0000102212FALSE00001022122025-01-222025-01-22

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 _______________________ 
FORM 8-K 
_______________________ 
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 22, 2025
 _______________________ 
UNIVEST FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
  
Pennsylvania 0-7617 23-1886144
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
14 North Main Street, Souderton, Pennsylvania 18964
(Address of principal executive office)(Zip Code)
Registrant’s telephone number, including area code (215) 721-2400
Not applicable
(Former name or former address, if changed since last report)
 _______________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2 (b) under the Exchange Act (17 CFR 240.14d-2 (b))
☐Pre-commencement communications pursuant to Rule 13e-4 (c) under the Exchange Act (17 CFR 240.13e-4 (c))
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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company☐
If an emerging growth company, indicated 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.¨


Item 2.02Results of Operations and Financial Condition
On January 22, 2025, Univest Financial Corporation (the “Corporation”), parent company of Univest Bank and Trust Co. (the "Bank"), issued a press release reporting 2024 fourth quarter and full year earnings. A copy of this press release is attached to this Current Report on Form 8-K as Exhibit 99.1.
Item 9.01Financial Statements and Exhibits
(a) Not applicable
(b) Not applicable
(c) Not applicable
(d) Exhibits
Exhibit No.  Description of Document
99.1  
104The cover page from the Corporation's Form 8-K, formatted in Inline XBRL



SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
Univest Financial Corporation
By:/s/ Brian J. Richardson
Name:Brian J. Richardson
Title:Senior Executive Vice President,
Chief Financial Officer
January 23, 2025


EXHIBIT INDEX
 
Exhibit No.  Description of Document
99.1  
104The cover page from the Corporation's Form 8-K, formatted in Inline XBRL



Exhibit 99.1
NEWS
logoa.jpg

CONTACT:     Brian J. Richardson
UNIVEST FINANCIAL CORPORATION
Chief Financial Officer
215-721-2446, richardsonb@univest.net                     

FOR IMMEDIATE RELEASE

UNIVEST FINANCIAL CORPORATION
REPORTS FOURTH QUARTER 2024 RESULTS
(18.2% increase in earnings per share compared to fourth quarter 2023)


SOUDERTON, Pa., January 22, 2025 - Univest Financial Corporation (“Univest” or the "Corporation") (NASDAQ: UVSP), parent company of Univest Bank and Trust Co. (the "Bank") and its insurance, investments and equipment financing subsidiaries, announced net income for the quarter ended December 31, 2024 was $18.9 million, or $0.65 diluted earnings per share, compared to net income of $16.3 million, or $0.55 diluted earnings per share, for the quarter ended December 31, 2023.

Loans
Gross loans and leases increased $95.8 million, or 1.4% (5.6% annualized), from September 30, 2024, primarily due to increases in commercial real estate and residential mortgage loans, partially offset by decreases in construction and commercial loans. Gross loans and leases increased $259.4 million, or 3.9%, from December 31, 2023, primarily due to increases in commercial, commercial real estate and residential mortgage loans, partially offset by a decrease in construction loans.

Deposits and Liquidity
Total deposits decreased $94.9 million, or 1.4% (5.6% annualized), from September 30, 2024, primarily due to decreases in public funds and brokered deposits, partially offset by increases in commercial and consumer deposits. Total deposits increased $383.5 million, or 6.0%, from December 31, 2023, due to increases in consumer, commercial, brokered, and public funds deposits. Noninterest-bearing deposits totaled $1.4 billion and represented 20.9% of total deposits at December 31, 2024, compared to $1.3 billion representing 19.3% of total deposits at September 30, 2024. Unprotected deposits, which excludes insured, internal, and collateralized deposit accounts, totaled $1.5 billion at December 31, 2024


compared to $1.4 billion at September 30, 2024. This represented 22.0% of total deposits at December 31, 2024, compared to 20.3% at September 30, 2024.

As of December 31, 2024, the Corporation reported on balance sheet cash and cash equivalents totaling $328.8 million. The Corporation and its subsidiaries had committed borrowing capacity of $3.7 billion at December 31, 2024, of which $2.1 billion was available. The Corporation and its subsidiaries also maintained uncommitted funding sources from correspondent banks of $468.0 million at December 31, 2024. Future availability under these uncommitted funding sources is subject to the prerogatives of the granting banks and may be withdrawn at will.

Net Interest Income and Margin
Net interest income of $55.5 million for the fourth quarter of 2024 increased $2.7 million, or 5.1%, from the fourth quarter of 2023 and $2.3 million, or 4.3%, from the third quarter of 2024. The increase in net interest income for the three months ended December 31, 2024 compared to the same period in the prior year was due to higher average balances of interest-earning assets and increased yields on loans and leases, partially offset by higher average balances in interest-bearing liabilities and related costs. The increase in net interest income for the three months ended December 31, 2024 compared to the three months ended September 30, 2024 was due to higher average balances of interest-earning deposits with other banks and a reduction in the cost of interest-bearing liabilities, partially offset by an increase in the average balance of interest-bearing liabilities.

Net interest margin, on a tax-equivalent basis, was 2.88% for the fourth quarter of 2024, compared to 2.82% for the third quarter of 2024 and 2.84% for the fourth quarter of 2023. Excess liquidity reduced net interest margin by approximately 14 basis points for the quarter ended December 31, 2024 compared to approximately nine basis points for the quarter ended September 30, 2024 and approximately ten basis points for the quarter ended December 31, 2023. Excluding the impact of excess liquidity, the net interest margin, on a tax-equivalent basis, would have been 3.02% for the quarter ended December 31, 2024 compared to 2.91% for the quarter ended September 30, 2024 and 2.94% for the quarter ended December 31, 2023.

