Univest Financial Corp (UVSP) 2024 Q4 法說會逐字稿

Good morning all, and thank you for joining us for the Univest Financial Corporation fourth-quarter 2024 earnings call.

大家早安，感謝您參加 Univest Financial Corporation 2024 年第四季財報電話會議。

My name is [Karli], and I'll be coordinating your call today.

我的名字是 [Karli]，今天我將負責協調您的通話。

(Operator Instructions) And I'd like to hand over to your host, Jeff Schweitzer to begin.

(操作員指示) 我想將節目交給主持人 Jeff Schweitzer 開始。

The floor is yours.

現在請您發言。

Thank you, Karli, and good morning.

謝謝你，卡莉，早安。

And thank you to all of our listeners for joining us.

並感謝所有聽眾的聆聽。

Joining me on the call this morning is Mike Keim, our Chief Operating Officer and President of Univest Bank and Trust; and Brian Richardson, our Chief Financial Officer.

今天早上與我一起參加電話會議的還有我們的營運長兼 Univest Bank and Trust 總裁 Mike Keim；以及我們的財務長 Brian Richardson。

Before we begin, I would like to remind everyone of the forward-looking statements disclaimer.

在我們開始之前，我想提醒大家注意前瞻性聲明的免責聲明。

Please be advised that during the course of this conference call, management may make forward-looking statements that express management's intentions, beliefs or expectations within the meaning of the federal securities laws.

請注意，在本次電話會議過程中，管理階層可能會做出前瞻性陳述，表達管理階層在聯邦證券法意義內的意圖、信念或期望。

Univest's actual results may differ materially from those contemplated by these forward-looking statements.

Univest 的實際結果可能與這些前瞻性陳述所預期的結果有重大差異。

I will refer you to the forward-looking cautionary statements in our earnings release and in our SEC filings.

我將向您推薦我們收益報告和美國證券交易委員會文件中的前瞻性警告聲明。

Hopefully, everyone had a chance to review our earnings release from yesterday.

希望大家都有機會回顧我們昨天發布的收益報告。

If not, it can be found on our website at univest.net under the Investor Relations tab.

如果沒有，您可以在我們網站 univest.net 的「投資者關係」標籤下找到。

We reported net income of $18.9 million during the fourth quarter or $0.65 per share.

我們報告第四季度淨收入為 1890 萬美元，即每股 0.65 美元。

We were pleased with how we ended 2024 as we had solid loan growth during the quarter with loans growing by $95.8 million or 5.6% annualized.

我們對 2024 年的收官感到滿意，因為本季我們的貸款成長穩健，貸款成長了 9,580 萬美元，年化成長率為 5.6%。

Additionally, consumer and commercial deposits increased $104 million during the quarter, which was offset by the seasonal decline of public funds deposits of $185 million and a slight decline in brokerage.

此外，本季消費者和商業存款增加了 1.04 億美元，但被公共基金存款 1.85 億美元的季節性下降以及經紀業務的小幅下降所抵消。

Our diversified business model continues to serve us well as our non-interest income was up $2.7 million or 14.6% compared to the fourth quarter of the prior year as we continue to see growth in our fee businesses.

我們的多元化業務模式繼續為我們帶來良好的服務，因為我們的費用業務持續成長，我們的非利息收入與去年同期相比增加了 270 萬美元，即 14.6%。

Additionally, credit quality continues to remain strong as nonperforming assets to total assets declined 4 basis points during the quarter and 11 basis points during the year to 41 basis points with minimal net charge-offs of 6 basis points for the year.

此外，信貸品質持續保持強勁，不良資產佔總資產的比率在本季度下降了 4 個基點，全年下降了 11 個基點，至 41 個基點，全年淨沖銷額僅為 6 個基點。

With respect to capital, we continue to be active and plan on continuing to be active with stock buybacks as we repurchased 139,492 shares of stock during the quarter and 802,535 shares in 2024 and which represented 2.7% of shares outstanding as of December 31, 2023, while also growing tangible book value per share of [9.01%] during 2024.

