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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q | | | | | |
☒ | Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
For the quarterly period ended September 30, 2024
or | | | | | |
☐ | Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
For the transition period from __________ to __________
Commission File Number: 0-7617
UNIVEST FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter) | | | | | | | | |
Pennsylvania | | 23-1886144 |
(State or other jurisdiction of incorporation or organization) | | (IRS Employer Identification No.) |
14 North Main Street, Souderton, Pennsylvania 18964
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (215) 721-2400
Not applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act: | | | | | | | | |
Title of class | Trading symbol | Name of exchange on which registered |
Common Stock, $5 par value | UVSP | The NASDAQ Stock Market |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
| | | | | | | | | | | |
Large accelerated filer | ☐ | Accelerated filer | ☒ |
Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
| | Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ☐ |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
| | | | | | | | |
Common Stock, $5 par value | | 29,042,929 |
(Title of Class) | | (Number of shares outstanding at October 28, 2024) |
UNIVEST FINANCIAL CORPORATION AND SUBSIDIARIES
INDEX
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| | Page Number |
Part I. | | |
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| Item 1. | | |
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| Item 2. | | |
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| Item 3. | | |
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| Item 4. | | |
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Part II. | | |
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| Item 1. | | |
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| Item 1A. | | |
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| Item 2. | | |
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| Item 3. | | |
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| Item 4. | | |
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| Item 5. | | |
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| Item 6. | | |
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PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
UNIVEST FINANCIAL CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS | | | | | | | | | | | |
| (Unaudited) | | |
(Dollars in thousands, except share data) | At September 30, 2024 | | At December 31, 2023 |
ASSETS | |
Cash and due from banks | $ | 78,346 | | | $ | 72,815 | |
Interest-earning deposits with other banks | 426,354 | | | 176,984 | |
Cash and cash equivalents | 504,700 | | | 249,799 | |
| | | |
Investment securities held-to-maturity (fair value $123,103 and $128,277 at September 30, 2024 and December 31, 2023, respectively) | 137,681 | | | 145,777 | |
Investment securities available-for-sale (amortized cost $389,342 and $395,727, net of allowance for credit losses of $642 and $731 at September 30, 2024 and December 31, 2023, respectively) | 354,100 | | | 351,553 | |
Investments in equity securities | 2,406 | | | 3,293 | |
Federal Home Loan Bank, Federal Reserve Bank and other stock, at cost | 40,235 | | | 40,499 | |
Loans held for sale | 17,131 | | | 11,637 | |
Loans and leases held for investment | 6,730,734 | | | 6,567,214 | |
Less: Allowance for credit losses, loans and leases | (86,041) | | | (85,387) | |
Net loans and leases held for investment | 6,644,693 | | | 6,481,827 | |
Premises and equipment, net | 47,411 | | | 51,441 | |
Operating lease right-of-use assets | 29,260 | | | 31,795 | |
Goodwill | 175,510 | | | 175,510 | |
Other intangibles, net of accumulated amortization | 7,158 | | | 10,950 | |
Bank owned life insurance | 138,744 | | | 131,344 | |
Accrued interest receivable and other assets | 106,708 | | | 95,203 | |
Total assets | $ | 8,205,737 | | | $ | 7,780,628 | |
LIABILITIES | | | |
Noninterest-bearing deposits | $ | 1,323,953 | | | $ | 1,468,320 | |
Interest-bearing deposits | 5,530,195 | | | 4,907,461 | |
Total deposits | 6,854,148 | | | 6,375,781 | |
Short-term borrowings | 8,256 | | | 6,306 | |
Long-term debt | 225,000 | | | 310,000 | |
Subordinated notes | 149,136 | | | 148,761 | |
Operating lease liabilities | 32,246 | | | 34,851 | |
Accrued interest payable and other liabilities | 59,880 | | | 65,721 | |
Total liabilities | 7,328,666 | | | 6,941,420 | |
SHAREHOLDERS’ EQUITY | | | |
Common stock, $5 par value: 48,000,000 shares authorized at September 30, 2024 and December 31, 2023; 31,556,799 shares issued at September 30, 2024 and December 31, 2023; 29,081,108 and 29,511,721 shares outstanding at September 30, 2024 and December 31, 2023, respectively | 157,784 | | | 157,784 | |
Additional paid-in capital | 301,262 | | | 301,066 | |
Retained earnings | 512,938 | | | 474,691 | |
Accumulated other comprehensive loss, net of tax benefit | (41,623) | | | (50,646) | |
Treasury stock, at cost; 2,475,691 and 2,045,078 shares at September 30, 2024 and December 31, 2023, respectively | (53,290) | | | (43,687) | |
Total shareholders’ equity | 877,071 | | | 839,208 | |
Total liabilities and shareholders’ equity | $ | 8,205,737 | | | $ | 7,780,628 | |
Note: See accompanying notes to the unaudited condensed consolidated financial statements.
