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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)
Pennsylvania23-1886144
(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 classTrading symbolName of exchange on which registered
Common Stock, $5 par valueUVSPThe 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 value29,042,929
(Title of Class)(Number of shares outstanding at October 28, 2024)


Table of Contents

UNIVEST FINANCIAL CORPORATION AND SUBSIDIARIES
INDEX
 
  Page Number
Part I.
Item 1.
Item 2.
Item 3.
Item 4.
Part II.
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
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, 2024At December 31, 2023
ASSETS
Cash and due from banks$78,346 $72,815 
Interest-earning deposits with other banks426,354 176,984 
Cash and cash equivalents504,700 249,799 
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 cost40,235 40,499 
Loans held for sale17,131 11,637 
Loans and leases held for investment6,730,734 6,567,214 
Less: Allowance for credit losses, loans and leases(86,041)(85,387)
Net loans and leases held for investment6,644,693 6,481,827 
Premises and equipment, net47,411 51,441 
Operating lease right-of-use assets29,260 31,795 
Goodwill175,510 175,510 
Other intangibles, net of accumulated amortization7,158 10,950 
Bank owned life insurance138,744 131,344 
Accrued interest receivable and other assets106,708 95,203 
Total assets$8,205,737 $7,780,628 
LIABILITIES
Noninterest-bearing deposits$1,323,953 $1,468,320 
Interest-bearing deposits5,530,195 4,907,461 
Total deposits6,854,148 6,375,781 
Short-term borrowings8,256 6,306 
Long-term debt225,000 310,000 
Subordinated notes149,136 148,761 
Operating lease liabilities32,246 34,851 
Accrued interest payable and other liabilities59,880 65,721 
Total liabilities7,328,666 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 capital301,262 301,066 
Retained earnings512,938 474,691 
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’ equity877,071 839,208 
Total liabilities and shareholders’ equity$8,205,737 $7,780,628 
Note: See accompanying notes to the unaudited condensed consolidated financial statements.
2
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UNIVEST FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three Months EndedNine Months Ended
 September 30,September 30,
(Dollars in thousands, except per share data)2024202320242023
Interest income
Interest and fees on loans and leases$98,359 $90,974 $285,252 $254,949 
Interest and dividends on investment securities:
Taxable3,706 3,540 11,094 10,547 
Exempt from federal income taxes7 15 26 44 
Interest on deposits with other banks3,624 1,865 6,341 2,856 
Interest and dividends on other earning assets742 712 2,166 2,102 
Total interest income106,438 97,106 304,879 270,498 
Interest expense
Interest on deposits48,170 37,082 133,648 82,885 
Interest on short-term borrowings1 1,117 248 7,094 
Interest on long-term debt and subordinated notes5,063 5,317 15,285 13,282 
Total interest expense53,234 43,516 149,181 103,261 
Net interest income53,204 53,590 155,698 167,237 
Provision for credit losses1,414 2,024 3,553 8,839 
Net interest income after provision for credit losses51,790 51,566 152,145 158,398 
Noninterest income
Trust fee income2,110 1,910 6,226 5,789 
Service charges on deposit accounts2,037 1,816 5,890 5,088 
Investment advisory commission and fee income5,319 4,843 15,751 14,303 
Insurance commission and fee income5,238 4,852 17,606 16,447 
Other service fee income1,815 3,020 11,274 9,414 
Bank owned life insurance income921 806 2,849 2,362 
Net gain on sales of investment securities18 — 18 — 
Net gain on mortgage banking activities1,296 1,216 3,945 2,880 
Other income1,396 228 3,166 1,921 
Total noninterest income20,150 18,691 66,725 58,204 
Noninterest expense
Salaries, benefits and commissions30,702 29,978 92,227 90,867 
Net occupancy2,723 2,594 8,274 7,935 
Equipment1,107 1,087 3,306 3,066 
Data processing4,154 4,189 12,810 12,355 
Professional fees1,579 1,763 4,733 5,373 
Marketing and advertising490 555 1,621 1,548 
Deposit insurance premiums1,097 1,258 3,330 3,475 
Intangible expenses164 220 539 726 
Restructuring charges— — — 1,330 
Other expense6,536 7,344 20,494 21,641 
Total noninterest expense48,552 48,988 147,334 148,316 
Income before income taxes23,388 21,269 71,536 68,286 
Income tax expense4,810 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 
Diluted0.63 0.58 1.94 1.86 
Note: See accompanying notes to the unaudited condensed consolidated financial statements.
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Table of Contents
UNIVEST FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
Three Months Ended September 30,
(Dollars in thousands)20242023
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 period11,791 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 securities11,634 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 period3,098 650 2,448 (2,541)(534)(2,007)
Less: reclassification adjustment for net losses realized in net income575 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 plans147 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.
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Nine Months Ended September 30,
(Dollars in thousands)20242023
