Univest Financial Corporation (“Univest” or the "Corporation")
(NASDAQ: UVSP), parent company of Univest Bank and Trust Co. and
its insurance, investments and equipment financing subsidiaries,
today announced net income for the year ended December 31,
2020 of $46.9 million, or $1.60 diluted earnings per share,
compared to net income of $65.7 million, or $2.24 diluted earnings
per share, for the year ended December 31, 2019. Net income
for the quarter ended December 31, 2020 was
$25.9 million, or $0.88 diluted earnings per share, compared
to net income of $15.5 million, or $0.53 diluted earnings per
share, for the quarter ended December 31, 2019.
Pre-tax pre-provision income1 for the year ended
December 31, 2020 was $97.7 million, an increase of $9.1
million, or 10.3%, from the comparable period in the prior year.
Pre-tax pre-provision income1 for the quarter ended
December 31, 2020 was $22.9 million, an increase of $1.8
million, or 8.6%, from the fourth quarter of 2019.
One-Time Items For the
QuarterThe financial results for the quarter ended
December 31, 2020 included a $1.4 million ($1.1 million
after-tax), or $0.04 diluted earnings per share, restructuring
charge associated with the Corporation's previously announced
financial service center optimization plan. The financial results
for the quarter ended December 31, 2020 also included a charge
of $1.1 million ($877 thousand after-tax), or $0.03 diluted
earnings per share, in other expense related to the extinguishment
of long-term debt. During the fourth quarter of 2020, the
Corporation modified the vesting criteria for outstanding
performance-based restricted stock grants to better reflect the
current operating environment. As a result of these modifications,
a benefit of $928 thousand ($733 thousand after-tax), or $0.03
diluted earnings per share, was recognized in salaries, benefits
and commissions for the quarter ended December 31, 2020.
COVID-19As a result of the
impact of COVID-19, we have taken various actions to support our
customers and the communities we collectively serve, including
modifying outstanding loans and leases and waiving certain deposit
service charges. Loans and leases that were modified via principal
and/or interest deferrals were done so in accordance with Section
4013 of the CARES Act and the Interagency Statement on Loan
Modifications and Reporting for Financial Institutions Working with
Customers Affected by the Coronavirus and have not been categorized
as troubled debt restructurings. These loans and leases had a
combined principal balance of approximately $68.0 million as of
December 31, 2020, which represents approximately 1.4% of the loan
portfolio, excluding Paycheck Protection Program ("PPP") loans1.
For more information on these loans, including a breakdown of such
loans by type, please see the "Loan Portfolio Overview" table
within this document.
CECLThe Corporation adopted
Accounting Standard Update No. 2016-13, “Financial Instruments –
Credit Losses (Topic 326): Measurement of Credit Losses on
Financial Instruments” (“CECL”) effective January 1, 2020. During
the quarter ended December 31, 2020, the Corporation reduced
its allowance for credit losses resulting in a reversal of
provision for credit loss expense of $8.7 million, of which $11.6
million (after-tax benefit of $9.2 million), or $0.31 diluted
earnings per share, was attributable to changes in economic-related
assumptions within the Corporation’s CECL model offset by a reserve
increase attributable to loan growth. During the year ended
December 31, 2020, the Corporation recorded CECL related charges of
$40.8 million, of which $27.4 million (after-tax charge of $21.6
million), or $0.74 diluted earnings per share, was attributable to
changes in economic related assumptions within the CECL model.
LoansGross loans and leases,
excluding PPP loans1, increased $436.2 million, or 9.9%, from
December 31, 2019 primarily due to increases in commercial real
estate loans. Gross loans and leases, excluding PPP loans1,
increased $112.8 million, or 9.6% (annualized), from
September 30, 2020 primarily due to increases in commercial
real estate loans. DepositsTotal
deposits increased $882.6 million, or 20.2%, from December 31,
2019 primarily due to increases in commercial, consumer and public
funds deposits. Total deposits increased $31.1 million, or 2.4%
(annualized), from September 30, 2020 primarily due to an
increase in consumer deposits offset by a decrease in commercial
deposits.
Net Interest Income and
MarginNet interest income of $174.4 million for the year
ended December 31, 2020 increased $5.1 million, or 3.0%, from
the prior year primarily due to lower deposit costs and growth in
loans partially offset by a decrease in loan and investment yields.
Net interest margin, on a tax-equivalent basis, was 3.16% for the
year ended December 31, 2020 compared to 3.59% for the year
ended December 31, 2019. Excess liquidity reduced net interest
margin by approximately fourteen basis points for the year ended
December 31, 2020 compared to eight basis points for the year
ended December 31, 2019. This excess liquidity was primarily
driven by strong deposit balance growth during 2020. PPP loans
reduced net interest margin by seven basis points for the year
ended December 31, 2020 compared to no impact for the year
ended December 31, 2019. Excluding the impacts of excess
liquidity and PPP loans, the net interest margin, on a
tax-equivalent basis, was 3.37% for the year ended
December 31, 2020 compared to 3.67% for the year ended
December 31, 2019. For the year ended December 31, 2020, PPP
loans contributed $7.9 million to net interest income. As of
December 31, 2020, $7.7 million of net deferred fees remained on
the balance sheet, which represents approximately 63% of the
initial deferred fee amount.
Net interest margin, on a tax-equivalent basis,
was 3.02% for the fourth quarter of 2020, compared to 3.02% for the
third quarter of 2020 and 3.44% for the fourth quarter of 2019.
Excess liquidity reduced net interest margin by approximately
thirteen basis points for the quarter ended December 31, 2020
compared to eighteen basis points for the quarter ended September
30, 2020 and twelve basis points for the quarter ended December 31,
2019. This excess liquidity was primarily driven by strong deposit
balance growth in 2020. PPP loans reduced net interest margin by
seven basis points for the quarter ended December 31, 2020 compared
to ten basis points for the quarter ended September 30, 2020 and
had no impact for the quarter ended December 31, 2019.
Excluding the impacts of excess liquidity and PPP loans, the net
interest margin, on a tax-equivalent basis, was 3.22%, 3.30% and
3.56% for the quarters ended December 31, 2020, September 30, 2020
and December 31, 2019, respectively. For the quarter ended December
31, 2020, PPP loans contributed $3.1 million to net interest
income, of which $369 thousand related to forgiveness activity.
Noninterest IncomeNoninterest
income for the quarter ended December 31, 2020 was $20.1
million, an increase of $4.0 million, or 24.6%, from the comparable
period in the prior year. Noninterest income for the year ended
December 31, 2020 was $78.3 million, an increase of $12.9
million, or 19.7%, from the comparable period in the prior
year.
Net gain on mortgage banking activities
increased $3.3 million, or 316.5%, for the quarter and $12.5
million, or 316.7%, for the year ended December 31, 2020 from
the comparable periods in the prior year, due to an increase in
volume and expansion of margins.
Other income increased $923 thousand, or 91.1%,
for the quarter ended December 31, 2020 and $3.3 million, or
127.3%, for the year ended December 31, 2020 from the
comparable periods in the prior year. Fees on risk participation
agreements for interest rate swaps increased $1.0 million for the
quarter ended December 31, 2020 and $4.4 million for the year ended
December 31, 2020 from the comparable periods in the prior
year, driven by increased customer activity due to the current rate
environment. Gain on sale of small business administration (SBA)
loans decreased $482 thousand for the year ended December 31,
2020 from the prior year due to decreased SBA loan sale activity.
Equity securities measured at fair value decreased $266 thousand
for the year ended December 31, 2020 from the prior year.
Service charges on deposit accounts decreased
$1.1 million, or 18.5%, for the year ended December 31, 2020
from the prior year due to the waiving of certain deposit service
charges for customers in response to COVID-19 during the second
quarter of 2020 and reduced customer activity in the third and
fourth quarters of 2020.
Other service fee income decreased $1.8 million,
or 19.2%, for the year ended December 31, 2020 from the prior
year. Mortgage servicing right amortization increased $1.4 million
for the year ended December 31, 2020 from the prior year
driven by the decline in interest rates and their impact on
prepayment activity. Interchange income decreased $308 thousand for
the year ended December 31, 2020 from the prior year due to
decreased customer transaction activity.
Noninterest ExpenseNoninterest
expense for the quarter ended December 31, 2020 was $41.7
million, an increase of $4.3 million, or 11.4%, from the comparable
period in the prior year. Noninterest expense for the year ended
December 31, 2020 was $155.0 million, an increase of $8.9
million, or 6.1% from the prior year.