UNIVEST FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Nine Months Ended |
| September 30, | | September 30, |
(Dollars in thousands, except per share data) | 2024 | | 2023 | | 2024 | | 2023 |
Interest income | |
Interest and fees on loans and leases | $ | 98,359 | | | $ | 90,974 | | | $ | 285,252 | | | $ | 254,949 | |
Interest and dividends on investment securities: | | | | | | | |
Taxable | 3,706 | | | 3,540 | | | 11,094 | | | 10,547 | |
Exempt from federal income taxes | 7 | | | 15 | | | 26 | | | 44 | |
Interest on deposits with other banks | 3,624 | | | 1,865 | | | 6,341 | | | 2,856 | |
Interest and dividends on other earning assets | 742 | | | 712 | | | 2,166 | | | 2,102 | |
Total interest income | 106,438 | | | 97,106 | | | 304,879 | | | 270,498 | |
Interest expense | | | | | | | |
Interest on deposits | 48,170 | | | 37,082 | | | 133,648 | | | 82,885 | |
Interest on short-term borrowings | 1 | | | 1,117 | | | 248 | | | 7,094 | |
Interest on long-term debt and subordinated notes | 5,063 | | | 5,317 | | | 15,285 | | | 13,282 | |
Total interest expense | 53,234 | | | 43,516 | | | 149,181 | | | 103,261 | |
Net interest income | 53,204 | | | 53,590 | | | 155,698 | | | 167,237 | |
Provision for credit losses | 1,414 | | | 2,024 | | | 3,553 | | | 8,839 | |
Net interest income after provision for credit losses | 51,790 | | | 51,566 | | | 152,145 | | | 158,398 | |
Noninterest income | | | | | | | |
Trust fee income | 2,110 | | | 1,910 | | | 6,226 | | | 5,789 | |
Service charges on deposit accounts | 2,037 | | | 1,816 | | | 5,890 | | | 5,088 | |
Investment advisory commission and fee income | 5,319 | | | 4,843 | | | 15,751 | | | 14,303 | |
Insurance commission and fee income | 5,238 | | | 4,852 | | | 17,606 | | | 16,447 | |
Other service fee income | 1,815 | | | 3,020 | | | 11,274 | | | 9,414 | |
Bank owned life insurance income | 921 | | | 806 | | | 2,849 | | | 2,362 | |
Net gain on sales of investment securities | 18 | | | — | | | 18 | | | — | |
Net gain on mortgage banking activities | 1,296 | | | 1,216 | | | 3,945 | | | 2,880 | |
Other income | 1,396 | | | 228 | | | 3,166 | | | 1,921 | |
Total noninterest income | 20,150 | | | 18,691 | | | 66,725 | | | 58,204 | |
Noninterest expense | | | | | | | |
Salaries, benefits and commissions | 30,702 | | | 29,978 | | | 92,227 | | | 90,867 | |
Net occupancy | 2,723 | | | 2,594 | | | 8,274 | | | 7,935 | |
Equipment | 1,107 | | | 1,087 | | | 3,306 | | | 3,066 | |
Data processing | 4,154 | | | 4,189 | | | 12,810 | | | 12,355 | |
Professional fees | 1,579 | | | 1,763 | | | 4,733 | | | 5,373 | |
Marketing and advertising | 490 | | | 555 | | | 1,621 | | | 1,548 | |
Deposit insurance premiums | 1,097 | | | 1,258 | | | 3,330 | | | 3,475 | |
Intangible expenses | 164 | | | 220 | | | 539 | | | 726 | |
| | | | | | | |
| | | | | | | |
Restructuring charges | — | | | — | | | — | | | 1,330 | |
Other expense | 6,536 | | | 7,344 | | | 20,494 | | | 21,641 | |
Total noninterest expense | 48,552 | | | 48,988 | | | 147,334 | | | 148,316 | |
Income before income taxes | 23,388 | | | 21,269 | | | 71,536 | | | 68,286 | |
Income tax expense | 4,810 | | | 4,253 | | | 14,546 | | | 13,436 | |
Net income | $ | 18,578 | | | $ | 17,016 | | | $ | 56,990 | | | $ | 54,850 | |
Net income per share: | | | | | | | |
Basic | $ | 0.64 | | | $ | 0.58 | | | $ | 1.95 | | | $ | 1.86 | |
Diluted | 0.63 | | | 0.58 | | | 1.94 | | | 1.86 | |
Note: See accompanying notes to the unaudited condensed consolidated financial statements.
