Company: UVSP
Filing Date: 2025-03-14
Form Type: DEF 14A
Source: 0000102212-25-000009
Chunk: 18

Company: UNIVEST FINANCIAL Corp
Filing Date: 2025-03-14
Form: DEF 14A
Chunk 18
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 our customers and grow as an organization. Despite ongoing headwinds, we were able to outperform our peers in many areas. This was largely due to our diversified lines of business, which allow us to provide a variety of meaningful solutions for our customers and deepen relationships. We’ve made a lot of investments over the past few years in both people and technology. During the year, we focused on implementation to ensure we are getting a strong return on those investments. We executed change aimed at being more efficient, productive and profitable as an organization. In addition to paying quarterly dividends, we were active with stock buybacks over the course of the year and repurchased more than 800,000 shares of stock while still growing our tangible book value. We also continued to focus on prudently managing expenses.

• Financial Performance:

• Return on average assets of 0.96%

• Return on average shareholders' equity of 8.85%

• Efficiency ratio of 65.7%

• Pre-tax pre-provision income less net charge-offs ("PTPP-NCO") of $97.4 million, which increased 3.6% compared to 2023

• 4.0% decrease in net interest income compared to 2023; due to the challenging interest rate environment

• 14.6% increase in noninterest income compared to 2023; continues to show the strength of our diversified business model

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• 0.3% increase in noninterest expense compared to 2023; reflects the continued benefit of the various expense reduction strategies we deployed during 2023 and our ongoing commitment to prudent expense management

• Organic loan growth of $259.4 million, or 3.9%

• Deposit growth of $383.5 million, or 6.0%

• Grew tangible common equity book value per share $2.02, or 9.0%

• Repurchased 802,535 shares representing 2.8% of shares outstanding at December 31, 2024

• Diluted earnings per share increased $0.17 per share, or 7.1%

• Strong asset quality with nonperforming assets to assets of 0.41% and net charge-offs to average loans and leases of 0.06%

• Other Notable Accomplishments

• As part of our ongoing strategy to expand our product offerings, we began to support instant payments in a "receive only" fashion through the Automated Clearing House Real Time