在資本方面，我們繼續積極回購股票，並計劃繼續積極回購股票，因為我們在本季度回購了 139,492 股股票，2024 年回購了 802,535 股，同時佔截至 2023 年 12 月 31 日已發行股票的 2.7%，同時佔截至 2023 年 12 月 31 日已發行股票的 2.7%，同時佔截至 2024 年每股有形 1%]。

Before I pass it over to Brian, I would like to thank the entire Univest family for the great work they do every day, their continued efforts serving our customers, communities and each other.

在將其交給 Brian 之前，我想感謝整個 Univest 大家庭，感謝他們每天的出色工作，感謝他們持續努力為我們的客戶、社區和彼此服務。

I will now turn it over to Brian for further discussion on our results and our outlook for 2025.

現在，我將把主題交給 Brian，進一步討論我們的表現和 2025 年的展望。

Thank you, Jeff.

謝謝你，傑夫。

I would also like to thank everyone for joining us today.

我還要感謝大家今天的出席。

I would like to start by touching on five items from the earnings release.

首先我想談談收益報告中的五件事。

First, during the quarter, we saw continued NIM stabilization.

首先，本季度，我們看到淨利差持續穩定。

Reported NIM of 2.88% increased 6 basis points from 2.82% in the third quarter.

報告的淨利差為 2.88%，較第三季的 2.82% 上升了 6 個基點。

Additionally, core NIM, which excludes excess liquidity of 3.02% increased 11 basis points compared to the third quarter.

此外，扣除過剩流動性後的核心淨利差為3.02%，較第三季增加了11個基點。

Second, as it relates to our loan and deposit activity, loans grew by $95.8 million or 5.6% annualized in the fourth quarter and grew by $259.4 million or 3.9% for the full year of 2024.

其次，就我們的貸款和存款活動而言，第四季貸款成長 9,580 萬美元，即年化成長率為 5.6%，2024 年全年貸款成長 2.594 億美元，即 3.9%。

During the quarter, deposits decreased by $94.9 million.

本季度，存款減少了 9,490 萬美元。

But as Jeff mentioned, public funds decreased by $185.6 million and brokered deposits decreased by $13.4 million.

但正如傑夫所提到的，公共資金減少了 1.856 億美元，經紀存款減少了 1,340 萬美元。

Offsetting these decreases was a $104.1 million increase in commercial and consumer accounts.

抵銷這些減少的是商業和消費者帳戶1.041億美元的增加。

During the fourth quarter, non-interest-bearing deposits increased by $90.7 million.

第四季度，無息存款增加了 9,070 萬美元。

As of December 31, non-interest-bearing deposits represented a 20.9% of total deposits compared to 19.3% at September 30.

截至 12 月 31 日，無利息存款佔總存款的 20.9%，而 9 月 30 日為 19.3%。

For the full year of 2024, total deposits grew by $383.5 million or 6%.

2024 年全年，總存款增加了 3.835 億美元，即 6%。

Third, during the quarter, we recorded a provision for credit losses of $2.4 million.

第三，本季度，我們記錄了 240 萬美元的信用損失準備金。

Our coverage ratio was at 1.28% at December 31, which was consistent with September 30.

截至 12 月 31 日，我們的覆蓋率為 1.28%，與 9 月 30 日一致。

Net charge-offs for the quarter totaled $767,000 or 5 basis points annualized.

本季淨沖銷總額為 767,000 美元，以年率計算為 5 個基點。

Fourth, non-interest income increased by $2.7 million or 14.6% compared to the fourth quarter of 2023.

第四，非利息收入與2023年第四季相比增加了270萬美元，增幅為14.6%。

This was primarily driven by increases in wealth management, mortgage banking and service fee income.