UNIVEST FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, |
(Dollars in thousands) | 2024 | | 2023 |
Before Tax Amount | | Tax Expense (Benefit) | | Net of Tax Amount | | Before Tax Amount | | Tax Expense (Benefit) | | Net of Tax Amount |
Income | $ | 23,388 | | | $ | 4,810 | | | $ | 18,578 | | | $ | 21,269 | | | $ | 4,253 | | | $ | 17,016 | |
Other comprehensive income (loss): | | | | | | | | | | | |
Net unrealized gains (losses) on available-for-sale investment securities: | | | | | | | | | | | |
Net unrealized holding gains (losses) arising during the period | 11,791 | | | 2,476 | | | 9,315 | | | (12,622) | | | (2,651) | | | (9,971) | |
Reversal of provision for credit losses | (139) | | | (29) | | | (110) | | | — | | | — | | | — | |
Less: reclassification adjustment for net gains on sales realized in net income | (18) | | | (4) | | | (14) | | | — | | | — | | | — | |
| | | | | | | | | | | |
Total net unrealized gains (losses) on available-for-sale investment securities | 11,634 | | | 2,443 | | | 9,191 | | | (12,622) | | | (2,651) | | | (9,971) | |
Net unrealized gains (losses) on interest rate swaps used in cash flow hedges: | | | | | | | | | | | |
Net unrealized holding gains (losses) arising during the period | 3,098 | | | 650 | | | 2,448 | | | (2,541) | | | (534) | | | (2,007) | |
Less: reclassification adjustment for net losses realized in net income | 575 | | | 121 | | | 454 | | | 1,558 | | | 327 | | | 1,231 | |
Reclassification adjustment recorded in earnings (1) | 370 | | | 78 | | | 292 | | | — | | | — | | | — | |
Total net unrealized gains (losses) on interest rate swaps used in cash flow hedges | 4,043 | | | 849 | | | 3,194 | | | (983) | | | (207) | | | (776) | |
Defined benefit pension plans: | | | | | | | | | | | |
| | | | | | | | | | | |
Amortization of net actuarial gains included in net periodic pension costs (2) | 147 | | | 31 | | | 116 | | | 247 | | | 52 | | | 195 | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
Total defined benefit pension plans | 147 | | | 31 | | | 116 | | | 247 | | | 52 | | | 195 | |
Other comprehensive income (loss) | 15,824 | | | 3,323 | | | 12,501 | | | (13,358) | | | (2,806) | | | (10,552) | |
Total comprehensive income | $ | 39,212 | | | $ | 8,133 | | | $ | 31,079 | | | $ | 7,911 | | | $ | 1,447 | | | $ | 6,464 | |
(1) Represents reclassification to earnings as a reduction to interest income of amounts included in accumulated other comprehensive income on the condensed consolidated balance sheet related to the interest rate swap terminated on August 2, 2024.
(2) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost (before tax amount). See Note 8, "Retirement Plans and Other Postretirement Benefits" for additional details.