Noninterest Income
Noninterest income for the quarter ended December 31, 2024 was $21.3 million, an increase of $2.7 million, or 14.6%, from the comparable period in the prior year.

Investment advisory commission and fee income increased $896 thousand, or 19.6%, for the quarter ended December 31, 2024 compared to the comparable period in the prior year, primarily due to increased assets under management and supervision driven by new business and market appreciation.



Net gain on mortgage banking activities increased $511 thousand, or 63.2%, for the quarter ended December 31, 2024 compared to the comparable period in the prior year, primarily due to increased salable volume and favorable margins.

Other service fee income increased $506 thousand, or 17.1%, for the quarter ended December 31, 2024 compared to the comparable period in the prior year, primarily due to the reversal of a $785 thousand valuation allowance on mortgage servicing rights that was initially recorded in the third quarter of 2024. The reversal was driven by a decrease in prepayment speed assumptions as a result of the increase in interest rates during the quarter. Additionally, net servicing fees on sold mortgage loans decreased by $269 thousand, primarily attributable to the sale of mortgage servicing rights associated with $591.1 million of serviced loans in the first quarter of 2024 and increased amortization driven by prepayments.

Noninterest Expense
Noninterest expense for the quarter ended December 31, 2024 was $50.7 million, an increase of $1.6 million, or 3.3%, from the comparable period in the prior year.

Salaries, benefits and commissions increased $2.2 million, or 7.5%, for the quarter ended December 31, 2024 compared to the comparable period in the prior year, primarily due to an increase in incentive compensation due to increased profitability.

Deposit insurance premiums decreased $248 thousand, or 18.4%, for the quarter ended December 31, 2024 compared to the comparable period in the prior year, driven by an improvement in the financial ratios that contribute to our deposit insurance assessment rate.

Data processing decreased $298 thousand, or 6.7%, for the quarter ended December 31, 2024 compared to the comparable period in the prior year, primarily due to reduced costs for various long-term service agreements.

Tax Provision
The effective income tax rate was 20.3% for the quarters ended December 31, 2024 and December 31, 2023. The effective tax rates for the three months ended December 31, 2024 and 2023 reflected the benefits of tax-exempt income from investments in municipal securities and loans and leases.

Asset Quality and Provision for Credit Losses
Nonperforming assets totaled $33.2 million at December 31, 2024, $36.6 million at September 30, 2024, and $40.1 million at December 31, 2023. During the quarter, two nonaccrual modified construction loans to one borrower totaling $2.2 million were paid-off.


Net loan and lease charge-offs were $767 thousand for the three months ended December 31, 2024 compared to $820 thousand and $1.1 million for the three months ended September 30, 2024 and December 31, 2023, respectively.

The provision for credit losses was $2.4 million for the three months ended December 31, 2024 compared to $1.4 million and $1.9 million for the three months ended September 30, 2024 and December 31, 2023, respectively. The allowance for credit losses on loans and leases as a percentage of loans and leases held for investment was 1.28% at December 31, 2024, September 30, 2024 and December 31, 2023.

Dividend and Share Repurchases
On January 22, 2025, Univest declared a quarterly cash dividend of $0.21 per share to be paid on February 19, 2025 to shareholders of record as of February 5, 2025. During the quarter ended December 31, 2024, the Corporation repurchased 139,492 shares of common stock at an average price of $29.64 per share. Including brokerage fees and excise tax, the average price per share was $29.97. During the year ended December 31, 2024, the Corporation repurchased 802,535 shares of common stock at an average price of $23.26 per share. Including brokerage fees and excise tax, the average price per share was $23.52. As of December 31, 2024, 1,400,154 shares are available for repurchase under the Share Repurchase Plan.

Conference Call
Univest will host a conference call to discuss fourth quarter 2024 results on Thursday, January 23, 2025 at 9:00 a.m. EST. Participants may preregister at https://www.netroadshow.com/events/login?show=36ba59ff&confId=76000. The general public can access the call by dialing 1-833-470-1428; using Access Code 072687. A replay of the conference call will be available through March 20, 2025 by dialing 1-866-813-9403; using Access Code 251906.

About Univest Financial Corporation
Univest Financial Corporation (UVSP), including its wholly-owned subsidiary Univest Bank and Trust Co., Member FDIC, has approximately $8.1 billion in assets and $5.2 billion in assets under management and supervision through its Wealth Management lines of business at December 31, 2024. Headquartered in Souderton, Pa. and founded in 1876, the Corporation and its subsidiaries provide a full range of financial solutions for individuals, businesses, municipalities and nonprofit organizations primarily in the Mid-Atlantic Region. Univest delivers these services through a network of more than 50 offices and online at www.univest.net.  
# # #
This press release and the reports Univest files with the Securities and Exchange Commission often contain "forward-looking statements" relating to trends or factors affecting the financial services industry and, specifically, the financial condition and results of operations, business, prospects and strategies of Univest. These forward-looking statements involve certain risks and uncertainties in that there are a number of important factors that could cause Univest's future financial condition, results of operations, business, prospects or strategies to differ materially from those expressed or implied by the forward-looking statements. These factors include, but are not limited to: (1) competition and demand for financial services in our market area; (2) inflation and/or changes in interest rates, which may adversely impact our margins and yields, reduce the fair value of our


