8-K
UNIVEST FINANCIAL Corp (UVSP)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_______________________
FORM 8-K
_______________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 23, 2025
_______________________
UNIVEST FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
| Pennsylvania | 0-7617 | 23-1886144 |
|---|---|---|
| (State or other jurisdiction | (Commission | (I.R.S. Employer |
| of incorporation) | File Number) | Identification No.) |
14 North Main Street, Souderton, Pennsylvania 18964
(Address of principal executive office)(Zip Code)
Registrant’s telephone number, including area code (215) 721-2400
Not applicable
(Former name or former address, if changed since last report)
_______________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2 (b) under the Exchange Act (17 CFR 240.14d-2 (b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4 (c) under the Exchange Act (17 CFR 240.13e-4 (c)) |
Securities registered pursuant to Section 12(b) of the Act:Title of classTrading SymbolName of exchange on which registeredCommon Stock, $5 par valueUVSPThe NASDAQ Stock Market
| Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). | |
|---|---|
| Emerging growth company | ☐ |
| If an emerging growth company, indicated by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ¨ |
| Item 2.02 | Results of Operations and Financial Condition |
| --- | --- |
On April 23, 2025, Univest Financial Corporation (the “Corporation”), parent company of Univest Bank and Trust Co. (the "Bank"), issued a press release reporting 2025 first quarter earnings. A copy of this press release is attached to this Current Report on Form 8-K as Exhibit 99.1.
| Item 9.01 | Financial Statements and Exhibits |
|---|
(a) Not applicable
(b) Not applicable
(c) Not applicable
(d) Exhibits
| Exhibit No. | Description of Document |
|---|---|
| 99.1 | Press release issued by Univest Financial Corporation onApril23, 2025 |
| 104 | The cover page from the Corporation's Form 8-K, formatted in Inline XBRL |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Univest Financial Corporation | |
|---|---|
| By: | /s/ Brian J. Richardson |
| Name: | Brian J. Richardson |
| Title: | Senior Executive Vice President, |
| Chief Financial Officer |
April 24, 2025
EXHIBIT INDEX
| Exhibit No. | Description of Document |
|---|---|
| 99.1 | Press release issued by Univest Financial Corporation onApril23, 2025 |
| 104 | The cover page from the Corporation's Form 8-K, formatted in Inline XBRL |
Document
Exhibit 99.1
| NEWS |
|---|
CONTACT: Brian J. Richardson
UNIVEST FINANCIAL CORPORATION
Chief Financial Officer
215-721-2446, richardsonb@univest.net
FOR IMMEDIATE RELEASE
UNIVEST FINANCIAL CORPORATION REPORTS FIRST QUARTER RESULTS
(Announces 4.8% increase in dividend)
SOUDERTON, Pa., April 23, 2025 - 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 March 31, 2025 of $22.4 million, or $0.77 diluted earnings per share, compared to net income of $20.3 million, or $0.69 diluted earnings per share, for the quarter ended March 31, 2024.
Dividend
On April 23, 2025, Univest declared a quarterly cash dividend of $0.22 per share to be paid on May 21, 2025 to shareholders of record as of May 7, 2025, which represents an increase of $0.01 per share, or 4.8%. Univest had last increased its dividend by $0.01 per share in May 2022.
One-Time Items
The financial results for the quarter included tax-free bank owned life insurance ("BOLI") death benefits claims of $1.0 million, which represented $0.04 diluted earnings per share.
Loans
Gross loans and leases increased $6.5 million, or 0.1% (0.4% annualized), from December 31, 2024. Gross loans and leases increased $254.0 million, or 3.9%, from March 31, 2024, primarily due to increases in commercial, commercial real estate, residential mortgage loans and home equity loans, partially offset by decreases in construction loans and lease financings.
Deposits, Borrowings and Liquidity
Total deposits decreased $100.8 million, or 1.5% (6.0% annualized), from December 31, 2024, primarily due to seasonal declines in public funds deposits and decreases in commercial and consumer deposits, partially offset by an increase in brokered deposits. Total deposits increased $253.1 million, or 4.0%, from March 31, 2024, due to increases in consumer, commercial, and public funds deposits, partially offset by a decrease in brokered deposits. Noninterest-bearing deposits totaled $1.4 billion and represented 21.5% of total deposits at March 31, 2025, compared to $1.4 billion representing 20.9% of total deposits at December 31, 2024. Unprotected deposits, which excludes insured, internal, and collateralized deposit accounts, totaled $1.5 billion at March 31, 2025 and December 31, 2024. This represented 21.9% of total deposits at March 31, 2025, compared to 22.0% at December 31, 2024.
Total borrowings decreased $57.0 million, or 14.8%, from December 31, 2024, primarily due to maturities of long-term FHLB advances totaling $50.0 million. These borrowings were replaced with brokered deposits during the quarter.
As of March 31, 2025, the Corporation and its subsidiaries reported cash and cash equivalents totaling $169.1 million and had committed borrowing capacity of $3.7 billion, of which $2.3 billion was available. The Corporation and its subsidiaries also maintained uncommitted funding sources from correspondent banks of $468.0 million at March 31, 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 $56.8 million for the first quarter of 2025 increased $5.3 million, or 10.3%, from the first quarter of 2024 and $1.3 million, or 2.4%, from the fourth quarter of 2024. The increase in net interest income for the first quarter of 2025 compared to the first quarter of 2024 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 increase in net interest income for the first quarter of 2025 compared to the fourth quarter of 2024 was primarily driven by lower average balances of interest-bearing liabilities and related costs outpacing decreases in income from interest-earning deposits with other banks.