Note: See accompanying notes to the unaudited condensed consolidated financial statements.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Nine Months Ended September 30, |
(Dollars in thousands) | 2024 | | 2023 |
Before Tax Amount | | Tax Expense (Benefit) | | Net of Tax Amount | | Before Tax Amount | | Tax Expense (Benefit) | | Net of Tax Amount |
Income | $ | 71,536 | | | $ | 14,546 | | | $ | 56,990 | | | $ | 68,286 | | | $ | 13,436 | | | $ | 54,850 | |
Other comprehensive income (loss): | | | | | | | | | | | |
Net unrealized gains (losses) on available-for-sale investment securities: | | | | | | | | | | | |
Net unrealized holding gains (losses) arising during the period | 8,950 | | | 1,880 | | | 7,070 | | | (10,411) | | | (2,186) | | | (8,225) | |
(Reversal of provision) provision for credit losses | (89) | | | (19) | | | (70) | | | 397 | | | 83 | | | 314 | |
Less: reclassification adjustment for net gains on sales realized in net income | (18) | | | (4) | | | (14) | | | — | | | — | | | — | |
| | | | | | | | | | | |
Total net unrealized gains (losses) on available-for-sale investment securities | 8,843 | | | 1,857 | | | 6,986 | | | (10,014) | | | (2,103) | | | (7,911) | |
Net unrealized gains (losses) on interest rate swaps used in cash flow hedges: | | | | | | | | | | | |
Net unrealized holding losses arising during the period | (1,979) | | | (416) | | | (1,563) | | | (6,716) | | | (1,411) | | | (5,305) | |
Less: reclassification adjustment for net losses realized in net income | 3,747 | | | 787 | | | 2,960 | | | 3,989 | | | 838 | | | 3,151 | |
Reclassification adjustment recorded in earnings (1) | 370 | | | 78 | | | 292 | | | — | | | — | | | — | |
Total net unrealized gains (losses) on interest rate swaps used in cash flow hedges | 2,138 | | | 449 | | | 1,689 | | | (2,727) | | | (573) | | | (2,154) | |
Defined benefit pension plans: | | | | | | | | | | | |
| | | | | | | | | | | |
Amortization of net actuarial gains included in net periodic pension costs (2) | 441 | | | 93 | | | 348 | | | 739 | | | 156 | | | 583 | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
Total defined benefit pension plans | 441 | | | 93 | | | 348 | | | 739 | | | 156 | | | 583 | |
Other comprehensive income (loss) | 11,422 | | | 2,399 | | | 9,023 | | | (12,002) | | | (2,520) | | | (9,482) | |
Total comprehensive income | $ | 82,958 | | | $ | 16,945 | | | $ | 66,013 | | | $ | 56,284 | | | $ | 10,916 | | | $ | 45,368 | |
| | | | | | | | | | | |
| | | | | | | | | | | |
(1) Represents reclassification to earnings as a reduction to interest income of amounts included in accumulated other comprehensive income on the condensed consolidated balance sheet related to the interest rate swap terminated on August 2, 2024.
(2) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost (before tax amount). See Note 8, "Retirement Plans and Other Postretirement Benefits" for additional details.
Note: See accompanying notes to the unaudited condensed consolidated financial statements.
