Company: UVSP
Filing Date: 2025-04-29
Form Type: 10-Q
Source: 0000102212-25-000019
Chunk: 164

Company: UNIVEST FINANCIAL Corp
Filing Date: 2025-04-29
Form: 10-Q
Item: Item 2
Chunk 164
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 Noninterest-bearing deposits1,376,409 1,409,063 Operating lease liabilities30,675 34,166 Accrued expenses and other liabilities62,176 64,578 Total liabilities7,084,232 6,854,029 Total interest-bearing liabilities and noninterest-bearing deposits ("Cost of Funds")6,991,381 2.71 6,755,285 2.81 Shareholders’ Equity:Common stock157,784 157,784 Additional paid-in capital302,653 300,679 Retained earnings and other equity436,374 384,083 Total shareholders’ equity896,811 842,546 Total liabilities and shareholders’ equity$7,981,043 $7,696,575 Net interest income$57,167 $51,750 Net interest spread2.23 1.94 Effect of net interest-free funding sources0.86 0.94 Net interest margin3.09 %2.88 %Ratio of average interest-earning assets to average interest-bearing liabilities133.82 %135.39 %

*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 $554 thousand and $453 thousand for the three months ended March 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 March 31, 2025 and 2024 have been calculated using the Corporation's federal applicable rate of 21%.

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Table 2—Analysis of Changes in Net Interest Income

The rate-volume variance analysis set forth in the table below compares changes in tax-equivalent net interest income for the periods indicated by their rate and volume components. The change in interest income/expense due to both volume and rate has been allocated proportionately.

Three Months Ended March 31, 2025 Versus 2024(Dollars in thousands)VolumeChangeRateChangeTotalInterest income:Interest-earning deposits with other banks$(11)$(238)$(249)Obligations of states and political subdivisions(6)(2)(8)Other debt and equity securities1