Univest Q2 Loans Hit $7.04B, but $28.6M Loan Goes Non-Accrual
UVSP sits 58% above its 52-week low of $27.91.
Summary
Univest's Q2 balance sheet shows loan growth to $7.04B, up 1.5% Q/Q, but credit quality deteriorated with a $28.6M commercial loan moving to non-accrual and a $5.2M OREO write-down. The $9.8M specific reserve and $1.9M in net charge-offs (11 bps annualized) signal rising stress in the loan book. This follows yesterday's 8-K that reported Q2 net income of $23.0M, or $0.82 per share, an 18.8% increase from a year ago, but the new asset quality details add a layer of concern. The stock is trading near its 52-week high, so any negative credit surprise could trigger profit-taking.
At the time of this announcement, UVSP was trading at $44.18 on NASDAQ in the Finance sector, with a market capitalization of approximately $1.2B. The 52-week trading range was $27.91 to $45.46. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Wiseek News.