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Jun 30, 2022
Univest Q2 2022 Earnings Report
Net income decreased due to a rise in noninterest expense and a decrease in noninterest income.
Key Takeaways
Univest Financial Corporation reported a decrease in net income for the quarter ended June 30, 2022, with net income at $13.2 million, or $0.45 diluted earnings per share, compared to $20.9 million, or $0.71 diluted earnings per share, for the quarter ended June 30, 2021. Loan growth was strong at 19.6% annualized, excluding PPP loans. Net interest income increased, while noninterest income decreased. Noninterest expense also increased, driven by investments in revenue-producing staff and digital transformation initiatives.
Net income for the quarter was $13.2 million, or $0.45 diluted earnings per share.
Gross loans and leases, excluding PPP loans, increased 19.6% (annualized) from March 31, 2022.
Net interest income increased by 10.1% compared to the second quarter of 2021.
The corporation repurchased 300,000 shares at an average price of $25.23, for an aggregate cost of $7.6 million.
Univest
Univest
Univest Revenue by Segment
Revenue by Segment
Trust Fee Income Revenue
CapyFin.comService Charges on Deposit Accounts Revenue
CapyFin.comInvestment Advisory Commission and Fee Income Revenue
CapyFin.comInsurance Commission and Fee Income Revenue
CapyFin.comOther Service Fee Income Revenue
CapyFin.comBank Owned Life Insurance Income Revenue
CapyFin.comNet Gain on Mortgage Banking Activities Revenue
CapyFin.comOther Income Revenue
CapyFin.com Forward Guidance
This document does not contain forward guidance.