UNIVEST FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(Dollars in thousands, except per share data) | Common Shares Outstanding | | Common Stock | | Additional Paid-in Capital | | Retained Earnings | | Accumulated Other Comprehensive Loss | | Treasury Stock | | Total |
Three Months Ended September 30, 2024 | | | | | | | | | | | | | |
Balance at June 30, 2024 | 29,190,640 | | | $ | 157,784 | | | $ | 300,166 | | | $ | 500,482 | | | $ | (54,124) | | | $ | (50,171) | | | $ | 854,137 | |
Net income | — | | | — | | | — | | | 18,578 | | | — | | | — | | | 18,578 | |
Other comprehensive income, net of income tax | — | | | — | | | — | | | — | | | 12,501 | | | — | | | 12,501 | |
Cash dividends declared ($0.21 per share) | — | | | — | | | — | | | (6,122) | | | — | | | — | | | (6,122) | |
Stock-based compensation | — | | | — | | | 1,078 | | | — | | | — | | | — | | | 1,078 | |
Stock issued under dividend reinvestment and employee stock purchase plans | 21,906 | | | — | | | 57 | | | — | | | — | | | 530 | | | 587 | |
Vesting of restricted stock units, net of shares withheld to cover taxes | 238 | | | — | | | (7) | | | — | | | — | | | 5 | | | (2) | |
| | | | | | | | | | | | | |
Exercise of stock options | 25,052 | | | — | | | (32) | | | — | | | — | | | 536 | | | 504 | |
| | | | | | | | | | | | | |
Purchases of treasury stock | (156,728) | | | — | | | — | | | — | | | — | | | (4,190) | | | (4,190) | |
Balance at September 30, 2024 | 29,081,108 | | | $ | 157,784 | | | $ | 301,262 | | | $ | 512,938 | | | $ | (41,623) | | | $ | (53,290) | | | $ | 877,071 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(Dollars in thousands, except per share data) | Common Shares Outstanding | | Common Stock | | Additional Paid-in Capital | | Retained Earnings | | Accumulated Other Comprehensive Loss | | Treasury Stock | | Total |
Three Months Ended September 30, 2023 | | | | | | | | | | | | | |
Balance at June 30, 2023 | 29,471,124 | | | $ | 157,784 | | | $ | 299,212 | | | $ | 453,806 | | | $ | (61,034) | | | $ | (44,546) | | | $ | 805,222 | |
Net income | — | | | — | | | — | | | 17,016 | | | — | | | — | | | 17,016 | |
Other comprehensive loss, net of income tax benefit | — | | | — | | | — | | | — | | | (10,552) | | | — | | | (10,552) | |
Cash dividends declared ($0.21 per share) | — | | | — | | | — | | | (6,190) | | | — | | | — | | | (6,190) | |
Stock-based compensation | — | | | — | | | 1,031 | | | 2 | | | — | | | — | | | 1,033 | |
Stock issued under dividend reinvestment and employee stock purchase plans | 36,766 | | | — | | | (65) | | | — | | | — | | | 735 | | | 670 | |
Vesting of restricted stock units, net of shares withheld to cover taxes | 238 | | | — | | | (7) | | | — | | | — | | | 6 | | | (1) | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Balance at September 30, 2023 | 29,508,128 | | | $ | 157,784 | | | $ | 300,171 | | | $ | 464,634 | | | $ | (71,586) | | | $ | (43,805) | | | $ | 807,198 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(Dollars in thousands, except per share data) | Common Shares Outstanding | | Common Stock | | Additional Paid-in Capital | | Retained Earnings | | Accumulated Other Comprehensive Loss | | Treasury Stock | | Total |
Nine Months Ended September 30, 2024 | | | | | | | | | | | | | |
Balance at December 31, 2023 | 29,511,721 | | | $ | 157,784 | | | $ | 301,066 | | | $ | 474,691 | | | $ | (50,646) | | | $ | (43,687) | | | $ | 839,208 | |
Net income | — | | | — | | | — | | | 56,990 | | | — | | | — | | | 56,990 | |
Other comprehensive income, net of income tax | — | | | — | | | — | | | — | | | 9,023 | | | — | | | 9,023 | |
Cash dividends declared ($0.63 per share) | — | | | — | | | — | | | (18,454) | | | — | | | — | | | (18,454) | |
Stock-based compensation | — | | | — | | | 3,426 | | | (289) | | | — | | | — | | | 3,137 | |
Stock issued under dividend reinvestment and employee stock purchase plans | 81,133 | | | — | | | 69 | | | — | | | — | | | 1,786 | | | 1,855 | |
Vesting of restricted stock units, net of shares withheld to cover taxes | 107,615 | | | — | | | (3,219) | | | — | | | — | | | 2,360 | | | (859) | |
| | | | | | | | | | | | | |
Exercise of stock options | 44,840 | | | — | | | (80) | | | — | | | — | | | 957 | | | 877 | |
| | | | | | | | | | | | | |
Purchases of treasury stock | (664,201) | | | — | | | — | | | — | | | — | | | (14,706) | | | (14,706) | |
Balance at September 30, 2024 | 29,081,108 | | | $ | 157,784 | | | $ | 301,262 | | | $ | 512,938 | | | $ | (41,623) | | | $ | (53,290) | | | $ | 877,071 | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(Dollars in thousands, except per share data) | Common Shares Outstanding | | Common Stock | | Additional Paid-in Capital | | Retained Earnings | | Accumulated Other Comprehensive (Loss) Income | | Treasury Stock | | Total |
