Univest Financial Corporation Reports Third Quarter Results

SOUDERTON, Pa., Oct. 22, 2025 (GLOBE NEWSWIRE) -- Univest Financial Corporation (“Univest” or the "Corporation") (NASDAQ: UVSP), parent company of Univest Bank and Trust Co. (the "Bank") and its insurance, investments and equipment financing subsidiaries, announced net income for the quarter ended September 30, 2025 of $25.6 million, or $0.89 diluted earnings per share, compared to net income of $18.6 million, or $0.63 diluted earnings per share, for the quarter ended September 30, 2024.

One-Time Items
The financial results for the quarter included tax-free bank owned life insurance ("BOLI") death benefit claims of $967 thousand, which represented $0.03 diluted earnings per share.

Loans
Gross loans and leases decreased $15.7 million, or 0.2% (0.8% annualized), from June 30, 2025 and $41.1 million, or 0.6% (0.8% annualized), from December 31, 2024, primarily due to decreases in commercial and residential mortgage loans and lease financings, partially offset by increases in construction, commercial real estate and home equity loans. Gross loans and leases increased $54.7 million, or 0.8%, from September 30, 2024, primarily due to increases in construction, commercial real estate, residential mortgage and home equity loans, partially offset by decreases in commercial loans and lease financings.

Deposits and Liquidity
Total deposits increased $635.5 million, or 9.7% (38.8% annualized), from June 30, 2025 and $458.9 million, or 6.8% (9.1% annualized), from December 31, 2024, primarily due to seasonal increases in public funds deposits and increases in commercial and brokered deposits, partially offset by a decrease in consumer deposits. Total deposits increased $364.0 million, or 5.3%, from September 30, 2024, primarily due to increases in public funds deposits and increases in commercial and brokered deposits, partially offset by a decrease in consumer deposits.

Noninterest-bearing deposits totaled $1.4 billion and represented 19.3% of total deposits at September 30, 2025, compared to $1.5 billion representing 22.2% of total deposits at June 30, 2025. Unprotected deposits, which excludes insured, internal, and collateralized deposit accounts, totaled $1.6 billion and $1.5 billion at September 30, 2025 and June 30, 2025, respectively. This represented 22.0% of total deposits at September 30, 2025, compared to 23.0% at June 30, 2025.

As of September 30, 2025, the Corporation and its subsidiaries reported cash and cash equivalents totaling $816.7 million, which reflected the $662.2 million increase in interest-earning deposits with other banks in the third quarter, and had committed borrowing capacity of $3.6 billion, of which $1.8 billion was available. The Corporation and its subsidiaries also maintained uncommitted funding sources from correspondent banks of $457.0 million at September 30, 2025. Future availability under these uncommitted funding sources is subject to the prerogatives of the granting banks and may be withdrawn at will.

Net Interest Income and Margin
Net interest income of $61.3 million for the third quarter of 2025 increased $8.1 million, or 15.3%, from the third quarter of 2024 and $1.8 million, or 3.0%, from the second quarter of 2025. The increase in net interest income for the third quarter of 2025 compared to the third quarter of 2024 was primarily driven by higher average balances on loans and cash and cash equivalents and increased loan yields, as well as a reduction in our overall cost of funds. The increase in net interest income for the third quarter of 2025 compared to the second quarter of 2025 was primarily driven by the increased average balance and yields on cash and cash equivalents and increased loan yields, which outpaced a decline in average loan balances.

Net interest margin, on a tax-equivalent basis, was 3.17% for the third quarter of 2025, compared to 3.20% for the second quarter of 2025 and 2.82% for the third quarter of 2024. Excess liquidity reduced net interest margin by approximately 16 basis points for the quarter ended September 30, 2025 compared to approximately four basis points for the quarter ended June 30, 2025 and approximately nine basis points for the quarter ended September 30, 2024. Excluding the impact of excess liquidity, the net interest margin, on a tax-equivalent basis, would have been 3.33% for the quarter ended September 30, 2025 compared to 3.24% for the second quarter of 2025 and 2.91% for the third quarter of 2024.

Noninterest Income
Noninterest income for the quarter ended September 30, 2025 was $21.9 million, an increase of $1.8 million, or 8.8%, from the comparable period in the prior year.

BOLI income increased $987 thousand, or 107.2%, for the quarter ended September 30, 2025 compared to the comparable period in the prior year, primarily due to death benefit claims.

Other service fee income increased $601 thousand, or 33.1%, for the quarter ended September 30, 2025 compared to the comparable period in the prior year. The three months ended September 30, 2025 included a $306 thousand valuation allowance recorded on mortgage servicing rights, compared to a $785 thousand valuation allowance recorded in the third quarter of 2024, each of which were driven by the decrease in interest rates during the respective periods and the impact on prepayments speed assumptions.

Investment advisory commission and fee income increased $352 thousand, or 6.6%, for the quarter ended September 30, 2025 compared to the comparable period in the prior year, primarily due to new customer relationships and the appreciation of assets under management and supervision.

Service charges on deposit accounts increased $265 thousand, or 13.0%, for the quarter ended September 30, 2025 compared to the comparable period in the prior year, primarily due to an increase in treasury management income.

Insurance commission and fee income increased $230 thousand, or 4.4%, for the quarter ended September 30, 2025 compared to the comparable period in the prior year, primarily due to an increase in commercial line premiums.