Salaries, benefits and commissions increased
$1.7 million, or 7.7%, for the quarter ended December 31, 2020 and
increased $4.9 million, or 5.6%, for the year ended
December 31, 2020 from the comparable periods in the prior
year. The increases were attributable to additional staff hired,
primarily during 2019, to support revenue generation across all
business lines, expansion of our commercial lending groups in the
first and second quarters of 2019, annual merit increases and
increased variable compensation due to strong mortgage banking
activity. The increases in salaries, benefits and commissions were
offset by the benefit of the previously discussed performance-based
restricted stock modifications and $1.3 million of incremental
capitalized compensation related to origination of PPP loans.
Deposit insurance premiums increased $423 thousand, or 123.7%, for
the quarter and $1.8 million, or 232.2%, for the year ended
December 31, 2020 from the comparable periods in the prior year
primarily due to an FDIC small bank assessment credit of $1.1
million, of which $988 thousand was recognized during the third
quarter of 2019 and $114 thousand was recognized during the fourth
quarter of 2019, and an increased assessment base for 2020 due to
asset growth. Restructuring charges increased $1.4 million for the
quarter and year ended December 31, 2020 from the comparable
periods in the prior year due to the impact of the financial
service center optimization plan discussed previously. Other
expense increased $615 thousand, or 9.6%, for the quarter and $1.3
million, or 5.7%, for the year ended December 31, 2020 from
the comparable periods in the prior year primarily due to charges
from the extinguishment of long-term debt discussed previously.
Asset Quality and Provision for Credit
LossesNonperforming assets were $40.5 million at
December 31, 2020, compared to $41.9 million at
September 30, 2020 and $39.3 million at December 31,
2019. Other real estate owned includes a $7.1 million property,
which transferred to other real estate owned during the second
quarter of 2020. The property is under an agreement of sale and is
expected to be sold during the first quarter of 2021.
Net loan and lease charge-offs were $618
thousand during the fourth quarter of 2020 and $4.6 million
for the year ended December 31, 2020. The reversal of
provision for credit losses was $8.7 million for the fourth quarter
of 2020, due to a reserve decrease of $8.2 million related to loans
and leases and $690 thousand related to unfunded commitments,
offset by a reserve increase of $176 thousand related to investment
securities. The provision for credit losses was $40.8 million for
the year ended December 31, 2020, of which $39.4 million
related to loans and leases, $786 thousand related to reserves for
unfunded commitments, and $569 thousand related to investment
securities.
Net loan and lease charge-offs were $558
thousand during the fourth quarter of 2019 and $2.6 million for the
year ended December 31, 2019. The provision for loan and lease
losses was $2.2 million for the fourth quarter of 2019 and $8.5
million for the year ended December 31, 2019.
The allowance for credit losses on loans and
leases as a percentage of loans and leases held for investment was
1.56% at December 31, 2020, compared to 1.76% at September 30,
2020, and 0.81% at December 31, 2019. The allowance for credit
losses on loans and leases as a percentage of loans and leases held
for investment, excluding PPP loans1, was 1.72% at
December 31, 2020, compared to 1.95% at September 30,
2020.
Tax Provision The effective
income tax rate was 17.5% for the year ended December 31, 2020
compared to an effective income tax rate of 17.9% for the year
ended December 31, 2019. The Corporation's effective income
tax rate reflects the benefits of tax-exempt income from
investments in municipal securities and loans and leases.
DividendOn January 27, 2021,
Univest declared a quarterly cash dividend of $0.20 per share. The
dividend will be paid on February 24, 2021 to shareholders of
record as of February 10, 2021.
Conference CallUnivest will
host a conference call to discuss fourth quarter and year end 2020
results on Thursday, January 28, 2021 at 9:00 a.m. EST.
Participants may preregister at
https://dpregister.com/sreg/10150871/e00405b3c0. The general public
can access the call by dialing 1-888-338-6515. A replay of the
conference call will be available through February 28, 2021 by
dialing 1-877-344-7529; using Conference ID: 10150871.
1Non-GAAP metric. A reconciliation of this and
other non-GAAP to GAAP performance measures is included within this
document.
About Univest Financial
CorporationUnivest Financial Corporation (UVSP), including
its wholly-owned subsidiary Univest Bank and Trust Co., Member
FDIC, has approximately $6.3 billion in assets and $4.1 billion in
assets under management and supervision through its Wealth
Management lines of business at December 31, 2020.
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
in southeastern Pennsylvania extending to the Lehigh Valley and
York, as well as in New Jersey and Maryland and online at
www.univest.net.
This press release of Univest 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, markets and products
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 results to differ materially from
those expressed or implied by the forward-looking statements. These
factors include, but are not limited to: (1) competition; (2)
changes in interest rates; (3) changes in asset quality, prepayment
speeds, loan sale volumes, charge-offs and credit loss provisions;
(4) general economic conditions; (5) legislative or regulatory
changes that may adversely affect the businesses in which Univest
is engaged; (6) technological issues that may adversely affect
Univest financial operations or customers; (7) changes in the
securities markets or (8) risk factors mentioned in the reports and
registration statements Univest files with the Securities and
Exchange Commission.
Additionally, it is difficult to predict the
full impact of the COVID-19 outbreak on our business. The extent of
such impact will depend on future developments, which are highly
uncertain, including when the coronavirus can be controlled and
abated and whether the gradual reopening of businesses will result
in a meaningful increase in economic activity. As the result of the
COVID-19 pandemic and the related adverse local and national
economic consequences, we could be subject to any of the following
risks, any of which could have a material, adverse effect on our
business, financial condition, liquidity, and results of
operations: (1) demand for our products and services may decline;
(2) if the economy is unable to substantially reopen, and higher
levels of unemployment continue for an extended period of time,
loan delinquencies, problem assets, and foreclosures may increase;
(3) collateral for loans, especially real estate, may decline in
value; (4) our allowance for credit losses may have to be increased
if borrowers experience financial difficulties; (5) the net worth
and liquidity of loan guarantors may decline, impairing their
ability to honor commitments to us; (6) as the result of the
decline in the Federal Reserve Board’s target federal funds rate to
near 0%, the yield on our assets may decline to a greater extent
than the decline in our cost of interest-bearing liabilities; (7) a
material decrease in net income or a net loss over several quarters
could result in a decrease in the rate of our quarterly cash
dividend; (8) our wealth management revenues may decline with
continuing market turmoil; (9) litigation, regulatory enforcement
risk and reputation risk regarding our participation in the
Paycheck Protection Program and the risk that the Small Business
Administration may not fund some or all PPP loan guarantees; (10)
our cyber security risks are increased as the result of an increase
in the number of employees working remotely; (11) Federal Deposit
Insurance Corporation premiums may increase if the agency
experience additional resolution costs; and (12) further and
sustained decline in our stock price or other triggering event
could result in an impairment charge being recorded. Univest
undertakes no obligation to revise these forward-looking statements
or to reflect events or circumstances after the date of this press
release.
