Company: UVSP
Filing Date: 2025-07-29
Form Type: 10-Q
Source: 0001628280-25-036392
Chunk: 83

Company: UNIVEST FINANCIAL Corp
Filing Date: 2025-07-29
Form: 10-Q
Item: Item 1
Chunk 83
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 $29.4 million, or 3.3%, from December 31, 2024. Retained earnings at June 30, 2025 increased by $29.6 million primarily due to net income of $42.4 million offset by $12.4 million in cash dividends paid during the six months ended June 30, 2025. Accumulated other comprehensive loss decreased by $9.0 million, which was primarily attributable to increases in the fair value of available-for-sale investment securities of $8.1 million, net of tax. Treasury stock increased $8.0 million from December 31, 2024, related to repurchases of 394,517 shares at a cost of $11.4 million, offset by $3.4 million of stock issued under the dividend reinvestment and employee stock purchase plans and stock-based incentive plan activity. 

Discussion of Segments

The Corporation has three operating segments: Banking, Wealth Management and Insurance. Detailed segment information appears in Note 13, "Segment Reporting" included in the Notes to the Condensed Unaudited Consolidated Financial Statements under Item 1 of this Quarterly Report on Form 10-Q. 

The Banking segment reported pre-tax income of $26.6 million and $24.1 million for the three months ended June 30, 2025 and 2024, respectively, and pre-tax income of $52.7 million and $48.6 million for the six months ended June 30, 2025 and 2024, respectively. See the section of this Management's Discussion and Analysis under the headings "Results of Operations" and "Financial Condition" for a discussion of key items impacting the Banking Segment. 

The Wealth Management segment reported pre-tax income of $1.8 million and $827 thousand for the three months ended June 30, 2025 and 2024, respectively, which included noninterest income of $7.7 million in 2025 and $6.8 million in 2024 and pre-tax income of $3.8 million and $2.8 million for the six months ended June 30, 2025 and 2024, respectively, which included noninterest income of $15.5 million in 2025 and $14.1 million in 2024. The increase in pre-tax income for the three and six months ended June 30, 2025 was primarily due to new customer relationships and appreciation of assets under management and supervision. Assets under management