10-Q 1 uvsp-20220331.htm 10-Q uvsp-20220331
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Table of Contents
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 March 31, 2022
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: (215721-2400
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 filerSmaller 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 value29,593,105
(Title of Class)(Number of shares outstanding at May 2, 2022)



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.

1

Table of Contents
PART I. FINANCIAL INFORMATION
 
Item 1. Financial Statements
UNIVEST FINANCIAL CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(Dollars in thousands, except share data)At March 31, 2022At December 31, 2021
ASSETS
Cash and due from banks$57,307 $49,202 
Interest-earning deposits with other banks716,474 840,948 
Cash and cash equivalents773,781 890,150 
Investment securities held-to-maturity (fair value $157,924 and $178,402 at March 31, 2022 and December 31, 2021, respectively)
166,339 176,983 
Investment securities available-for-sale (amortized cost $372,860 and $319,474, net of allowance for credit losses of $1,275 and $929 at March 31, 2022 and December 31, 2021, respectively)
349,994 317,007 
Investments in equity securities 2,569 2,999 
       Federal Home Loan Bank, Federal Reserve Bank and other stock, at cost26,330 28,186 
Loans held for sale14,521 21,600 
Loans and leases held for investment5,400,786 5,310,017 
Less: Allowance for credit losses, loans and leases(68,286)(71,924)
Net loans and leases held for investment5,332,500 5,238,093 
Premises and equipment, net50,429 56,882 
Operating lease right-of-use assets30,498 30,407 
Goodwill175,510 175,510 
Other intangibles, net of accumulated amortization11,784 11,848 
Bank owned life insurance119,398 118,699 
Accrued interest receivable and other assets54,087 54,057 
Total assets$7,107,740 $7,122,421 
LIABILITIES
Noninterest-bearing deposits$2,136,467 $2,065,423 
Interest-bearing deposits3,911,465 3,989,701 
Total deposits6,047,932 6,055,124 
Short-term borrowings18,976 20,106 
Long-term debt95,000 95,000 
Subordinated notes98,952 98,874 
Operating lease liabilities33,566 33,453 
Accrued interest payable and other liabilities39,459 46,070 
Total liabilities6,333,885 6,348,627 
SHAREHOLDERS’ EQUITY
Common stock, $5 par value: 48,000,000 shares authorized at March 31, 2022 and December 31, 2021; 31,556,799 shares issued at March 31, 2022 and December 31, 2021; 29,636,425 and 29,500,542 shares outstanding at March 31, 2022 and December 31, 2021, respectively
157,784 157,784 
Additional paid-in capital297,945 299,181 
Retained earnings389,332 375,124 
Accumulated other comprehensive loss, net of tax benefit(31,909)(16,353)
Treasury stock, at cost; 1,920,374 and 2,056,257 shares at March 31, 2022 and December 31, 2021, respectively
(39,297)(41,942)
Total shareholders’ equity773,855 773,794 
Total liabilities and shareholders’ equity$7,107,740 $7,122,421 
Note: See accompanying notes to the unaudited condensed consolidated financial statements.
2

