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 quarter ended March 31,
2021 was $32.6 million, or $1.11 diluted earnings per share,
compared to net income of $838 thousand, or $0.03 diluted earnings
per share, for the quarter ended March 31, 2020.
Pre-tax pre-provision income1 for the quarter
ended March 31, 2021 was $29.1 million, an increase of $7.0
million, or 31.9%, from the first quarter of 2020.
COVID-19 As the re-opening of
our local economy continues and progress is made in getting the
COVID-19 vaccines distributed and administered, access to all
Univest financial center lobbies resumed on April 5, 2021.
Throughout the COVID-19 pandemic, we have taken
various actions to support our customers and the communities we
collectively serve, including modifying outstanding loans and
leases. Loans and leases that were modified via principal and/or
interest deferrals were done so in accordance with Section 4013 of
the CARES Act, the Consolidated Appropriations Act, 2021 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 $73.0 million as of March 31, 2021, which
represents approximately 1.5% 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.
Paycheck Protection Program On
December 27, 2020, the Consolidated Appropriations Act, 2021, was
signed into law, which provides new COVID-19 relief funds,
additional funding under the PPP and the establishment of PPP
Second Draw Loans. The Small Business Administration (SBA)
announced the taking of certain steps under the PPP to further
promote equitable relief for smaller businesses. Under this
program, we successfully originated approximately 1,200 PPP loans
and secured funding of approximately $168.6 million for our
customers as of April 15, 2021.
As of March 31, 2021, $528.5 million in PPP loan
originations remain outstanding. During the quarter, we recorded
income of $4.5 million within net interest income related to these
loans, of which $2.3 million was the result of forgiveness and pay
downs of PPP loans totaling $119.7 million. As of March 31,
2021, we have $9.5 million of net deferred fees on our balance
sheet, which represents approximately 55% of the initial deferred
fee amount.
LoansGross loans and leases,
excluding PPP loans1, increased $63.5 million, or 5.3%
(annualized), from December 31, 2020 primarily due to
increases in commercial real estate loans, despite a $58.1 million
decrease in commercial line utilization. Gross loans and leases,
excluding PPP loans1, increased $437.7 million, or 9.8%, from March
31, 2020 primarily due to increases in commercial real estate
loans. As of March 31, 2021, commercial line utilization was 30.2%
compared to 34.0% at December 31, 2020 and 38.3% at March 31,
2020. DepositsTotal deposits increased
$68.9 million, or 5.3% (annualized), from December 31, 2020
primarily due to an increase in consumer and commercial deposits
offset by a decrease in public funds and brokered deposits. Total
deposits increased $904.3 million, or 20.5%, from March 31,
2020 primarily due to increases in commercial, consumer and public
funds deposits.
Net Interest Income and
MarginNet interest income of $45.4 million for the first
quarter of 2021 increased $2.9 million, or 6.9%, from the first
quarter of 2020. The increase in net interest income for the first
quarter of 2021 compared to the first quarter of 2020 was primarily
due to $4.5 million in PPP income, a $3.5 million decrease in the
cost of interest-bearing liabilities and growth in loans partially
offset by a decrease in loan and investment yields.
Net interest margin, on a tax-equivalent basis,
was 3.12% for the first quarter of 2021, compared to 3.02% for the
fourth quarter of 2020 and 3.48% for the first quarter of 2020.
Excess liquidity reduced net interest margin by approximately
eleven basis points for the quarter ended March 31, 2021
compared to thirteen basis points for the quarter ended
December 31, 2020 and six basis points for the quarter ended
March 31, 2020. This excess liquidity was primarily driven by
strong deposit balance growth during the last twelve months, which
was partially attributable to the various stimulus initiatives
associated with the COVID-19 pandemic. PPP loans had a favorable
impact on net interest margin of four basis points for the quarter
ended March 31, 2021 compared to an unfavorable impact of
seven basis points for the quarter ended December 31, 2020 and had
no impact for the quarter ended March 31, 2020. Excluding the
impacts of excess liquidity and PPP loans, the net interest margin,
on a tax-equivalent basis, was 3.19% for the quarter ended
March 31, 2021 compared to 3.22% for the quarter ended
December 31, 2020 and 3.54% for the quarter ended March 31,
2020.
Noninterest IncomeNoninterest
income for the quarter ended March 31, 2021 was $23.3 million,
an increase of $4.9 million, or 26.5%, compared to the first
quarter of 2020.
Net gain on mortgage banking activities
increased $3.2 million, or 116.4%, for the quarter primarily due to
an increase in volume and expansion of margins. Investment advisory
commission and fee income increased $442 thousand, or 10.4%, due to
increased assets under management driven by favorable market
conditions and new customer relationships. Insurance commission and
fee income increased $223 thousand, or 4.7%, for the quarter ended
March 31, 2021, primarily due to an increase in premiums for group
life and health and commercial lines and an increase in contingent
commission income of $36 thousand, which was $1.1 million for each
of the quarters ended March 31, 2021 and 2020. Contingent
commission income is largely recognized in the first quarter of the
year.
Other income increased $1.3 million, for the
quarter primarily due to an increase of $967 thousand in fees on
risk participation agreements for interest rate swaps driven by
increased customer activity due to the current rate environment.
Additionally, equity securities measured at fair value increased
$384 thousand for the quarter.