(UVSP - ER)
Univest
Financial Corporation |
Consolidated
Selected Financial Data (Unaudited) |
December 31,
2020 |
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet (Period End) |
|
12/31/20 |
|
09/30/20 |
|
06/30/20 |
|
03/31/20 |
|
12/31/19 |
|
|
|
|
Assets |
|
$ |
6,336,496 |
|
|
$ |
6,382,831 |
|
|
$ |
6,125,312 |
|
|
$ |
5,464,768 |
|
|
$ |
5,380,924 |
|
|
|
|
|
Investment
securities, net of allowance for credit losses |
|
|
373,176 |
|
|
|
368,830 |
|
|
|
397,852 |
|
|
|
423,521 |
|
|
|
441,599 |
|
|
|
|
|
Loans held
for sale |
|
|
35,529 |
|
|
|
14,465 |
|
|
|
31,082 |
|
|
|
11,417 |
|
|
|
5,504 |
|
|
|
|
|
Loans and
leases held for investment, gross |
|
|
5,306,841 |
|
|
|
5,211,856 |
|
|
|
4,951,809 |
|
|
|
4,448,825 |
|
|
|
4,386,836 |
|
|
|
|
|
Allowance
for credit losses, loans and leases |
|
|
83,044 |
|
|
|
91,870 |
|
|
|
86,217 |
|
|
|
68,216 |
|
|
|
35,331 |
|
|
|
|
|
Loans and
leases held for investment, net |
|
|
5,223,797 |
|
|
|
5,119,986 |
|
|
|
4,865,592 |
|
|
|
4,380,609 |
|
|
|
4,351,505 |
|
|
|
|
|
Total
deposits |
|
|
5,242,715 |
|
|
|
5,211,603 |
|
|
|
4,869,329 |
|
|
|
4,407,303 |
|
|
|
4,360,075 |
|
|
|
|
|
Noninterest-bearing deposits |
|
|
1,690,663 |
|
|
|
1,714,505 |
|
|
|
1,725,819 |
|
|
|
1,318,270 |
|
|
|
1,279,681 |
|
|
|
|
|
NOW, money
market and savings |
|
|
2,988,277 |
|
|
|
2,940,879 |
|
|
|
2,623,025 |
|
|
|
2,452,021 |
|
|
|
2,474,384 |
|
|
|
|
|
Time
deposits |
|
|
563,775 |
|
|
|
556,219 |
|
|
|
520,485 |
|
|
|
637,012 |
|
|
|
606,010 |
|
|
|
|
|
Borrowings |
|
|
311,421 |
|
|
|
416,104 |
|
|
|
515,722 |
|
|
|
323,363 |
|
|
|
263,596 |
|
|
|
|
|
Shareholders' equity |
|
|
692,472 |
|
|
|
669,107 |
|
|
|
654,873 |
|
|
|
651,551 |
|
|
|
675,122 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet (Average) |
|
For the three months ended, |
|
For the twelve months ended, |
|
|
12/31/20 |
|
09/30/20 |
|
06/30/20 |
|
03/31/20 |
|
12/31/19 |
|
12/31/20 |
|
12/31/19 |
Assets |
|
$ |
6,353,519 |
|
|
$ |
6,265,605 |
|
|
$ |
6,000,790 |
|
|
$ |
5,409,561 |
|
|
$ |
5,400,591 |
|
|
$ |
6,006,877 |
|
|
$ |
5,224,583 |
|
Investment
securities, net of allowance for credit losses |
|
|
369,511 |
|
|
|
385,221 |
|
|
|
411,957 |
|
|
|
441,900 |
|
|
|
445,932 |
|
|
|
402,011 |
|
|
|
461,841 |
|
Loans and
leases, gross |
|
|
5,253,720 |
|
|
|
5,070,037 |
|
|
|
4,836,858 |
|
|
|
4,388,584 |
|
|
|
4,280,430 |
|
|
|
4,888,801 |
|
|
|
4,148,619 |
|
Deposits |
|
|
5,222,452 |
|
|
|
5,030,398 |
|
|
|
4,794,669 |
|
|
|
4,349,984 |
|
|
|
4,374,586 |
|
|
|
4,850,890 |
|
|
|
4,186,339 |
|
Shareholders' equity |
|
|
676,426 |
|
|
|
661,947 |
|
|
|
660,950 |
|
|
|
673,460 |
|
|
|
672,647 |
|
|
|
668,201 |
|
|
|
652,453 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality Data (Period End) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12/31/20 |
|
09/30/20 |
|
06/30/20 |
|
03/31/20 |
|
12/31/19 |
|
|
|
|
Nonaccrual
loans and leases, including nonaccrual troubled debt
restructured |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
loans and leases |
|
$ |
31,692 |
|
|
$ |
30,019 |
|
|
$ |
26,141 |
|
|
$ |
36,626 |
|
|
$ |
38,578 |
|
|
|
|
|
Accruing
loans and leases 90 days or more past due |
|
|
1,392 |
|
|
|
3,573 |
|
|
|
1,193 |
|
|
|
1,777 |
|
|
|
143 |
|
|
|
|
|
Accruing
troubled debt restructured loans and leases |
|
|
53 |
|
|
|
53 |
|
|
|
53 |
|
|
|
54 |
|
|
|
54 |
|
|
|
|
|
Total
nonperforming loans and leases |
|
|
33,137 |
|
|
|
33,645 |
|
|
|
27,387 |
|
|
|
38,457 |
|
|
|
38,775 |
|
|
|
|
|
Other real
estate owned |
|
|
7,355 |
|
|
|
8,270 |
|
|
|
8,642 |
|
|
|
516 |
|
|
|
516 |
|
|
|
|
|
Total
nonperforming assets |
|
$ |
40,492 |
|
|
$ |
41,915 |
|
|
$ |
36,029 |
|
|
$ |
38,973 |
|
|
$ |
39,291 |
|
|
|
|
|
Nonaccrual
loans and leases / Loans and leases held for investment |
|
|
0.60 |
% |
|
|
0.58 |
% |
|
|
0.53 |
% |
|
|
0.82 |
% |
|
|
0.88 |
% |
|
|
|
|
Nonperforming loans and leases / Loans and leases held for
investment |
|
|
0.62 |
% |
|
|
0.65 |
% |
|
|
0.55 |
% |
|
|
0.86 |
% |
|
|
0.88 |
% |
|
|
|
|
Nonperforming assets / Total assets |
|
|
0.64 |
% |
|
|
0.66 |
% |
|
|
0.59 |
% |
|
|
0.71 |
% |
|
|
0.73 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance
for credit losses, loans and leases |
|
$ |
83,044 |
|
|
$ |
91,870 |
|
|
$ |
86,217 |
|
|
$ |
68,216 |
|
|
$ |
35,331 |
|
|
|
|
|
Allowance
for credit losses, loans and leases / Loans and leases held for
investment |
|
|
1.56 |
% |
|
|
1.76 |
% |
|
|
1.74 |
% |
|
|
1.53 |
% |
|
|
0.81 |
% |
|
|
|
|
Allowance
for credit losses, loans and leases / Loans and leases held for
investment, excluding Paycheck Protection Program loans (1) |
|
|
1.72 |
% |
|
|
1.95 |
% |
|
|
1.94 |
% |
|
|
1.53 |
% |
|
|
0.81 |
% |
|
|
|
|
Allowance
for credit losses, loans and leases / Nonaccrual loans and leases
held for investment |
|
|
262.03 |
% |
|
|
306.04 |
% |
|
|
329.82 |
% |
|
|
186.25 |
% |
|
|
91.58 |
% |
|
|
|
|
Allowance
for credit losses, loans and leases / Nonperforming loans and
leases held for investment |
|
|
250.61 |
% |
|
|
273.06 |
% |
|
|
314.81 |
% |
|
|
177.38 |
% |
|
|
91.12 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended, |
|
For the twelve months ended, |
|
|
12/31/20 |
|
09/30/20 |
|
06/30/20 |
|
03/31/20 |
|
12/31/19 |
|
12/31/20 |
|
12/31/19 |
Net loan and
lease charge-offs (recoveries) |
|
$ |
618 |
|
|
$ |
(35 |
) |
|
$ |
3,576 |
|
|
$ |
489 |
|
|
$ |
558 |
|
|
$ |
4,648 |
|
|
$ |
2,551 |
|
Net loan and
lease charge-offs (annualized)/Average loans and leases |
|
|
0.05 |
% |
|
|
(0.00 |
%) |
|
|
0.30 |
% |
|
|
0.04 |
% |
|
|
0.05 |
% |
|
|
0.10 |
% |
|
|
0.06 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Non-GAAP metric. A
reconciliation of this and other non-GAAP to GAAP performance
measures is included at the end of this document. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Univest
Financial Corporation |
|
Consolidated
Selected Financial Data (Unaudited) |
|
December 31,
2020 |
|
(Dollars in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended, |
|
For the twelve months ended, |
|
For
the period: |
|
12/31/20 |
|
09/30/20 |
|
06/30/20 |
|
03/31/20 |
|
12/31/19 |
|
12/31/20 |
|
12/31/19 |
|
Interest
income |
|
$ |
51,334 |
|
|
$ |
50,612 |
|
$ |
49,980 |
|
|
$ |
52,019 |
|
|
$ |
53,369 |
|
$ |
203,945 |
|
$ |
214,093 |
|
Interest
expense |
|
|
6,813 |
|
|
|
6,758 |
|
|
6,462 |
|
|
|
9,551 |
|
|
|
10,940 |
|
|
29,584 |
|
|
44,861 |
|
Net interest income |
|
|
44,521 |
|
|
|
43,854 |
|
|
43,518 |
|
|
|
42,468 |
|
|
|
42,429 |
|
|
174,361 |
