Univest Financial Corporation reported a net income of $27.1 million for the first quarter of 2026, reflecting a 21% increase from $22.4 million in the same period last year. This growth translated to earnings per share of $0.97, up from $0.77 in the prior year, driven by a rise in net interest income and noninterest income. The company’s net interest income increased to $63.4 million, a 11.7% rise compared to $56.8 million in the first quarter of 2025, primarily due to higher average balances of loans and a reduction in the cost of funds.
Total assets decreased by 3.5% to $8.14 billion as of March 31, 2026, down from $8.44 billion at the end of 2025. This decline was largely attributed to a significant drop in cash and cash equivalents, which fell by 59.8% to $222.4 million, primarily due to a decrease in interest-earning deposits at the Federal Reserve Bank. Conversely, total investment securities increased slightly to $501.4 million, while loans and leases held for investment rose marginally to $6.94 billion, reflecting a 0.4% increase.
In terms of operational metrics, the company reported a provision for credit losses of $1.3 million, down from $2.3 million in the previous year, indicating improved asset quality. Nonaccrual loans and leases totaled $13.3 million, with an allowance for credit losses of $88.9 million, representing 1.28% of total loans. The company also experienced a decrease in total deposits, which fell by 3.9% to $6.81 billion, primarily due to seasonal public funds runoff.
Strategically, Univest Financial has been focusing on enhancing its service offerings and operational efficiency. The company incurred restructuring charges of $427,000 related to the planned closure of two underutilized facilities. Additionally, the Wealth Management segment reported a pre-tax income increase to $2.5 million, driven by appreciation in assets under management and new customer relationships. Looking ahead, the company aims to maintain its capital levels above regulatory requirements while continuing to adapt to market conditions and customer needs.
About UNIVEST FINANCIAL Corp
Univest Financial Corporation is a community-focused financial services provider offering banking, wealth management, insurance, and equipment financing. Serving customers across Pennsylvania, New Jersey, and Maryland, it emphasizes personalized service, local decision-making, and community involvement. With a diversified business model, the company leverages its subsidiaries to deliver comprehensive financial solutions, maintain regulatory compliance, and foster inclusive workplace culture.
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