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Dec 31, 2022
Univest Q4 2022 Earnings Report
Net income increased compared to the same quarter last year, driven by loan growth and rising interest rates, but offset by higher costs of funds.
Key Takeaways
Univest Financial Corporation reported a net income of $23.8 million, or $0.81 diluted earnings per share, for the quarter ended December 31, 2022, compared to $17.4 million, or $0.59 diluted earnings per share, for the quarter ended December 31, 2021. The results included bank owned life insurance death benefit claims of $526 thousand and restructuring charges of $184 thousand related to the consolidation of two financial centers. Gross loans and leases, excluding Paycheck Protection Program loans, increased $274.0 million, or 18.8% (annualized), from September 30, 2022.
Net income for Q4 2022 was $23.8 million, or $0.81 diluted earnings per share.
Gross loans and leases, excluding PPP loans, increased 16.0% year-over-year.
Total deposits increased $116.8 million, or 8.0% (annualized), from September 30, 2022.
Net interest income increased by 30.3% compared to Q4 2021.
Univest
Univest
Forward Guidance
This document does not contain forward guidance. It only contains the results for the fourth quarter of 2022.