Noninterest ExpenseNoninterest
expense for the quarter ended March 31, 2021 was $39.5
million, an increase of $763 thousand, or 2.0%, compared to the
first quarter of 2020.
Salaries, benefits and commissions increased
$944 thousand, or 4.0%, for the quarter primarily attributable to
additional staff hired to support revenue generation across all
business lines, annual merit increases and increased variable
compensation due to strong pre-tax pre-provision income during the
first quarter of 2021. The increases in salaries, benefits and
commissions were offset by $582 thousand of incremental capitalized
compensation related to the origination of PPP loans. Professional
fees increased $431 thousand, or 32.7%, for the quarter primarily
attributable to increased consultant fees in support of our
Diversity, Equity and Inclusion and training initiatives. Data
processing expenses increased $290 thousand, or 10.5%, for the
quarter primarily due to continued investments in customer
relationship management software, internal infrastructure
improvements and outsourced data processing solutions. Deposit
insurance premiums increased $132 thousand, or 26.2%, for the
quarter primarily due to an increased assessment base due to asset
growth.
Other expense decreased $947 thousand, or 15.6%,
for the quarter primarily due to a $656 thousand charge related to
the extinguishment of long-term debt that occurred in the first
quarter of 2020 and a $295 thousand decrease in travel and
entertainment expenses due to COVID-19 related restrictions.
Asset Quality and Provision for Credit
LossesNonperforming assets were $38.2 million at
March 31, 2021, compared to $40.5 million at December 31,
2020 and $39.0 million at March 31, 2020.
Net loan and lease charge-offs were $288
thousand during the first quarter of 2021 compared to $489 thousand
for the quarter ended March 31, 2020. The reversal of
provision for credit losses was $11.3 million for the first quarter
of 2021, of which $12.9 million (after-tax benefit of $10.2
million), or $0.35 diluted earnings per share, was attributable to
favorable changes in economic-related assumptions within the
Corporation’s CECL model partially offset by a reserve increase
attributable to loan growth. The provision for credit losses was
$21.8 million for the quarter ended March 31, 2020, of which
$20.3 million (after-tax charge of $16.1 million), or $0.55 diluted
earnings per share, was attributable to adverse changes in
economic-related assumptions.
The allowance for credit losses on loans and
leases as a percentage of loans and leases held for investment was
1.32% at March 31, 2021, compared to 1.56% at
December 31, 2020, and 1.53% at March 31, 2020. The
allowance for credit losses on loans and leases as a percentage of
loans and leases held for investment, excluding PPP loans1, was
1.46% at March 31, 2021 compared to 1.72% at December 31,
2020 and 1.53% at March 31, 2020.
Tax Provision The effective
income tax rate was 19.3% for the quarter ended March 31, 2021
compared to an effective income tax rate of (261.2%) for the
quarter ended March 31, 2020. The effective tax rate for the
quarter ended March 31, 2021 reflects the benefits of tax-exempt
income from investments in municipal securities and loans and
leases.
DividendOn April 28, 2021,
Univest declared a quarterly cash dividend of $0.20 per share. The
dividend will be paid on May 26, 2021 to shareholders of record as
of May 12, 2021.
Conference CallUnivest will
host a conference call to discuss first quarter 2021 results on
Thursday, April 29, 2021 at 9:00 a.m. EST. Participants may
preregister at https://dpregister.com/sreg/10154212/e624e999e4. The
general public can access the call by dialing