Net interest margin, on a tax-equivalent basis, was 3.09% for the first quarter of 2025, compared to 2.88% for the first and fourth quarters of 2024. Excess liquidity reduced net interest margin by approximately three basis points for the quarter ended March 31, 2025 compared to approximately 14 basis points for the quarter ended December 31, 2024 and approximately three basis points for the quarter ended March 31, 2024. Excluding the impact of excess liquidity, the net interest margin, on a tax-equivalent basis, would have been 3.12% for the quarter ended March 31, 2025 compared to 3.02% for the quarter ended December 31, 2024 and 2.91% for the quarter ended March 31, 2024.
Noninterest Income
Noninterest income for the quarter ended March 31, 2025 was $22.4 million, a decrease of $3.2 million, or 12.4%, from the comparable period in the prior year.
Other service fee income decreased $3.7 million, or 57.8%, for the quarter ended March 31, 2025 compared to the comparable period in the prior year, primarily due to a $3.4 million net gain from the sale of mortgage servicing rights associated with $591.1 million of serviced loans in the first quarter of 2024. Additionally, net servicing fees on sold mortgage loans decreased by $177 thousand, primarily attributable to the previously mentioned sale of mortgage servicing rights.
Other income decreased $780 thousand, or 76.1%, for the quarter ended March 31, 2025 compared to the comparable period in the prior year, primarily due to decreases in other real estate owned income, fees on risk participation agreements for interest rate swaps and gains on sale of Small Business Administration loans.
Net gain on mortgage banking activities decreased $292 thousand, or 31.1%, for the quarter ended March 31, 2025 compared to the comparable period in the prior year, primarily due to decreased salable volume.
Insurance commission and fee income decreased $312 thousand, or 4.3%, for the quarter ended March 31, 2025 compared to the comparable period in the prior year, primarily due to a decrease in contingent income of $700 thousand, which was $1.6 million and $2.3 million, for the three months ended March 31, 2025 and 2024, respectively. Contingent income is largely recognized in the first quarter of the year. The decrease was partially offset by an increase of $404 thousand in revenue for commercial lines.
BOLI income increased $1.1 million, or 132.7%, for the quarter ended March 31, 2025 compared to the comparable period in the prior year, primarily due to the previously discussed death benefits claims.
Investment advisory commission and fee income increased $419 thousand, or 8.1%, for the quarter ended March 31, 2025 compared to the comparable period in the prior year, primarily due to new customer relationships and appreciation of assets under management and supervision.
Service charges on deposit accounts increased $323 thousand, or 17.3%, for the quarter ended March 31, 2025 compared to the comparable period in the prior year, primarily due to an increase in treasury management income.
Noninterest Expense
Noninterest expense for the quarter ended March 31, 2025 was $49.3 million, a decrease of $746 thousand, or 1.5%, from the comparable period in the prior year.
Salaries, benefits and commissions decreased $512 thousand, or 1.6%, for the quarter ended March 31, 2025 compared to the comparable period in the prior year, primarily due to an increase in compensation capitalized and a decrease in medical claims expense, partially offset by an increase in incentive compensation due to increased profitability.
Tax Provision
The effective income tax rate was 18.7% and 20.5% for the quarters ended March 31, 2025 and March 31, 2024, respectively. The discrete tax effect of vested equity compensation awards favorably impacted the first quarter of 2025 by 71 basis points and unfavorably impacted the first quarter of 2024 by 74 basis points. Additionally, the effective tax rate for the three months ended March 31, 2025 was favorably impacted by 76 basis points from the proceeds of BOLI death benefits. Excluding the discrete impact of vested equity compensation awards and BOLI death benefits, the effective tax rate was 20.2% for the three months ended March 31, 2025 compared to 19.8% for the three months ended March 31, 2024.
Asset Quality and Provision for Credit Losses
Nonperforming assets totaled $34.0 million at March 31, 2025, $33.2 million at December 31, 2024, and $40.0 million at March 31, 2024.
Net loan and lease charge-offs were $1.7 million for the three months ended March 31, 2025 compared to $767 thousand and $1.4 million for the three months ended December 31, 2024 and March 31, 2024, respectively.
The provision for credit losses was $2.3 million for the three months ended March 31, 2025 compared to $2.4 million and $1.4 million for the three months ended December 31, 2024 and March 31, 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 March 31, 2025 and December 31, 2024, and 1.30% at March 31, 2024.
Share Repurchases
During the quarter ended March 31, 2025, the Corporation repurchased 221,760 shares of common stock at an average price of $29.22 per share. Including brokerage fees and excise tax, the average price per
share was $29.54. As of March 31, 2025, 1,178,394 shares are available for repurchase under the Share Repurchase Plan.
Conference Call
Univest will host a conference call to discuss first quarter 2025 results on Thursday, April 24, 2025 at 9:00 a.m. EST. Participants may preregister at https://www.netroadshow.com/events/login?show=175e015e&confId=80607. The general public can access the call by dialing 1-833-470-1428; using Access Code 021974. A replay of the conference call will be available through May 1, 2025 by dialing 1-866-813-9403; using Access Code 718470.
