Univest Sets $0.23 Quarterly Dividend as Third-Quarter Earnings Decline

On Oct. 28, Univest Financial Corporation set its quarterly cash dividend at $0.23 per share as third-quarter net income and diluted earnings per share declined from a year earlier.

Net income for the quarter ended Sept. 30 was $21.6 million, compared with $25.6 million in the same quarter last year. Diluted earnings per share were $0.78, down from $0.89.

Net loan and lease charge-offs totaled $17.6 million, compared with $480,000 a year earlier. The provision for credit losses was $9 million, up from $517,000. Higher credit-loss provisions associated with elevated charge-offs primarily drove the earnings decline.

The dividend matches the $0.23 per-share amount declared in July. Univest, headquartered in Souderton, Pennsylvania, had about $8.6 billion in assets as of Sept. 30.

Shareholders must be of record Nov. 11 to receive the payment, which is scheduled for Nov. 25.