Company: UVSP
Filing Date: 2025-07-29
Form Type: 10-Q
Source: 0001628280-25-036392
Chunk: 66

Company: UNIVEST FINANCIAL Corp
Filing Date: 2025-07-29
Form: 10-Q
Item: Item 1
Chunk 66
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 months ended June 30, 2025 was $117.1 million, an increase of $14.1 million, or 13.6%, compared to $103.1 million for the six months ended June 30, 2024. The increase in tax-equivalent net interest income for the three and six months ended June 30, 2025 compared to the comparable periods 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 3.20% and 3.14% for the three and six months ended June 30, 2025, respectively, compared to 2.84% and 2.86% for the three and six months ended June 30, 2024, respectively. Excess liquidity reduced net interest margin by approximately four basis points for the three and six months ended June 30, 2025 and approximately two basis points for the three and six months ended June 30, 2024.

48

Table 1—Average Balances and Interest Rates—Tax-Equivalent Basis Three Months Ended June 30, 20252024(Dollars in thousands)AverageBalanceIncome/ExpenseAverageRateAverageBalanceIncome/ExpenseAverageRateAssets:Interest-earning deposits with other banks$131,391 $1,371 4.19 %$84,546 $1,108 5.27 %Obligations of states and political subdivisions*— — — 1,269 7 2.22 Other debt and equity securities497,214 3,962 3.20 491,871 3,741 3.06 Federal Home Loan Bank, Federal Reserve Bank and other stock36,711 671 7.33 37,286 700 7.55 Total interest-earning deposits, investments and other interest-earning assets665,316 6,004 3.62 614,972 5,556 3.63 Commercial, financial and agricultural loans1,005,784 17,686 7.05 983,615 17,447 7.13 Real estate—commercial and construction loans3,692,262 54,165 5.88 3,549,206 50,577 5.73 Real estate—residential