Univest Q2 EPS $0.57 (+27% YoY); net interest margin 3.14%; restructuring to save $5.4M

UNIVEST FINANCIAL Corp

2023-Q2 EPS reported $1.28

Net income $16.8M ($0.57 diluted EPS) vs $13.2M ($0.45) in Q2 2022, up 26.7%.
Net interest margin fell to 3.14% from 3.58% in Q1 2023; net interest income $54.3M.
Loans grew $222.4M (3.6%) from March 31; deposits up $152.7M, led by brokered deposits.
Restructuring charge of $1.3M for branch optimization; expected annual cost savings $5.4M.
Quarterly dividend $0.21/share declared; Martin P. Connor appointed as Class III director.

item 2.02 item 5.02 item 9.01

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Appointed

Martin P. Connor

Class III director

UVSP · UNIVEST FINANCIAL Corp

Effective: 2023-07-26
Filed: July 27, 2023, 7:59 PM ET

On July 26, 2023, the Board of Directors of the Corporation appointed Martin P. Connor, who is presently serving as an Alternate Director of the Corporation, as a Class III director.

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

UNIVEST FINANCIAL Corp reported the quarter ended June 30, 2023 results: net income $16.8 million, EPS $0.57 diluted earnings per share.

Period: the quarter ended June 30, 2023
Net income: $16.8 million
EPS: $0.57 diluted earnings per share
Result: reported results

Exact text from the filing

Univest Financial Corporation (“Univest” or the "Corporation") ( NASDAQ: UVSP ), parent company of Univest Bank and Trust Co. (the "Bank") and its insurance, investments and equipment financing subsidiaries, announced net income for the quarter ended June 30, 2023 was $16.8 million, or $0.57 diluted earnings per share

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 1.0

Martin P. Connor was appointed as Class III director at UNIVEST FINANCIAL Corp.

Action: appointed
Role: Class III director

Exact text from the filing

On July 26, 2023, the Board of Directors of the Corporation appointed Martin P. Connor, who is presently serving as an Alternate Director of the Corporation, as a Class III director.

View on SEC.gov

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UNIVEST FINANCIAL Corp filing history →

Source: SEC EDGAR

accession 0000102212-23-000046

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