這主要得益於財富管理、抵押銀行和服務費收入的成長。

Fifth, non-interest expense increased by $1.6 million or 3.3% compared to the fourth quarter of 2023.

第五，非利息支出與 2023 年第四季相比增加了 160 萬美元，即 3.3%。

For the full year of 2024, expenses increased by $2.1 million or 1.1% and when excluding restructuring charges recorded in 2023.

就 2024 年全年而言，費用增加了 210 萬美元，即 1.1%，且不包括 2023 年記錄的重組費用。

I believe that the remainder of the earnings release was straightforward, and I would now like to focus on five items as it relates to 2025 guidance.

我認為收益報告的其餘部分很簡單，現在我想重點討論與 2025 年指引相關的五項內容。

First, for 2024, net interest income totaled $211.2 million.

首先，2024 年，淨利息收入總計 2.112 億美元。

For 2025, we expect loan growth of approximately 3% to 5% with modest NIM expansion resulting in net interest income growth of approximately 5% to 7%.

預計 2025 年貸款成長率約為 3% 至 5%，淨利差將適度擴大，淨利息收入成長率約為 5% 至 7%。

This assumes a relatively stable rate environment with [1 or 225 basis] point rate decreases in 2025.

假設利率環境相對穩定，2025 年利率將下降 [1 或 225 個基點]。

We however, modest Fed actions are not expected to have a material impact on our NII due to our overall ALM neutrality.

然而，由於我們的整體資產負債管理保持中立，預計聯準會的溫和行動不會對我們的 NII 產生重大影響。

Second, the provision for credit losses will continue to be driven by changes in economic forecast and credit performance of the portfolio.

其次，信貸損失準備金將繼續受到經濟預測和投資組合信貸表現變化的驅動。

At this time, we expect the provision for 2025 to be approximately $12 million to $14 million.

目前，我們預計 2025 年的撥款約為 1,200 萬至 1,400 萬美元。

Third, 2024, net non-interest income totaled $84.5 million when excluding the [$3.4 million] gain on sale of MSRs and $225,000 BOLI death benefits.

第三，到 2024 年，扣除 MSR 出售收益 [340 萬美元] 和 225,000 美元 BOLI 死亡撫卹金後，淨非利息收入總計 8,450 萬美元。

For 2025, we expect non-interest income growth of approximately 4% to 6% off of the $84.5 million base.

到 2025 年，我們預計非利息收入將在 8,450 萬美元的基礎上成長約 4% 至 6%。

Fourth, we reported non-interest expense of $198 million for 2024.

第四，我們報告 2024 年的非利息支出為 1.98 億美元。

For 2025, we expect growth of approximately 4% to 5%.

到 2025 年，我們預計成長率約為 4% 至 5%。

Lastly, as it relates to income taxes, we expect our effective tax rate to be approximately 20% to 20.5% based on current statutory rates.

最後，就所得稅而言，我們預計根據當前法定稅率，我們的有效稅率約為 20% 至 20.5%。

That concludes my prepared remarks.

我的準備好的發言到此結束。

We will be happy to answer any questions.

我們將很樂意回答您的任何問題。

Karli, would you please begin the question-and-answer session?

Karli，您可以開始問答環節嗎？

(Operator Instructions)

（操作員指令）

Emily Lee, KBW.

艾米麗李 (Emily Lee)，KBW。

Hi.

你好。

I'm on for Tim Switzer today.

今天我代替 Tim Switzer 發言。

Thank you for taking my question.

感謝您回答我的問題。

I wanted to ask what are the factors driving your 2025 guide and what you think can drive it up or down in either direction.

我想問一下，哪些因素影響了您的 2025 年指南，以及您認為哪些因素可能導致其上漲或下跌。

This is Brian.

這是布萊恩。

I'll take that one.

我要那個。

The guide really is based on everything we're seeing in the current environment and our strategic priorities and focus that's really where we think things will land.