Net gain on mortgage banking activities decreased $448 thousand, or 34.6%, for the quarter ended September 30, 2025 compared to the comparable period in the prior year, primarily due to decreased salable volume.

Other income decreased $316 thousand, or 22.6%, for the quarter ended September 30, 2025 compared to the comparable period in the prior year, primarily due to a decrease of $303 thousand in gains on sale of Small Business Administration loans.

Noninterest Expense
Noninterest expense for the quarter ended September 30, 2025 was $50.7 million, an increase of $2.1 million, or 4.4%, from the comparable period in the prior year.

Salaries, benefits and commissions increased $950 thousand, or 3.1%, for the quarter ended September 30, 2025 compared to the comparable period in the prior year, primarily due to annual merit increases and an increase in incentive compensation due to increased profitability, partially offset by an increase in capitalized compensation driven by higher loan production.

Other expense increased $967 thousand, or 14.8%, for the quarter ended September 30, 2025 compared to the comparable period in the prior year due to increases in the Pennsylvania bank shares tax expense and loan workout fees, primarily related to one commercial real estate loan relationship.

Professional fees increased $297 thousand, or 18.8%, for the quarter ended September 30, 2025 compared to the comparable period in the prior year, primarily driven by an increase in consultant fees for data integration resources.

Tax Provision
The effective income tax rate was 20.0% for the quarter ended September 30, 2025, compared to an effective tax rate of 20.6% for the quarter ended September 30, 2024. The effective tax rate for the three months ended September 30, 2025 was favorably impacted by proceeds of BOLI death benefits received in the period. Excluding the BOLI death benefits, the effective tax rate was 20.7% for the three months ended September 30, 2025.

Asset Quality and Provision for Credit Losses
Nonperforming assets totaled $52.1 million at September 30, 2025, $50.6 million at June 30, 2025, and $36.6 million at September 30, 2024. During the third quarter, a $1.4 million residential real estate loan was transferred to other real estate owned. During the second quarter, a $23.7 million commercial loan relationship was placed on nonaccrual status due to, among other things, suspected fraud. Subsequent to the relationship being placed on nonaccrual status, a $7.3 million charge-off was recognized during the quarter.

Net loan and lease charge-offs were $480 thousand for the three months ended September 30, 2025 compared to $7.8 million and $820 thousand for the three months ended June 30, 2025 and September 30, 2024, respectively.

The provision for credit losses was $517 thousand for the three months ended September 30, 2025 compared to $5.7 million and $1.4 million for the three months ended June 30, 2025 and September 30, 2024, respectively. The allowance for credit losses on loans and leases as a percentage of loans and leases held for investment was 1.28% at September 30, 2025, June 30, 2025, and September 30, 2024.

Dividend and Share Repurchases
On October 22, 2025, Univest declared a quarterly cash dividend of $0.22 per share to be paid on November 19, 2025 to shareholders of record as of November 5, 2025. During the quarter ended September 30, 2025, the Corporation repurchased 255,010 shares of common stock at an average price of $30.16 per share. Including brokerage fees and excise tax, the average cost per share was $30.49. As of September 30, 2025, 750,627 shares are available for repurchase under the Share Repurchase Plan.

Conference Call
Univest will host a conference call to discuss third quarter 2025 results on Thursday, October 23, 2025 at 9:00 a.m. EDT. Participants may preregister at https://www.netroadshow.com/events/login/LE9zwo3gnOYXfXQJhlFjaq4KDhkgm0Ne3b3. The general public can access the call by dialing 1-833-470-1428; using Access Code 288002. A replay of the conference call will be available through October 30, 2025 by dialing 1-866-813-9403; using Access Code 734075.

About Univest Financial Corporation
Univest Financial Corporation (UVSP), including its wholly-owned subsidiary Univest Bank and Trust Co., Member FDIC, has approximately $8.6 billion in assets and $5.7 billion in assets under management and supervision through its Wealth Management lines of business at September 30, 2025. Headquartered in Souderton, Pa. and founded in 1876, the Corporation and its subsidiaries provide a full range of financial solutions for individuals, businesses, municipalities and nonprofit organizations primarily in the Mid-Atlantic Region. Univest delivers these services through a network of more than 50 offices and online at www.univest.net.

