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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, 2021
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 value29,379,575
(Title of Class)(Number of shares outstanding at April 30, 2021)



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, 2021At December 31, 2020
ASSETS
Cash and due from banks$35,117 $62,555 
Interest-earning deposits with other banks152,200 157,303 
Cash and cash equivalents187,317 219,858 
Investment securities held-to-maturity (fair value $139,298 and $156,325 at March 31, 2021 and December 31, 2020, respectively)
135,153 151,257 
Investment securities available-for-sale (amortized cost $239,314 and $221,254, net of allowance for credit losses of $485 and $869 at March 31, 2021 and December 31, 2020, respectively)
238,829 218,640 
Investments in equity securities 3,524 3,279 
       Federal Home Loan Bank, Federal Reserve Bank and other stock, at cost25,571 28,183 
Loans held for sale22,636 37,039 
Loans and leases held for investment5,415,006 5,306,841 
Less: Allowance for credit losses, loans and leases(71,497)(83,044)
Net loans and leases held for investment5,343,509 5,223,797 
Premises and equipment, net55,650 55,636 
Operating lease right-of-use assets34,317 34,325 
Goodwill172,559 172,559 
Other intangibles, net of accumulated amortization9,225 8,866 
Bank owned life insurance118,435 117,718 
Accrued interest receivable and other assets69,940 65,339 
Total assets$6,416,665 $6,336,496 
LIABILITIES
Noninterest-bearing deposits$1,857,547 $1,690,663 
Interest-bearing deposits:
Demand deposits2,006,368 2,070,183 
Savings deposits973,466 918,094 
Time deposits474,211 563,775 
Total deposits5,311,592 5,242,715 
Short-term borrowings26,676 17,906 
Long-term debt95,000 110,000 
Subordinated notes173,617 183,515 
Operating lease liabilities37,737 37,690 
Accrued interest payable and other liabilities49,588 52,198 
Total liabilities5,694,210 5,644,024 
SHAREHOLDERS’ EQUITY
Common stock, $5 par value: 48,000,000 shares authorized at March 31, 2021 and December 31, 2020; 31,556,799 shares issued at March 31, 2021 and December 31, 2020; 29,379,575 and 29,295,052 shares outstanding at March 31, 2021 and December 31, 2020, respectively
157,784 157,784 
Additional paid-in capital296,177 296,186 
Retained earnings333,581 306,899 
Accumulated other comprehensive loss, net of tax benefit(20,440)(22,144)
Treasury stock, at cost; 2,177,224 and 2,261,747 shares at March 31, 2021 and December 31, 2020, respectively
(44,647)(46,253)
Total shareholders’ equity722,455 692,472 
Total liabilities and shareholders’ equity$6,416,665 $6,336,496 
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)20212020
Interest income
Interest and fees on loans and leases:
Taxable$47,655 $45,561 
Exempt from federal income taxes2,008 2,661 
Total interest and fees on loans and leases49,663 48,222 
Interest and dividends on investment securities:
Taxable1,303 2,705 
Exempt from federal income taxes87 240 
Interest on deposits with other banks56 325 
Interest and dividends on other earning assets348 527 
Total interest income51,457 52,019 
Interest expense
Interest on deposits3,400 7,406 
Interest on short-term borrowings2 106 
Interest on long-term debt and subordinated notes2,641 2,039 
Total interest expense6,043 9,551 
Net interest income45,414 42,468 
(Reversal of provision) provision for credit losses(11,283)21,843 
Net interest income after provision for credit losses56,697 20,625 
Noninterest income
Trust fee income2,034 1,890 
Service charges on deposit accounts1,282 1,397 
Investment advisory commission and fee income4,697 4,255 
Insurance commission and fee income4,955 4,732 
Other service fee income2,192 1,870 
Bank owned life insurance income717 734 
Net gain on sales of investment securities65 695 
Net gain on mortgage banking activities5,938 2,744 
Other income1,370 67 
Total noninterest income23,250 18,384 
Noninterest expense
Salaries, benefits and commissions24,780 23,836 
Net occupancy2,739 2,574 
Equipment946 995 
Data processing3,050 2,760 
Professional fees1,748 1,317 
Marketing and advertising280 402 
Deposit insurance premiums636 504 
Intangible expenses249 330 
Other expense5,112 6,059 
Total noninterest expense39,540 38,777 
Income before income taxes40,407 232 
Income tax expense (benefit)7,804 (606)
Net income$32,603 $838 
Net income per share:
Basic$1.11 $0.03 
Diluted1.11 0.03 
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)20212020
Before
Tax
Amount
Tax
Expense
(Benefit)
Net of
Tax
Amount
Before
Tax
Amount
Tax
Expense
(Benefit)
Net of
Tax
Amount
Income$40,407 $7,804 $32,603 $232 $(606)$838 
Other comprehensive income (loss):
Net unrealized gains (losses) on available-for-sale investment securities:
Net unrealized holding gains (losses) arising during the period2,194 461 1,733 (4,965)(1,042)(3,923)
(Reversal of provision) provision for credit losses(384)(81)(303)597 125 472 
Less: reclassification adjustment for net gains on sales realized in net income (1)(65)(14)(51)(695)(146)(549)
Total net unrealized gains (losses) on available-for-sale investment securities1,745 366 1,379 (5,063)(1,063)(4,000)
Net unrealized gains (losses) on interest rate swaps used in cash flow hedges:
Net unrealized holding gains (losses) arising during the period6 1 5 (497)(104)(393)
Less: reclassification adjustment for net losses realized in net income (2)76 16 60 29 6 23 
Total net unrealized gains (losses) on interest rate swaps used in cash flow hedges 82 17 65 (468)(98)(370)
Defined benefit pension plans:
Amortization of net actuarial loss included in net periodic pension costs (3)329 69 260 297 62 235 
Total defined benefit pension plans329 69 260 297 62 235 
Other comprehensive income (loss)2,156 452 1,704 (5,234)(1,099)(4,135)
Total comprehensive income (loss)$42,563 $8,256 $34,307 $(5,002)$(1,705)$(3,297)