Nine Months Ended September 30, 2023 | | | | | | | | | | | | | |
Balance at December 31, 2022 | 29,271,915 | | | $ | 157,784 | | | $ | 300,808 | | | $ | 428,637 | | | $ | (62,104) | | | $ | (48,625) | | | $ | 776,500 | |
Net income | — | | | — | | | — | | | 54,850 | | | — | | | — | | | 54,850 | |
Other comprehensive loss, net of income tax benefit | — | | | — | | | — | | | — | | | (9,482) | | | — | | | (9,482) | |
Cash dividends declared ($0.63 per share) | — | | | — | | | — | | | (18,521) | | | — | | | — | | | (18,521) | |
Stock-based compensation | — | | | — | | | 3,322 | | | (332) | | | — | | | — | | | 2,990 | |
Stock issued under dividend reinvestment and employee stock purchase plans | 98,402 | | | — | | | (84) | | | — | | | — | | | 2,063 | | | 1,979 | |
Vesting of restricted stock units, net of shares withheld to cover taxes | 131,601 | | | — | | | (3,857) | | | — | | | — | | | 2,625 | | | (1,232) | |
| | | | | | | | | | | | | |
Exercise of stock options | 6,210 | | | — | | | (18) | | | — | | | — | | | 132 | | | 114 | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Balance at September 30, 2023 | 29,508,128 | | | $ | 157,784 | | | $ | 300,171 | | | $ | 464,634 | | | $ | (71,586) | | | $ | (43,805) | | | $ | 807,198 | |
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Note: See accompanying notes to the unaudited condensed consolidated financial statements.
UNIVEST FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited) | | | | | | | | | | | |
| Nine Months Ended September 30, |
(Dollars in thousands) | 2024 | | 2023 |
Cash flows from operating activities: | | | |
Net income | $ | 56,990 | | | $ | 54,850 | |
Adjustments to reconcile net income to net cash provided by operating activities: | | | |
Provision for credit losses | 3,553 | | | 8,839 | |
Depreciation of premises and equipment | 4,096 | | | 3,752 | |
Net amortization of investment securities premiums and discounts | 794 | | | 873 | |
Amortization, fair market value adjustments and capitalization of servicing rights | 3,290 | | | (350) | |
Net gain on sales of investment securities | (18) | | | — | |
Net gain on mortgage banking activities | (3,945) | | | (2,880) | |
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Bank owned life insurance income | (2,849) | | | (2,362) | |
Stock-based compensation | 3,414 | | | 3,229 | |
Intangible expenses | 539 | | | 726 | |
Other adjustments to reconcile net income to cash used in operating activities | (1,881) | | | (1,105) | |
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Originations of loans held for sale | (235,166) | | | (165,076) | |
Proceeds from the sale of loans held for sale | 234,788 | | | 162,728 | |
Contributions to pension and other postretirement benefit plans | (187) | | | (186) | |
Increase in accrued interest receivable and other assets | (14,980) | | | (8,200) | |
(Decrease) increase in accrued interest payable and other liabilities | (1,376) | | | 7,029 | |
Net cash provided by operating activities | 47,062 | | | 61,867 | |
Cash flows from investing activities: | | | |
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Proceeds from sale of premises and equipment | 2,450 | | | 1,032 | |
Purchases of premises and equipment | (2,467) | | | (5,220) | |
Proceeds from maturities, calls and principal repayments of securities held-to-maturity | 10,462 | | | 11,225 | |
Proceeds from maturities, calls and principal repayments of securities available-for-sale | 43,146 | | | 24,052 | |
Proceeds from sales of securities available-for-sale | 505 | | | — | |
Purchases of investment securities held-to-maturity | (2,640) | | | (6,253) | |
Purchases of investment securities available-for-sale | (37,794) | | | (19,348) | |
Proceeds from sales of equity securities | 3,437 | | | 252 | |
Purchases of money market mutual funds | (2,482) | | | (1,845) | |
Net decrease (increase) in other investments | 264 | | | (8,576) | |
Proceeds from sale of loans originally held-for-investment | — | | | 19,631 | |
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Net increase in loans and leases | (165,648) | | | (481,200) | |
Proceeds from sales of foreclosed / repossessed assets | 68 | | | 260 | |
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Purchases of bank owned life insurance | (5,710) | | | (7,862) | |
Proceeds from bank owned life insurance | 1,159 | | | — | |