|
|
169,232 |
|
(Reversal of
Provision) provision for credit losses |
|
|
(8,721 |
) |
|
|
3,935 |
|
|
23,737 |
|
|
|
21,843 |
|
|
|
2,225 |
|
|
40,794 |
|
|
8,511 |
|
Net interest
income after provision for credit losses |
|
|
53,242 |
|
|
|
39,919 |
|
|
19,781 |
|
|
|
20,625 |
|
|
|
40,204 |
|
|
133,567 |
|
|
160,721 |
|
Noninterest
income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trust fee income |
|
|
1,974 |
|
|
|
1,915 |
|
|
1,924 |
|
|
|
1,890 |
|
|
|
1,912 |
|
|
7,703 |
|
|
7,826 |
|
Service charges on deposit
accounts |
|
|
1,371 |
|
|
|
1,187 |
|
|
890 |
|
|
|
1,397 |
|
|
|
1,551 |
|
|
4,845 |
|
|
5,946 |
|
Investment advisory commission and
fee income |
|
|
4,144 |
|
|
|
4,005 |
|
|
3,540 |
|
|
|
4,255 |
|
|
|
4,064 |
|
|
15,944 |
|
|
15,940 |
|
Insurance commission and fee
income |
|
|
3,512 |
|
|
|
3,776 |
|
|
4,067 |
|
|
|
4,732 |
|
|
|
3,609 |
|
|
16,087 |
|
|
16,571 |
|
Other service fee income |
|
|
2,092 |
|
|
|
2,093 |
|
|
1,488 |
|
|
|
1,870 |
|
|
|
2,229 |
|
|
7,543 |
|
|
9,341 |
|
Bank owned life insurance income |
|
|
733 |
|
|
|
741 |
|
|
732 |
|
|
|
734 |
|
|
|
741 |
|
|
2,940 |
|
|
3,179 |
|
Net gain on sales of investment
securities |
|
|
54 |
|
|
|
57 |
|
|
65 |
|
|
|
695 |
|
|
|
13 |
|
|
871 |
|
|
54 |
|
Net gain on mortgage banking
activities |
|
|
4,323 |
|
|
|
5,860 |
|
|
3,515 |
|
|
|
2,744 |
|
|
|
1,038 |
|
|
16,442 |
|
|
3,946 |
|
Other income |
|
|
1,936 |
|
|
|
2,171 |
|
|
1,779 |
|
|
|
67 |
|
|
|
1,013 |
|
|
5,953 |
|
|
2,619 |
|
Total
noninterest income |
|
|
20,139 |
|
|
|
21,805 |
|
|
18,000 |
|
|
|
18,384 |
|
|
|
16,170 |
|
|
78,328 |
|
|
65,422 |
|
Noninterest
expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries, benefits and commissions |
|
|
23,613 |
|
|
|
24,059 |
|
|
21,700 |
|
|
|
23,836 |
|
|
|
21,933 |
|
|
93,208 |
|
|
88,289 |
|
Net occupancy |
|
|
2,697 |
|
|
|
2,609 |
|
|
2,478 |
|
|
|
2,574 |
|
|
|
2,534 |
|
|
10,358 |
|
|
10,221 |
|
Equipment |
|
|
951 |
|
|
|
972 |
|
|
923 |
|
|
|
995 |
|
|
|
1,027 |
|
|
3,841 |
|
|
4,170 |
|
Data processing |
|
|
2,961 |
|
|
|
2,862 |
|
|
2,750 |
|
|
|
2,760 |
|
|
|
2,685 |
|
|
11,333 |
|
|
10,450 |
|
Professional fees |
|
|
1,436 |
|
|
|
1,321 |
|
|
1,264 |
|
|
|
1,317 |
|
|
|
1,475 |
|
|
5,338 |
|
|
5,563 |
|
Marketing and advertising |
|
|
575 |
|
|
|
463 |
|
|
535 |
|
|
|
402 |
|
|
|
710 |
|
|
1,975 |
|
|
2,594 |
|
Deposit insurance premiums |
|
|
765 |
|
|
|
707 |
|
|
615 |
|
|
|
504 |
|
|
|
342 |
|
|
2,591 |
|
|
780 |
|
Intangible expenses |
|
|
282 |
|
|
|
283 |
|
|
321 |
|
|
|
330 |
|
|
|
374 |
|
|
1,216 |
|
|
1,595 |
|
Restructuring charges |
|
|
1,439 |
|
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
1,439 |
|
|
- |
|
Other expense |
|
|
7,015 |
|
|
|
5,251 |
|
|
5,374 |
|
|
|
6,059 |
|
|
|
6,400 |
|
|
23,699 |
|
|
22,428 |
|
Total
noninterest expense |
|
|
41,734 |
|
|
|
38,527 |
|
|
35,960 |
|
|
|
38,777 |
|
|
|
37,480 |
|
|
154,998 |
|
|
146,090 |
|
Income
before taxes |
|
|
31,647 |
|
|
|
23,197 |
|
|
1,821 |
|
|
|
232 |
|
|
|
18,894 |
|
|
56,897 |
|
|
80,053 |
|
Income tax
expense (benefit) |
|
|
5,773 |
|
|
|
5,078 |
|
|
(264 |
) |
|
|
(606 |
) |
|
|
3,384 |
|
|
9,981 |
|
|
14,334 |
|
Net
income |
|
$ |
25,874 |
|
|
$ |
18,119 |
|
$ |
2,085 |
|
|
$ |
838 |
|
|
$ |
15,510 |
|
$ |
46,916 |
|
$ |
65,719 |
|
Net income
per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.88 |
|
|
$ |
0.62 |
|
$ |
0.07 |
|
|
$ |
0.03 |
|
|
$ |
0.53 |
|
$ |
1.60 |
|
$ |
2.24 |
|
Diluted |
|
$ |
0.88 |
|
|
$ |
0.62 |
|
$ |
0.07 |
|
|
$ |
0.03 |
|
|
$ |
0.53 |
|
$ |
1.60 |
|
$ |
2.24 |
|
Dividends
declared per share |
|
$ |
- |
|
|
$ |
0.20 |
|
$ |
0.20 |
|
|
$ |
0.20 |
|
|
$ |
0.20 |
|
$ |
0.60 |
|
$ |
0.80 |
|
Weighted
average shares outstanding |
|
|
29,274,915 |
|
|
|
29,226,627 |
|
|
29,187,197 |
|
|
|
29,286,200 |
|
|
|
29,327,169 |
|
|
29,243,773 |
|
|
29,299,599 |
|
Period end
shares outstanding |
|
|
29,295,052 |
|
|
|
29,241,302 |
|
|
29,201,985 |
|
|
|
29,164,782 |
|
|
|
29,334,629 |
|
|
29,295,052 |
|
|
29,334,629 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Univest
Financial Corporation |
Consolidated
Selected Financial Data (Unaudited) |
December 31,
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended, |
|
For the twelve months ended, |
Profitability Ratios (annualized) |
|
|
12/31/20 |
|
09/30/20 |
|
06/30/20 |
|
03/31/20 |
|
12/31/19 |
|
12/31/20 |
|
12/31/19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets |
|
|
|
1.62 |
% |
|
|
1.15 |
% |
|
|
0.14 |
% |
|
|
0.06 |
% |
|
|
1.14 |
% |
|
|
0.78 |
% |
|
|
1.26 |
% |
Return on average assets, excluding restructuring |
|
1.69 |
% |
|
|
1.15 |
% |
|
|
0.14 |
% |
|
|
0.06 |
% |
|
|
1.14 |
% |
|
|
0.80 |
% |
|
|
1.26 |
% |
charges (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average shareholders' equity |
|
|
15.22 |
% |
|
|
10.89 |
% |
|
|
1.27 |
% |
|
|
0.50 |
% |
|
|
9.15 |
% |
|
|
7.02 |
% |
|
|
10.07 |
% |
Return on average shareholders' equity, excluding |
|
15.89 |
% |
|
|
10.89 |
% |
|
|
1.27 |
% |
|
|
0.50 |
% |
|
|
9.15 |
% |
|
|
7.19 |
% |
|
|
10.07 |
% |
restructuring charges (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average tangible common equity (1) |
|
|
20.53 |
% |
|
|
14.82 |
% |
|
|
1.73 |
% |
|
|
0.68 |
% |
|
|
12.40 |
% |
|
|
9.52 |
% |
|
|
13.82 |
% |
Return on average tangible common equity, excluding |
|
21.44 |
% |
|
|
14.82 |
% |
|
|
1.73 |
% |
|
|
0.68 |
% |
|
|
12.40 |
% |
|
|
9.76 |
% |
|
|
13.82 |
% |
restructuring charges (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin (FTE) |
|
|
|
3.02 |
% |
|
|
3.02 |
% |
|
|
3.18 |
% |
|
|
3.48 |
% |
|
|
3.44 |
% |
|
|
3.16 |
% |
|
|
3.59 |
% |
Efficiency ratio (2) |
|
|
|
|
63.8 |
% |
|
|
58.0 |
% |
|
|
57.7 |
% |
|
|
62.8 |
% |
|
|
63.0 |
% |
|
|
60.6 |
% |
|
|
61.4 |
% |
Efficiency ratio, excluding restructuring charges (1) (2) |
|
61.6 |
% |
|
|
58.0 |
% |
|
|
57.7 |
% |
|
|
62.8 |
% |
|
|
63.0 |
% |
|
|
60.0 |
% |
|
|
61.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capitalization Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared to net income (3) |
|
|
0.0 |
% |
|
|
32.3 |
% |
|
|
278.7 |
% |
|
|
699.9 |
% |
|
|
37.8 |
% |
|
|
37.4 |
% |
|
|
35.7 |
% |
Shareholders' equity to assets (Period End) |
|
|
10.93 |
% |
|
|
10.48 |
% |
|
|
10.69 |
% |
|
|
11.92 |
% |
|
|
12.55 |
% |
|
|
10.93 |
% |
|
|
12.55 |
% |
Tangible common equity to tangible assets (1) |
|
|
8.40 |
% |
|
|
7.96 |
% |
|
|
8.06 |
% |
|
|
8.99 |
% |
|
|
9.59 |
% |
|
|
8.40 |
% |
|
|
9.59 |
% |
Common equity book value per share |