This press release and the reports Univest files with the Securities and Exchange Commission often contain "forward-looking statements" relating to trends or factors affecting the financial services industry and, specifically, the financial condition and results of operations, business, prospects and strategies of Univest. These forward-looking statements involve certain risks and uncertainties in that there are a number of important factors that could cause Univest's future financial condition, results of operations, business, prospects or strategies to differ materially from those expressed or implied by the forward-looking statements. These factors include, but are not limited to: (1) competition and demand for financial services in our market area; (2) inflation and/or changes in interest rates, which may adversely impact our margins and yields, reduce the fair value of our financial instruments, reduce our loan originations and/or lead to higher operating costs and higher costs we pay to retain and attract deposits; (3) changes in asset quality, prepayment speeds, loan sale volumes, charge-offs and/or credit loss provisions; (4) fluctuations in real estate values and both residential and commercial real estate market conditions; (5) changes in liquidity, including the size and composition of our deposit portfolio and the percentage of uninsured deposits in the portfolio; (6) our ability to access cost-effective funding; (7) changes in economic conditions nationally and in our market, including potential recessionary conditions and the levels of unemployment in our market area; (8) changes in the economic assumptions or methodology used to calculate our allowance for credit losses; (9) legislative, regulatory, accounting or tax changes; (10) monetary and fiscal policies of the U.S. government, including the policies of the Board of Governors of the Federal Reserve System; (11) the imposition of tariffs or other domestic or international governmental policies and retaliatory responses; (12) the impacts of the current government shutdown; (13) the failure to maintain current technologies and to successfully implement future information technology enhancements; (14) technological issues that may adversely affect our operations or those of our customers; (15) a failure or breach in our operational or security systems or infrastructure, including cyberattacks; (16) changes in the securities markets; (17) the current or anticipated impact of military conflict, terrorism or other geopolitical events; (18) our ability to enter into new markets successfully and capitalize on growth opportunities; (19) changes in investor sentiment or consumer spending or savings behavior; and/or (20) risk factors mentioned in the reports and registration statements Univest files with the Securities and Exchange Commission.

(UVSP - ER)


Univest Financial Corporation
Consolidated Selected Financial Data (Unaudited)
September 30, 2025
(Dollars in thousands)

Balance Sheet (Period End)	09/30/25			06/30/25			03/31/25			12/31/24			09/30/24
ASSETS
Cash and due from banks	$	70,843		$	76,624		$	73,319		$	75,998		$	78,346
Interest-earning deposits with other banks		745,896			83,741			95,815			252,846			426,354
Cash and cash equivalents		816,739			160,365			169,134			328,844			504,700
Investment securities held-to-maturity		126,040			128,455			130,889			134,111			137,681
Investment securities available for sale, net of allowance for credit losses		368,393			366,421			364,503			357,361			354,100
Investments in equity securities		2,413			1,801			1,667			2,506			2,406
Federal Home Loan Bank, Federal Reserve Bank and other stock, at cost		39,617			36,482			35,732			38,980			40,235
Loans held for sale		6,330			17,774			13,150			16,653			17,131
Loans and leases held for investment		6,785,482			6,801,185			6,833,037			6,826,583			6,730,734
Less: Allowance for credit losses, loans and leases		(86,527	)		(86,989	)		(87,790	)		(87,091	)		(86,041	)
Net loans and leases held for investment		6,698,955			6,714,196			6,745,247			6,739,492			6,644,693
Premises and equipment, net		46,245			47,140			47,175			46,671			47,411
Operating lease right-of-use assets		26,536			27,278			27,182			28,531			29,260
Goodwill		175,510			175,510			175,510			175,510			175,510
Other intangibles, net of accumulated amortization		7,537			7,967			8,061			8,309			7,158
Bank owned life insurance		139,044			140,086			139,482			139,351			138,744
Accrued interest and other assets		120,257			115,581			117,435			112,098			106,708
Total assets	$	8,573,616		$	7,939,056		$	7,975,167		$	8,128,417		$	8,205,737

LIABILITIES
Noninterest-bearing deposits	$	1,390,565		$	1,461,189		$	1,433,995		$	1,414,635		$	1,323,953
Interest-bearing deposits:		5,827,578			5,121,471			5,224,503			5,344,624			5,530,195
Total deposits		7,218,143			6,582,660			6,658,498			6,759,259			6,854,148
Short-term borrowings		11,951			6,271			4,031			11,181			8,256
Long-term debt		200,000			200,000			175,000			225,000			225,000
Subordinated notes		129,597			149,511			149,386			149,261			149,136
Operating lease liabilities		29,310			30,106			30,062			31,485			32,246
Accrued expenses and other liabilities		51,396			53,775			54,718			64,930			59,880
Total liabilities		7,640,397			7,022,323			7,071,695			7,241,116			7,328,666

SHAREHOLDERS' EQUITY
Common stock, $5 par value: 48,000,000 shares authorized and 31,556,799 shares issued		157,784			157,784			157,784			157,784			157,784
Additional paid-in capital		302,696			301,640			300,634			302,829			301,262
Retained earnings		574,715			555,403			541,776			525,780			512,938
Accumulated other comprehensive loss, net of tax benefit		(31,636	)		(34,969	)		(37,922	)		(43,992	)		(41,623	)
Treasury stock, at cost		(70,340	)		(63,125	)		(58,800	)		(55,100	)		(53,290	)
Total shareholders’ equity		933,219			916,733			903,472			887,301			877,071
Total liabilities and shareholders’ equity	$	8,573,616		$	7,939,056		$	7,975,167		$	8,128,417		$	8,205,737


	For the three months ended,															For the nine months ended,
Balance Sheet (Average)	09/30/25			06/30/25			03/31/25			12/31/24			09/30/24			09/30/25		09/30/24
Assets	$	8,191,010		$	7,979,475		$	7,981,043		$	8,163,347		$	8,005,265		$	8,051,278	$	7,808,514
Investment securities, net of allowance for credit losses		492,197			497,214			500,078			500,748			493,334			496,468		495,810
Loans and leases, gross		6,790,827			6,846,938			6,856,503			6,758,649			6,730,791			6,831,183		6,649,860
Deposits		6,836,043			6,633,250			6,617,653			6,804,483			6,641,324			6,696,449		6,433,737
Shareholders' equity		923,454			908,536			896,811			880,237			864,406			909,698		850,559


