Univest Financial Corporation (NASDAQ:UVSP) Q2 2024 Earnings Conference Call July 25, 2024 9:00 AM ET

Company Participants

Jeff Schweitzer - President and CEO
Brian Richardson - CFO
Mike Keim - President and COO, Univest Bank and Trust

Conference Call Participants

David Mirochnick - Stephens

Operator

Good morning, all, and thank you for joining us for the Univest Financial Corporation Second Quarter 2024 Earnings Call. My name is Corley, and I'll be the call coordinator for today.

[Operator Instructions] I would like to hand over to our host, Jeff Schweitzer, CEO and President, to begin.

Jeff Schweitzer

Thank you Corley, and good morning and thank you to all of our listeners for joining us. Joining me on the call this morning is Mike Keim, our Chief Operating Officer and President of Univest Bank and Trust; and Brian Richardson, our Chief Financial Officer.

Before we begin, I would like to remind everyone of the forward-looking statements disclaimer. Please be advised that during the course of this conference call management may make forward-looking statements that express management's intentions, beliefs or expectations within the meaning of the Federal Securities Laws. Univest's actual results may differ materially from those contemplated by these forward-looking statements.

I will refer you to the forward-looking cautionary statements in our earnings release and in our SEC filings. Hopefully everyone had a chance to review our earnings release from yesterday. If not, it can be found on our website at univest.net under the Investor Relations tab. We reported net income of $18.2 million during the second quarter or $0.62 per share. During the quarter, we continued to see stabilization in the shift in the mix of deposits along with the cost of deposits. The highlight of the quarter was growth in deposits of $90 million or 5.6% annualized during the quarter, which was net of our normal seasonal runoff of public funds deposits along with the decrease of broker deposits as we experienced solid core deposit growth.

Additionally, loan growth picked up in the second quarter as we grew loans by approximately $106 million or 6.4% annualized. Our diversified business model continued to serve us well as our non-interest income was up $1.1 million or 5.8% compared to the prior year. And finally we continue to be active with stock buybacks during the quarter, as we repurchased 190,808 shares of stock while still growing our tangible book value.

Before I pass it over to Brian, I would like to thank the entire Univest family for the great work they do every day and for their continued efforts serving our customers, communities and each other.