Univest Financial Corporation (NASDAQ:UVSP) Q4 2022 Earnings Call Transcript

Tim Switzer: I got you. Okay. So a little bit of NIM contraction in the next few quarters and then kind of stabilizes, hopefully, with the Fed pausing or something. I think the last question I had for you guys, your guide for $18 million to $20 million on the provision, if you kind of annualize the number you guys had this quarter? It’s a little bit above that. What — like charge-offs and NPAs are still like pretty solid. So what kind of drove the provision this quarter?

Brian Richardson: Yes. So we look at our coverage ratio, you look at specific assets, there’s various things that play in there. And that’s why, I mean, I do — as I indicated, is event-driven. There will be some moving parts that would continue as we navigate forward. But again, we think that $18 million to $20 million range is appropriate —

Tim Switzer: Right. Yes. I mean the loan reserve percentage didn’t really move up all that much. But I just wanted to ask. All right. Thank you.

Brian Richardson: Thank you.

Operator: So we have no further questions at this time. So I’ll hand you back over to Jeff Schweitzer.

Jeff Schweitzer: Thank you, Drew, and thank you, everyone, for listening in on our call today. As I said in my comments, we’re very pleased with our results for 2022. A lot of strong financial performance, a lot of growth and we’re excited about the momentum we carry into ’23 even with pending economic concerns out there. We’re in great markets with great people and really strong customers. So we look forward to a successful 2023 and talking to you at the end of the first quarter. Have a great day.

Operator: That concludes today’s Univest Financial Corporation held fourth quarter 2022 earnings call. You may now disconnect your line.