Univest Financial Corporation
Consolidated Summary of Loans by Type and Asset Quality Data (Unaudited)
September 30, 2025
(Dollars in thousands)

Summary of Major Loan and Lease Categories (Period End)	09/30/25			06/30/25			03/31/25			12/31/24			09/30/24
Commercial, financial and agricultural	$	996,612		$	1,052,246		$	1,034,361		$	1,037,835		$	1,044,043
Real estate-commercial		3,517,803			3,485,615			3,546,402			3,530,451			3,442,083
Real estate-construction		309,365			302,424			281,785			274,483			285,616
Real estate-residential secured for business purpose		545,191			535,210			536,082			536,095			530,674
Real estate-residential secured for personal purpose		974,395			984,166			992,767			994,972			969,562
Real estate-home equity secured for personal purpose		197,503			195,014			189,119			186,836			182,901
Loans to individuals		13,447			14,069			16,930			21,250			26,794
Lease financings		231,166			232,441			235,591			244,661			249,061
Total loans and leases held for investment, net of deferred income		6,785,482			6,801,185			6,833,037			6,826,583			6,730,734
Less: Allowance for credit losses, loans and leases		(86,527	)		(86,989	)		(87,790	)		(87,091	)		(86,041	)
Net loans and leases held for investment	$	6,698,955		$	6,714,196		$	6,745,247		$	6,739,492		$	6,644,693


Asset Quality Data (Period End)	09/30/25			06/30/25			03/31/25			12/31/24			09/30/24
Nonaccrual loans and leases, including nonaccrual loans held for sale	$	27,330		$	27,909		$	11,126		$	12,667		$	15,319
Accruing loans and leases 90 days or more past due		829			125			322			321			310
Total nonperforming loans and leases		28,159			28,034			11,448			12,988			15,629
Other real estate owned		23,926			22,471			22,433			20,141			20,915
Repossessed assets		40			80			79			76			79
Total nonperforming assets	$	52,125		$	50,585		$	33,960		$	33,205		$	36,623
Nonaccrual loans and leases / Loans and leases held for investment		0.40	%		0.41	%		0.16	%		0.19	%		0.23	%
Nonperforming loans and leases / Loans and leases held for investment		0.41	%		0.41	%		0.17	%		0.19	%		0.23	%
Nonperforming assets / Total assets		0.61	%		0.64	%		0.43	%		0.41	%		0.45	%

Allowance for credit losses, loans and leases	$	86,527		$	86,989		$	87,790		$	87,091		$	86,041
Allowance for credit losses, loans and leases / Loans and leases held for investment		1.28	%		1.28	%		1.28	%		1.28	%		1.28	%
Allowance for credit losses, loans and leases / Nonaccrual loans and leases		316.60	%		311.69	%		789.05	%		687.54	%		561.66	%
Allowance for credit losses, loans and leases / Nonperforming loans and leases		307.28	%		310.30	%		766.86	%		670.55	%		550.52	%


	For the three months ended,															For the nine months ended,
	09/30/25			06/30/25			03/31/25			12/31/24			09/30/24			09/30/25			09/30/24
Net loan and lease charge-offs	$	480		$	7,807		$	1,686		$	767		$	820		$	9,973		$	3,035
Net loan and lease charge-offs (annualized)/Average loans and leases		0.03	%		0.46	%		0.10	%		0.05	%		0.05	%		0.20	%		0.06	%


Univest Financial Corporation
Consolidated Selected Financial Data (Unaudited)
September 30, 2025
(Dollars in thousands, except per share data)
	For the three months ended,										For the nine months ended,
For the period:	09/30/25		06/30/25		03/31/25		12/31/24		09/30/24		09/30/25		09/30/24
Interest income	$	109,648	$	105,706	$	103,416	$	107,476	$	106,438	$	318,770	$	304,879
Interest expense		48,324		46,165		46,635		52,004		53,234		141,124		149,181
Net interest income		61,324		59,541		56,781		55,472		53,204		177,646		155,698
Provision for credit losses		517		5,694		2,311		2,380		1,414		8,522		3,553
Net interest income after provision for credit losses		60,807		53,847		54,470		53,092		51,790		169,124		152,145
Noninterest income:
Trust fee income		2,230		2,146		2,161		2,265		2,110		6,537		6,226
Service charges on deposit accounts		2,302		2,258		2,194		2,192		2,037		6,754		5,890
Investment advisory commission and fee income		5,671		5,460		5,613		5,457		5,319		16,744		15,751
Insurance commission and fee income		5,468		5,261		6,889		4,743		5,238		17,618		17,606
Other service fee income		2,416		3,147		2,707		3,473		1,815		8,270		11,274
Bank owned life insurance income		1,908		1,012		1,959		1,012		921		4,879		2,849
Net gain on sales of investment securities		-		-		-		-		18		-		18
Net gain on mortgage banking activities		848		981		647		1,320		1,296		2,476		3,945
Other income		1,080		1,236		245		868		1,396		2,561		3,166
Total noninterest income		21,923		21,501		22,415		21,330		20,150		65,839		66,725
Noninterest expense:
Salaries, benefits and commissions		31,652		31,536		30,826		31,518		30,702		94,014		92,227
Net occupancy		2,675		2,739		2,853		2,751		2,723		8,267		8,274
Equipment		1,076		1,043		1,122		1,147		1,107		3,241		3,306
Data processing		4,263		4,408		4,364		4,146		4,154		13,035		12,810
Professional fees		1,876		1,597		1,797		1,669		1,579		5,270		4,733
Marketing and advertising		323		498		353		552		490		1,174		1,621
Deposit insurance premiums		1,195		1,074		1,151		1,102		1,097		3,420		3,330
Intangible expenses		106		131		130		155		164		367		539
Other expense		7,503		7,306		6,732		7,618		6,536		21,541		20,494
Total noninterest expense		50,669		50,332		49,328		50,658		48,552		150,329		147,334
Income before taxes		32,061		25,016		27,557		23,764		23,388		84,634		71,536
Income tax expense		6,422		5,038		5,162		4,823		4,810		16,622		14,546
Net income	$	25,639	$	19,978	$	22,395	$	18,941	$	18,578	$	68,012	$	56,990
Net income per share:
Basic	$	0.89	$	0.69	$	0.77	$	0.65	$	0.64	$	2.36	$	1.95
Diluted	$	0.89	$	0.69	$	0.77	$	0.65	$	0.63	$	2.34	$	1.94
Dividends declared per share	$	0.22	$	0.22	$	0.21	$	0.21	$	0.21	$	0.65	$	0.63
Weighted average shares outstanding		28,716,582		28,859,348		29,000,567		29,070,039		29,132,948		28,856,903		29,264,161
Period end shares outstanding		28,576,346		28,810,805		28,962,648		29,045,877		29,081,108		28,576,346		29,081,108


