Univest reports Q4 EPS 55c, consensus 47c

Reports Q4Net interest income of $52.8 million for the three months ended December 31, 2023 decreased $830 thousand, or 1.5%, from the three months ended September 30, 2023, and $9.2 million, or 14.8%, from the three months ended December 31, 2022. The decrease in net interest income was due to increases in the cost of funds and the average balance of interest-bearing liabilities, partially offset by an increase in the yield and average balance of interest-earning assets. Net interest margin, on a tax-equivalent basis, was 2.84% for the fourth quarter of 2023, compared to 2.96% for the third quarter of 2023 and 3.76% for the fourth quarter of 2022. Excess liquidity reduced net interest margin by approximately ten basis points for the quarter ended December 31, 2023 compared to approximately four basis points for the quarter ended September 30, 2023 and approximately one basis point for the quarter ended December 31, 2022.