該指南實際上是基於我們在當前環境中看到的一切以及我們的策略重點和重點，這正是我們認為事情將會發展到的程度。

And any time guidance is provided, of course, there we pick the middle of the road of where we expect things to go.

當然，任何時候提供指導時，我們都會選擇我們期望事情發展的中間路線。

And that's why I provide ranges in accordance with that.

這就是我根據此提供範圍的原因。

So I mean, you can pick any number of possible variables that could present potential upside or downside, both macro or micro related.

所以我的意思是，你可以選擇任意數量的可能變量，這些變量可能會帶來潛在的上升或下降，無論是宏觀還是微觀相關的。

But I think there's kind of that's an infinite number of answers in all honesty.

但我認為坦白地說，這個問題的答案是無數的。

Okay.

好的。

Thank you.

謝謝。

And another question is, it might be a little early for this, but with the changes in administration occurring, there's a lot of different puts and takes on the macro outlook and the impact of tariffs and more rates will go.

另一個問題是，現在可能有點早，但隨著政府的變化，人們對宏觀前景有很多不​​同的看法，關稅和更多利率的影響也將發生變化。

Are you seeing that result in any caution from some of your C&I borrowers at all or where maybe the other direction, certain industries where they're a little bit more bullish as it's impacted like your loan pipeline in any way?

您是否看到這導致您的部分 C&I 借款人對此持謹慎態度，或者可能出現相反的情況，即某些行業的借款人對此更為樂觀，因為這會對您的貸款管道產生一定影響？

Yeah, Emily, this is Jeff.

是的，艾米麗，這是傑夫。

I would say that overall, there's a lot of optimism heading into 2025 from our customer base.

我想說，整體而言，我們的客戶群對 2025 年抱持著非常樂觀的態度。

As we all know, based on history, a lot of this will be shaken out over the next few months as far as tariffs, what products, what countries, amount, et cetera.

眾所周知，根據歷史經驗，未來幾個月內，關稅、產品、國家、金額等諸多問題都會得到解決。

But given more regulatory, friendly environment that everybody is anticipating probably heated up environment as there's more appetite for that.

但考慮到每個人都期待的更多監管和友善環境，由於人們對此的興趣越來越大，環境可能會變得更加激烈。

We are customer base overall is pretty exciting.

我們的客戶群整體來說非常令人興奮。

We don't have a lot of customers that deal internationally necessarily.

我們並沒有很多必須進行國際交易的客戶。

So it's a little muted with our customer base.

因此，對於我們的客戶群來說，它有點沉默。

But overall, I would say that the optimism is there for what could be a solid 2025.

但整體而言，我認為 2025 年的經濟狀況會比較樂觀。

Great.

偉大的。

Thank you.

謝謝。

I have one more question.

我還有一個問題。

This quarter deposits decreased 6% quarter-over-quarter in Q4, although non-interest-bearing deposits increased 27%.

本季存款季減 6%，但無息存款增加了 27%。

Can you expand a little bit on the drivers of what we saw in deposit trends in Q4?

您能否稍微闡述一下我們在第四季存款趨勢中看到的驅動因素？

Sure.

當然。

This is Brian.

這是布萊恩。

I'll take that one.

我要那個。

Again, we saw a decrease between brokered deposits and public funds are approximately $200 million in the quarter, that's the seasonal outflow and just our intentional management of the broker deposit book was a combination of those two items there.

再次，我們發現本季經紀存款和公共資金之間的減少量約為 2 億美元，這是季節性流出，我們對經紀存款帳簿的有意管理只是這兩項的結合。

We did see growth commercial and consumer deposits across a wide population there, it wasn't one or two specific deposits that drove it.

我們確實看到那裡廣大民眾的商業和消費者存款有所增長，這並不是一兩筆特定的存款所推動的。

But we did see growth of $104 million during the quarter.

但我們確實看到本季成長了 1.04 億美元。

So that's kind of what we saw occurring there.