About Univest Financial Corporation
Univest Financial Corporation (UVSP), including its wholly-owned subsidiary Univest Bank and Trust Co., Member FDIC, has approximately $8.0 billion in assets and $5.2 billion in assets under management and supervision through its Wealth Management lines of business at March 31, 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; (12) the failure to maintain current technologies and to successfully implement future information technology enhancements; (13) technological issues that may adversely affect our operations or those of our customers; (14) a failure or breach in our operational or security systems or infrastructure, including cyberattacks; (15) changes in the securities markets; (16) the current or anticipated impact of military conflict, terrorism or other geopolitical events; (17) our ability to enter into new markets successfully and capitalize on growth opportunities and/or (18) 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) | |||||||||||||||
| March 31, 2025 | |||||||||||||||
| (Dollars in thousands) | |||||||||||||||
| Balance Sheet (Period End) | 3/31/2025 | 12/31/2024 | 9/30/2024 | 6/30/2024 | 3/31/2024 | ||||||||||
| ASSETS | |||||||||||||||
| Cash and due from banks | $ | 73,319 | $ | 75,998 | $ | 78,346 | $ | 66,808 | $ | 49,318 | |||||
| Interest-earning deposits with other banks | 95,815 | 252,846 | 426,354 | 124,103 | 152,288 | ||||||||||
| Cash and cash equivalents | 169,134 | 328,844 | 504,700 | 190,911 | 201,606 | ||||||||||
| Investment securities held-to-maturity | 130,889 | 134,111 | 137,681 | 140,112 | 143,474 | ||||||||||
| Investment securities available for sale, net of allowance for credit losses | 364,503 | 357,361 | 354,100 | 342,776 | 350,819 | ||||||||||
| Investments in equity securities | 1,667 | 2,506 | 2,406 | 2,995 | 3,355 | ||||||||||
| Federal Home Loan Bank, Federal Reserve Bank and other stock, at cost | 35,732 | 38,980 | 40,235 | 37,438 | 37,394 | ||||||||||
| Loans held for sale | 13,150 | 16,653 | 17,131 | 28,176 | 13,188 | ||||||||||
| Loans and leases held for investment | 6,833,037 | 6,826,583 | 6,730,734 | 6,684,837 | 6,579,086 | ||||||||||
| Less: Allowance for credit losses, loans and leases | (87,790) | (87,091) | (86,041) | (85,745) | (85,632) | ||||||||||
| Net loans and leases held for investment | 6,745,247 | 6,739,492 | 6,644,693 | 6,599,092 | 6,493,454 | ||||||||||
| Premises and equipment, net | 47,175 | 46,671 | 47,411 | 48,174 | 48,739 | ||||||||||
| Operating lease right-of-use assets | 27,182 | 28,531 | 29,260 | 29,985 | 30,702 | ||||||||||
| Goodwill | 175,510 | 175,510 | 175,510 | 175,510 | 175,510 | ||||||||||
| Other intangibles, net of accumulated amortization | 8,061 | 8,309 | 7,158 | 7,701 | 7,473 | ||||||||||
| Bank owned life insurance | 139,482 | 139,351 | 138,744 | 137,823 | 137,896 | ||||||||||
| Accrued interest and other assets | 117,435 | 112,098 | 106,708 | 114,753 | 102,958 | ||||||||||
| Total assets | $ | 7,975,167 | $ | 8,128,417 | $ | 8,205,737 | $ | 7,855,446 | $ | 7,746,568 | |||||
| LIABILITIES | |||||||||||||||
| Noninterest-bearing deposits | $ | 1,433,995 | $ | 1,414,635 | $ | 1,323,953 | $ | 1,397,308 | $ | 1,401,806 | |||||
| Interest-bearing deposits: | 5,224,503 | 5,344,624 | 5,530,195 | 5,098,014 | 5,003,552 | ||||||||||
| Total deposits | 6,658,498 | 6,759,259 | 6,854,148 | 6,495,322 | 6,405,358 | ||||||||||
| Short-term borrowings | 4,031 | 11,181 | 8,256 | 11,781 | 4,816 | ||||||||||
| Long-term debt | 175,000 | 225,000 | 225,000 | 250,000 | 250,000 | ||||||||||
| Subordinated notes | 149,386 | 149,261 | 149,136 | 149,011 | 148,886 | ||||||||||
| Operating lease liabilities | 30,062 | 31,485 | 32,246 | 33,015 | 33,744 | ||||||||||
| Accrued expenses and other liabilities | 54,718 | 64,930 | 59,880 | 62,180 | 60,095 | ||||||||||
| Total liabilities | 7,071,695 | 7,241,116 | 7,328,666 | 7,001,309 | 6,902,899 | ||||||||||
| 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 | 300,634 | 302,829 | 301,262 | 300,166 | 298,914 | ||||||||||
| Retained earnings | 541,776 | 525,780 | 512,938 | 500,482 | 488,790 | ||||||||||
| Accumulated other comprehensive loss, net of tax benefit | (37,922) | (43,992) | (41,623) | (54,124) | (54,740) | ||||||||||
| Treasury stock, at cost | (58,800) | (55,100) | (53,290) | (50,171) | (47,079) | ||||||||||
| Total shareholders’ equity | 903,472 | 887,301 | 877,071 | 854,137 | 843,669 | ||||||||||
| Total liabilities and shareholders’ equity | $ | 7,975,167 | $ | 8,128,417 | $ | 8,205,737 | $ | 7,855,446 | $ | 7,746,568 | |||||
