Company: UVSP
Filing Date: 2025-04-29
Form Type: 10-Q
Source: 0000102212-25-000019
Chunk: 162

Company: UNIVEST FINANCIAL Corp
Filing Date: 2025-04-29
Form: 10-Q
Item: Item 2
Chunk 162
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57.2 million, an increase of $5.4 million, or 10.5%, compared to $51.8 million for the three months ended March 31, 2024. The increase in tax-equivalent net interest income for the three months ended March 31, 2025 compared to the comparable period in the prior year was driven by higher average balances of loans and increased yields on interest earning assets, as well as a reduction in our overall cost of funds.

The net interest margin, on a tax-equivalent basis, was 3.09% for the three months ended March 31, 2025 compared to 2.88% for the three months ended March 31, 2024. Excess liquidity reduced net interest margin by approximately three basis points for the three months ended March 31, 2025 and March 31, 2024.

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Table 1—Average Balances and Interest Rates—Tax-Equivalent Basis Three Months Ended March 31, 20252024(Dollars in thousands)AverageBalanceIncome/ExpenseAverageRateAverageBalanceIncome/ExpenseAverageRateAssets:Interest-earning deposits with other banks$119,997 $1,360 4.60 %$120,845 $1,609 5.36 %Obligations of states and political subdivisions*879 4 1.85 1,951 12 2.47 Other debt and equity securities499,199 4,019 3.27 499,032 3,647 2.94 Federal Home Loan Bank, Federal Reserve Bank and other stock37,561 687 7.42 39,115 724 7.44 Total interest-earning deposits, investments and other interest-earning assets657,636 6,070 3.74 660,943 5,992 3.65 Commercial, financial and agricultural loans990,860 17,020 6.97 934,649 16,523 7.11 Real estate—commercial and construction loans3,704,232 52,676 5.77 3,575,142 50,641 5.70 Real estate—residential loans1,729,146 21,542 5.05 1,618,188 19,555 4.86 Loans to individuals19,438 393 8.20 27,315