這就是我們所看到的在那裡發生的情況。

And I guess the next question logically would be what we would expect to occur going forward.

我想，從邏輯上講，下一個問題就是我們期望未來會發生什麼。

There is continued seasonal outflow to be expected on the public funds book anywhere from $50 million to $100 million per month.

預計公共資金帳簿將繼續出現季節性流出，每月流出金額在 5,000 萬美元至 1 億美元之間。

So we would expect that continues to kind of wind down throughout the first quarter.

因此，我們預計這種趨勢將在第一季持續減弱。

And as we've said in the past, you hit your annual trough occurs at the end of the second quarter every year, then tax collections in the third quarter brings you back up to the high point.

正如我們過去所說的那樣，每年第二季末都會達到年度低谷，而第三季的稅收會將稅收帶回高點。

Great.

偉大的。

Thank you.

謝謝。

That's all for me.

對我來說這就是全部了。

Thank you very much.

非常感謝。

(Operator Instructions)

（操作員指令）

Frank Schiraldi, Piper Sandler.

法蘭克希拉爾迪、派柏桑德勒。

Morning.

早晨。

The loan growth assumptions, the 3% to 5% growth in 2025, it seems like most people have talked to in the industry are expecting or maybe hopeful that loan growth will pick up more in the second half of the year as maybe we get a better sense of where the new administration's policy sort of shake out.

貸款成長假設是，2025 年成長 3% 至 5%，似乎業內大多數人都預期或希望貸款成長將在今年下半年進一步回升，因為也許我們可以更好地了解新政府的政策將如何發揮作用。

So just curious if that 3% to 5% is that -- does that also assume some pickup in the back half of the year?

所以我很好奇，這個 3% 到 5% 是否也意味著今年下半年會回升？

Is that more, I guess, back loaded for 2025?

我猜，這是否意味著 2025 年的負擔更重了？

Yeah, Frank, to some degree, I mean, there's the second and the fourth quarters historically, all these are stronger quarters from a loan growth perspective.

是的，弗蘭克，在某種程度上，從歷史上看，第二季度和第四季度，從貸款成長的角度來看都是更強勁的季度。

It's given the 3% to 5%, it's not that dramatically different quarter-to-quarter, and we are getting off to a decent start in the first quarter here.

鑑於 3% 到 5% 的增幅，季度間差異並不大，而且我們在第一季已經有了一個不錯的開端。

I wouldn't necessarily say that there could be the macro impact of that due to what the administration may or may not do.

我不會說這必然會產生宏觀影響，因為政府可能會做或不會做。

For us, and from our perspective, we've always been able to source it.

對我們來說，從我們的角度來看，我們一直能夠找到它。

It is us managing the growth of the loan book now with our deposit growth to maintain our loan-to-deposit ratio and ultimately start to push down our loan to deposit ratio.

我們現在透過存款成長來管理貸款成長，以維持我們的貸款與存款比率，並最終開始降低我們的貸款與存款比率。

Yeah, and then just on the an interest income guidance -- Brian, you mentioned the pretty neutral, I guess at this point.

是的，然後僅就利息收入指引而言 - 布萊恩，我猜你提到了相當中立。

So rate cuts don't matter too much for expectations, I would assume a steeper yield curve is better.

因此，降息對預期影響不大，我認為殖利率曲線越陡峭越好。

I'm just curious if the yield curve, there's been a lot of movement in the longer end.

我只是好奇殖利率曲線的長期是否出現了很大的變化。

Are you -- would you say if we get rates staying at the longer end where they are currently there could be some upside to that?

您是否認為，如果我們將利率維持在目前的長期水平，可能會有一些上行空間？

Or is that sort of the higher end of your guidance 7%?

或者這是您預期的 7% 的上限嗎？

Just trying to get a little more color on the potential drivers to maybe outperform there.

只是想對潛在的驅動因素有更多的了解，以便可能在那裡表現出色。

Sure.

當然。

Frank, this is Brian.

