Univest Financial Corporation reported a net income of $75.9 million for the fiscal year ending December 31, 2024, translating to diluted earnings per share of $2.58, an increase from $71.1 million or $2.41 per share in 2023. The corporation's total assets grew to $8.1 billion, up 4.5% from $7.8 billion in the previous year. Interest income rose significantly to $412.4 million, a 10.9% increase from $371.7 million in 2023, primarily driven by higher yields on loans and investments. However, net interest income decreased by 4.0% to $211.2 million, attributed to a substantial rise in interest expenses, which surged to $201.2 million from $151.7 million in 2023.
The corporation's provision for credit losses was $5.9 million, down from $10.8 million in 2023, reflecting improved asset quality. The allowance for credit losses on loans and leases stood at $87.1 million, representing 1.28% of total loans and leases held for investment. Nonaccrual loans decreased to $12.7 million from $20.5 million in the prior year, indicating a positive trend in credit quality. The corporation's noninterest income also saw a notable increase of 14.6% to $88.1 million, driven by gains from mortgage banking activities and higher service charges on deposit accounts.
Strategically, Univest Financial has continued to expand its footprint, particularly in the Western Pennsylvania and northern Maryland markets, while also enhancing its digital initiatives. The corporation's wealth management segment reported a pre-tax income of $6.1 million, up from $5.0 million in 2023, supported by increased assets under management, which reached $5.2 billion. The insurance segment also performed well, with pre-tax income rising to $5.7 million from $5.1 million, bolstered by higher commission income.
As of December 31, 2024, total deposits increased by 6.0% to $6.8 billion, with noninterest-bearing deposits comprising 20.9% of total deposits. The corporation's capital ratios remained strong, with a Tier 1 risk-based capital ratio of 10.85%, indicating compliance with regulatory requirements. Looking ahead, Univest Financial anticipates continued growth driven by its strategic initiatives and a focus on enhancing customer experience, although it remains vigilant regarding potential economic headwinds and market conditions that could impact its operations.
About UNIVEST FINANCIAL Corp
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