1-888-338-6515. A replay of the conference call will be
available through May 28, 2021 by dialing 1-877-344-7529; using
Conference ID: 10154212.
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 $6.4 billion in assets and $4.2 billion in
assets under management and supervision through its Wealth
Management lines of business at March 31, 2021. 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 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, business and capital
management strategies, 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 continued 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 remain open, 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) a material decrease in net income
or a net loss over several quarters could result in the elimination
of or a decrease in the rate of our quarterly cash dividend; (7)
our wealth management revenues may decline with continuing market
turmoil; (8) 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; (9) our cyber security risks are
increased as the result of an increase in the number of employees
working remotely; (10) Federal Deposit Insurance Corporation
premiums may increase if the agency experiences additional
resolution costs; and (11) 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) |
March 31,
2021 |
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet (Period End) |
03/31/21 |
|
12/31/20 |
|
09/30/20 |
|
06/30/20 |
|
03/31/20 |
Assets |
$ |
6,416,665 |
|
|
$ |
6,336,496 |
|
|
$ |
6,382,831 |
|
|
$ |
6,125,312 |
|
|
$ |
5,464,768 |
|
Investment
securities, net of allowance for credit losses |
|
377,506 |
|
|
|
373,176 |
|
|
|
368,830 |
|
|
|
397,852 |
|
|
|
423,521 |
|
Loans held
for sale |
|
22,636 |
|
|
|
37,039 |
|
|
|
14,465 |
|
|
|
31,082 |
|
|
|
11,417 |
|
Loans and
leases held for investment, gross |
|
5,415,006 |
|
|
|
5,306,841 |
|
|
|
5,211,856 |
|
|
|
4,951,809 |
|
|
|
4,448,825 |
|
Allowance
for credit losses, loans and leases |
|
71,497 |
|
|
|
83,044 |
|
|
|
91,870 |
|
|
|
86,217 |
|
|
|
68,216 |
|
Loans and
leases held for investment, net |
|
5,343,509 |
|
|
|
5,223,797 |
|
|
|
5,119,986 |
|
|
|
4,865,592 |
|
|
|
4,380,609 |
|
Total
deposits |
|
5,311,592 |
|
|
|
5,242,715 |
|
|
|
5,211,603 |
|
|
|
4,869,329 |
|
|
|
4,407,303 |
|
Noninterest-bearing deposits |
|
1,857,547 |
|
|
|
1,690,663 |
|
|
|
1,714,505 |
|
|
|
1,725,819 |
|
|
|
1,318,270 |
|
NOW, money
market and savings |
|
2,979,834 |
|
|
|
2,988,277 |
|
|
|
2,940,879 |
|
|
|
2,623,025 |
|
|
|
2,452,021 |
|
Time
deposits |
|
474,211 |
|
|
|
563,775 |
|
|
|
556,219 |
|
|
|
520,485 |
|
|
|
637,012 |
|
Borrowings |
|
295,293 |
|
|
|
311,421 |
|
|
|
416,104 |
|
|
|
515,722 |
|
|
|
323,363 |
|
Shareholders' equity |
|
722,455 |
|
|
|
692,472 |
|
|
|
669,107 |
|
|
|
654,873 |
|
|
|
651,551 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet (Average) |
For the three months ended, |
|
03/31/21 |
|
12/31/20 |
|
09/30/20 |
|
06/30/20 |
|
03/31/20 |
Assets |
$ |
6,383,463 |
|
|
$ |
6,353,519 |
|
|
$ |
6,265,605 |
|
|
$ |
6,000,790 |
|
|
$ |
5,409,561 |
|
Investment
securities, net of allowance for credit losses |
|
374,369 |
|
|
|
369,511 |
|
|
|
385,221 |
|
|
|
411,957 |
|
|
|
441,900 |
|
Loans and
leases, gross |
|
5,325,897 |
|
|
|
5,253,720 |
|
|
|
5,070,037 |
|
|
|
4,836,858 |
|
|
|
4,388,584 |
|
Deposits |
|
5,296,147 |
|
|
|
5,222,452 |
|
|
|
5,030,398 |
|
|
|
4,794,669 |
|
|
|
4,349,984 |
|
Shareholders' equity |
|
699,736 |
|
|
|
676,426 |
|
|
|
661,947 |
|
|
|
660,950 |
|
|
|
673,460 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality Data (Period End) |
|
|
|
|
|
|
|
|
|
|
03/31/21 |
|
12/31/20 |
|
09/30/20 |
|
06/30/20 |
|
03/31/20 |