弗蘭克，這是布萊恩。

So of course, the steepening of a continued steepening of the curve would benefit us as well as a majority of the financial institutions.

因此，曲線持續陡化當然會讓我們以及大多數金融機構受益。

So I think that would be a fair assessment, and that is not in any way kind of baked into the 5% to 7% guide, the 5% to 7% guide is simply just modest expansion.

所以我認為這是一個公平的評估，而且這絕不是被納入 5% 到 7% 的指導方針中，5% 到 7% 的指導方針只是適度的擴張。

And really, if you think about what happened to nimble on a quarterly reported basis throughout '24 where we ended if that just even helped steady you have inherent expansion year-over-year just because of the low points that we started with in 2024.

實際上，如果您想想整個 24 年間在季度報告中敏捷發生的情況，如果這僅僅有助於穩定局面，那麼您就會實現同比增長，這僅僅是因為我們在 2024 年開始時處於低點。

So you have couple of basis points of NIM expansion that gives you a couple of spend on potential NII lift.

因此，您有幾個 NIM 擴展基點，這會為您帶來一些潛在的 NII 提升支出。

And then when you think about the 3% to 5% loan growth that provides the other component of what's been into our guide currently.

然後，當您考慮 3% 到 5% 的貸款成長時，這構成了我們目前指南中的另一個組成部分。

But of course, again, steepening yield curve could have further implications.

但當然，殖利率曲線趨陡可能會產生進一步的影響。

Okay.

好的。

So just lastly on the buyback.

最後談回購。

You got any color there in terms of should we anticipate maybe more consistent buybacks at sort of these levels?

您能告訴我們，我們是否應該預期在這種水準上會出現更持續的回購嗎？

Would you say you continue to be or would you say continue to be more opportunistic on that front?

您會說您會繼續這樣做，或者您會說會繼續在這方面更具機會主義？

Yeah.

是的。

No, I would think -- what we've said previously, again, this is Brian.

不，我想──我們之前已經說過了，這是布萊恩。

What we said previously and we continue to operate with is our goal really is to excess capital that is generated on the buybacks.

我們之前說過並且會繼續堅持的目標是，實現回購產生的資本過剩。

So we're not looking to grow regulatory capital just for the sake of growth.

因此，我們並不是只為了成長而增加監管資本。

So therefore, we that's kind of the guardrails that we're managing with.

因此，這就是我們所管理的護欄。

But we will, from certain times when valuations that may be dislocated, we are a little bit more opportunistic with an all in goal of, on a quarterly basis, kind of buying at a level that, that doesn't result in significant growth of our regulatory capital.

但是，在估值可能出現混亂的某些時候，我們會採取更投機的方式，以季度為基礎，以不會導致監管資本大幅增長的水平進行購買。

Got it.

知道了。

Okay, I appreciate the color.

好的，我很欣賞這個顏色。

Thank you.

謝謝。

Thanks Frank.

謝謝弗蘭克。

Thanks Frank.

謝謝弗蘭克。

Thank you very much.

非常感謝。

We currently have no further questions.

目前我們沒有其他問題。

So I'd like to hand back to Jeff Schweitzer for any closing remarks.

因此我想將最後的發言交還給傑夫‧施魏策爾 (Jeff Schweitzer)。

Thank you, Karli, and I'd like to thank everybody for listening in today.

謝謝你，卡莉，我也要感謝大家今天的收聽。

As I said earlier, we're excited about the year we had in 2024 and the momentum we have heading into 2025, and we look forward to talking to everybody at the end of the first quarter.

正如我之前所說，我們對 2024 年的成績以及邁向 2025 年的勢頭感到興奮，我們期待在第一季末與大家交談。

Have a great day.

祝你有美好的一天。

As we conclude today's call, we'd like to thank everyone for joining.

在今天的電話會議結束時，我們想感謝大家的加入。

You may now disconnect your lines.

現在您可以斷開線路了。