financial instruments, reduce our loan originations and/or lead to higher operating costs and higher costs we pay to retain and attract deposits; (3) changes in asset quality, prepayment speeds, loan sale volumes, charge-offs and/or credit loss provisions; (4) changes in liquidity, including the size and composition of our deposit portfolio and the percentage of uninsured deposits in the portfolio; (5) our ability to access cost-effective funding; (6) changes in economic conditions nationally and in our market, including potential recessionary conditions and the levels of unemployment in our market area; (7) changes in the economic assumptions or methodology used to calculate our allowance for credit losses; (8) legislative, regulatory, accounting or tax changes; (9) monetary and fiscal policies of the U.S. government, including the policies of the Board of Governors of the Federal Reserve System; (10) the imposition of tariffs or other domestic or international governmental policies impacting the value of the products of our borrowers; (11) technological issues that may adversely affect our operations or those of our customers; (12) a failure or breach in our operational or security systems or infrastructure, including cyberattacks; (13) changes in the securities markets; (14) the current or anticipated impact of military conflict, terrorism or other geopolitical events; (15) our ability to enter into new markets successfully and capitalize on growth opportunities and/or (16) risk factors mentioned in the reports and registration statements Univest files with the Securities and Exchange Commission.

(UVSP - ER)


Univest Financial Corporation
Consolidated Selected Financial Data (Unaudited)
December 31, 2024
(Dollars in thousands)
Balance Sheet (Period End)12/31/20249/30/20246/30/20243/31/202412/31/2023
ASSETS
Cash and due from banks $75,998 $78,346 $66,808 $49,318 $72,815 
Interest-earning deposits with other banks 252,846 426,354 124,103 152,288 176,984 
Cash and cash equivalents328,844 504,700 190,911 201,606 249,799 
Investment securities held-to-maturity134,111 137,681 140,112 143,474 145,777 
Investment securities available for sale, net of allowance for credit losses357,361 354,100 342,776 350,819 351,553 
Investments in equity securities2,506 2,406 2,995 3,355 3,293 
Federal Home Loan Bank, Federal Reserve Bank and other stock, at cost38,980 40,235 37,438 37,394 40,499 
Loans held for sale16,653 17,131 28,176 13,188 11,637 
Loans and leases held for investment6,826,583 6,730,734 6,684,837 6,579,086 6,567,214 
Less: Allowance for credit losses, loans and leases (87,091)(86,041)(85,745)(85,632)(85,387)
Net loans and leases held for investment6,739,492 6,644,693 6,599,092 6,493,454 6,481,827 
Premises and equipment, net 46,671 47,411 48,174 48,739 51,441 
Operating lease right-of-use assets28,531 29,260 29,985 30,702 31,795 
Goodwill175,510 175,510 175,510 175,510 175,510 
Other intangibles, net of accumulated amortization8,309 7,158 7,701 7,473 10,950 
Bank owned life insurance139,351 138,744 137,823 137,896 131,344 
Accrued interest and other assets 112,098 106,708 114,753 102,958 95,203 
Total assets $8,128,417 $8,205,737 $7,855,446 $7,746,568 $7,780,628 
LIABILITIES
Noninterest-bearing deposits$1,414,635 $1,323,953 $1,397,308 $1,401,806 $1,468,320 
Interest-bearing deposits:5,344,624 5,530,195 5,098,014 5,003,552 4,907,461 
Total deposits 6,759,259 6,854,148 6,495,322 6,405,358 6,375,781 
Short-term borrowings11,181 8,256 11,781 4,816 6,306 
Long-term debt 225,000 225,000 250,000 250,000 310,000 
Subordinated notes 149,261 149,136 149,011 148,886 148,761 
Operating lease liabilities31,485 32,246 33,015 33,744 34,851 
Accrued expenses and other liabilities 64,930 59,880 62,180 60,095 65,721 
Total liabilities 7,241,116 7,328,666 7,001,309 6,902,899 6,941,420 
SHAREHOLDERS' EQUITY
Common stock, $5 par value: 48,000,000 shares authorized and 31,556,799 shares issued157,784 157,784 157,784 157,784 157,784 
Additional paid-in capital302,829 301,262 300,166 298,914 301,066 
Retained earnings525,780 512,938 500,482 488,790 474,691 
Accumulated other comprehensive loss, net of tax benefit(43,992)(41,623)(54,124)(54,740)(50,646)
Treasury stock, at cost(55,100)(53,290)(50,171)(47,079)(43,687)
Total shareholders’ equity887,301 877,071 854,137 843,669 839,208 
Total liabilities and shareholders’ equity$8,128,417 $8,205,737 $7,855,446 $7,746,568 $7,780,628 
For the three months ended,For the twelve months ended,
Balance Sheet (Average)12/31/20249/30/20246/30/20243/31/202412/31/202312/31/202412/31/2023
Assets$8,163,347 $8,005,265 $7,721,540 $7,696,575 $7,865,634 $7,897,707 $7,557,058 
Investment securities, net of allowance for credit losses500,748 493,334 493,140 500,983 489,587 497,051 507,625 
Loans and leases, gross6,758,649 6,730,791 6,640,536 6,577,365 6,594,233 6,677,206 6,418,664 
Deposits6,804,483 6,641,324 6,353,752 6,303,854 6,470,141 6,526,929 6,095,058 
Shareholders' equity880,237 864,406 844,572 842,546 814,941 858,019 805,667 