Table of Contents
UNIVEST FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three Months Ended
 March 31,
(Dollars in thousands, except per share data)20222021
Interest income
Interest and fees on loans and leases$48,106 $49,663 
Interest and dividends on investment securities:
Taxable2,365 1,303 
Exempt from federal income taxes15 87 
Interest on deposits with other banks357 56 
Interest and dividends on other earning assets355 348 
Total interest income51,198 51,457 
Interest expense
Interest on deposits2,891 3,400 
Interest on short-term borrowings2 2 
Interest on long-term debt and subordinated notes1,645 2,641 
Total interest expense4,538 6,043 
Net interest income46,660 45,414 
Reversal of provision for credit losses(3,450)(11,283)
Net interest income after provision for credit losses50,110 56,697 
Noninterest income
Trust fee income2,102 2,034 
Service charges on deposit accounts1,504 1,282 
Investment advisory commission and fee income5,152 4,697 
Insurance commission and fee income5,570 4,955 
Other service fee income2,756 2,192 
Bank owned life insurance income699 717 
Net gain on sales of investment securities30 65 
Net gain on mortgage banking activities1,929 5,938 
Other income728 1,370 
Total noninterest income20,470 23,250 
Noninterest expense
Salaries, benefits and commissions28,245 24,780 
Net occupancy2,716 2,739 
Equipment982 946 
Data processing3,567 3,050 
Professional fees2,138 1,748 
Marketing and advertising425 280 
Deposit insurance premiums893 636 
Intangible expenses341 249 
Other expense6,105 5,112 
Total noninterest expense45,412 39,540 
Income before income taxes25,168 40,407 
Income tax expense4,851 7,804 
Net income$20,317 $32,603 
Net income per share:
Basic$0.69 $1.11 
Diluted0.68 1.11 
Note: See accompanying notes to the unaudited condensed consolidated financial statements.
3

Table of Contents
UNIVEST FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
Three Months Ended March 31,
(Dollars in thousands)20222021
Before
Tax
Amount
Tax
Expense
(Benefit)
Net of
Tax
Amount
Before
Tax
Amount
Tax
Expense
(Benefit)
Net of
Tax
Amount
Income$25,168 $4,851 $20,317 $40,407 $7,804 $32,603 
Other comprehensive income:
Net unrealized (losses) gains on available-for-sale investment securities:
Net unrealized holding (losses) gains arising during the period(20,369)(4,278)(16,091)2,194 461 1,733 
Provision (reversal of provision) for credit losses346 73 273 (384)(81)(303)
Less: reclassification adjustment for net gains on sales realized in net income (1)(30)(6)(24)(65)(14)(51)
Total net unrealized (losses) gains on available-for-sale investment securities(20,053)(4,211)(15,842)1,745 366 1,379 
Net unrealized gains on interest rate swaps used in cash flow hedges:
Net unrealized holding gains arising during the period76 16 60 6 1 5 
Less: reclassification adjustment for net losses realized in net income (2)68 14 54 76 16 60 
Total net unrealized gains on interest rate swaps used in cash flow hedges 144 30 114 82 17 65 
Defined benefit pension plans:
Amortization of net actuarial loss included in net periodic pension costs (3)218 46 172 329 69 260 
Total defined benefit pension plans218 46 172 329 69 260 
Other comprehensive (loss) income(19,691)(4,135)(15,556)2,156 452 1,704 
Total comprehensive income$5,477 $716 $4,761 $42,563 $8,256 $34,307 

(1) Included in net gain on sales of investment securities on the condensed consolidated statements of income (before tax amount).
(2) Included in interest expense on demand deposits on the condensed consolidated statements of income (before tax amount).
(3) 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.
4


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 March 31, 2022
Balance at December 31, 202129,500,542 $157,784 $299,181 $375,124 $(16,353)$(41,942)$773,794 
Net income    20,317   20,317 
Other comprehensive loss, net of income tax benefit    (15,556) (15,556)
Cash dividends declared ($0.20 per share)
   (5,905)  (5,905)
Stock-based compensation  1,073 (204)  869 
Stock issued under dividend reinvestment and employee stock purchase plans21,843  59   564 623 
Vesting of restricted stock units88,259  (2,418)  1,555 (863)
Exercise of stock options25,781  50   526 576 
Balance at March 31, 202229,636,425 $157,784 $297,945 $389,332 $(31,909)$(39,297)$773,855 
(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
Three Months Ended March 31, 2021
Balance at December 31, 202029,295,052 $157,784 $296,186 $306,899 $(22,144)$(46,253)$692,472 
Net income —   32,603   32,603 
Other comprehensive income, net of income tax—    1,704  1,704 
Cash dividends declared ($0.20 per share)
—   (5,864)  (5,864)
Stock-based compensation—  878 (56)  822 
Stock issued under dividend reinvestment and employee stock purchase plans23,311  65 (1) 545 609 
Vesting of restricted stock units, net of shares withheld to cover income taxes42,619  (1,126)  771 (355)
Exercise of stock options36,286  17   742 759 
Cancellations of performance-based restricted stock awards(7,199) 157   (157) 
Purchases of treasury stock(10,494)    (295)(295)
Balance at March 31, 202129,379,575 $157,784 $296,177 $333,581 $(20,440)$(44,647)$722,455 
Note: See accompanying note to the unaudited condensed consolidated financial statements.






