5.90
3,698,214
106,841
5.83
Real estate—residential loans
1,710,727
43,528
5.13
1,728,259
43,314
5.05
Loans to individuals
12,454
543
8.79
17,495
730
8.41
Tax-exempt loans and leases
224,030
6,351
5.72
229,491
5,827
5.12
Lease financings
174,807
6,506
7.51
179,872
6,432
7.21
Gross loans and leases
6,974,029
201,937
5.84
6,851,694
197,850
5.82
Total interest-earning assets
7,723,149
215,450
5.63
7,513,191
209,924
5.63
Cash and due from banks
58,349
56,009
Allowance for credit losses, loans and leases
(89,162)
(87,975)
Premises and equipment, net
45,141
47,076
Operating lease right-of-use assets
25,025
27,352
Other assets
429,012
424,601
Total assets
$
8,191,514
$
7,980,254
Liabilities:
Interest-bearing checking deposits
$
1,267,914
$
15,325
2.44
$
1,219,446
$
14,875
2.46
%
Money market savings
2,021,722
33,522
3.34
1,797,074
34,980
3.93
Regular savings
756,930
2,575
0.69
701,648
1,512
0.43
Time deposits
1,400,579
26,487
3.81
1,508,930
32,367
4.33
Total time and interest-bearing deposits
5,447,145
77,909
2.88
5,227,098
83,734
3.23
Short-term borrowings
29,530
33
0.23
6,076
15
0.50
Long-term debt
166,436
3,430
4.16
208,978
4,489
4.33
Subordinated notes
98,921
3,495
7.12
149,382
4,562
6.16
Total borrowings
294,887
6,958
4.76
364,436
9,066
5.02
Total interest-bearing liabilities
5,742,032
84,867
2.98
5,591,534
92,800
3.35
Noninterest-bearing deposits
1,420,540
1,398,396
Operating lease liabilities
27,691
30,236
Accrued expenses and other liabilities
50,558
57,382
Total liabilities
7,240,821
7,077,548
Total interest-bearing liabilities and noninterest-bearing deposits ("Cost of Funds")
7,162,572
2.39
6,989,930
2.68
Shareholders' Equity:
Common stock
157,784
157,784
Additional paid-in capital
302,512
301,830
Retained earnings and other equity
490,397
443,092
Total shareholders' equity
950,693
902,706
Total liabilities and shareholders' equity
$
8,191,514
$
7,980,254
Net interest income
$
130,583
$
117,124
Net interest spread
2.65
2.28
Effect of net interest-free funding sources
0.76
0.86
Net interest margin
3.41
%
3.14
%
Ratio of average interest-earning assets to average interest-bearing liabilities
134.50
%
134.37
%
*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 $1.6 million and $1.2 million for the six months ended June 30, 2026 and 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 six months ended June 30, 2026 and 2025 have been calculated using the Corporation’s federal applicable rate of 21.0%.