Net cash used in investing activities | (155,250) | | | (473,852) | |
Cash flows from financing activities: | | | |
Net increase in deposits | 478,350 | | | 525,619 | |
Net increase (decrease) in short-term borrowings | 1,950 | | | (182,465) | |
Proceeds from issuance of long-term debt | — | | | 250,000 | |
Repayment of long-term debt | (85,000) | | | (25,000) | |
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Payment of contingent consideration on acquisitions | (635) | | | (635) | |
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Payment for shares withheld to cover taxes on vesting of restricted stock units | (859) | | | (1,232) | |
Purchases of treasury stock | (14,706) | | | — | |
Stock issued under dividend reinvestment and employee stock purchase plans | 1,855 | | | 1,979 | |
Proceeds from exercise of stock options | 877 | | | 114 | |
Cash dividends paid | (18,743) | | | (18,853) | |
Net cash provided by financing activities | 363,089 | | | 549,527 | |
Net decrease in cash and cash equivalents | 254,901 | | | 137,542 | |
Cash and cash equivalents at beginning of year | 249,799 | | | 152,799 | |
Cash and cash equivalents at end of period | $ | 504,700 | | | $ | 290,341 | |
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Supplemental disclosures of cash flow information: | | | |
Cash paid for interest | $ | 140,759 | | | $ | 93,435 | |
Cash paid for income taxes, net of refunds | 15,740 | | | 13,232 | |
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| Nine Months Ended September 30, |
(Dollars in thousands) | 2024 | | 2023 |
Non cash transactions: | | | |
Transfer of loans to other real estate owned | $ | 407 | | | $ | 79 | |
Transfer of leases to repossessed assets | 167 | | | — | |
Transfer of loans to loans held for sale | — | | | 25,646 | |
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Note: See accompanying notes to the unaudited condensed consolidated financial statements.
UNIVEST FINANCIAL CORPORATION AND SUBSIDIARIES
Notes to the Condensed Consolidated Financial Statements (Unaudited)
Note 1. Summary of Significant Accounting Policies
Principles of Consolidation and Basis of Presentation
The accompanying unaudited condensed consolidated financial statements include the accounts of Univest Financial Corporation (the Corporation) and its wholly owned subsidiaries. The Corporation’s direct subsidiary is Univest Bank and Trust Co. (the Bank). All significant intercompany balances and transactions have been eliminated in consolidation. The unaudited condensed consolidated financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the SEC). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) have been condensed or omitted pursuant to the rules and regulations for interim financial information. The accompanying unaudited consolidated financial statements reflect all adjustments, which are of a normal recurring nature and are, in the opinion of management, necessary for a fair presentation of the financial statements for the interim periods presented. Certain prior period amounts have been reclassified to conform to the current period presentation. Operating results for the three and nine-month periods ended September 30, 2024 are not necessarily indicative of the results that may be expected for the year ended December 31, 2024 or for any other period. These unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and the notes thereto included in the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2023, which was filed with the SEC on February 26, 2024.
Use of Estimates
The preparation of the unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant changes include the fair value measurement of investment securities available-for-sale and the determination of the allowance for credit losses.
Earnings per Share
Basic earnings per share represent income available to common shareholders divided by the weighted-average number of common shares outstanding during the period. Diluted earnings per share reflects the potential dilution, using the treasury stock method, that could occur if outstanding options on common shares had been exercised and restricted stock units had vested and the hypothetical repurchases of shares to fund such restricted stock units is less than the average restricted stock units outstanding for the periods presented. Potential common shares that may be issued by the Corporation relate to outstanding stock options and restricted stock units, and are determined using the treasury stock method. The effects of options to issue common stock and unvested restricted stock units are excluded from the