5


UNIVEST FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 Three Months Ended March 31,
(Dollars in thousands)20222021
Cash flows from operating activities:
Net income$20,317 $32,603 
Adjustments to reconcile net income to net cash provided by operating activities:
Reversal of provision for credit losses(3,450)(11,283)
Depreciation of premises and equipment1,101 1,173 
Net amortization of investment securities premiums and discounts472 768 
Net gain on sales of investment securities(30)(65)
Net gain on mortgage banking activities(1,929)(5,938)
Bank owned life insurance income(699)(717)
Stock-based compensation934 874 
Intangible expenses341 249 
Other adjustments to reconcile net income to cash used in operating activities(910)(2,036)
Originations of loans held for sale(73,541)(142,877)
Proceeds from the sale of loans held for sale82,616 163,052 
Contributions to pension and other postretirement benefit plans(63)(66)
Decrease (increase) in accrued interest receivable and other assets4,316 (5,488)
Decrease in accrued interest payable and other liabilities(5,535)(376)
Net cash provided by operating activities23,940 29,873 
Cash flows from investing activities:
Proceeds from sale of premises and equipment6,170  
Purchases of premises and equipment(676)(1,311)
Proceeds from maturities, calls and principal repayments of securities held-to-maturity14,335 20,197 
Proceeds from maturities, calls and principal repayments of securities available-for-sale8,501 12,708 
Proceeds from sales of securities available-for-sale1,530 1,563 
Purchases of investment securities held-to-maturity(3,936)(4,625)
Purchases of investment securities available-for-sale(63,634)(32,540)
Proceeds from sales of money market mutual funds2,508 2,020 
Purchases of money market mutual funds(2,077)(2,150)
Net decrease in other investments1,856 2,612 
Net increase in loans and leases(90,783)(108,296)
Net cash used in investing activities(126,206)(109,822)
Cash flows from financing activities:
Net (decrease) increase in deposits(7,200)68,869 
Net (decrease) increase in short-term borrowings(1,130)8,770 
Repayment of long-term debt (15,000)
Repayment of subordinated debt (10,000)
Payment of contingent consideration on acquisitions (29)
Payment for shares withheld to cover taxes on vesting of restricted stock units(863)(355)
Purchases of treasury stock (295)
Stock issued under dividend reinvestment and employee stock purchase plans623 609 
Proceeds from exercise of stock options576 759 
Cash dividends paid(6,109)(5,920)
Net cash (used in) provided by financing activities(14,103)47,408 
Net decrease in cash and cash equivalents(116,369)(32,541)
Cash and cash equivalents at beginning of year890,150 219,858 
Cash and cash equivalents at end of period$773,781 $187,317 
Supplemental disclosures of cash flow information:
Cash paid for interest$5,559 $6,856 
Cash paid for income taxes, net of refunds28 130 
Non cash transactions:
Transfer of loans to other real estate owned$ $126 
Note: See accompanying notes to the unaudited condensed consolidated financial statements.
6


UNIVEST FINANCIAL CORPORATION AND SUBSIDIARIES
Notes to the Condensed Consolidated Financial Statements (Unaudited)
Note 1. Summary of Significant Accounting Policies
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