Univest Financial Corporation
Consolidated Summary of Loans by Type and Asset Quality Data (Unaudited)
December 31, 2024
(Dollars in thousands)
Summary of Major Loan and Lease Categories (Period End)12/31/20249/30/20246/30/20243/31/202412/31/2023
Commercial, financial and agricultural$1,037,835 $1,044,043 $1,055,332 $1,014,568 $989,723 
Real estate-commercial3,530,451 3,442,083 3,373,889 3,283,729 3,302,798 
Real estate-construction274,483 285,616 313,229 379,995 394,462 
Real estate-residential secured for business purpose536,095 530,674 532,628 524,196 517,002 
Real estate-residential secured for personal purpose994,972 969,562 952,665 922,412 909,015 
Real estate-home equity secured for personal purpose186,836 182,901 179,150 177,446 179,282 
Loans to individuals21,250 26,794 26,430 27,200 27,749 
Lease financings244,661 249,061 251,514 249,540 247,183 
Total loans and leases held for investment, net of deferred income6,826,583 6,730,734 6,684,837 6,579,086 6,567,214 
Less: Allowance for credit losses, loans and leases(87,091)(86,041)(85,745)(85,632)(85,387)
Net loans and leases held for investment$6,739,492 $6,644,693 $6,599,092 $6,493,454 $6,481,827 

Asset Quality Data (Period End)12/31/20249/30/20246/30/20243/31/202412/31/2023
Nonaccrual loans and leases, including nonaccrual loans held for sale$12,667 $15,319 $16,200 $20,363 $20,527 
Accruing loans and leases 90 days or more past due321 310 205 268 534 
Total nonperforming loans and leases12,988 15,629 16,405 20,631 21,061 
Other real estate owned20,141 20,915 20,007 19,220 19,032 
Repossessed assets76 79 149 167 — 
Total nonperforming assets$33,205 $36,623 $36,561 $40,018 $40,093 
Nonaccrual loans and leases / Loans and leases held for investment0.19 %0.23 %0.24 %0.31 %0.31 %
Nonperforming loans and leases / Loans and leases held for investment0.19 %0.23 %0.25 %0.31 %0.32 %
Nonperforming assets / Total assets0.41 %0.45 %0.47 %0.52 %0.52 %
Allowance for credit losses, loans and leases$87,091 $86,041 $85,745 $85,632 $85,387 
Allowance for credit losses, loans and leases / Loans and leases held for investment1.28 %1.28 %1.28 %1.30 %1.30 %
Allowance for credit losses, loans and leases / Nonaccrual loans and leases687.54 %561.66 %529.29 %420.53 %415.97 %
Allowance for credit losses, loans and leases / Nonperforming loans and leases670.55 %550.52 %522.68 %415.06 %405.43 %
For the three months ended,For the twelve months ended,
12/31/20249/30/20246/30/20243/31/202412/31/202312/31/202412/31/2023
Net loan and lease charge-offs$767 $820 $809 $1,406 $1,074 $3,802 $5,397 
Net loan and lease charge-offs (annualized)/Average loans and leases0.05 %0.05 %0.05 %0.09 %0.06 %0.06 %0.08 %


Univest Financial Corporation
Consolidated Selected Financial Data (Unaudited)
December 31, 2024
(Dollars in thousands, except per share data)
For the three months ended,For the twelve months ended,
For the period:12/31/20249/30/20246/30/20243/31/202412/31/202312/31/202412/31/2023
Interest income$107,476 $106,438 $99,832 $98,609 $101,232 $412,355 $371,730 
Interest expense52,004 53,234 48,805 47,142 48,472 201,185 151,733 
Net interest income55,472 53,204 51,027 51,467 52,760 211,170 219,997 
Provision for credit losses2,380 1,414 707 1,432 1,931 5,933 10,770 
Net interest income after provision for credit losses53,092 51,790 50,320 50,035 50,829 205,237 209,227 
Noninterest income:
Trust fee income2,265 2,110 2,008 2,108 1,943 8,491 7,732 
Service charges on deposit accounts2,192 2,037 1,982 1,871 1,960 8,082 7,048 
Investment advisory commission and fee income5,457 5,319 5,238 5,194 4,561 21,208 18,864 
Insurance commission and fee income4,743 5,238 5,167 7,201 4,596 22,349 21,043 
Other service fee income3,473 1,815 3,044 6,415 2,967 14,747 12,381 
Bank owned life insurance income1,012 921 1,086 842 823 3,861 3,185 
Net gain on sales of investment securities— 18 — — — 18 — 
Net gain on mortgage banking activities1,320 1,296 1,710 939 809 5,265 3,689 
Other income868 1,396 745 1,025 961 4,034 2,882 
Total noninterest income21,330 20,150 20,980 25,595 18,620 88,055 76,824 
Noninterest expense:
Salaries, benefits and commissions31,518 30,702 30,187 31,338 29,321 123,745 120,188 
Net occupancy2,751 2,723 2,679 2,872 2,751 11,025 10,686 
Equipment1,147 1,107 1,088 1,111 1,066 4,453 4,132 
Data processing4,146 4,154 4,161 4,495 4,444 16,956 16,799 
Professional fees1,669 1,579 1,466 1,688 1,768 6,402 7,141 
Marketing and advertising552 490 715 416 632 2,173 2,180 
Deposit insurance premiums1,102 1,097 1,098 1,135 1,350 4,432 4,825 
Intangible expenses155 164 188 187 212 694 938 
Restructuring charges— — — — 189 — 1,519 
Other expense7,618 6,536 7,126 6,832 7,313 28,112 28,954 
Total noninterest expense50,658 48,552 48,708 50,074 49,046 197,992 197,362 
Income before taxes23,764 23,388 22,592 25,556 20,403 95,300 88,689 
Income tax expense4,823 4,810 4,485 5,251 4,149 19,369 17,585 
Net income$18,941 $18,578 $18,107 $20,305 $16,254 $75,931 $71,104 
Net income per share:
Basic$0.65 $0.64 $0.62 $0.69 $0.55 $2.60 $2.42 
Diluted$0.65 $0.63 $0.62 $0.69 $0.55 $2.58 $2.41 
Dividends declared per share$0.21 $0.21 $0.21 $0.21 $0.21 $0.84 $0.84 
Weighted average shares outstanding29,070,039 29,132,948 29,246,977 29,413,999 29,500,147 29,215,365 29,433,359 
Period end shares outstanding29,045,877 29,081,108 29,190,640 29,337,919 29,511,721 29,045,877 29,511,721 