| For the three months ended, | |||||||||||||||
| Balance Sheet (Average) | 3/31/2025 | 12/31/2024 | 9/30/2024 | 6/30/2024 | 3/31/2024 | ||||||||||
| Assets | $ | 7,981,043 | $ | 8,163,347 | $ | 8,005,265 | $ | 7,721,540 | $ | 7,696,575 | |||||
| Investment securities, net of allowance for credit losses | 500,078 | 500,748 | 493,334 | 493,140 | 500,983 | ||||||||||
| Loans and leases, gross | 6,856,503 | 6,758,649 | 6,730,791 | 6,640,536 | 6,577,365 | ||||||||||
| Deposits | 6,617,653 | 6,804,483 | 6,641,324 | 6,353,752 | 6,303,854 | ||||||||||
| Shareholders' equity | 896,811 | 880,237 | 864,406 | 844,572 | 842,546 | ||||||||||
| Univest Financial Corporation | |||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||||
| Consolidated Summary of Loans by Type and Asset Quality Data (Unaudited) | |||||||||||||||
| March 31, 2025 | |||||||||||||||
| (Dollars in thousands) | |||||||||||||||
| Summary of Major Loan and Lease Categories (Period End) | 3/31/2025 | 12/31/2024 | 9/30/2024 | 6/30/2024 | 3/31/2024 | ||||||||||
| Commercial, financial and agricultural | $ | 1,034,361 | $ | 1,037,835 | $ | 1,044,043 | $ | 1,055,332 | $ | 1,014,568 | |||||
| Real estate-commercial | 3,546,402 | 3,530,451 | 3,442,083 | 3,373,889 | 3,283,729 | ||||||||||
| Real estate-construction | 281,785 | 274,483 | 285,616 | 313,229 | 379,995 | ||||||||||
| Real estate-residential secured for business purpose | 536,082 | 536,095 | 530,674 | 532,628 | 524,196 | ||||||||||
| Real estate-residential secured for personal purpose | 992,767 | 994,972 | 969,562 | 952,665 | 922,412 | ||||||||||
| Real estate-home equity secured for personal purpose | 189,119 | 186,836 | 182,901 | 179,150 | 177,446 | ||||||||||
| Loans to individuals | 16,930 | 21,250 | 26,794 | 26,430 | 27,200 | ||||||||||
| Lease financings | 235,591 | 244,661 | 249,061 | 251,514 | 249,540 | ||||||||||
| Total loans and leases held for investment, net of deferred income | 6,833,037 | 6,826,583 | 6,730,734 | 6,684,837 | 6,579,086 | ||||||||||
| Less: Allowance for credit losses, loans and leases | (87,790) | (87,091) | (86,041) | (85,745) | (85,632) | ||||||||||
| Net loans and leases held for investment | $ | 6,745,247 | $ | 6,739,492 | $ | 6,644,693 | $ | 6,599,092 | $ | 6,493,454 | |||||
| Asset Quality Data (Period End) | 3/31/2025 | 12/31/2024 | 9/30/2024 | 6/30/2024 | 3/31/2024 | ||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Nonaccrual loans and leases, including nonaccrual loans held for sale | $ | 11,126 | $ | 12,667 | $ | 15,319 | $ | 16,200 | $ | 20,363 | |||||
| Accruing loans and leases 90 days or more past due | 322 | 321 | 310 | 205 | 268 | ||||||||||
| Total nonperforming loans and leases | 11,448 | 12,988 | 15,629 | 16,405 | 20,631 | ||||||||||
| Other real estate owned | 22,433 | 20,141 | 20,915 | 20,007 | 19,220 | ||||||||||
| Repossessed assets | 79 | 76 | 79 | 149 | 167 | ||||||||||
| Total nonperforming assets | $ | 33,960 | $ | 33,205 | $ | 36,623 | $ | 36,561 | $ | 40,018 | |||||
| Nonaccrual loans and leases / Loans and leases held for investment | 0.16 | % | 0.19 | % | 0.23 | % | 0.24 | % | 0.31 | % | |||||
| Nonperforming loans and leases / Loans and leases held for investment | 0.17 | % | 0.19 | % | 0.23 | % | 0.25 | % | 0.31 | % | |||||
| Nonperforming assets / Total assets | 0.43 | % | 0.41 | % | 0.45 | % | 0.47 | % | 0.52 | % | |||||
| Allowance for credit losses, loans and leases | $ | 87,790 | $ | 87,091 | $ | 86,041 | $ | 85,745 | $ | 85,632 | |||||
| Allowance for credit losses, loans and leases / Loans and leases held for investment | 1.28 | % | 1.28 | % | 1.28 | % | 1.28 | % | 1.30 | % | |||||
| Allowance for credit losses, loans and leases / Nonaccrual loans and leases | 789.05 | % | 687.54 | % | 561.66 | % | 529.29 | % | 420.53 | % | |||||
| Allowance for credit losses, loans and leases / Nonperforming loans and leases | 766.86 | % | 670.55 | % | 550.52 | % | 522.68 | % | 415.06 | % | |||||
| For the three months ended, | |||||||||||||||
| 3/31/2025 | 12/31/2024 | 9/30/2024 | 6/30/2024 | 3/31/2024 | |||||||||||
| Net loan and lease charge-offs | $ | 1,686 | $ | 767 | $ | 820 | $ | 809 | $ | 1,406 | |||||
| Net loan and lease charge-offs (annualized)/Average loans and leases | 0.10 | % | 0.05 | % | 0.05 | % | 0.05 | % | 0.09 | % | |||||
| Univest Financial Corporation | |||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||||
| Consolidated Selected Financial Data (Unaudited) | |||||||||||||||
| March 31, 2025 | |||||||||||||||
| (Dollars in thousands, except per share data) | |||||||||||||||
| For the three months ended, | |||||||||||||||
