Company: UVSP
Filing Date: 2025-04-29
Form Type: 10-Q
Source: 0000102212-25-000019
Chunk: 161

Company: UNIVEST FINANCIAL Corp
Filing Date: 2025-04-29
Form: 10-Q
Item: Item 2
Chunk 161
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March 31,Change(Dollars in thousands, except per share data)20252024AmountPercentNet income$22,395 $20,305 $2,090 10.3 %Net income per share:Basic$0.77 $0.69 $0.08 11.6 Diluted0.77 0.69 0.08 11.6 Return on average assets1.14 %1.06 %8 BP7.5 Return on average equity10.13 %9.69 %44 BP4.5 

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The Corporation reported net income of $22.4 million, or $0.77 diluted earnings per share, for the three months ended March 31, 2025, compared to net income of $20.3 million, or $0.69 diluted earnings per share, for the three months ended March 31, 2024. The financial results for the three months ended March 31, 2025 included tax-free bank owned life insurance death benefits claims of $1.0 million, which represented $0.04 diluted earnings per share.

Results of Operations

Net Interest Income

Net interest income is the difference between interest earned primarily on loans, leases and investment securities and interest paid on deposits, borrowings, long-term debt and subordinated notes. Net interest income is the principal source of the Corporation’s revenue. Table 1 presents the Corporation’s average balances, tax-equivalent interest income, interest expense, tax-equivalent yields earned on average assets, cost of average liabilities, and shareholders' equity on a tax-equivalent basis for the three months ended March 31, 2025 and 2024. The tax-equivalent net interest margin is tax-equivalent net interest income as a percentage of average interest-earning assets. The tax-equivalent net interest spread represents the weighted average tax-equivalent yield on interest-earning assets less the weighted average cost of interest-bearing liabilities. The effect of net interest-free funding sources represents the effect on the net interest margin of net funding provided by noninterest-earning assets, noninterest-bearing liabilities and shareholders' equity. Table 2 analyzes the changes in the tax-equivalent net interest income for the periods broken down by their rate and volume components. 

Three months ended March 31, 2025 versus 2024

Net interest income on a tax-equivalent basis for the three months ended March 31, 2025 was $