|
$ |
23.64 |
|
|
$ |
22.88 |
|
|
$ |
22.43 |
|
|
$ |
22.34 |
|
|
$ |
23.01 |
|
|
$ |
23.64 |
|
|
$ |
23.01 |
|
Tangible common equity book value per share (1) |
$ |
17.66 |
|
|
$ |
16.89 |
|
|
$ |
16.41 |
|
|
$ |
16.31 |
|
|
$ |
17.01 |
|
|
$ |
17.66 |
|
|
$ |
17.01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Regulatory Capital Ratios (Period End) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 leverage ratio |
|
|
|
|
9.08 |
% |
|
|
8.97 |
% |
|
|
9.15 |
% |
|
|
9.90 |
% |
|
|
10.02 |
% |
|
|
9.08 |
% |
|
|
10.02 |
% |
Common equity tier 1 risk-based capital ratio |
|
|
10.77 |
% |
|
|
10.52 |
% |
|
|
10.73 |
% |
|
|
10.79 |
% |
|
|
11.03 |
% |
|
|
10.77 |
% |
|
|
11.03 |
% |
Tier 1 risk-based capital ratio |
|
|
|
10.77 |
% |
|
|
10.52 |
% |
|
|
10.73 |
% |
|
|
10.79 |
% |
|
|
11.03 |
% |
|
|
10.77 |
% |
|
|
11.03 |
% |
Total risk-based capital ratio |
|
|
|
15.31 |
% |
|
|
15.35 |
% |
|
|
13.72 |
% |
|
|
13.65 |
% |
|
|
13.78 |
% |
|
|
15.31 |
% |
|
|
13.78 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Non-GAAP metric. A
reconciliation of this and other non-GAAP to GAAP performance
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) As announced in
the September 30, 2020 Earnings Release, the Corporation changed
the timing of future dividend declarations and payments. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Univest
Financial Corporation |
|
Average
Balances and Interest Rates (Unaudited) |
|
|
|
For the Three Months Ended, |
|
|
|
Tax Equivalent Basis |
December 31, 2020 |
|
September 30, 2020 |
|
|
Average |
Income/ |
Average |
|
Average |
Income/ |
Average |
|
(Dollars in thousands) |
Balance |
Expense |
Rate |
|
Balance |
Expense |
Rate |
|
Assets: |
|
|
|
|
|
|
|
|
Interest-earning deposits with other banks |
$ |
296,258 |
|
$ |
82 |
0.11 |
% |
$ |
368,181 |
|
$ |
100 |
0.11 |
% |
U.S.
government obligations |
|
6,998 |
|
|
36 |
2.05 |
|
|
6,998 |
|
|
36 |
2.05 |
|
Obligations
of state and political subdivisions |
|
14,269 |
|
|
129 |
3.60 |
|
|
18,004 |
|
|
167 |
3.69 |
|
Other debt
and equity securities |
|
348,244 |
|
|
1,237 |
1.41 |
|
|
360,219 |
|
|
1,610 |
1.78 |
|
Federal Home
Loan Bank, Federal Reserve Bank and other stock |
|
29,838 |
|
|
438 |
5.84 |
|
|
28,651 |
|
|
419 |
5.82 |
|
Total interest-earning deposits, investments and other
interest-earning assets |
|
695,607 |
|
|
1,922 |
1.10 |
|
|
782,053 |
|
|
2,332 |
1.19 |
|
|
|
|
|
|
|
|
|
|
Commercial,
financial, and agricultural loans |
|
824,374 |
|
|
7,366 |
3.55 |
|
|
807,376 |
|
|
7,330 |
3.61 |
|
Paycheck
Protection Program loans |
|
497,035 |
|
|
3,133 |
2.51 |
|
|
500,549 |
|
|
2,811 |
2.23 |
|
Real
estate—commercial and construction loans |
|
2,518,056 |
|
|
24,388 |
3.85 |
|
|
2,358,971 |
|
|
23,547 |
3.97 |
|
Real
estate—residential loans |
|
1,025,818 |
|
|
10,345 |
4.01 |
|
|
1,009,407 |
|
|
10,380 |
4.09 |
|
Loans to
individuals |
|
27,427 |
|
|
289 |
4.19 |
|
|
28,663 |
|
|
309 |
4.29 |
|
Municipal
loans and leases |
|
258,627 |
|
|
2,776 |
4.27 |
|
|
267,364 |
|
|
2,839 |
4.22 |
|
Lease
financings |
|
102,383 |
|
|
1,690 |
6.57 |
|
|
97,707 |
|
|
1,662 |
6.77 |
|
Gross loans and leases |
|
5,253,720 |
|
|
49,987 |
3.79 |
|
|
5,070,037 |
|
|
48,878 |
3.84 |
|
Total interest-earning assets |
|
5,949,327 |
|
|
51,909 |
3.47 |
|
|
5,852,090 |
|
|
51,210 |
3.48 |
|
Cash and due
from banks |
|
53,360 |
|
|
|
|
|
56,715 |
|
|
|
|
Allowance
for credit losses, loans and leases |
|
(92,766 |
) |
|
|
|
|
(87,046 |
) |
|
|
|
Premises and
equipment, net |
|
55,653 |
|
|
|
|
|
55,755 |
|
|
|
|
Operating
lease right-of-use assets |
|
34,272 |
|
|
|
|
|
33,875 |
|
|
|
|
Other
assets |
|
353,673 |
|
|
|
|
|
354,216 |
|
|
|
|
Total assets |
$ |
6,353,519 |
|
|
|
|
$ |
6,265,605 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
Interest-bearing checking deposits |
$ |
838,323 |
|
$ |
537 |
0.25 |
% |
$ |
725,580 |
|
$ |
468 |
0.26 |
% |
Money market
savings |
|
1,213,585 |
|
|
898 |
0.29 |
|
|
1,116,628 |
|
|
897 |
0.32 |
|
Regular
savings |
|
905,918 |
|
|
341 |
0.15 |
|
|
901,716 |
|
|
449 |
0.20 |
|
Time
deposits |
|
582,782 |
|
|
2,034 |
1.39 |
|
|
525,656 |
|
|
2,214 |
1.68 |
|
Total time and interest-bearing deposits |
|
3,540,608 |
|
|
3,810 |
0.43 |
|
|
3,269,580 |
|
|
4,028 |
0.49 |
|
|
|
|
|
|
|
|
|
|
Short-term
borrowings |
|
15,091 |
|
|
2 |
0.05 |
|
|
130,359 |
|
|
97 |
0.30 |
|
Long-term
debt |
|
169,623 |
|
|
611 |
1.43 |
|
|
208,776 |
|
|
742 |
1.41 |
|
Subordinated
notes |
|
193,244 |
|
|
2,390 |
4.92 |
|
|
155,945 |
|
|
1,891 |
4.82 |
|
Total borrowings |
|
377,958 |
|
|
3,003 |
3.16 |
|
|
495,080 |
|
|
2,730 |
2.19 |
|
Total interest-bearing liabilities |
|
3,918,566 |
|
|
6,813 |
0.69 |
|
|
3,764,660 |
|
|
6,758 |
0.71 |
|
Noninterest-bearing deposits |
|
1,681,844 |
|
|
|
|
|
1,760,818 |
|
|
|
|
Operating
lease liabilities |
|
37,616 |
|
|
|
|
|
37,170 |
|
|
|
|
Accrued
expenses and other liabilities |
|
39,067 |
|
|
|
|
|
41,010 |
|
|
|
|
Total liabilities |
|
5,677,093 |
|
|
|
|
|
5,603,658 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' Equity: |
|
|
|
|
|
|
|
|
Common
stock |
|
157,784 |
|
|
|
|
|
157,784 |
|
|
|
|
Additional
paid-in capital |
|
296,810 |
|
|
|
|
|
296,272 |
|
|
|
|
Retained
earnings and other equity |
|
221,832 |
|
|
|
|
|
207,891 |
|
|
|
|
Total shareholders' equity |
|
676,426 |
|
|
|
|
|
661,947 |
|
|
|
|
Total liabilities and shareholders' equity |
$ |
6,353,519 |
|
|
|
|
$ |
6,265,605 |
|
|
|
|
Net interest
income |
|
$ |
45,096 |
|
|
|
$ |
44,452 |
|
|
|
|
|
|
|
|
|
|
|
Net interest
spread |
|
|
2.78 |
|
|
|
2.77 |
|
Effect of
net interest-free funding sources |
|
|
0.24 |
|
|
|
0.25 |
|
Net interest
margin |
|
|
3.02 |
% |
|
|
3.02 |
% |
Ratio of
average interest-earning assets to average interest-bearing
liabilities |
|
151.82 |
% |
|
|
|
|
155.45 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Note 1: For rate
calculation purposes, average loan and lease categories include
deferred fees and costs and purchase accounting adjustments. |
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, 2020 and September 30, 2020
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 Basis |
|
|
2020 |
|
|
|
|
2019 |
|
|
|
|
|
Average |
Income/ |
Average |
|
Average |
Income/ |
Average |
|
|
|
(Dollars in thousands) |
Balance |
Expense |
Rate |
|
Balance |
Expense |
Rate |
|
|
|
Assets: |
|
|
|
|
|
|
|
|
|
|
Interest-earning deposits with other banks |
$ |
296,258 |
|
$ |
82 |
0.11 |
% |
$ |
205,703 |
|
$ |
860 |
1.66 |
% |
|
|
U.S.