Nonaccrual
loans and leases, including nonaccrual troubled debt
restructured |
|
|
|
|
|
|
|
|
|
loans and leases |
$ |
29,996 |
|
|
$ |
31,692 |
|
|
$ |
30,019 |
|
|
$ |
26,141 |
|
|
$ |
36,626 |
|
Accruing
loans and leases 90 days or more past due |
|
664 |
|
|
|
1,392 |
|
|
|
3,573 |
|
|
|
1,193 |
|
|
|
1,777 |
|
Accruing
troubled debt restructured loans and leases |
|
52 |
|
|
|
53 |
|
|
|
53 |
|
|
|
53 |
|
|
|
54 |
|
Total
nonperforming loans and leases |
|
30,712 |
|
|
|
33,137 |
|
|
|
33,645 |
|
|
|
27,387 |
|
|
|
38,457 |
|
Other real
estate owned |
|
7,481 |
|
|
|
7,355 |
|
|
|
8,270 |
|
|
|
8,642 |
|
|
|
516 |
|
Total
nonperforming assets |
$ |
38,193 |
|
|
$ |
40,492 |
|
|
$ |
41,915 |
|
|
$ |
36,029 |
|
|
$ |
38,973 |
|
Nonaccrual
loans and leases / Loans and leases held for investment |
|
0.55 |
% |
|
|
0.60 |
% |
|
|
0.58 |
% |
|
|
0.53 |
% |
|
|
0.82 |
% |
Nonperforming loans and leases / Loans and leases held for
investment |
|
0.57 |
% |
|
|
0.62 |
% |
|
|
0.65 |
% |
|
|
0.55 |
% |
|
|
0.86 |
% |
Nonperforming assets / Total assets |
|
0.60 |
% |
|
|
0.64 |
% |
|
|
0.66 |
% |
|
|
0.59 |
% |
|
|
0.71 |
% |
|
|
|
|
|
|
|
|
|
|
Allowance
for credit losses, loans and leases |
$ |
71,497 |
|
|
$ |
83,044 |
|
|
$ |
91,870 |
|
|
$ |
86,217 |
|
|
$ |
68,216 |
|
Allowance
for credit losses, loans and leases / Loans and leases held for
investment |
|
1.32 |
% |
|
|
1.56 |
% |
|
|
1.76 |
% |
|
|
1.74 |
% |
|
|
1.53 |
% |
Allowance
for credit losses, loans and leases / Loans and leases held for
investment, excluding Paycheck Protection Program loans (1) |
|
1.46 |
% |
|
|
1.72 |
% |
|
|
1.95 |
% |
|
|
1.94 |
% |
|
|
1.53 |
% |
Allowance
for credit losses, loans and leases / Nonaccrual loans and leases
held for investment |
|
238.36 |
% |
|
|
262.03 |
% |
|
|
306.04 |
% |
|
|
329.82 |
% |
|
|
186.25 |
% |
Allowance
for credit losses, loans and leases / Nonperforming loans and
leases held for investment |
|
232.80 |
% |
|
|
250.61 |
% |
|
|
273.06 |
% |
|
|
314.81 |
% |
|
|
177.38 |
% |
|
|
|
|
|
|
|
|
|
|
|
For the three months ended, |
|
03/31/21 |
|
12/31/20 |
|
09/30/20 |
|
06/30/20 |
|
03/31/20 |
Net loan and
lease charge-offs (recoveries) |
$ |
288 |
|
|
$ |
618 |
|
|
$ |
(35 |
) |
|
$ |
3,576 |
|
|
$ |
489 |
|
Net loan and
lease charge-offs (annualized)/Average loans and leases |
|
0.02 |
% |
|
|
0.05 |
% |
|
|
(0.00 |
%) |
|
|
0.30 |
% |
|
|
0.04 |
% |
|
|
|
|
|
|
|
|
|
|
(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) |
March 31,
2021 |
(Dollars in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
For the three months ended, |
For
the period: |
03/31/21 |
|
12/31/20 |
|
09/30/20 |
|
06/30/20 |
|
03/31/20 |
Interest income |
$ |
51,457 |
|
|
$ |
51,334 |
|
|
$ |
50,612 |
|
$ |
49,980 |
|
|
$ |
52,019 |
|
Interest
expense |
|
6,043 |
|
|
|
6,813 |
|
|
|
6,758 |
|
|
6,462 |
|
|
|
9,551 |
|
Net interest income |
|
45,414 |
|
|
|
44,521 |
|
|
|
43,854 |
|
|
43,518 |
|
|
|
42,468 |
|
Provision
(reversal of provision) for credit losses |
|
(11,283 |
) |
|
|
(8,721 |
) |
|
|
3,935 |
|
|
23,737 |
|
|
|
21,843 |
|
Net interest
income after provision for credit losses |
|
56,697 |
|
|
|
53,242 |
|
|
|
39,919 |
|
|
19,781 |
|
|
|
20,625 |
|
Noninterest
income: |
|
|
|
|
|
|
|
|
|
Trust fee income |
|
2,034 |
|
|
|
1,974 |
|
|
|
1,915 |
|
|
1,924 |
|
|
|
1,890 |
|
Service charges on deposit accounts |
|
1,282 |
|
|
|
1,371 |
|
|
|
1,187 |
|
|
890 |
|
|
|
1,397 |
|
Investment advisory commission and fee income |
|
4,697 |
|
|
|
4,144 |
|
|
|
4,005 |
|
|
3,540 |
|
|
|
4,255 |
|
Insurance commission and fee income |
|
4,955 |
|
|
|
3,512 |
|
|
|
3,776 |
|
|
4,067 |
|
|
|
4,732 |
|
Other service fee income |
|
2,192 |
|
|
|
2,092 |