Univest Financial Corporation
Consolidated Selected Financial Data (Unaudited)
December 31, 2024
For the three months ended,For the twelve months ended,
Profitability Ratios (annualized)12/31/20249/30/20246/30/20243/31/202412/31/202312/31/202412/31/2023
Return on average assets0.92 %0.92 %0.94 %1.06 %0.82 %0.96 %0.94 %
Return on average assets, excluding restructuring charges (1)0.92 %0.92 %0.94 %1.06 %0.83 %0.96 %0.96 %
Return on average shareholders' equity8.56 %8.55 %8.62 %9.69 %7.91 %8.85 %8.83 %
Return on average shareholders' equity, excluding restructuring charges (1)8.56 %8.55 %8.62 %9.69 %7.99 %8.85 %8.97 %
Return on average tangible common equity (1)(3)10.79 %10.84 %11.01 %12.38 %10.23 %11.24 %11.45 %
Return on average tangible common equity, excluding restructuring charges (1)(3)10.79 %10.84 %11.01 %12.38 %10.32 %11.24 %11.64 %
Net interest margin (FTE)2.88 %2.82 %2.84 %2.88 %2.84 %2.86 %3.12 %
Efficiency ratio (2)65.5 %65.7 %67.1 %64.6 %68.3 %65.7 %66.0 %
Efficiency ratio, excluding restructuring charges (1)(2)65.5 %65.7 %67.1 %64.6 %68.0 %65.7 %65.5 %
Capitalization Ratios
Dividends declared to net income32.2 %33.0 %33.9 %30.5 %38.1 %32.3 %34.8 %
Shareholders' equity to assets (Period End)10.92 %10.69 %10.87 %10.89 %10.79 %10.92 %10.79 %
Tangible common equity to tangible assets (1)8.92 %8.71 %8.81 %8.80 %8.70 %8.92 %8.70 %
Common equity book value per share$30.55 $30.16 $29.26 $28.76 $28.44 $30.55 $28.44 
Tangible common equity book value per share (1)$24.43 $24.05 $23.17 $22.70 $22.41 $24.43 $22.41 
Regulatory Capital Ratios (Period End)
Tier 1 leverage ratio9.51 %9.53 %9.74 %9.65 %9.36 %9.51 %9.36 %
Common equity tier 1 risk-based capital ratio10.85 %10.88 %10.72 %10.71 %10.58 %10.85 %10.58 %
Tier 1 risk-based capital ratio10.85 %10.88 %10.72 %10.71 %10.58 %10.85 %10.58 %
Total risk-based capital ratio14.19 %14.27 %14.09 %14.11 %13.90 %14.19 %13.90 %
(1) Non-GAAP metric. A reconciliation of this and other non-GAAP financial measures is included at the end of this document.
(2) Noninterest expense to net interest income before loan loss provision plus noninterest income adjusted for tax equivalent income.
(3) Net income before amortization of intangibles to average tangible common equity.