government obligations |
|
6,998 |
|
|
36 |
2.05 |
|
|
7,297 |
|
|
37 |
2.01 |
|
|
|
Obligations
of state and political subdivisions |
|
14,269 |
|
|
129 |
3.60 |
|
|
35,938 |
|
|
324 |
3.58 |
|
|
|
Other debt
and equity securities |
|
348,244 |
|
|
1,237 |
1.41 |
|
|
402,697 |
|
|
2,684 |
2.64 |
|
|
|
Federal Home
Loan Bank, Federal Reserve Bank and other stock |
|
29,838 |
|
|
438 |
5.84 |
|
|
30,653 |
|
|
514 |
6.65 |
|
|
|
Total interest-earning deposits, investments and other
interest-earning assets |
|
695,607 |
|
|
1,922 |
1.10 |
|
|
682,288 |
|
|
4,419 |
2.57 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial,
financial, and agricultural loans |
|
824,374 |
|
|
7,366 |
3.55 |
|
|
830,757 |
|
|
9,197 |
4.39 |
|
|
|
Paycheck
Protection Program loans |
|
497,035 |
|
|
3,133 |
2.51 |
|
|
- |
|
|
- |
- |
|
|
|
Real
estate—commercial and construction loans |
|
2,518,056 |
|
|
24,388 |
3.85 |
|
|
2,040,442 |
|
|
23,526 |
4.57 |
|
|
|
Real
estate—residential loans |
|
1,025,818 |
|
|
10,345 |
4.01 |
|
|
966,370 |
|
|
11,566 |
4.75 |
|
|
|
Loans to
individuals |
|
27,427 |
|
|
289 |
4.19 |
|
|
31,694 |
|
|
458 |
5.73 |
|
|
|
Municipal
loans and leases |
|
258,627 |
|
|
2,776 |
4.27 |
|
|
325,939 |
|
|
3,323 |
4.04 |
|
|
|
Lease
financings |
|
102,383 |
|
|
1,690 |
6.57 |
|
|
85,228 |
|
|
1,528 |
7.11 |
|
|
|
Gross loans and leases |
|
5,253,720 |
|
|
49,987 |
3.79 |
|
|
4,280,430 |
|
|
49,598 |
4.60 |
|
|
|
Total interest-earning assets |
|
5,949,327 |
|
|
51,909 |
3.47 |
|
|
4,962,718 |
|
|
54,017 |
4.32 |
|
|
|
Cash and due
from banks |
|
53,360 |
|
|
|
|
|
50,794 |
|
|
|
|
|
|
Allowance
for credit losses, loans and leases |
|
(92,766 |
) |
|
|
|
|
(34,392 |
) |
|
|
|
|
|
Premises and
equipment, net |
|
55,653 |
|
|
|
|
|
57,043 |
|
|
|
|
|
|
Operating
lease right-of-use assets |
|
34,272 |
|
|
|
|
|
34,693 |
|
|
|
|
|
|
Other
assets |
|
353,673 |
|
|
|
|
|
329,735 |
|
|
|
|
|
|
Total assets |
$ |
6,353,519 |
|
|
|
|
$ |
5,400,591 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
Interest-bearing checking deposits |
$ |
838,323 |
|
$ |
537 |
0.25 |
% |
$ |
566,904 |
|
$ |
941 |
0.66 |
% |
|
|
Money market
savings |
|
1,213,585 |
|
|
898 |
0.29 |
|
|
1,074,066 |
|
|
3,749 |
1.38 |
|
|
|
Regular
savings |
|
905,918 |
|
|
341 |
0.15 |
|
|
798,145 |
|
|
870 |
0.43 |
|
|
|
Time
deposits |
|
582,782 |
|
|
2,034 |
1.39 |
|
|
648,726 |
|
|
3,261 |
1.99 |
|
|
|
Total time and interest-bearing deposits |
|
3,540,608 |
|
|
3,810 |
0.43 |
|
|
3,087,841 |
|
|
8,821 |
1.13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term
borrowings |
|
15,091 |
|
|
2 |
0.05 |
|
|
30,404 |
|
|
63 |
0.82 |
|
|
|
Long-term
debt |
|
169,623 |
|
|
611 |
1.43 |
|
|
153,049 |
|
|
795 |
2.06 |
|
|
|
Subordinated
notes |
|
193,244 |
|
|
2,390 |
4.92 |
|
|
94,786 |
|
|
1,261 |
5.28 |
|
|
|
Total borrowings |
|
377,958 |
|
|
3,003 |
3.16 |
|
|
278,239 |
|
|
2,119 |
3.02 |
|
|
|
Total interest-bearing liabilities |
|
3,918,566 |
|
|
6,813 |
0.69 |
|
|
3,366,080 |
|
|
10,940 |
1.29 |
|
|
|
Noninterest-bearing deposits |
|
1,681,844 |
|
|
|
|
|
1,286,745 |
|
|
|
|
|
|
Operating
lease liabilities |
|
37,616 |
|
|
|
|
|
37,867 |
|
|
|
|
|
|
Accrued
expenses and other liabilities |
|
39,067 |
|
|
|
|
|
37,252 |
|
|
|
|
|
|
Total liabilities |
|
5,677,093 |
|
|
|
|
|
4,727,944 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' Equity: |
|
|
|
|
|
|
|
|
|
|
Common
stock |
|
157,784 |
|
|
|
|
|
157,784 |
|
|
|
|
|
|
Additional
paid-in capital |
|
296,810 |
|
|
|
|
|
294,731 |
|
|
|
|
|
|
Retained
earnings and other equity |
|
221,832 |
|
|
|
|
|
220,132 |
|
|
|
|
|
|
Total shareholders' equity |
|
676,426 |
|
|
|
|
|
672,647 |
|
|
|
|
|
|
Total liabilities and shareholders' equity |
$ |
6,353,519 |
|
|
|
|
$ |
5,400,591 |
|
|
|
|
|
|
Net interest
income |
|
$ |
45,096 |
|
|
|
$ |
43,077 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
spread |
|
|
2.78 |
|
|
|
3.03 |
|
|
|
Effect of
net interest-free funding sources |
|
|
0.24 |
|
|
|
0.41 |
|
|
|
Net interest
margin |
|
|
3.02 |
% |
|
|
3.44 |
% |
|
|
Ratio of
average interest-earning assets to average interest-bearing
liabilities |
|
151.82 |
% |
|
|
|
|
147.43 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note 1: For rate
calculation purposes, average loan and lease categories include
deferred fees and costs and purchase accounting adjustments. |
|
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, 2020 and 2019 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 Basis |
|
2020 |
|
|
|
2019 |
|
|
|
|
|
Average |
Income/ |
Average |
|
Average |
Income/ |
Average |
|
|
|
(Dollars in thousands) |
Balance |
Expense |
Rate |
|
Balance |
Expense |
Rate |
|
|
|
Assets: |
|
|
|
|
|
|
|
|
|
|
Interest-earning deposits with other banks |
$ |
274,372 |
|
$ |
574 |
0.21 |
% |
$ |
141,774 |
|
$ |
2,876 |
2.03 |
% |
|
|
U.S.