|
|
|
2,093 |
|
|
1,488 |
|
|
|
1,870 |
|
Bank owned life insurance income |
|
717 |
|
|
|
733 |
|
|
|
741 |
|
|
732 |
|
|
|
734 |
|
Net gain on sales of investment securities |
|
65 |
|
|
|
54 |
|
|
|
57 |
|
|
65 |
|
|
|
695 |
|
Net gain on mortgage banking activities |
|
5,938 |
|
|
|
4,323 |
|
|
|
5,860 |
|
|
3,515 |
|
|
|
2,744 |
|
Other income |
|
1,370 |
|
|
|
1,936 |
|
|
|
2,171 |
|
|
1,779 |
|
|
|
67 |
|
Total
noninterest income |
|
23,250 |
|
|
|
20,139 |
|
|
|
21,805 |
|
|
18,000 |
|
|
|
18,384 |
|
Noninterest
expense: |
|
|
|
|
|
|
|
|
|
Salaries, benefits and commissions |
|
24,780 |
|
|
|
23,613 |
|
|
|
24,059 |
|
|
21,700 |
|
|
|
23,836 |
|
Net occupancy |
|
2,739 |
|
|
|
2,697 |
|
|
|
2,609 |
|
|
2,478 |
|
|
|
2,574 |
|
Equipment |
|
946 |
|
|
|
951 |
|
|
|
972 |
|
|
923 |
|
|
|
995 |
|
Data processing |
|
3,050 |
|
|
|
2,961 |
|
|
|
2,862 |
|
|
2,750 |
|
|
|
2,760 |
|
Professional fees |
|
1,748 |
|
|
|
1,436 |
|
|
|
1,321 |
|
|
1,264 |
|
|
|
1,317 |
|
Marketing and advertising |
|
280 |
|
|
|
575 |
|
|
|
463 |
|
|
535 |
|
|
|
402 |
|
Deposit insurance premiums |
|
636 |
|
|
|
765 |
|
|
|
707 |
|
|
615 |
|
|
|
504 |
|
Intangible expenses |
|
249 |
|
|
|
282 |
|
|
|
283 |
|
|
321 |
|
|
|
330 |
|
Restructuring charges |
|
- |
|
|
|
1,439 |
|
|
|
- |
|
|
- |
|
|
|
- |
|
Other expense |
|
5,112 |
|
|
|
7,015 |
|
|
|
5,251 |
|
|
5,374 |
|
|
|
6,059 |
|
Total
noninterest expense |
|
39,540 |
|
|
|
41,734 |
|
|
|
38,527 |
|
|
35,960 |
|
|
|
38,777 |
|
Income
before taxes |
|
40,407 |
|
|
|
31,647 |
|
|
|
23,197 |
|
|
1,821 |
|
|
|
232 |
|
Income tax
expense (benefit) |
|
7,804 |
|
|
|
5,773 |
|
|
|
5,078 |
|
|
(264 |
) |
|
|
(606 |
) |
Net
income |
$ |
32,603 |
|
|
$ |
25,874 |
|
|
$ |
18,119 |
|
$ |
2,085 |
|
|
$ |
838 |
|
Net income
per share: |
|
|
|
|
|
|
|
|
|
Basic |
$ |
1.11 |
|
|
$ |
0.88 |
|
|
$ |
0.62 |
|
$ |
0.07 |
|
|
$ |
0.03 |
|
Diluted |
$ |
1.11 |
|
|
$ |
0.88 |
|
|
$ |
0.62 |
|
$ |
0.07 |
|
|
$ |
0.03 |
|
Dividends
declared per share |
$ |
0.20 |
|
|
$ |
- |
|
|
$ |
0.20 |
|
$ |
0.20 |
|
|
$ |
0.20 |
|
Weighted
average shares outstanding |
|
29,327,432 |
|
|
|
29,274,915 |
|
|
|
29,226,627 |
|
|
29,187,197 |
|
|
|
29,286,200 |
|
Period end
shares outstanding |
|
29,379,575 |
|
|
|
29,295,052 |
|
|
|
29,241,302 |
|
|
29,201,985 |
|
|
|
29,164,782 |
|
Univest
Financial Corporation |
Consolidated
Selected Financial Data (Unaudited) |
March 31,
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended, |
Profitability Ratios (annualized) |
03/31/21 |
|
12/31/20 |
|
09/30/20 |
|
06/30/20 |
|
03/31/20 |
|
|
|
|
|
|
|
|
|
|
Return on average assets |
|
2.07 |
% |
|
|
1.62 |
% |
|
|
1.15 |
% |
|
|
0.14 |
% |
|
|
0.06 |
% |
Return on
average assets, excluding restructuring |
|
2.07 |
% |
|
|
1.69 |
% |
|
|
1.15 |
% |
|
|
0.14 |
% |
|
|
0.06 |
% |
charges (1) |
|
|
|
|
|
|
|
|
|
Return on
average shareholders' equity |
|
18.90 |
% |
|
|
15.22 |
% |
|
|
10.89 |
% |
|
|
1.27 |
% |
|
|
0.50 |
% |
Return on
average shareholders' equity, excluding |
|
18.90 |
% |
|
|
15.89 |
% |
|
|
10.89 |
% |
|
|
1.27 |
% |
|
|
0.50 |
% |
restructuring charges (1) |
|
|
|
|
|
|
|
|
|
Return on
average tangible common equity (1) |
|
25.19 |
% |
|
|
20.53 |
% |
|
|
14.82 |
% |
|
|
1.73 |
% |
|
|
0.68 |
% |
Return on
average tangible common equity, excluding |
|
25.19 |
% |
|
|
21.44 |
% |
|
|
14.82 |
% |
|
|
1.73 |
% |
|
|
0.68 |
% |
restructuring charges (1) |
|
|
|
|
|
|
|
|
|
Net interest
margin (FTE) |
|
3.12 |
% |
|
|
3.02 |
% |
|
|
3.02 |
% |
|
|
3.18 |
% |
|
|
3.48 |
% |
Efficiency
ratio (2) |
|
57.0 |
% |
|
|
63.8 |
% |
|
|
58.0 |
% |
|
|
57.7 |
% |
|
|
62.8 |
% |
Efficiency
ratio, excluding restructuring charges (1) (2) |
|
57.0 |