Univest Financial Corporation
Average Balances and Interest Rates (Unaudited)
For the Three Months Ended,
Tax Equivalent BasisDecember 31, 2024September 30, 2024
AverageIncome/AverageAverageIncome/Average
(Dollars in thousands)BalanceExpenseRateBalanceExpenseRate
Assets:
Interest-earning deposits with other banks$402,753 $4,852 4.79 %$270,724 $3,624 5.33 %
Obligations of state and political subdivisions*1,290 7 2.16 1,283 7 2.17 
Other debt and equity securities499,458 3,815 3.04 492,051 3,706 3.00 
Federal Home Loan Bank, Federal Reserve Bank and other stock39,407 746 7.53 38,769 742 7.61 
Total interest-earning deposits, investments and other interest-earning assets942,908 9,420 3.97 802,827 8,079 4.00 
Commercial, financial, and agricultural loans972,840 17,492 7.15 997,465 18,459 7.36 
Real estate—commercial and construction loans3,631,142 53,163 5.82 3,592,556 52,672 5.83 
Real estate—residential loans1,708,795 21,249 4.95 1,692,361 21,127 4.97 
Loans to individuals25,803 522 8.05 26,651 549 8.20 
Tax-exempt loans and leases233,036 2,652 4.53 232,159 2,565 4.40 
Lease financings187,033 3,296 7.01 189,599 3,275 6.87 
     Gross loans and leases6,758,649 98,374 5.79 6,730,791 98,647 5.83 
          Total interest-earning assets7,701,557 107,794 5.57 7,533,618 106,726 5.64 
Cash and due from banks56,989 62,902 
Allowance for credit losses, loans and leases(86,812)(86,517)
Premises and equipment, net47,155 47,989 
Operating lease right-of-use assets28,891 29,620 
Other assets415,567 417,653 
      Total assets$8,163,347 $8,005,265 
Liabilities:
Interest-bearing checking deposits$1,275,348 $8,504 2.65 %$1,215,166 $8,824 2.89 %
Money market savings1,954,246 20,653 4.20 1,849,628 21,213 4.56 
Regular savings705,222 817 0.46 727,395 878 0.48 
Time deposits1,499,998 17,247 4.57 1,491,560 17,255 4.60 
Total time and interest-bearing deposits5,434,814 47,221 3.46 5,283,749 48,170 3.63 
Short-term borrowings7,102 1 0.06 8,210 1 0.05 
Long-term debt225,000 2,501 4.42 247,826 2,781 4.46 
Subordinated notes149,194 2,281 6.08 149,068 2,282 6.09 
     Total borrowings381,296 4,783 4.99 405,104 5,064 4.97 
     Total interest-bearing liabilities5,816,110 52,004 3.56 5,688,853 53,234 3.72 
Noninterest-bearing deposits1,369,669 1,357,575 
Operating lease liabilities31,864 32,627 
Accrued expenses and other liabilities65,467 61,804 
     Total liabilities7,283,110 7,140,859 
Total interest-bearing liabilities and noninterest-bearing deposits ("Cost of Funds")7,185,779 2.88 7,046,428 3.01 
Shareholders' Equity:
Common stock157,784 157,784 
Additional paid-in capital301,895 300,565 
Retained earnings and other equity420,558 406,057 
     Total shareholders' equity880,237 864,406 
     Total liabilities and shareholders' equity$8,163,347 $8,005,265 
Net interest income$55,790 $53,492 
Net interest spread2.01 1.92 
Effect of net interest-free funding sources0.87 0.90 
Net interest margin2.88 %2.82 %
Ratio of average interest-earning assets to average interest-bearing liabilities132.42 %132.43 %
*Obligations of states and political subdivisions are tax-exempt earning assets.
Notes: For rate calculation purposes, average loan and lease categories include deferred fees and costs and purchase accounting adjustments.
Net interest income includes net deferred costs amortization of $676 thousand and $897 thousand for the three months ended December 31, 2024 and September 30, 2024.
Nonaccrual loans and leases have been included in the average loan and lease balances. Loans held for sale have been included in the average loan balances.
Tax-equivalent amounts for the three months ended December 31, 2024 and September 30, 2024 have been calculated using the Corporation’s federal applicable rate of 21.0%.



Univest Financial Corporation
Average Balances and Interest Rates (Unaudited)
For the Three Months Ended December 31,
Tax Equivalent Basis20242023
AverageIncome/AverageAverageIncome/Average
(Dollars in thousands)BalanceExpenseRateBalanceExpenseRate
Assets:
Interest-earning deposits with other banks$402,753 $4,852 4.79 %$280,693 $3,804 5.38 %
Obligations of state and political subdivisions*1,290 7 2.16 2,277 14 2.44 
Other debt and equity securities499,458 3,815 3.04 487,310 3,678 2.99 
Federal Home Loan Bank, Federal Reserve Bank and other stock39,407 746 7.53 41,361 767 7.36 
Total interest-earning deposits, investments and other interest-earning assets942,908 9,420 3.97 811,641 8,263 4.04 
Commercial, financial, and agricultural loans972,840 17,492 7.15 973,450 17,485 7.13 
Real estate—commercial and construction loans3,631,142 53,163 5.82 3,590,477 50,715 5.60 
Real estate—residential loans1,708,795 21,249 4.95 1,585,705 19,133 4.79 
Loans to individuals25,803 522 8.05 27,667 558 8.00 
Tax-exempt loans and leases233,036 2,652 4.53 230,394 2,438 4.20 
Lease financings187,033 3,296 7.01 186,540 2,897 6.16 
     Gross loans and leases6,758,649 98,374 5.79 6,594,233 93,226 5.61 
          Total interest-earning assets7,701,557 107,794 5.57 7,405,874 101,489 5.44 
Cash and due from banks56,989 54,981 
Allowance for credit losses, loans and leases(86,812)(84,386)
Premises and equipment, net47,155 51,489 
Operating lease right-of-use assets28,891 31,251 
Other assets415,567 406,425 
      Total assets$8,163,347 $7,865,634 
Liabilities:
Interest-bearing checking deposits$1,275,348 $8,504 2.65 %$1,193,386 $8,409 2.80 %
Money market savings1,954,246 20,653 4.20 1,845,153 21,133 4.54 
Regular savings705,222 817 0.46 784,937 874 0.44 
Time deposits1,499,998 17,247 4.57 1,188,054 12,748 4.26 
Total time and interest-bearing deposits5,434,814 47,221 3.46 5,011,530 43,164 3.42 
Short-term borrowings7,102 1 0.06 9,814 1 0.04 
Long-term debt225,000 2,501 4.42 318,805 3,026 3.77 
Subordinated notes149,194 2,281 6.08 148,693 2,281 6.09 
     Total borrowings381,296 4,783 4.99 477,312 5,308 4.41 
     Total interest-bearing liabilities5,816,110 52,004 3.56 5,488,842 48,472 3.50 
Noninterest-bearing deposits1,369,669 1,458,610 
Operating lease liabilities31,864 34,255 
Accrued expenses and other liabilities65,467 68,986 
     Total liabilities7,283,110 7,050,693 
Total interest-bearing liabilities and noninterest-bearing deposits ("Cost of Funds")7,185,779 2.88 6,947,452 2.77 
Shareholders' Equity:
Common stock157,784 157,784 
Additional paid-in capital301,895 300,558 
Retained earnings and other equity420,558 356,599 
     Total shareholders' equity880,237 814,941 
     Total liabilities and shareholders' equity$8,163,347 $7,865,634 
Net interest income$55,790 $53,017 
Net interest spread2.01 1.94 
Effect of net interest-free funding sources0.87 0.90 
Net interest margin2.88 %2.84 %
Ratio of average interest-earning assets to average interest-bearing liabilities132.42 %134.93 %
*Obligations of states and political subdivisions are tax-exempt earning assets.
Notes: For rate calculation purposes, average loan and lease categories include deferred fees and costs and purchase accounting adjustments.
Net interest income includes net deferred costs amortization of $676 thousand and $428 thousand for the three months ended December 31, 2024 and 2023, respectively.
Nonaccrual loans and leases have been included in the average loan and lease balances. Loans held for sale have been included in the average loan balances.
Tax-equivalent amounts for the three months ended December 31, 2024 and 2023 have been calculated using the Corporation’s federal applicable rate of 21.0%.