| For the period: | 3/31/2025 | 12/31/2024 | 9/30/2024 | 6/30/2024 | 3/31/2024 | ||||||||||
| Interest income | $ | 103,416 | $ | 107,476 | $ | 106,438 | $ | 99,832 | $ | 98,609 | |||||
| Interest expense | 46,635 | 52,004 | 53,234 | 48,805 | 47,142 | ||||||||||
| Net interest income | 56,781 | 55,472 | 53,204 | 51,027 | 51,467 | ||||||||||
| Provision for credit losses | 2,311 | 2,380 | 1,414 | 707 | 1,432 | ||||||||||
| Net interest income after provision for credit losses | 54,470 | 53,092 | 51,790 | 50,320 | 50,035 | ||||||||||
| Noninterest income: | |||||||||||||||
| Trust fee income | 2,161 | 2,265 | 2,110 | 2,008 | 2,108 | ||||||||||
| Service charges on deposit accounts | 2,194 | 2,192 | 2,037 | 1,982 | 1,871 | ||||||||||
| Investment advisory commission and fee income | 5,613 | 5,457 | 5,319 | 5,238 | 5,194 | ||||||||||
| Insurance commission and fee income | 6,889 | 4,743 | 5,238 | 5,167 | 7,201 | ||||||||||
| Other service fee income | 2,707 | 3,473 | 1,815 | 3,044 | 6,415 | ||||||||||
| Bank owned life insurance income | 1,959 | 1,012 | 921 | 1,086 | 842 | ||||||||||
| Net gain on sales of investment securities | — | — | 18 | — | — | ||||||||||
| Net gain on mortgage banking activities | 647 | 1,320 | 1,296 | 1,710 | 939 | ||||||||||
| Other income | 245 | 868 | 1,396 | 745 | 1,025 | ||||||||||
| Total noninterest income | 22,415 | 21,330 | 20,150 | 20,980 | 25,595 | ||||||||||
| Noninterest expense: | |||||||||||||||
| Salaries, benefits and commissions | 30,826 | 31,518 | 30,702 | 30,187 | 31,338 | ||||||||||
| Net occupancy | 2,853 | 2,751 | 2,723 | 2,679 | 2,872 | ||||||||||
| Equipment | 1,122 | 1,147 | 1,107 | 1,088 | 1,111 | ||||||||||
| Data processing | 4,364 | 4,146 | 4,154 | 4,161 | 4,495 | ||||||||||
| Professional fees | 1,797 | 1,669 | 1,579 | 1,466 | 1,688 | ||||||||||
| Marketing and advertising | 353 | 552 | 490 | 715 | 416 | ||||||||||
| Deposit insurance premiums | 1,151 | 1,102 | 1,097 | 1,098 | 1,135 | ||||||||||
| Intangible expenses | 130 | 155 | 164 | 188 | 187 | ||||||||||
| Other expense | 6,732 | 7,618 | 6,536 | 7,126 | 6,832 | ||||||||||
| Total noninterest expense | 49,328 | 50,658 | 48,552 | 48,708 | 50,074 | ||||||||||
| Income before taxes | 27,557 | 23,764 | 23,388 | 22,592 | 25,556 | ||||||||||
| Income tax expense | 5,162 | 4,823 | 4,810 | 4,485 | 5,251 | ||||||||||
| Net income | $ | 22,395 | $ | 18,941 | $ | 18,578 | $ | 18,107 | $ | 20,305 | |||||
| Net income per share: | |||||||||||||||
| Basic | $ | 0.77 | $ | 0.65 | $ | 0.64 | $ | 0.62 | $ | 0.69 | |||||
| Diluted | $ | 0.77 | $ | 0.65 | $ | 0.63 | $ | 0.62 | $ | 0.69 | |||||
| Dividends declared per share | $ | 0.21 | $ | 0.21 | $ | 0.21 | $ | 0.21 | $ | 0.21 | |||||
| Weighted average shares outstanding | 29,000,567 | 29,070,039 | 29,132,948 | 29,246,977 | 29,413,999 | ||||||||||
| Period end shares outstanding | 28,962,648 | 29,045,877 | 29,081,108 | 29,190,640 | 29,337,919 | ||||||||||
| Univest Financial Corporation | |||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Consolidated Selected Financial Data (Unaudited) | |||||||||||||||
| March 31, 2025 | |||||||||||||||
| For the three months ended, | |||||||||||||||
| Profitability Ratios (annualized) | 3/31/2025 | 12/31/2024 | 9/30/2024 | 6/30/2024 | 3/31/2024 | ||||||||||
| Return on average assets | 1.14 | % | 0.92 | % | 0.92 | % | 0.94 | % | 1.06 | % | |||||
| Return on average shareholders' equity | 10.13 | % | 8.56 | % | 8.55 | % | 8.62 | % | 9.69 | % | |||||
| Return on average tangible common equity (1)(3) | 12.69 | % | 10.79 | % | 10.84 | % | 11.01 | % | 12.38 | % | |||||
| Net interest margin (FTE) | 3.09 | % | 2.88 | % | 2.82 | % | 2.84 | % | 2.88 | % | |||||
| Efficiency ratio (2) | 61.6 | % | 65.5 | % | 65.7 | % | 67.1 | % | 64.6 | % | |||||
| Capitalization Ratios | |||||||||||||||
| Dividends declared to net income | 27.2 | % | 32.2 | % | 33.0 | % | 33.9 | % | 30.5 | % | |||||
| Shareholders' equity to assets (Period End) | 11.33 | % | 10.92 | % | 10.69 | % | 10.87 | % | 10.89 | % | |||||
| Tangible common equity to tangible assets (1) | 9.31 | % | 8.92 | % | 8.71 | % | 8.81 | % | 8.80 | % | |||||
| Common equity book value per share | $ | 31.19 | $ | 30.55 | $ | 30.16 | $ | 29.26 | $ | 28.76 | |||||
| Tangible common equity book value per share (1) | $ | 25.06 | $ | 24.43 | $ | 24.05 | $ | 23.17 | $ | 22.70 | |||||
| Regulatory Capital Ratios (Period End) | |||||||||||||||
| Tier 1 leverage ratio | 9.80 | % | 9.51 | % | 9.53 | % | 9.74 | % | 9.65 | % | |||||