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

(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, 2020
Balance at December 31, 202029,334,629 $157,784 $294,999 $288,803 $(21,730)$(44,734)$675,122 
Adjustment to initially apply ASU No. 2016-13 for CECL—   (11,284)237  (11,047)
Net income —   838   838 
Other comprehensive loss, net of income tax benefit—    (4,135) (4,135)
Cash dividends declared ($0.20 per share)
—   (5,866)  (5,866)
Stock-based compensation—  424 (13)  411 
Stock issued under dividend reinvestment and employee stock purchase plans26,045  (49)  621 572 
Vesting of restricted stock units17,035 (346)  346  
Exercise of stock options5,000  (7)  101 94 
Cancellations of performance-based restricted stock awards(14,777) 418   (418) 
Purchases of treasury stock(203,150)    (4,438)(4,438)
Balance at March 31, 202029,164,782 $157,784 $295,439 $272,478 $(25,628)$(48,522)$651,551 

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)20212020
Cash flows from operating activities:
Net income$32,603 $838 
Adjustments to reconcile net income to net cash provided by operating activities:
(Reversal of provision) provision for credit losses(11,283)21,843 
Depreciation of premises and equipment1,173 1,258 
Net amortization of investment securities premiums and discounts768 383 
Net gain on sales of investment securities(65)(695)
Net gain on mortgage banking activities(5,938)(2,744)
Bank owned life insurance income(717)(734)
Stock-based compensation874 435 
Intangible expenses249 330 
Other adjustments to reconcile net income to cash (used in) provided by operating activities(2,036)273 
Originations of loans held for sale(142,877)(63,730)
Proceeds from the sale of loans held for sale163,052 58,959 
Contributions to pension and other postretirement benefit plans(66)(68)
Increase in accrued interest receivable and other assets(5,488)(2,752)
Decrease in accrued interest payable and other liabilities(376)(2,544)
Net cash provided by operating activities29,873 11,052 
Cash flows from investing activities:
Proceeds from sale of premises and equipment 8 
Purchases of premises and equipment(1,311)(387)
Proceeds from maturities, calls and principal repayments of securities held-to-maturity20,197 12,475 
Proceeds from maturities, calls and principal repayments of securities available-for-sale12,708 12,896 
Proceeds from sales of securities available-for-sale1,563 62,276 
Purchases of investment securities held-to-maturity(4,625)(43,116)
Purchases of investment securities available-for-sale(32,540)(32,242)
Proceeds from sales of money market mutual funds2,020 4,753 
Purchases of money market mutual funds(2,150)(4,644)
Net decrease (increases) in other investments2,612 (211)
Net increase in loans and leases(108,296)(62,368)
Net cash used in investing activities(109,822)(50,560)
Cash flows from financing activities:
Net increase in deposits68,869 47,229 
Net increase (decrease) in short-term borrowings8,770 (265)
Proceeds from issuance of long-term debt 125,000 
Repayment of long-term debt(15,000)(65,000)
Repayment of subordinated debt(10,000) 
Payment of contingent consideration on acquisitions(29)(31)
Purchases of treasury stock(650)