The following is a summary of the Univest Financial Corporation (UVSP) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Univest reported Q1 net income of $20.3 million or $0.69 per share.

• Their loan growth, slightly low, increased by $11.9 million due to various factors including lower loan demand and payoff activity.

• Net Interest Margin was 2.88%, an increase of 4 basis points.

• There was an increase in non-interest income by $5.9 million, a 30.1% increase compared to Q1 2023, however non-interest expense rose slightly by $545,000 or 1.1%.

Business Progress:

• Continued stock repurchasing resulted in Univest buying 315,507 shares in Q1, despite still increasing tangible book value.

• Signs of NIM stabilization are positive with expectations for this to carry into Q2.

• A reduction in exposure to commercial real estate, particularly in luxury townhomes, signals a managing of risk within the organisation.

• Univest's intention to accelerate growth in the second half of the year with predicted continued improvement in margins underlines a positive forward-looking growth plan.

More details: Univest Financial IR

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