Univest Financial Corporation
Average Balances and Interest Rates (Unaudited)
For the Twelve Months Ended December 31,
Tax Equivalent Basis20242023
AverageIncome/AverageAverageIncome/Average
(Dollars in thousands)BalanceExpenseRateBalanceExpenseRate
Assets:
Interest-earning deposits with other banks$220,356 $11,193 5.08 %$130,309 $6,660 5.11 %
Obligations of state and political subdivisions*1,447 33 2.28 2,282 62 2.72 
Other debt and equity securities495,604 14,909 3.01 505,343 14,225 2.81 
Federal Home Loan Bank, Federal Reserve Bank and other stock38,647 2,912 7.53 40,092 2,869 7.16 
Total interest-earning deposits, investments and other interest-earning assets756,054 29,047 3.84 678,026 23,816 3.51 
Commercial, financial, and agricultural loans972,213 69,921 7.19 991,505 67,487 6.81 
Real estate—commercial and construction loans3,587,147 207,053 5.77 3,483,576 188,644 5.42 
Real estate—residential loans1,670,126 82,344 4.93 1,505,799 70,349 4.67 
Loans to individuals26,646 2,161 8.11 27,063 2,011 7.43 
Tax-exempt loans and leases232,020 10,157 4.38 232,501 9,597 4.13 
Lease financings189,054 12,845 6.79 178,220 11,025 6.19 
     Gross loans and leases6,677,206 384,481 5.76 6,418,664 349,113 5.44 
          Total interest-earning assets7,433,260 413,528 5.56 7,096,690 372,929 5.25 
Cash and due from banks57,799 58,593 
Allowance for credit losses, loans and leases(86,530)(82,474)
Premises and equipment, net48,610 51,921 
Operating lease right-of-use assets29,990 31,351 
Other assets414,578 400,977 
      Total assets$7,897,707 $7,557,058 
Liabilities:
Interest-bearing checking deposits$1,191,634 $32,857 2.76 %$1,034,327 $23,668 2.29 %
Money market savings1,801,035 80,217 4.45 1,611,169 64,153 3.98 
Regular savings740,493 3,529 0.48 871,332 3,249 0.37 
Time deposits1,413,589 64,266 4.55 931,944 34,979 3.75 
Total time and interest-bearing deposits5,146,751 180,869 3.51 4,448,772 126,049 2.83 
Short-term borrowings13,703 249 1.82 148,776 7,095 4.77 
Long-term debt253,733 10,942 4.31 263,877 9,464 3.59 
Subordinated notes149,007 9,125 6.12 148,507 9,125 6.14 
     Total borrowings416,443 20,316 4.88 561,160 25,684 4.58 
     Total interest-bearing liabilities5,563,194 201,185 3.62 5,009,932 151,733 3.03 
Noninterest-bearing deposits1,380,178 1,646,286 
Operating lease liabilities33,006 34,474 
Accrued expenses and other liabilities63,310 60,699 
     Total liabilities7,039,688 6,751,391 
Total interest-bearing liabilities and noninterest-bearing deposits ("Cost of Funds")6,943,372 2.90 6,656,218 2.28 
Shareholders' Equity:
Common stock157,784 157,784 
Additional paid-in capital300,644 299,804 
Retained earnings and other equity399,591 348,079 
     Total shareholders' equity858,019 805,667 
     Total liabilities and shareholders' equity$7,897,707 $7,557,058 
Net interest income$212,343 $221,196 
Net interest spread1.94 2.22 
Effect of net interest-free funding sources0.92 0.90 
Net interest margin2.86 %3.12 %
Ratio of average interest-earning assets to average interest-bearing liabilities133.61 %141.65 %
*Obligations of states and political subdivisions are tax-exempt earning assets.
Notes: For rate calculation purposes, average loan and lease categories include deferred fees and costs and purchase accounting adjustments.
Net interest income includes net deferred costs amortization of $2.7 million and $2.1 million for the twelve months ended December 31, 2024 and 2023, respectively.
Nonaccrual loans and leases have been included in the average loan and lease balances. Loans held for sale have been included in the average loan balances.
Tax-equivalent amounts for the twelve months ended December 31, 2024 and 2023 have been calculated using the Corporation’s federal applicable rate of 21.0%.


