Univest Financial Q2 net income rises on higher net interest income
UVSP•Quarterly results
- US regional bank's Q2 net income and EPS rose yr/yr
- Net interest income and margin increased, driven by higher loan balances and lower funding costs
- Noninterest income declined due to a loss on sale and write-down of real estate owned
Outlook and drivers
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Company did not provide specific guidance or outlook for future quarters or full yr
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Net interest income - Higher average loan balances and lower funding costs drove net interest income growth
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Loan mix shift - Growth in commercial, construction and commercial real estate loans offset by decline in residential mortgages, reflecting focus on full-relationship customers
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Noninterest income impact - $5.2 mln loss on other real estate owned weighed on noninterest income
Key details and analyst coverage
| Metric | Beat/Miss | Actual | Consensus Estimate |