% |
|
|
61.6 |
% |
|
|
58.0 |
% |
|
|
57.7 |
% |
|
|
62.8 |
% |
|
|
|
|
|
|
|
|
|
|
Capitalization Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends
declared to net income (3) |
|
18.0 |
% |
|
|
0.0 |
% |
|
|
32.3 |
% |
|
|
278.7 |
% |
|
|
699.9 |
% |
Shareholders' equity to assets (Period End) |
|
11.26 |
% |
|
|
10.93 |
% |
|
|
10.48 |
% |
|
|
10.69 |
% |
|
|
11.92 |
% |
Tangible
common equity to tangible assets (1) |
|
8.77 |
% |
|
|
8.40 |
% |
|
|
7.96 |
% |
|
|
8.06 |
% |
|
|
8.99 |
% |
Common
equity book value per share |
$ |
24.59 |
|
|
$ |
23.64 |
|
|
$ |
22.88 |
|
|
$ |
22.43 |
|
|
$ |
22.34 |
|
Tangible
common equity book value per share (1) |
$ |
18.64 |
|
|
$ |
17.66 |
|
|
$ |
16.89 |
|
|
$ |
16.41 |
|
|
$ |
16.31 |
|
|
|
|
|
|
|
|
|
|
|
Regulatory Capital Ratios (Period End) |
|
|
|
|
|
|
|
|
|
Tier 1
leverage ratio |
|
9.45 |
% |
|
|
9.08 |
% |
|
|
8.97 |
% |
|
|
9.15 |
% |
|
|
9.90 |
% |
Common
equity tier 1 risk-based capital ratio |
|
11.08 |
% |
|
|
10.76 |
% |
|
|
10.52 |
% |
|
|
10.73 |
% |
|
|
10.79 |
% |
Tier 1
risk-based capital ratio |
|
11.08 |
% |
|
|
10.76 |
% |
|
|
10.52 |
% |
|
|
10.73 |
% |
|
|
10.79 |
% |
Total
risk-based capital ratio |
|
15.13 |
% |
|
|
15.31 |
% |
|
|
15.35 |
% |
|
|
13.72 |
% |
|
|
13.65 |
% |
|
|
|
|
|
|
|
|
|
|
(1) Non-GAAP metric. A
reconciliation of this and other non-GAAP to GAAP performance
measures is included below. |
|
|
|
(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 |
March 31, 2021 |
|
December 31, 2020 |
|
|
Average |
Income/ |
Average |
|
Average |
Income/ |
Average |
|
(Dollars in thousands) |
Balance |
Expense |
Rate |
|
Balance |
Expense |
Rate |
|
Assets: |
|
|
|
|
|
|
|
|
Interest-earning deposits with other banks |
$ |
237,548 |
|
$ |
56 |
0.10 |
% |
$ |
296,258 |
|
$ |
82 |
0.11 |
% |
U.S.
government obligations |
|
6,998 |
|
|
36 |
2.09 |
|
|
6,998 |
|
|
36 |
2.05 |
|
Obligations
of state and political subdivisions |
|
11,544 |
|
|
105 |
3.69 |
|
|
14,269 |
|
|
129 |
3.60 |
|
Other debt
and equity securities |
|
355,827 |
|
|
1,267 |
1.44 |
|
|
348,244 |
|
|
1,237 |
1.41 |
|
Federal Home
Loan Bank, Federal Reserve Bank and other stock |
|
26,368 |
|
|
348 |
5.35 |
|
|
29,838 |
|
|
438 |
5.84 |
|
Total interest-earning deposits, investments and other
interest-earning assets |
|
638,285 |
|
|
1,812 |
1.15 |
|
|
695,607 |
|
|
1,922 |
1.10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial,
financial, and agricultural loans |
|
782,208 |
|
|
6,798 |
3.52 |
|
|
824,374 |
|
|
7,366 |
3.55 |
|
Paycheck
Protection Program loans |
|
506,939 |
|
|
4,524 |
3.62 |
|
|
497,035 |
|
|
3,133 |
2.51 |
|
Real
estate—commercial and construction loans |
|
2,621,981 |
|
|
24,458 |
3.78 |
|
|
2,518,056 |
|
|
24,388 |
3.85 |
|
Real
estate—residential loans |
|
1,037,000 |
|
|
9,873 |
3.86 |
|
|
1,025,818 |
|
|
10,345 |
4.01 |
|
Loans to
individuals |
|
26,447 |
|
|
265 |
4.05 |
|
|
27,427 |
|
|
289 |
4.19 |
|
Municipal
loans and leases |
|
245,638 |
|
|
2,530 |
4.18 |
|
|
258,627 |
|
|
2,776 |
4.27 |
|
Lease
financings |
|
105,684 |
|
|
1,737 |
6.67 |
|
|
102,383 |
|
|
1,690 |
6.57 |
|
Gross loans and leases |
|
5,325,897 |
|
|
50,185 |
3.82 |
|
|
5,253,720 |
|
|
49,987 |
3.79 |
|
Total interest-earning assets |
|
5,964,182 |
|
|
51,997 |
3.54 |
|
|
5,949,327 |
|
|
51,909 |
3.47 |
|
Cash and due
from banks |
|
55,311 |
|
|
|
|
|
53,360 |
|
|
|
|
Allowance
for credit losses, loans and leases |
|
(83,254 |
) |
|
|
|
|
(92,766 |
) |
|
|
|
Premises and
equipment, net |
|
55,826 |
|
|
|
|
|
55,653 |
|
|
|
|
Operating
lease right-of-use assets |
|
34,033 |
|
|
|
|
|
34,272 |
|
|
|
|
Other
assets |
|
357,365 |
|
|
|
|
|
353,673 |
|
|
|
|
Total assets |
$ |
6,383,463 |
|