| Common equity tier 1 risk-based capital ratio | 10.97 | % | 10.85 | % | 10.88 | % | 10.72 | % | 10.71 | % | |||||
| Tier 1 risk-based capital ratio | 10.97 | % | 10.85 | % | 10.88 | % | 10.72 | % | 10.71 | % | |||||
| Total risk-based capital ratio | 14.35 | % | 14.19 | % | 14.27 | % | 14.09 | % | 14.11 | % | |||||
| (1) Non-GAAP metric. A reconciliation of this and other non-GAAP financial measures is included at the end of this document. | |||||||||||||||
| (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) | |||||||||||||||
| Tax Equivalent Basis | December 31, 2024 | ||||||||||||||
| Income/ | Average | Average | Income/ | Average | |||||||||||
| (Dollars in thousands) | Expense | Rate | Balance | Expense | Rate | ||||||||||
| Assets: | |||||||||||||||
| Interest-earning deposits with other banks | 119,997 | $ | 1,360 | 4.60 | % | $ | 402,753 | $ | 4,852 | 4.79 | % | ||||
| Obligations of state and political subdivisions* | 4 | 1.85 | 1,290 | 7 | 2.16 | ||||||||||
| Other debt and equity securities | 4,019 | 3.27 | 499,458 | 3,815 | 3.04 | ||||||||||
| Federal Home Loan Bank, Federal Reserve Bank and other stock | 687 | 7.42 | 39,407 | 746 | 7.53 | ||||||||||
| Total interest-earning deposits, investments and other interest-earning assets | 6,070 | 3.74 | 942,908 | 9,420 | 3.97 | ||||||||||
| Commercial, financial, and agricultural loans | 17,020 | 6.97 | 972,840 | 17,492 | 7.15 | ||||||||||
| Real estate—commercial and construction loans | 52,676 | 5.77 | 3,631,142 | 53,163 | 5.82 | ||||||||||
| Real estate—residential loans | 21,542 | 5.05 | 1,708,795 | 21,249 | 4.95 | ||||||||||
| Loans to individuals | 393 | 8.20 | 25,803 | 522 | 8.05 | ||||||||||
| Tax-exempt loans and leases | 2,861 | 5.04 | 233,036 | 2,652 | 4.53 | ||||||||||
| Lease financings | 3,240 | 7.19 | 187,033 | 3,296 | 7.01 | ||||||||||
| Gross loans and leases | 97,732 | 5.78 | 6,758,649 | 98,374 | 5.79 | ||||||||||
| Total interest-earning assets | 103,802 | 5.60 | 7,701,557 | 107,794 | 5.57 | ||||||||||
| Cash and due from banks | 56,989 | ||||||||||||||
| Allowance for credit losses, loans and leases | (86,812) | ||||||||||||||
| Premises and equipment, net | 47,155 | ||||||||||||||
| Operating lease right-of-use assets | 28,891 | ||||||||||||||
| Other assets | 415,567 | ||||||||||||||
| Total assets | 7,981,043 | $ | 8,163,347 | ||||||||||||
| Liabilities: | |||||||||||||||
| Interest-bearing checking deposits | 1,222,012 | $ | 7,075 | 2.35 | % | $ | 1,275,348 | $ | 8,504 | 2.65 | % | ||||
| Money market savings | 18,035 | 3.97 | 1,954,246 | 20,653 | 4.20 | ||||||||||
| Regular savings | 763 | 0.44 | 705,222 | 817 | 0.46 | ||||||||||
| Time deposits | 16,106 | 4.42 | 1,499,998 | 17,247 | 4.57 | ||||||||||
| Total time and interest-bearing deposits | 41,979 | 3.25 | 5,434,814 | 47,221 | 3.46 | ||||||||||
| Short-term borrowings | 14 | 0.82 | 7,102 | 1 | 0.06 | ||||||||||
| Long-term debt | 2,361 | 4.40 | 225,000 | 2,501 | 4.42 | ||||||||||
| Subordinated notes | 2,281 | 6.20 | 149,194 | 2,281 | 6.08 | ||||||||||
| Total borrowings | 4,656 | 5.05 | 381,296 | 4,783 | 4.99 | ||||||||||
| Total interest-bearing liabilities | 46,635 | 3.37 | 5,816,110 | 52,004 | 3.56 | ||||||||||
| Noninterest-bearing deposits | 1,369,669 | ||||||||||||||
| Operating lease liabilities | 31,864 | ||||||||||||||
| Accrued expenses and other liabilities | 65,467 | ||||||||||||||
| Total liabilities | 7,283,110 | ||||||||||||||
| Total interest-bearing liabilities and noninterest-bearing deposits ("Cost of Funds") | 2.71 | 7,185,779 | 2.88 | ||||||||||||
| Shareholders' Equity: | |||||||||||||||
| Common stock | 157,784 | ||||||||||||||
| Additional paid-in capital | 301,895 | ||||||||||||||
| Retained earnings and other equity | 420,558 | ||||||||||||||
| Total shareholders' equity | 880,237 | ||||||||||||||
| Total liabilities and shareholders' equity | 7,981,043 | $ | 8,163,347 | ||||||||||||
| Net interest income | $ | 57,167 | $ | 55,790 | |||||||||||
| Net interest spread | 2.23 | 2.01 | |||||||||||||
| Effect of net interest-free funding sources | 0.86 | 0.87 | |||||||||||||
| Net interest margin | 3.09 | % | 2.88 | % | |||||||||||
| Ratio of average interest-earning assets to average interest-bearing liabilities | % | 132.42 | % | ||||||||||||
| *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 554 thousand and 676 thousand for the three months ended March 31, 2025 and December 31, 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 March 31, 2025 and December 31, 2024 have been calculated using the Corporation’s federal applicable rate of 21.0%. |
All values are in US Dollars.
