Univest Financial Corporation reported third quarter 2026 net income of $21.6 million, or $0.78 per diluted share, down from $25.6 million in the prior-year period. Profitability was pressured by a sharp increase in credit loss provisions linked to a specific commercial loan charge-off, which overshadowed a 10.5% rise in net interest income.
Key Highlights
- Provision for credit losses surged to $9.0 million from $517 thousand YoY, driven by a $14.4 million charge-off on a single $28.3 million commercial loan relationship.
- Net interest income rose 10.5% YoY to $67.8 million, supported by higher average loan balances and a tax-equivalent net interest margin of 3.42%.
- Total deposits grew 6.1% sequentially to $7.35 billion, aided by seasonal inflows in public funds and growth in commercial deposits.
- Gross loans and leases declined 0.4% from the previous quarter to $7.01 billion, primarily due to a $35.3 million payoff of a shared national credit relationship.