government obligations |
|
7,132 |
|
|
145 |
2.03 |
|
|
14,665 |
|
|
254 |
1.73 |
|
|
|
Obligations
of state and political subdivisions |
|
23,065 |
|
|
825 |
3.58 |
|
|
50,360 |
|
|
1,693 |
3.36 |
|
|
|
Other debt
and equity securities |
|
371,814 |
|
|
7,697 |
2.07 |
|
|
396,816 |
|
|
10,406 |
2.62 |
|
|
|
Federal Home
Loan Bank, Federal Reserve Bank and other stock |
|
29,726 |
|
|
1,746 |
5.87 |
|
|
31,446 |
|
|
2,154 |
6.85 |
|
|
|
Total interest-earning deposits, investments and other
interest-earning assets |
|
706,109 |
|
|
10,987 |
1.56 |
|
|
635,061 |
|
|
17,383 |
2.74 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial,
financial, and agricultural loans |
|
817,489 |
|
|
30,657 |
3.75 |
|
|
815,472 |
|
|
40,496 |
4.97 |
|
|
|
Paycheck
Protection Program loans |
|
342,920 |
|
|
8,072 |
2.35 |
|
|
- |
|
|
- |
- |
|
|
|
Real
estate—commercial and construction loans |
|
2,312,996 |
|
|
94,962 |
4.11 |
|
|
1,936,073 |
|
|
91,634 |
4.73 |
|
|
|
Real
estate—residential loans |
|
1,007,915 |
|
|
42,047 |
4.17 |
|
|
950,743 |
|
|
46,031 |
4.84 |
|
|
|
Loans to
individuals |
|
28,792 |
|
|
1,332 |
4.63 |
|
|
31,912 |
|
|
1,976 |
6.19 |
|
|
|
Municipal
loans and leases |
|
283,495 |
|
|
11,857 |
4.18 |
|
|
331,831 |
|
|
13,262 |
4.00 |
|
|
|
Lease
financings |
|
95,194 |
|
|
6,498 |
6.83 |
|
|
82,588 |
|
|
5,904 |
7.15 |
|
|
|
Gross loans and leases |
|
4,888,801 |
|
|
195,425 |
4.00 |
|
|
4,148,619 |
|
|
199,303 |
4.80 |
|
|
|
Total interest-earning assets |
|
5,594,910 |
|
|
206,412 |
3.69 |
|
|
4,783,680 |
|
|
216,686 |
4.53 |
|
|
|
Cash and due
from banks |
|
52,000 |
|
|
|
|
|
48,877 |
|
|
|
|
|
|
Allowance
for credit losses, loans and leases |
|
(73,459 |
) |
|
|
|
|
(32,389 |
) |
|
|
|
|
|
Premises and
equipment, net |
|
55,888 |
|
|
|
|
|
58,237 |
|
|
|
|
|
|
Operating
lease right-of-use assets |
|
34,277 |
|
|
|
|
|
35,712 |
|
|
|
|
|
|
Other
assets |
|
343,261 |
|
|
|
|
|
330,466 |
|
|
|
|
|
|
Total assets |
$ |
6,006,877 |
|
|
|
|
$ |
5,224,583 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
Interest-bearing checking deposits |
$ |
692,049 |
|
$ |
2,173 |
0.31 |
% |
$ |
500,295 |
|
$ |
2,790 |
0.56 |
% |
|
|
Money market
savings |
|
1,113,039 |
|
|
5,551 |
0.50 |
|
|
995,403 |
|
|
15,843 |
1.59 |
|
|
|
Regular
savings |
|
874,366 |
|
|
2,057 |
0.24 |
|
|
802,865 |
|
|
3,660 |
0.46 |
|
|
|
Time
deposits |
|
572,103 |
|
|
9,835 |
1.72 |
|
|
677,199 |
|
|
13,276 |
1.96 |
|
|
|
Total time and interest-bearing deposits |
|
3,251,557 |
|
|
19,616 |
0.60 |
|
|
2,975,762 |
|
|
35,569 |
1.20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term
borrowings |
|
86,658 |
|
|
327 |
0.38 |
|
|
56,882 |
|
|
1,012 |
1.78 |
|
|
|
Long-term
debt |
|
189,410 |
|
|
2,879 |
1.52 |
|
|
156,366 |
|
|
3,236 |
2.07 |
|
|
|
Subordinated
notes |
|
134,949 |
|
|
6,762 |
5.01 |
|
|
94,695 |
|
|
5,044 |
5.33 |
|
|
|
Total borrowings |
|
411,017 |
|
|
9,968 |
2.43 |
|
|
307,943 |
|
|
9,292 |
3.02 |
|
|
|
Total interest-bearing liabilities |
|
3,662,574 |
|
|
29,584 |
0.81 |
|
|
3,283,705 |
|
|
44,861 |
1.37 |
|
|
|
Noninterest-bearing deposits |
|
1,599,333 |
|
|
|
|
|
1,210,577 |
|
|
|
|
|
|
Operating
lease liabilities |
|
37,557 |
|
|
|
|
|
38,791 |
|
|
|
|
|
|
Accrued
expenses and other liabilities |
|
39,212 |
|
|
|
|
|
39,057 |
|
|
|
|
|
|
Total liabilities |
|
5,338,676 |
|
|
|
|
|
4,572,130 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' Equity: |
|
|
|
|
|
|
|
|
|
|
Common
stock |
|
157,784 |
|
|
|
|
|
157,784 |
|
|
|
|
|
|
Additional
paid-in capital |
|
296,023 |
|
|
|
|
|
293,784 |
|
|
|
|
|
|
Retained
earnings and other equity |
|
214,394 |
|
|
|
|
|
200,885 |
|
|
|
|
|
|
Total shareholders' equity |
|
668,201 |
|
|
|
|
|
652,453 |
|
|
|
|
|
|
Total liabilities and shareholders' equity |
$ |
6,006,877 |
|
|
|
|
$ |
5,224,583 |
|
|
|
|
|
|
Net interest
income |
|
$ |
176,828 |
|
|
|
$ |
171,825 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
spread |
|
|
2.88 |
|
|
|
3.16 |
|
|
|
Effect of
net interest-free funding sources |
|
|
0.28 |
|
|
|
0.43 |
|
|
|
Net interest
margin |
|
|
3.16 |
% |
|
|
3.59 |
% |
|
|
Ratio of
average interest-earning assets to average interest-bearing
liabilities |
|
152.76 |
% |
|
|
|
|
145.68 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note 1: For rate
calculation purposes, average loan and lease categories include
deferred fees and costs and purchase accounting adjustments. |
|
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, 2020 and 2019 have |
|
|
been calculated using the Corporation’s federal applicable rate of
21.0%. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Univest
Financial Corporation |
|
|
Loan
Portfolio Overview (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands) |
As of December 31, 2020 |
|
|
Industry Description |
Total Outstanding Balance (excl PPP) |
|
% of Commercial Loan Portfolio |
|
PPP $ (1) |
|
$ Balance of Modified Loans (2) |
|
Modified Loans as a % of Portfolio (2) |
|
|
CRE - Retail |
$ |
342,910 |
|
8.6 |
% |
$ |
239 |
|
$ |
3,950 |
|
1.2 |
% |
|
Animal
Production |
|
263,623 |
|
6.6 |
|
|
706 |
|
|
40 |
|
- |
|
|
CRE - 1-4
Family Residential Investment |
|
245,022 |
|
6.2 |
|
|
1,282 |
|
|
- |
|
- |
|
|
CRE -
Office |
|
237,752 |
|
6.0 |
|
|
- |
|
|
- |
|
- |
|
|
CRE -
Multi-family |
|
201,995 |
|
5.1 |
|
|
- |
|
|
- |
|
- |
|
|
Real Estate
Lenders, Secondary Market Financing |
|
181,493 |
|
4.6 |
|
|
4,318 |
|
|
52 |
|
- |
|
|
Hotels &
Motels (Accommodation) |
|
175,923 |
|
4.4 |
|
|
2,407 |
|
|
24,296 |
|
13.8 |
|
|
CRE -
Industrial / Warehouse |
|
169,015 |
|
4.3 |
|
|
139 |
|
|
- |
|
- |
|
|
Nursing and
Residential Care Facilities |
|
154,736 |
|
3.9 |
|
|
7,935 |
|
|
- |
|
- |
|
|
Specialty
Trade Contractors |
|
117,301 |
|
2.9 |
|
|
67,267 |
|
|
109 |
|
0.1 |
|
|
CRE -
Mixed-Use - Residential |
|
116,506 |
|
2.9 |
|
|
- |
|
|
8,237 |
|
7.1 |
|
|
Professional, Scientific, and Technical Services |
|
92,857 |
|
2.3 |
|
|
- |
|
|
- |
|
- |
|
|
CRE -
Medical Office |
|
92,196 |
|
2.3 |
|
|
- |
|
|
- |
|
- |
|
|
Homebuilding
(tract developers, remodelers) |
|
87,027 |
|
2.2 |
|
|
12,931 |
|
|
- |
|
- |
|
|
Merchant
Wholesalers, Durable Goods |
|
75,241 |
|
1.9 |
|
|
17,674 |
|
|
