Univest reports Q2 EPS 62c, consensus 51c

Reports Q2 net interest income of $51M for the second quarter of 2024 decreased $3.3M, or 6.1%, from the second quarter of 2023 and $440 thousand, or 0.9%, from the first quarter of 2024. The decreases in net interest income for both comparison periods reflects the continued pressure on the cost of deposits due to the shift of balances from lower to higher cost deposit products which has exceeded the increase in interest income from asset yield expansion and the increase in average interest-earning assets. However, we continue to see indicators of stabilization in cost of funds and funding mix. Noninterest income for the quarter ended June 30 was $2M an increase of $1.1M, or 5.8%, from the comparable period in the prior year.