| Univest Financial Corporation | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Average Balances and Interest Rates (Unaudited) | |||||||||||
| Tax Equivalent Basis | 2024 | ||||||||||
| Income/ | Average | Average | Income/ | Average | |||||||
| (Dollars in thousands) | Expense | Rate | Balance | Expense | Rate | ||||||
| Assets: | |||||||||||
| Interest-earning deposits with other banks | 119,997 | $ | 1,360 | 4.60 | % | $ | 120,845 | $ | 1,609 | 5.36 | % |
| Obligations of state and political subdivisions* | 4 | 1.85 | 1,951 | 12 | 2.47 | ||||||
| Other debt and equity securities | 4,019 | 3.27 | 499,032 | 3,647 | 2.94 | ||||||
| Federal Home Loan Bank, Federal Reserve Bank and other stock | 687 | 7.42 | 39,115 | 724 | 7.44 | ||||||
| Total interest-earning deposits, investments and other interest-earning assets | 6,070 | 3.74 | 660,943 | 5,992 | 3.65 | ||||||
| Commercial, financial, and agricultural loans | 17,020 | 6.97 | 934,649 | 16,523 | 7.11 | ||||||
| Real estate—commercial and construction loans | 52,676 | 5.77 | 3,575,142 | 50,641 | 5.70 | ||||||
| Real estate—residential loans | 21,542 | 5.05 | 1,618,188 | 19,555 | 4.86 | ||||||
| Loans to individuals | 393 | 8.20 | 27,315 | 548 | 8.07 | ||||||
| Tax-exempt loans and leases | 2,861 | 5.04 | 232,380 | 2,464 | 4.26 | ||||||
| Lease financings | 3,240 | 7.19 | 189,691 | 3,169 | 6.72 | ||||||
| Gross loans and leases | 97,732 | 5.78 | 6,577,365 | 92,900 | 5.68 | ||||||
| Total interest-earning assets | 103,802 | 5.60 | 7,238,308 | 98,892 | 5.49 | ||||||
| Cash and due from banks | 54,870 | ||||||||||
| Allowance for credit losses, loans and leases | (86,495) | ||||||||||
| Premises and equipment, net | 50,592 | ||||||||||
| Operating lease right-of-use assets | 31,121 | ||||||||||
| Other assets | 408,179 | ||||||||||
| Total assets | 7,981,043 | $ | 7,696,575 | ||||||||
| Liabilities: | |||||||||||
| Interest-bearing checking deposits | 1,222,012 | $ | 7,075 | 2.35 | % | $ | 1,180,696 | $ | 8,218 | 2.80 | % |
| Money market savings | 18,035 | 3.97 | 1,705,291 | 19,220 | 4.53 | ||||||
| Regular savings | 763 | 0.44 | 769,926 | 905 | 0.47 | ||||||
| Time deposits | 16,106 | 4.42 | 1,238,878 | 13,630 | 4.42 | ||||||
| Total time and interest-bearing deposits | 41,979 | 3.25 | 4,894,791 | 41,973 | 3.45 | ||||||
| Short-term borrowings | 14 | 0.82 | 10,127 | 5 | 0.20 | ||||||
| Long-term debt | 2,361 | 4.40 | 292,486 | 2,883 | 3.96 | ||||||
| Subordinated notes | 2,281 | 6.20 | 148,818 | 2,281 | 6.16 | ||||||
| Total borrowings | 4,656 | 5.05 | 451,431 | 5,169 | 4.61 | ||||||
| Total interest-bearing liabilities | 46,635 | 3.37 | 5,346,222 | 47,142 | 3.55 | ||||||
| Noninterest-bearing deposits | 1,409,063 | ||||||||||
| Operating lease liabilities | 34,166 | ||||||||||
| Accrued expenses and other liabilities | 64,578 | ||||||||||
| Total liabilities | 6,854,029 | ||||||||||
| Total interest-bearing liabilities and noninterest-bearing deposits ("Cost of Funds") | 2.71 | 6,755,285 | 2.81 | ||||||||
| Shareholders' Equity: | |||||||||||
| Common stock | 157,784 | ||||||||||
| Additional paid-in capital | 300,679 | ||||||||||
| Retained earnings and other equity | 384,083 | ||||||||||
| Total shareholders' equity | 842,546 | ||||||||||
| Total liabilities and shareholders' equity | 7,981,043 | $ | 7,696,575 | ||||||||
| Net interest income | $ | 57,167 | $ | 51,750 | |||||||
| Net interest spread | 2.23 | 1.94 | |||||||||
| Effect of net interest-free funding sources | 0.86 | 0.94 | |||||||||
| Net interest margin | 3.09 | % | 2.88 | % | |||||||
| Ratio of average interest-earning assets to average interest-bearing liabilities | % | 135.39 | % | ||||||||
| *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 554 thousand and 453 thousand for the three months ended March 31, 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 March 31, 2025 and 2024 have been calculated using the Corporation’s federal applicable rate of 21.0%. |
All values are in US Dollars.