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 period8,950 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 securities8,843 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 income3,747 787 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 hedges2,138 449 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 plans441 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.
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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, 202429,190,640 $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 plans21,906 — 57 — — 530 587 
Vesting of restricted stock units, net of shares withheld to cover taxes238 — (7)— — 5 (2)
Exercise of stock options25,052 — (32)— — 536 504 
Purchases of treasury stock(156,728)— — — — (4,190)(4,190)
Balance at September 30, 202429,081,108 $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, 202329,471,124 $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 plans36,766 — (65)— — 735 670 
Vesting of restricted stock units, net of shares withheld to cover taxes238 — (7)— — 6 (1)
Balance at September 30, 202329,508,128 $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, 202329,511,721 $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 plans81,133 — 69 — — 1,786 1,855 
Vesting of restricted stock units, net of shares withheld to cover taxes107,615 — (3,219)— — 2,360 (859)
Exercise of stock options44,840 — (80)— — 957 877 
Purchases of treasury stock(664,201)— — — — (14,706)(14,706)
Balance at September 30, 202429,081,108 $157,784 $301,262 $512,938 $(41,623)$(53,290)$877,071 
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(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, 202229,271,915 $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 plans98,402 — (84)— — 2,063 1,979 
Vesting of restricted stock units, net of shares withheld to cover taxes131,601 — (3,857)— — 2,625 (1,232)
Exercise of stock options6,210 — (18)— — 132 114 
Balance at September 30, 202329,508,128 $157,784 $300,171 $464,634 $(71,586)$(43,805)$807,198 
Note: See accompanying notes to the unaudited condensed consolidated financial statements.
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Table of Contents
UNIVEST FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 Nine Months Ended September 30,
(Dollars in thousands)20242023
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 losses3,553 8,839 
Depreciation of premises and equipment4,096 3,752 
Net amortization of investment securities premiums and discounts794 873 
Amortization, fair market value adjustments and capitalization of servicing rights3,290 (350)
Net gain on sales of investment securities(18)— 
Net gain on mortgage banking activities(3,945)(2,880)
Bank owned life insurance income(2,849)(2,362)
Stock-based compensation3,414 3,229 
Intangible expenses539 726 
Other adjustments to reconcile net income to cash used in operating activities(1,881)(1,105)
Originations of loans held for sale(235,166)(165,076)
Proceeds from the sale of loans held for sale234,788 162,728 
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 activities47,062 61,867 
Cash flows from investing activities:
Proceeds from sale of premises and equipment2,450 1,032 
Purchases of premises and equipment(2,467)(5,220)
Proceeds from maturities, calls and principal repayments of securities held-to-maturity10,462 11,225 
Proceeds from maturities, calls and principal repayments of securities available-for-sale43,146 24,052 
Proceeds from sales of securities available-for-sale505 — 
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 securities3,437 252 
Purchases of money market mutual funds(2,482)(1,845)
Net decrease (increase) in other investments264 (8,576)
Proceeds from sale of loans originally held-for-investment— 19,631 
Net increase in loans and leases(165,648)(481,200)
Proceeds from sales of foreclosed / repossessed assets68 260 
Purchases of bank owned life insurance(5,710)(7,862)
Proceeds from bank owned life insurance1,159 — 
Net cash used in investing activities(155,250)(473,852)
Cash flows from financing activities:
Net increase in deposits478,350 525,619 
Net increase (decrease) in short-term borrowings1,950 (182,465)
Proceeds from issuance of long-term debt— 250,000 
Repayment of long-term debt(85,000)(25,000)
Payment of contingent consideration on acquisitions(635)(635)
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 plans1,855 1,979 
Proceeds from exercise of stock options877 114 
Cash dividends paid(18,743)(18,853)
Net cash provided by financing activities363,089 549,527 
Net decrease in cash and cash equivalents254,901 137,542 
Cash and cash equivalents at beginning of year249,799 152,799 
Cash and cash equivalents at end of period$504,700 $290,341 
Supplemental disclosures of cash flow information:
Cash paid for interest$140,759 $93,435 
Cash paid for income taxes, net of refunds15,740 13,232 
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Table of Contents
 Nine Months Ended September 30,
(Dollars in thousands)20242023
Non cash transactions:
Transfer of loans to other real estate owned$407 $79 
Transfer of leases to repossessed assets167 — 
Transfer of loans to loans held for sale— 25,646 
Note: See accompanying notes to the unaudited condensed consolidated financial statements.
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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