|
|
|
$ |
6,353,519 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
Interest-bearing checking deposits |
$ |
817,940 |
|
$ |
490 |
0.24 |
% |
$ |
838,323 |
|
$ |
537 |
0.25 |
% |
Money market
savings |
|
1,243,673 |
|
|
853 |
0.28 |
|
|
1,213,585 |
|
|
898 |
0.29 |
|
Regular
savings |
|
959,232 |
|
|
298 |
0.13 |
|
|
905,918 |
|
|
341 |
0.15 |
|
Time
deposits |
|
525,800 |
|
|
1,759 |
1.36 |
|
|
582,782 |
|
|
2,034 |
1.39 |
|
Total time and interest-bearing deposits |
|
3,546,645 |
|
|
3,400 |
0.39 |
|
|
3,540,608 |
|
|
3,810 |
0.43 |
|
|
|
|
|
|
|
|
|
|
Short-term
borrowings |
|
17,894 |
|
|
2 |
0.05 |
|
|
15,091 |
|
|
2 |
0.05 |
|
Long-term
debt |
|
101,333 |
|
|
348 |
1.39 |
|
|
169,623 |
|
|
611 |
1.43 |
|
Subordinated
notes |
|
183,340 |
|
|
2,293 |
5.07 |
|
|
193,244 |
|
|
2,390 |
4.92 |
|
Total borrowings |
|
302,567 |
|
|
2,643 |
3.54 |
|
|
377,958 |
|
|
3,003 |
3.16 |
|
Total interest-bearing liabilities |
|
3,849,212 |
|
|
6,043 |
0.64 |
|
|
3,918,566 |
|
|
6,813 |
0.69 |
|
Noninterest-bearing deposits |
|
1,749,502 |
|
|
|
|
|
1,681,844 |
|
|
|
|
Operating
lease liabilities |
|
37,415 |
|
|
|
|
|
37,616 |
|
|
|
|
Accrued
expenses and other liabilities |
|
47,598 |
|
|
|
|
|
39,067 |
|
|
|
|
Total liabilities |
|
5,683,727 |
|
|
|
|
|
5,677,093 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' Equity: |
|
|
|
|
|
|
|
|
Common
stock |
|
157,784 |
|
|
|
|
|
157,784 |
|
|
|
|
Additional
paid-in capital |
|
296,136 |
|
|
|
|
|
296,810 |
|
|
|
|
Retained
earnings and other equity |
|
245,816 |
|
|
|
|
|
221,832 |
|
|
|
|
Total shareholders' equity |
|
699,736 |
|
|
|
|
|
676,426 |
|
|
|
|
Total liabilities and shareholders' equity |
$ |
6,383,463 |
|
|
|
|
$ |
6,353,519 |
|
|
|
|
Net interest
income |
|
$ |
45,954 |
|
|
|
$ |
45,096 |
|
|
|
|
|
|
|
|
|
|
|
Net interest
spread |
|
|
2.90 |
|
|
|
2.78 |
|
Effect of
net interest-free funding sources |
|
|
0.22 |
|
|
|
0.24 |
|
Net interest
margin |
|
|
3.12 |
% |
|
|
3.02 |
% |
Ratio of
average interest-earning assets to average interest-bearing
liabilities |
|
154.95 |
% |
|
|
|
|
151.82 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
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 March 31, 2021
and December 31, 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 March 31, |
|
|
|
Tax Equivalent Basis |
2021 |
|
2020 |
|
|
Average |
Income/ |
Average |
|
Average |
Income/ |
Average |
|
(Dollars in thousands) |
Balance |
Expense |
Rate |
|
Balance |
Expense |
Rate |
|
Assets: |
|
|
|
|
|
|
|
|
Interest-earning deposits with other banks |
$ |
237,548 |
|
$ |
56 |
0.10 |
% |
$ |
118,108 |
|
$ |
325 |
1.11 |
% |
U.S.
government obligations |
|
6,998 |
|
|
36 |
2.09 |
|
|
7,298 |
|
|
37 |
2.04 |
|
Obligations
of state and political subdivisions |
|
11,544 |
|
|
105 |
3.69 |
|
|
33,595 |
|
|
289 |
3.46 |
|
Other debt
and equity securities |
|
355,827 |
|
|
1,267 |
1.44 |
|
|
401,007 |
|
|
2,668 |
2.68 |
|
Federal Home
Loan Bank, Federal Reserve Bank and other stock |
|
26,368 |
|
|
348 |
5.35 |
|
|
31,450 |
|
|
527 |
6.74 |
|
Total interest-earning deposits, investments and other
interest-earning assets |
|
638,285 |
|
|
1,812 |
1.15 |
|
|
591,458 |
|
|
3,846 |
2.62 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial,
financial, and agricultural loans |
|
782,208 |
|
|
6,798 |
3.52 |
|
|
821,267 |
|
|
8,631 |
4.23 |
|
Paycheck
Protection Program loans |
|
506,939 |
|
|
4,524 |
3.62 |
|
|
- |
|
|
- |
- |
|
Real
estate—commercial and construction loans |
|
2,621,981 |
|
|
24,458 |
3.78 |
|
|
2,139,369 |
|
|
23,917 |
4.50 |
|
Real
estate—residential loans |
|
1,037,000 |
|
|
9,873 |
3.86 |
|
|
991,550 |
|
|
11,052 |
4.48 |
|
Loans to
individuals |
|
26,447 |