| Univest Financial Corporation | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Loan Portfolio Overview (Unaudited) | ||||||||||
| March 31, 2025 | ||||||||||
| (Dollars in thousands) | ||||||||||
| Industry Description | Total Outstanding Balance | % of Commercial Loan Portfolio | ||||||||
| CRE - Retail | $ | 469,397 | 8.7 | % | ||||||
| Animal Production | 394,279 | 7.3 | ||||||||
| CRE - Multi-family | 360,743 | 6.7 | ||||||||
| CRE - Office | 299,751 | 5.6 | ||||||||
| CRE - 1-4 Family Residential Investment | 278,386 | 5.2 | ||||||||
| CRE - Industrial / Warehouse | 253,136 | 4.7 | ||||||||
| Hotels & Motels (Accommodation) | 207,710 | 3.8 | ||||||||
| Specialty Trade Contractors | 189,427 | 3.5 | ||||||||
| Nursing and Residential Care Facilities | 177,053 | 3.3 | ||||||||
| Motor Vehicle and Parts Dealers | 146,911 | 2.7 | ||||||||
| Merchant Wholesalers, Durable Goods | 146,037 | 2.7 | ||||||||
| Homebuilding (tract developers, remodelers) | 140,612 | 2.6 | ||||||||
| Repair and Maintenance | 134,183 | 2.5 | ||||||||
| Crop Production | 110,882 | 2.1 | ||||||||
| CRE - Mixed-Use - Residential | 109,872 | 2.0 | ||||||||
| Wood Product Manufacturing | 101,606 | 1.9 | ||||||||
| Professional, Scientific, and Technical Services | 95,730 | 1.8 | ||||||||
| Food Services and Drinking Places | 86,916 | 1.6 | ||||||||
| Administrative and Support Services | 83,145 | 1.5 | ||||||||
| Merchant Wholesalers, Nondurable Goods | 83,088 | 1.5 | ||||||||
| Fabricated Metal Product Manufacturing | 78,181 | 1.4 | ||||||||
| Real Estate Lenders, Secondary Market Financing | 75,461 | 1.4 | ||||||||
| Religious Organizations, Advocacy Groups | 65,857 | 1.2 | ||||||||
| CRE - Mixed-Use - Commercial | 64,683 | 1.2 | ||||||||
| Miniwarehouse / Self-Storage | 64,553 | 1.2 | ||||||||
| Personal and Laundry Services | 64,508 | 1.2 | ||||||||
| Education | 62,362 | 1.2 | ||||||||
| Amusement, Gambling, and Recreation Industries | 61,437 | 1.1 | ||||||||
| Food Manufacturing | 56,400 | 1.0 | ||||||||
| Industries with >$50 million in outstandings | $ | 4,462,306 | 82.7 | % | ||||||
| Industries with <$50 million in outstandings | $ | 936,324 | 17.3 | % | ||||||
| Total Commercial Loans | $ | 5,398,630 | 100.0 | % | ||||||
| Consumer Loans and Lease Financings | Total Outstanding Balance | |||||||||
| Real Estate-Residential Secured for Personal Purpose | $ | 992,767 | ||||||||
| Real Estate-Home Equity Secured for Personal Purpose | 189,119 | |||||||||
| Loans to Individuals | 16,930 | |||||||||
| Lease Financings | 235,591 | |||||||||
| Total Consumer Loans and Lease Financings | $ | 1,434,407 | ||||||||
| Total | $ | 6,833,037 | ||||||||
| Univest Financial Corporation | ||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Non-GAAP Reconciliation | ||||||||||
| March 31, 2025 | ||||||||||
| 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, | ||||||||||
| (Dollars in thousands) | 3/31/2025 | 12/31/2024 | 9/30/2024 | 6/30/2024 | 3/31/2024 | |||||
| Net income | $ | 22,395 | $ | 18,941 | $ | 18,578 | $ | 18,107 | $ | 20,305 |
| Amortization of intangibles, net of tax | 103 | 122 | 130 | 149 | 148 | |||||
| Net income before amortization of intangibles | $ | 22,498 | $ | 19,063 | $ | 18,708 | $ | 18,256 | $ | 20,453 |
| Shareholders' equity | $ | 903,472 | $ | 887,301 | $ | 877,071 | $ | 854,137 | $ | 843,669 |
| Goodwill | (175,510) | (175,510) | (175,510) | (175,510) | (175,510) | |||||
| Other intangibles (a) | (2,104) | (2,263) | (2,147) | (2,157) | (2,273) | |||||
| Tangible common equity | $ | 725,858 | $ | 709,528 | $ | 699,414 | $ | 676,470 | $ | 665,886 |
| Total assets | $ | 7,975,167 | $ | 8,128,417 | $ | 8,205,737 | $ | 7,855,446 | $ | 7,746,568 |
| Goodwill | (175,510) | (175,510) | (175,510) | (175,510) | (175,510) | |||||
| Other intangibles (a) | (2,104) | (2,263) | (2,147) | (2,157) | (2,273) | |||||
| Tangible assets | $ | 7,797,553 | $ | 7,950,644 | $ | 8,028,080 | $ | 7,677,779 | $ | 7,568,785 |
| Average shareholders' equity | $ | 896,811 | $ | 880,237 | $ | 864,406 | $ | 844,572 | $ | 842,546 |
| Average goodwill | (175,510) | (175,510) | (175,510) | (175,510) | (175,510) | |||||
| Average other intangibles (a) | (2,162) | (2,146) | (2,086) | (2,222) | (2,318) | |||||
| Average tangible common equity | $ | 719,139 | $ | 702,581 | $ | 686,810 | $ | 666,840 | $ | 664,718 |
| (a) Amount does not include mortgage servicing rights |