- |
|
- |
|
|
Education |
|
68,846 |
|
1.7 |
|
|
72,072 |
|
|
2,637 |
|
3.8 |
|
|
Crop
Production |
|
66,998 |
|
1.7 |
|
|
270 |
|
|
- |
|
- |
|
|
Motor
Vehicle and Parts Dealers |
|
66,516 |
|
1.7 |
|
|
11,391 |
|
|
- |
|
- |
|
|
Fabricated
Metal Production Manufacturing |
|
62,077 |
|
1.6 |
|
|
12,760 |
|
|
- |
|
- |
|
|
Administrative and Support Services |
|
59,708 |
|
1.5 |
|
|
28,814 |
|
|
100 |
|
0.2 |
|
|
Food
Services and Drinking Places |
|
58,067 |
|
1.5 |
|
|
15,971 |
|
|
2,893 |
|
5.0 |
|
|
Woods
Product Manufacturing |
|
50,079 |
|
1.3 |
|
|
3,886 |
|
|
- |
|
- |
|
|
Industries with >$50 million in
outstandings |
$ |
2,985,888 |
|
75.2 |
% |
$ |
260,062 |
|
$ |
42,314 |
|
1.4 |
% |
|
Industries
with <$50 million in outstandings |
$ |
990,450 |
|
24.8 |
% |
$ |
223,711 |
|
$ |
18,228 |
|
1.8 |
% |
|
Total Commercial Loans |
$ |
3,976,338 |
|
100.0 |
% |
$ |
483,773 |
|
$ |
60,542 |
|
1.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Loans and Lease Financings |
Total Outstanding Balance |
|
|
|
PPP $ (1) |
|
$ Balance of Modified Loans (2) |
|
Modified Loans as a % of Portfolio (2) |
|
|
Real
Estate-Residential Secured for Personal Purpose |
$ |
487,600 |
|
|
|
$ |
- |
|
$ |
7,444 |
|
1.5 |
% |
|
Real
Estate-Home Equity Secured for Personal Purpose |
|
166,609 |
|
|
|
|
- |
|
|
3 |
|
- |
|
|
Loans to
Individuals |
|
27,482 |
|
|
|
|
- |
|
|
35 |
|
0.1 |
|
|
Lease
Financings |
|
165,039 |
|
|
|
|
- |
|
|
- |
|
- |
|
|
Total - Consumer Loans and Lease Financings |
$ |
846,730 |
|
|
|
$ |
- |
|
$ |
7,482 |
|
0.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
$ |
4,823,068 |
|
|
|
$ |
483,773 |
|
$ |
68,024 |
|
1.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes
($7.7) million of net deferred fees. |
|
|
|
|
|
|
|
|
|
|
|
(2) Loan modifications
referenced above were made in accordance with Section 4013 of the
CARES Act and the Interagency Statement on Loan Modifications and
Reporting for Financial Institutions Working with Customers
Affected by the Coronavirus and therefore were not classified as
TDRs as of December 31, 2020. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Univest
Financial Corporation |
|
Non-GAAP
Reconciliation |
|
December 31,
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP to GAAP Reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended, |
|
For the twelve months ended, |
|
|
|
|
|
12/31/20 |
|
09/30/20 |
|
06/30/20 |
|
03/31/20 |
|
12/31/19 |
|
12/31/20 |
|
12/31/19 |
|
Restructuring charges (a) |
|
$ |
1,439 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
1,439 |
|
|
$ |
- |
|
|
Tax effect of restructuring charges |
|
(302 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(302 |
) |
|
|
- |
|
|
Restructuring charges, net of tax |
|
$ |
1,137 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
1,137 |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity |
$ |
692,472 |
|
|
$ |
669,107 |
|
|
$ |
654,873 |
|
|
$ |
651,551 |
|
|
$ |
675,122 |
|
|
$ |
692,472 |
|
|
$ |
675,122 |
|
|
Goodwill |
|
(172,559 |
) |
|
|
(172,559 |
) |
|
|
(172,559 |
) |
|
|
(172,559 |
) |
|
|
(172,559 |
) |
|
|
(172,559 |
) |
|
|
(172,559 |
) |
|
Other intangibles (b) |
|
|
(2,458 |
) |
|
|
(2,736 |
) |
|
|
(3,017 |
) |
|
|
(3,333 |
) |
|
|
(3,658 |
) |
|
|
(2,458 |
) |
|
|
(3,658 |
) |
|
Tangible common equity |
$ |
517,455 |
|
|
$ |
493,812 |
|
|
$ |
479,297 |
|
|
$ |
475,659 |
|
|
$ |
498,905 |
|
|
$ |
517,455 |
|
|
$ |
498,905 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
6,336,496 |
|
|
$ |
6,382,831 |
|
|
$ |
6,125,312 |
|
|
$ |
5,464,768 |
|
|
$ |
5,380,924 |
|
|
$ |
6,336,496 |
|
|
$ |
5,380,924 |
|
|
Goodwill |
|
(172,559 |
) |
|
|
(172,559 |
) |
|
|
(172,559 |
) |
|
|
(172,559 |
) |
|
|
(172,559 |
) |
|
|
(172,559 |
) |
|
|
(172,559 |
) |
|
Other intangibles (b) |
|
|
(2,458 |
) |
|
|
(2,736 |
) |
|
|
(3,017 |
) |
|
|
(3,333 |
) |
|
|
(3,658 |
) |
|
|
(2,458 |
) |
|
|
(3,658 |
) |
|
Tangible assets |
$ |
6,161,479 |
|
|
$ |
6,207,536 |
|
|
$ |
5,949,736 |
|
|
$ |
5,288,876 |
|
|
$ |
5,204,707 |
|
|
$ |
6,161,479 |
|
|
$ |
5,204,707 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average shareholders' equity |
$ |
676,426 |
|
|
$ |
661,947 |
|
|
$ |
660,950 |
|
|
$ |
673,460 |
|
|
$ |
672,647 |
|
|
$ |
668,201 |
|
|
$ |
652,453 |
|
|
Average goodwill |
|
(172,559 |
) |
|
|
(172,559 |
) |
|
|
(172,559 |
) |
|
|
(172,559 |
) |
|
|
(172,559 |
) |
|
|
(172,559 |
) |
|
|
(172,559 |
) |
|
Average other intangibles (b) |
|
|
(2,606 |
) |
|
|
(2,889 |
) |
|
|
(3,185 |
) |
|
|
(3,506 |
) |
|
|
(3,853 |
) |
|
|
(3,045 |
) |
|
|
(4,430 |
) |
|
Average tangible common equity |
$ |
501,261 |
|
|
$ |
486,499 |
|
|
$ |
485,206 |
|
|
$ |
497,395 |
|
|
$ |
496,235 |
|
|
$ |
492,597 |
|
|
$ |
475,464 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income before taxes |
$ |
31,647 |
|
|
$ |
23,197 |
|
|
$ |
1,821 |
|
|
$ |
232 |
|
|
$ |
18,894 |
|
|
$ |
56,897 |
|
|
$ |
80,053 |
|
|
Provision for credit losses |
|
|
(8,721 |
) |
|
|
3,935 |
|
|
|
23,737 |
|
|
|
21,843 |
|
|
|
2,225 |
|
|
|
40,794 |
|
|
|
8,511 |
|
|
Pre-tax pre-provision income |
$ |
22,926 |
|
|
$ |
27,132 |
|
|
$ |
25,558 |
|
|
$ |
22,075 |
|
|
$ |
21,119 |
|
|
$ |
97,691 |
|
|
$ |
88,564 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and leases held for investment, gross |
$ |
5,306,841 |
|
|
$ |
5,211,856 |
|
|
$ |
4,951,809 |
|
|
$ |
4,448,825 |
|
|
$ |
4,386,836 |
|
|
$ |
5,306,841 |
|
|
$ |
4,386,836 |
|
|
Paycheck Protection Program ("PPP") loans |
|
(483,773 |
) |
|
|
(501,580 |
) |
|
|
(498,978 |
) |
|
|
- |
|
|
|
- |
|
|
|
(483,773 |
) |
|
|
- |
|
|
Gross loans and leases excluding PPP loans |
$ |
4,823,068 |
|
|
$ |
4,710,276 |
|
|
$ |
4,452,831 |
|
|
$ |
4,448,825 |
|
|
$ |
4,386,836 |
|
|
$ |
4,823,068 |
|
|
$ |
4,386,836 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Associated with financial center optimization plan |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(b) Amount does not include servicing rights |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONTACT:
Brian J. Richardson
UNIVEST FINANCIAL CORPORATION
Chief Financial Officer
215-721-2446, richardsonb@univest.net
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