Univest Financial Corporation
Consolidated Selected Financial Data (Unaudited)
September 30, 2025

	For the three months ended,															For the nine months ended,
Profitability Ratios (annualized)	09/30/25			06/30/25			03/31/25			12/31/24			09/30/24			09/30/25			09/30/24

Return on average assets		1.24	%		1.00	%		1.14	%		0.92	%		0.92	%		1.13	%		0.97	%
Return on average shareholders' equity		11.02	%		8.82	%		10.13	%		8.56	%		8.55	%		10.00	%		8.95	%
Return on average tangible common equity (1)(3)		13.68	%		11.02	%		12.69	%		10.79	%		10.84	%		12.47	%		11.40	%
Net interest margin (FTE)		3.17	%		3.20	%		3.09	%		2.88	%		2.82	%		3.15	%		2.85	%
Efficiency ratio (2)		60.2	%		61.6	%		61.6	%		65.5	%		65.7	%		61.1	%		65.8	%

Capitalization Ratios

Dividends declared to net income		24.7	%		31.8	%		27.2	%		32.2	%		33.0	%		27.6	%		32.4	%
Shareholders' equity to assets (Period End)		10.88	%		11.55	%		11.33	%		10.92	%		10.69	%		10.88	%		10.69	%
Tangible common equity to tangible assets (1)		9.00	%		9.52	%		9.31	%		8.92	%		8.71	%		9.00	%		8.71	%
Common equity book value per share	$	32.66		$	31.82		$	31.19		$	30.55		$	30.16		$	32.66		$	30.16
Tangible common equity book value per share (1)	$	26.45		$	25.66		$	25.06		$	24.43		$	24.05		$	26.45		$	24.05

Regulatory Capital Ratios (Period End)
Tier 1 leverage ratio		9.85	%		9.94	%		9.80	%		9.51	%		9.53	%		9.85	%		9.53	%
Common equity tier 1 risk-based capital ratio		11.40	%		11.19	%		10.97	%		10.85	%		10.88	%		11.40	%		10.88	%
Tier 1 risk-based capital ratio		11.40	%		11.19	%		10.97	%		10.85	%		10.88	%		11.40	%		10.88	%
Total risk-based capital ratio		14.28	%		14.58	%		14.35	%		14.19	%		14.27	%		14.28	%		14.27	%

(1) Non-GAAP metric. A reconciliation of this and other non-GAAP to GAAP performance measures is included below.
(2) Noninterest expense to net interest income before loan loss provision plus noninterest income adjusted for tax equivalent income.
(3) Net income before amortization of intangibles to average tangible common equity.

Univest Financial Corporation
Average Balances and Interest Rates (Unaudited)
				For the Three Months Ended,
Tax Equivalent Basis	September 30, 2025							June 30, 2025
	Average			Income/		Average		Average			Income/		Average
(Dollars in thousands)	Balance			Expense		Rate		Balance			Expense		Rate
Assets:
Interest-earning deposits with other banks	$	395,944		$	4,363	4.37	%	$	131,391		$	1,371	4.19	%
Other debt and equity securities		492,197			3,923	3.16			497,214			3,962	3.20
Federal Home Loan Bank, Federal Reserve Bank and other stock		37,159			736	7.86			36,711			671	7.33
Total interest-earning deposits, investments and other interest-earning assets		925,300			9,022	3.87			665,316			6,004	3.62