Univest Financial Corporation
Loan Portfolio Overview (Unaudited)
December 31, 2024
(Dollars in thousands)
Industry DescriptionTotal Outstanding Balance % of Commercial Loan Portfolio
CRE - Retail$463,882 8.6 %
Animal Production393,902 7.3 
CRE - Multi-family344,169 6.4 
CRE - Office294,331 5.5 
CRE - 1-4 Family Residential Investment287,690 5.3 
CRE - Industrial / Warehouse255,232 4.7 
Hotels & Motels (Accommodation)198,815 3.7 
Specialty Trade Contractors191,896 3.6 
Nursing and Residential Care Facilities176,130 3.3 
Education170,487 3.2 
Motor Vehicle and Parts Dealers147,580 2.7 
Merchant Wholesalers, Durable Goods138,633 2.6 
Repair and Maintenance132,950 2.5 
Homebuilding (tract developers, remodelers)129,031 2.4 
Crop Production111,628 2.1 
CRE - Mixed-Use - Residential111,590 2.1 
Wood Product Manufacturing98,629 1.8 
Food Services and Drinking Places87,765 1.6 
Administrative and Support Services78,656 1.5 
Fabricated Metal Product Manufacturing76,611 1.4 
Religious Organizations, Advocacy Groups74,011 1.4 
Real Estate Lenders, Secondary Market Financing70,748 1.3 
Personal and Laundry Services70,595 1.3 
Amusement, Gambling, and Recreation Industries68,990 1.3 
CRE - Mixed-Use - Commercial67,187 1.2 
Miniwarehouse / Self-Storage65,018 1.2 
Merchant Wholesalers, Nondurable Goods63,662 1.2 
Private Equity & Special Purpose Entities (except 52592)56,186 1.0 
Truck Transportation55,679 1.0 
Food Manufacturing50,771 0.9 
Industries with >$50 million in outstandings$4,532,454 84.3 %
Industries with <$50 million in outstandings $846,410 15.7 %
Total Commercial Loans$5,378,864 100.0 %
Consumer Loans and Lease FinancingsTotal Outstanding Balance
Real Estate-Residential Secured for Personal Purpose$994,972 
Real Estate-Home Equity Secured for Personal Purpose186,836 
Loans to Individuals21,250 
Lease Financings244,661 
Total Consumer Loans and Lease Financings$1,447,719 
Total$6,826,583 


Univest Financial Corporation
Non-GAAP Reconciliation
December 31, 2024
Management uses non-GAAP measures in its analysis of the Corporation's performance. These measures should not be considered a substitute for GAAP basis measures nor should they be viewed as a substitute for operating results determined in accordance with GAAP. Management believes the presentation of the non-GAAP financial measures, which exclude the impact of the specified items, provides useful supplemental information that is essential to a proper understanding of the financial results of the Corporation. See the table below for additional information on non-GAAP measures used throughout this earnings release.
As of or for the three months ended,As of or for the twelve months ended,
(Dollars in thousands)12/31/20249/30/20246/30/20243/31/202412/31/202312/31/202412/31/2023
Restructuring charges (a)$— $— $— $— $189 $— $1,519 
Tax effect of restructuring charges— — — — (40)— (319)
Restructuring charges, net of tax$— $— $— $— $149 $— $1,200 
Net income$18,941 $18,578 $18,107 $20,305 $16,254 $75,931 $71,104 
Amortization of intangibles, net of tax122 130 149 148 167 548 741 
Net income before amortization of intangibles$19,063 $18,708 $18,256 $20,453 $16,421 $76,479 $71,845 
Shareholders' equity$887,301 $877,071 $854,137 $843,669 $839,208 $887,301 $839,208 
Goodwill(175,510)(175,510)(175,510)(175,510)(175,510)(175,510)(175,510)
Other intangibles (b)(2,263)(2,147)(2,157)(2,273)(2,405)(2,263)(2,405)
Tangible common equity$709,528 $699,414 $676,470 $665,886 $661,293 $709,528 $661,293 
Total assets$8,128,417 $8,205,737 $7,855,446 $7,746,568 $7,780,628 $8,128,417 $7,780,628 
Goodwill(175,510)(175,510)(175,510)(175,510)(175,510)(175,510)(175,510)
Other intangibles (b)(2,263)(2,147)(2,157)(2,273)(2,405)(2,263)(2,405)
Tangible assets$7,950,644 $8,028,080 $7,677,779 $7,568,785 $7,602,713 $7,950,644 $7,602,713 
Average shareholders' equity$880,237 $864,406 $844,572 $842,546 $814,941 $858,019 $805,667 
Average goodwill(175,510)(175,510)(175,510)(175,510)(175,510)(175,510)(175,510)
Average other intangibles (b)(2,146)(2,086)(2,222)(2,318)(2,477)(2,193)(2,802)
Average tangible common equity$702,581 $686,810 $666,840 $664,718 $636,954 $680,316 $627,355 
(a) Associated with financial service center optimization and headcount rationalization expense management strategies
(b) Amount does not include mortgage servicing rights


v3.24.4
Cover
Jan. 22, 2025
Cover [Abstract]  
Document Type 8-K
Document Period End Date Jan. 22, 2025
Entity Registrant Name UNIVEST FINANCIAL CORPORATION
Entity Incorporation, State or Country Code PA
Entity File Number 0-7617
Entity Tax Identification Number 23-1886144
Entity Address, Address Line One 14 North Main Street
Entity Address, City or Town Souderton
Entity Address, State or Province PA
Entity Address, Postal Zip Code 18964
City Area Code 215
Local Phone Number 721-2400
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, $5 par value
Trading Symbol UVSP
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Entity Central Index Key 0000102212
Amendment Flag false
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