Univest Financial Corporation (NASDAQ:UVSP) Q1 2025 Earnings Conference Call April 24, 2025 9:00 AM ET
Company Participants
Jeff Schweitzer – Chairman, President & Chief Executive Officer
Brian Richardson – Chief Financial Officer
Conference Call Participants
Frank Schiraldi – Piper Sandler
Operator
Good morning all, and thank you for joining us for the Univest Financial Corporation First Quarter 2025 Earnings Call. My name is Carly, and I’ll be coordinating the call today. [Operator Instructions]
I’d like to hand over to our host, Jeff Schweitzer, President and CEO of Univest Financial Corp. The floor is yours.
Jeff Schweitzer
Thank you, Carly, 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 $22.4 million during the first quarter or $0.77 per share. We’re off to a solid start to 2025 in spite of the uncertainty in the economy with interest rates and geopolitical concerns. While loan growth was muted during the quarter, we actually saw solid production. However, we were hit with some larger payoffs, resulting in net growth of $6.5
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