Univest Financial Corporation
Loan Portfolio Overview (Unaudited)
June 30, 2026
(Dollars in thousands)
Industry Description
Total Outstanding Balance
% of Commercial Loan Portfolio
Animal Production
$
440,916
7.8
%
CRE - Retail
426,394
7.5
CRE - Multi-family
393,126
6.9
CRE - 1-4 Family Residential Investment
279,515
4.9
Hotels & Motels (Accommodation)
268,482
4.7
CRE - Office
252,607
4.5
Specialty Trade Contractors
243,448
4.3
CRE - Industrial / Warehouse
215,638
3.8
Nursing and Residential Care Facilities
176,891
3.1
Homebuilding (tract developers, remodelers)
163,688
2.9
Crop Production
145,110
2.6
Merchant Wholesalers, Durable Goods
138,817
2.5
CRE - Mixed-Use - Commercial
121,993
2.2
Repair and Maintenance
121,737
2.1
Motor Vehicle and Parts Dealers
120,416
2.1
CRE - Mixed-Use - Residential
110,034
1.9
Wood Product Manufacturing
101,076
1.8
Nondepository Credit Intermediation and Related Activities (except 5221)
99,227
1.7
Administrative and Support Services
97,708
1.7
Food Services and Drinking Places
97,346
1.7
Education
91,845
1.6
Merchant Wholesalers, Nondurable Goods
88,338
1.6
Professional, Scientific, and Technical Services
85,432
1.5
Amusement, Gambling, and Recreation Industries
78,808
1.4
Fabricated Metal Product Manufacturing
75,975
1.3
Food Manufacturing
68,126
1.2
Personal and Laundry Services
67,103
1.2
Private Equity & Special Purpose Entities (except 52592)
65,968
1.2
Religious Organizations, Advocacy Groups
63,624
1.1
Machinery Manufacturing
62,643
1.1
Miniwarehouse / Self-Storage
56,126
1.0
Nonresidential Building Contractors
54,376
1.0
Industries with >$50 million in outstandings
$
4,872,533
85.9
%
Industries with <$50 million in outstandings
$
799,696
14.1
%
Total Commercial Loans
$
5,672,229
100.0
%
Consumer Loans and Lease Financings
Total Outstanding Balance
Real Estate-Residential Secured for Personal Purpose
$
911,116
Real Estate-Home Equity Secured for Personal Purpose
205,502
Loans to Individuals
12,342
Lease Financings
240,768
Total Consumer Loans and Lease Financings
$
1,369,728
Total
$
7,041,957
Univest Financial Corporation
Non-GAAP Reconciliation
June 30, 2026
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 six months ended,
(Dollars in thousands)
6/30/2026
3/31/2026
12/31/2025
9/30/2025
6/30/2025
6/30/2026
6/30/2025
Restructuring charges (a)
$
—
$
427
$
—
$
—
$
—
$
427
$
—
Tax effect of restructuring charges
—
(90)
—
—
—
(90)
—
Restructuring charges, net of tax
$
—
$
337
$
—
$
—
$
—
$
337
$
—
Net income
$
22,953
$
27,092
$
22,745
$
25,639
$
19,978
$
50,045
$
42,373
Amortization of intangibles, net of tax
73
73
81
84
103
146
206
Net income before amortization of intangibles
$
23,026
$
27,165
$
22,826
$
25,723
$
20,081
$
50,191
$
42,579
Shareholders' equity
$
954,253
$
951,950
$
943,318
$
933,219
$
916,733
$
954,253
$
916,733
Goodwill
(175,510)
(175,510)
(175,510)
(175,510)
(175,510)
(175,510)
(175,510)
Other intangibles (b)
(1,923)
(1,960)
(1,919)
(1,966)
(2,040)
(1,923)
(2,040)
Tangible common equity
$
776,820
$
774,480
$
765,889
$
755,743
$
739,183
$
776,820
$
739,183
Total assets
$
8,202,992
$
8,141,582
$
8,436,897
$
8,573,616
$
7,939,056
$
8,202,992
$
7,939,056
Goodwill
(175,510)
(175,510)
(175,510)
(175,510)
(175,510)
(175,510)
(175,510)
Other intangibles (b)
(1,923)
(1,960)
(1,919)
(1,966)
(2,040)
(1,923)
(2,040)
Tangible assets
$
8,025,559
$
7,964,112
$
8,259,468
$
8,396,140
$
7,761,506
$
8,025,559
$
7,761,506
Average shareholders' equity
$
951,863
$
949,509
$
936,417
$
923,454
$
908,536
$
950,693
$
902,706
Average goodwill
(175,510)
(175,510)
(175,510)
(175,510)
(175,510)
(175,510)
(175,510)
Average other intangibles (b)
(1,938)
(1,922)
(1,935)
(1,983)
(2,068)
(1,929)
(2,114)
Average tangible common equity
$
774,415
$
772,077
$
758,972
$
745,961
$
730,958
$
773,254
$
725,082
(a) Associated with planned closure of two underutilized facilities; a financial center and a limited purpose banking office
(b) Amount does not include mortgage servicing rights