Commercial, financial, and agricultural loans		949,676			17,223	7.20			1,005,784			17,686	7.05
Real estate—commercial and construction loans		3,705,154			55,469	5.94			3,692,262			54,165	5.88
Real estate—residential loans		1,719,844			21,846	5.04			1,727,381			21,772	5.06
Loans to individuals		13,497			308	9.05			15,575			337	8.68
Tax-exempt loans and leases		229,253			3,033	5.25			228,856			2,966	5.20
Lease financings		173,403			3,159	7.23			177,080			3,192	7.23
Gross loans and leases		6,790,827			101,038	5.90			6,846,938			100,118	5.86
Total interest-earning assets		7,716,127			110,060	5.66			7,512,254			106,122	5.67
Cash and due from banks		60,950							55,335
Allowance for credit losses, loans and leases		(88,202	)						(88,127	)
Premises and equipment, net		46,980							47,299
Operating lease right-of-use assets		26,901							26,948
Other assets		428,254							425,766
Total assets	$	8,191,010						$	7,979,475

Liabilities:
Interest-bearing checking deposits	$	1,293,781		$	8,685	2.66	%	$	1,216,909		$	7,800	2.57	%
Money market savings		1,915,501			18,765	3.89			1,754,428			16,945	3.87
Regular savings		724,927			1,068	0.58			700,762			749	0.43
Time deposits		1,482,837			15,100	4.04			1,541,008			16,261	4.23
Total time and interest-bearing deposits		5,417,046			43,618	3.19			5,213,107			41,755	3.21

Short-term borrowings		10,639			1	0.04			5,254			1	0.08
Long-term debt		200,000			2,145	4.26			200,549			2,128	4.26
Subordinated notes		139,127			2,560	7.30			149,444			2,281	6.12
Total borrowings		349,766			4,706	5.34			355,247			4,410	4.98
Total interest-bearing liabilities		5,766,812			48,324	3.32			5,568,354			46,165	3.33
Noninterest-bearing deposits		1,418,997							1,420,143
Operating lease liabilities		29,702							29,802
Accrued expenses and other liabilities		52,045							52,640
Total liabilities		7,267,556							7,070,939
Total interest-bearing liabilities and noninterest-bearing deposits ("Cost of Funds")		7,185,809				2.67			6,988,497				2.65

Shareholders' Equity:
Common stock		157,784							157,784
Additional paid-in capital		302,063							301,016
Retained earnings and other equity		463,607							449,736
Total shareholders' equity		923,454							908,536
Total liabilities and shareholders' equity	$	8,191,010						$	7,979,475
Net interest income				$	61,736						$	59,957

Net interest spread						2.34							2.34
Effect of net interest-free funding sources						0.83							0.86
Net interest margin						3.17	%						3.20	%
Ratio of average interest-earning assets to average interest-bearing liabilities		133.80	%						134.91	%

* 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 $687 thousand and $689 thousand for the three months ended September 30, 2025 and June 30, 2025, 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 September 30, 2025 and June 30, 2025 have been calculated using the Corporation’s federal applicable rate of 21.0%.


Univest Financial Corporation
Average Balances and Interest Rates (Unaudited)
				For the Three Months Ended September 30,
Tax Equivalent Basis	2025							2024
	Average			Income/		Average		Average			Income/		Average
(Dollars in thousands)	Balance			Expense		Rate		Balance			Expense		Rate
Assets:
Interest-earning deposits with other banks	$	395,944		$	4,363	4.37	%	$	270,724		$	3,624	5.33	%
Obligations of state and political subdivisions*		-			-	-			1,283			7	2.17
Other debt and equity securities		492,197			3,923	3.16			492,051			3,706	3.00
Federal Home Loan Bank, Federal Reserve Bank and other stock		37,159			736	7.86			38,769			742	7.61
Total interest-earning deposits, investments and other interest-earning assets		925,300			9,022	3.87			802,827			8,079	4.00
									-
Commercial, financial, and agricultural loans		949,676			17,223	7.20			997,465			18,459	7.36
Real estate—commercial and construction loans		3,705,154			55,469	5.94			3,592,556			52,672	5.83
Real estate—residential loans		1,719,844			21,846	5.04			1,692,361			21,127	4.97
Loans to individuals		13,497			308	9.05			26,651			549	8.20
Tax-exempt loans and leases		229,253			3,033	5.25			232,159			2,565	4.40
Lease financings		173,403			3,159	7.23			189,599			3,275	6.87
Gross loans and leases		6,790,827			101,038	5.90			6,730,791			98,647	5.83
Total interest-earning assets		7,716,127			110,060	5.66			7,533,618			106,726	5.64
Cash and due from banks		60,950							62,902
Allowance for credit losses, loans and leases		(88,202	)						(86,517	)
Premises and equipment, net		46,980							47,989
Operating lease right-of-use assets		26,901							29,620
Other assets		428,254							417,653
Total assets	$	8,191,010						$	8,005,265

Liabilities:
Interest-bearing checking deposits	$	1,293,781		$	8,685	2.66	%	$	1,215,166		$	8,824	2.89	%
Money market savings		1,915,501			18,765	3.89			1,849,628			21,213	4.56
Regular savings		724,927			1,068	0.58			727,395			878	0.48
Time deposits		1,482,837			15,100	4.04			1,491,560			17,255	4.60
Total time and interest-bearing deposits		5,417,046			43,618	3.19			5,283,749			48,170	3.63

