Oct. 23 at 8:28 PM
$UVSP Univest reports Q3 EPS 63c, consensus 54c
Reports Q3 net interest income of
$53.2M for the third quarter of 2024 decreased
$386K , or 0.7%, from the third quarter of 2023 and increased
$2.2 million, or 4.3%, from the second quarter of 2024. The decrease in net interest income for the three months ended September 30, 2024 compared to the same period in the prior year reflects the continued pressure on the cost of deposits due to the shift of balances from lower to higher cost deposit products which 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 our funding mix. The increase in net interest income for the three months ended September 30, 2024 compared to the three months ended June 30, 2024 was due to higher average balances of interest-earning assets and increased yields on these assets, partially offset by higher interest-bearing liability balances and costs.
