Univest Financial Corporation (NASDAQ:UVSP) Q3 2024 Earnings Conference Call October 24, 2024 9:00 AM ET

Corporate Participants

Jeff Schweitzer - President and Chief Executive Officer
Brian Richardson - Chief Financial Officer

Conference Call Participants

Frank Schiraldi - Piper Sandler
Matthew Breese - Stephens Inc.

Operator

Good morning all and thank you for joining us for the Univest Financial Corporation's Third Quarter 2024 Earnings Call.

My name is Carly and I'll be the call coordinator for today. [Operator Instructions].

I'd now like to hand over to your host Jeff Schweitzer, Chairman and CEO to begin. The floor is yours.

Jeff Schweitzer

Thank you, Carly. 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 $18.6 million during the third quarter or $0.63 per share. During the quarter we saw a large increase in deposits of $358.8 million due to our seasonal build of public funds deposits. Loan growth was slightly muted during the quarter at $45.9 million or 2.8% annualized. While loan production was solid, we have been impacted by declining line usage by customers as they continue to utilize existing cash on hand as opposed to drawing down on their lines combined with elevated payoff activity.

Our diversified business model continued to serve us well as our non-interest income was up $1.5 million or 7.8% compared to the prior year as we have seen growth in our non-banking lines of business with wealth management and insurance up 9.8% and 8% respectively compared to the third quarter of the prior year.

Additionally, we continue to prudently manage expenses as non-interest expenses were down $436,000 or 0.9% compared to the prior year.