Short-term borrowings		10,639			1	0.04			8,210			1	0.05
Long-term debt		200,000			2,145	4.26			247,826			2,781	4.46
Subordinated notes		139,127			2,560	7.30			149,068			2,282	6.09
Total borrowings		349,766			4,706	5.34			405,104			5,064	4.97
Total interest-bearing liabilities		5,766,812			48,324	3.32			5,688,853			53,234	3.72
Noninterest-bearing deposits		1,418,997							1,357,575
Operating lease liabilities		29,702							32,627
Accrued expenses and other liabilities		52,045							61,804
Total liabilities		7,267,556							7,140,859
Total interest-bearing liabilities and noninterest-bearing deposits ("Cost of Funds")		7,185,809				2.67			7,046,428				3.01

Shareholders' Equity:
Common stock		157,784							157,784
Additional paid-in capital		302,063							300,565
Retained earnings and other equity		463,607							406,057
Total shareholders' equity		923,454							864,406
Total liabilities and shareholders' equity	$	8,191,010						$	8,005,265
Net interest income				$	61,736						$	53,492

Net interest spread						2.34							1.92
Effect of net interest-free funding sources						0.83							0.90
Net interest margin						3.17	%						2.82	%
Ratio of average interest-earning assets to average interest-bearing liabilities		133.80	%						132.43	%

* 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 $687 thousand and $897 thousand for the three months ended September 30, 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 September 30, 2025 and 2024 have been calculated using the Corporation’s federal applicable rate of 21.0%.


Univest Financial Corporation
Average Balances and Interest Rates (Unaudited)
				For the Nine Months Ended September 30,
Tax Equivalent Basis	2025							2024
	Average			Income/		Average		Average			Income/		Average
(Dollars in thousands)	Balance			Expense		Rate		Balance			Expense		Rate
Assets:
Interest-earning deposits with other banks	$	216,788		$	7,094	4.38	%	$	159,114		$	6,341	5.32	%
Obligations of state and political subdivisions*		290			4	1.84			1,500			26	2.32
Other debt and equity securities		496,178			11,904	3.21			494,310			11,094	3.00
Federal Home Loan Bank, Federal Reserve Bank and other stock		37,142			2,094	7.54			38,392			2,166	7.54
Total interest-earning deposits, investments and other interest-earning assets		750,398			21,096	3.76			693,316			19,627	3.78

Commercial, financial, and agricultural loans		981,956			51,929	7.07			972,003			52,429	7.21
Real estate—commercial and construction loans		3,700,553			162,310	5.86			3,572,375			153,890	5.75
Real estate—residential loans		1,725,423			65,160	5.05			1,657,142			61,095	4.92
Loans to individuals		16,148			1,038	8.59			26,928			1,639	8.13
Tax-exempt loans and leases		229,411			8,860	5.16			231,679			7,505	4.33
Lease financings		177,692			9,591	7.22			189,733			9,549	6.72
Gross loans and leases		6,831,183			298,888	5.85			6,649,860			286,107	5.75
Total interest-earning assets		7,581,581			319,984	5.64			7,343,176			305,734	5.56
Cash and due from banks		57,674							58,070
Allowance for credit losses, loans and leases		(88,052	)						(86,435	)
Premises and equipment, net		47,044							49,098
Operating lease right-of-use assets		27,200							30,359
Other assets		425,831							414,246
Total assets	$	8,051,278						$	7,808,514

Liabilities:
Interest-bearing checking deposits	$	1,244,497		$	23,560	2.53	%	$	1,163,526		$	24,353	2.80	%
Money market savings		1,836,983			53,745	3.91			1,749,592			59,564	4.55
Regular savings		709,493			2,580	0.49			752,336			2,712	0.48
Time deposits		1,500,137			47,467	4.23			1,384,576			47,019	4.54
Total time and interest-bearing deposits		5,291,110			127,352	3.22			5,050,030			133,648	3.54

Short-term borrowings		7,614			16	0.28			15,919			248	2.08
Long-term debt		205,952			6,634	4.31			263,380			8,441	4.28
Subordinated notes		145,926			7,122	6.53			148,944			6,844	6.14
Total borrowings		359,492			13,772	5.12			428,243			15,533	4.85
Total interest-bearing liabilities		5,650,602			141,124	3.34			5,478,273			149,181	3.64
Noninterest-bearing deposits		1,405,339							1,383,707
Operating lease liabilities		30,056							33,389
Accrued expenses and other liabilities		55,583							62,586
Total liabilities		7,141,580							6,957,955
Total interest-bearing liabilities and noninterest-bearing deposits ("Cost of Funds")		7,055,941				2.67			6,861,980				2.90

Shareholders' Equity:
Common stock		157,784							157,784
Additional paid-in capital		301,908							300,224
Retained earnings and other equity		450,006							392,551
Total shareholders' equity		909,698							850,559
Total liabilities and shareholders' equity	$	8,051,278						$	7,808,514
Net interest income				$	178,860						$	156,553

Net interest spread						2.30							1.92
Effect of net interest-free funding sources						0.85							0.93
Net interest margin						3.15	%						2.85	%
Ratio of average interest-earning assets to average interest-bearing liabilities		134.17	%						134.04	%

* 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 $1.9 million and $2.0 million for the nine months ended September 30, 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 six months ended June 30, 2025 and 2024 have been calculated using the Corporation’s federal applicable rate of 21.0%.


Univest Financial Corporation
Loan Portfolio Overview (Unaudited)
September 30, 2025

(Dollars in thousands)
Industry Description	Total Outstanding Balance		% of Commercial Loan Portfolio
CRE - Retail	$	448,366	8.4	%
Animal Production		413,288	7.7
CRE - Multi-family		356,421	6.6
CRE - 1-4 Family Residential Investment		279,521	5.2
CRE - Office		256,336	4.8
Hotels & Motels (Accommodation)		238,680	4.4
CRE - Industrial / Warehouse		217,278	4.0
Specialty Trade Contractors		200,691	3.7
Nursing and Residential Care Facilities		167,358	3.1
Homebuilding (tract developers, remodelers)		164,095	3.1
Merchant Wholesalers, Durable Goods		134,234	2.5
Crop Production		132,372	2.5
Motor Vehicle and Parts Dealers		132,116	2.5
Repair and Maintenance		111,548	2.1
CRE - Mixed-Use - Residential		107,602	2.0
CRE - Mixed-Use - Commercial		99,810	1.9
Wood Product Manufacturing		95,624	1.8
Real Estate Lenders, Secondary Market Financing		92,254	1.7
Administrative and Support Services		89,330	1.7
Food Services and Drinking Places		88,826	1.7
Merchant Wholesalers, Nondurable Goods		84,534	1.6
Professional, Scientific, and Technical Services		81,206	1.5
Fabricated Metal Product Manufacturing		74,269	1.4
Amusement, Gambling, and Recreation Industries		72,892	1.4
Religious Organizations, Advocacy Groups		66,259	1.2
Personal and Laundry Services		63,955	1.2
Miniwarehouse / Self-Storage		63,941	1.2
Education		63,844	1.2
Food Manufacturing		55,063	1.0
Private Equity & Special Purpose Entities (except 52592)		50,895	0.9
Industries with >$50 million in outstandings	$	4,502,608	83.9	%
Industries with <$50 million in outstandings	$	866,363	16.1	%
Total Commercial Loans	$	5,368,971	100.0	%


Consumer Loans and Lease Financings	Total Outstanding Balance
Real Estate-Residential Secured for Personal Purpose		974,395
Real Estate-Home Equity Secured for Personal Purpose		197,503
Loans to Individuals		13,447
Lease Financings		231,166
Total - Consumer Loans and Lease Financings	$	1,416,511

Total	$	6,785,482


Univest Financial Corporation
Non-GAAP Reconciliation
September 30, 2025

Non-GAAP to GAAP Reconciliation
Management uses non-GAAP measures in its analysis of the Corporation's performance. These measures should not be considered a substitute for GAAP basis measures nor should they be viewed as a substitute for operating results determined in accordance with GAAP. Management believes the presentation of the non-GAAP financial measures, which exclude the impact of the specified items, provides useful supplemental information that is essential to a proper understanding of the financial results of the Corporation. See the table below for additional information on non-GAAP measures used throughout this earnings release.

	As of or for the three months ended,															As of or for the nine months ended,
(Dollars in thousands)	09/30/25			06/30/25			03/31/25			12/31/24			09/30/24			09/30/25			09/30/24
Net income	$	25,639		$	19,978		$	22,395		$	18,941		$	18,578		$	68,012		$	56,990
Amortization of intangibles, net of tax		84			103			103			122			130			290			426
Net income before amortization of intangibles	$	25,723		$	20,081		$	22,498		$	19,063		$	18,708		$	68,302		$	57,416

Shareholders' equity	$	933,219		$	916,733		$	903,472		$	887,301		$	877,071		$	933,219		$	877,071
Goodwill		(175,510	)		(175,510	)		(175,510	)		(175,510	)		(175,510	)		(175,510	)		(175,510	)
Other intangibles (a)		(1,966	)		(2,040	)		(2,104	)		(2,263	)		(2,147	)		(1,966	)		(2,147	)
Tangible common equity	$	755,743		$	739,183		$	725,858		$	709,528		$	699,414		$	755,743		$	699,414

Total assets	$	8,573,616		$	7,939,056		$	7,975,167		$	8,128,417		$	8,205,737		$	8,573,616		$	8,205,737
Goodwill		(175,510	)		(175,510	)		(175,510	)		(175,510	)		(175,510	)		(175,510	)		(175,510	)
Other intangibles (a)		(1,966	)		(2,040	)		(2,104	)		(2,263	)		(2,147	)		(1,966	)		(2,147	)
Tangible assets	$	8,396,140		$	7,761,506		$	7,797,553		$	7,950,644		$	8,028,080		$	8,396,140		$	8,028,080

Average shareholders' equity	$	923,454		$	908,536		$	896,811		$	880,237		$	864,406		$	909,698		$	850,559
Average goodwill		(175,510	)		(175,510	)		(175,510	)		(175,510	)		(175,510	)		(175,510	)		(175,510	)
Average other intangibles (a)		(1,983	)		(2,068	)		(2,162	)		(2,146	)		(2,086	)		(2,071	)		(2,209	)
Average tangible common equity	$	745,961		$	730,958		$	719,139		$	702,581		$	686,810		$	732,117		$	672,840

(a) Amount does not include mortgage servicing rights

CONTACT:
Brian J. Richardson
UNIVEST FINANCIAL CORPORATION
Chief Financial Officer
215-721-2446, richardsonb@univest.net

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