|
|
265 |
4.05 |
|
|
30,016 |
|
|
407 |
5.45 |
|
Municipal
loans and leases |
|
245,638 |
|
|
2,530 |
4.18 |
|
|
317,006 |
|
|
3,265 |
4.14 |
|
Lease
financings |
|
105,684 |
|
|
1,737 |
6.67 |
|
|
89,376 |
|
|
1,554 |
6.99 |
|
Gross loans and leases |
|
5,325,897 |
|
|
50,185 |
3.82 |
|
|
4,388,584 |
|
|
48,826 |
4.47 |
|
Total interest-earning assets |
|
5,964,182 |
|
|
51,997 |
3.54 |
|
|
4,980,042 |
|
|
52,672 |
4.25 |
|
Cash and due
from banks |
|
55,311 |
|
|
|
|
|
50,891 |
|
|
|
|
Allowance
for credit losses, loans and leases |
|
(83,254 |
) |
|
|
|
|
(44,372 |
) |
|
|
|
Premises and
equipment, net |
|
55,826 |
|
|
|
|
|
56,399 |
|
|
|
|
Operating
lease right-of-use assets |
|
34,033 |
|
|
|
|
|
34,545 |
|
|
|
|
Other
assets |
|
357,365 |
|
|
|
|
|
332,056 |
|
|
|
|
Total assets |
$ |
6,383,463 |
|
|
|
|
$ |
5,409,561 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
Interest-bearing checking deposits |
$ |
817,940 |
|
$ |
490 |
0.24 |
% |
$ |
584,391 |
|
$ |
796 |
0.55 |
% |
Money market
savings |
|
1,243,673 |
|
|
853 |
0.28 |
|
|
1,057,336 |
|
|
2,903 |
1.10 |
|
Regular
savings |
|
959,232 |
|
|
298 |
0.13 |
|
|
816,760 |
|
|
792 |
0.39 |
|
Time
deposits |
|
525,800 |
|
|
1,759 |
1.36 |
|
|
602,903 |
|
|
2,915 |
1.94 |
|
Total time and interest-bearing deposits |
|
3,546,645 |
|
|
3,400 |
0.39 |
|
|
3,061,390 |
|
|
7,406 |
0.97 |
|
|
|
|
|
|
|
|
|
|
Short-term
borrowings |
|
17,894 |
|
|
2 |
0.05 |
|
|
40,126 |
|
|
106 |
1.06 |
|
Long-term
debt |
|
101,333 |
|
|
348 |
1.39 |
|
|
169,205 |
|
|
764 |
1.82 |
|
Subordinated
notes |
|
183,340 |
|
|
2,293 |
5.07 |
|
|
94,847 |
|
|
1,275 |
5.41 |
|
Total borrowings |
|
302,567 |
|
|
2,643 |
3.54 |
|
|
304,178 |
|
|
2,145 |
2.84 |
|
Total interest-bearing liabilities |
|
3,849,212 |
|
|
6,043 |
0.64 |
|
|
3,365,568 |
|
|
9,551 |
1.14 |
|
Noninterest-bearing deposits |
|
1,749,502 |
|
|
|
|
|
1,288,594 |
|
|
|
|
Operating
lease liabilities |
|
37,415 |
|
|
|
|
|
37,766 |
|
|
|
|
Accrued
expenses and other liabilities |
|
47,598 |
|
|
|
|
|
44,173 |
|
|
|
|
Total liabilities |
|
5,683,727 |
|
|
|
|
|
4,736,101 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' Equity: |
|
|
|
|
|
|
|
|
Common
stock |
|
157,784 |
|
|
|
|
|
157,784 |
|
|
|
|
Additional
paid-in capital |
|
296,136 |
|
|
|
|
|
295,318 |
|
|
|
|
Retained
earnings and other equity |
|
245,816 |
|
|
|
|
|
220,358 |
|
|
|
|
Total shareholders' equity |
|
699,736 |
|
|
|
|
|
673,460 |
|
|
|
|
Total liabilities and shareholders' equity |
$ |
6,383,463 |
|
|
|
|
$ |
5,409,561 |
|
|
|
|
Net interest
income |
|
$ |
45,954 |
|
|
|
$ |
43,121 |
|
|
|
|
|
|
|
|
|
|
|
Net interest
spread |
|
|
2.90 |
|
|
|
3.11 |
|
Effect of
net interest-free funding sources |
|
|
0.22 |
|
|
|
0.37 |
|
Net interest
margin |
|
|
3.12 |
% |
|
|
3.48 |
% |
Ratio of
average interest-earning assets to average interest-bearing
liabilities |
|
154.95 |
% |
|
|
|
|
147.97 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
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 March 31, 2021
and 2020 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 March 31, 2021 |
|
Industry Description |
Total Outstanding Balance (excl PPP) |
|
% of Commercial Loan Portfolio |
|
$ Balance of Modified Loans (1) |
|
Modified Loans as a % of Portfolio (1) |
|
CRE - Retail |
$ |
356,690 |
|
8.8 |
% |
$ |
- |
|
- |
% |
Animal
Production |
|
269,608 |
|
6.7 |
|
|
27 |
|
- |
|
CRE -
Office |
|
247,320 |
|
6.1 |
|
|
- |
|
- |
|
CRE - 1-4
Family Residential Investment |
|
246,643 |
|
6.1 |
|
|
1,097 |
|
0.4 |
|
CRE -
Multi-family |
|
213,065 |
|
5.3 |
|
|
- |
|
- |
|
CRE -
Industrial / Warehouse |
|
180,254 |
|
4.5 |
|
|
738 |
|
0.4 |
|
Hotels &
Motels (Accommodation) |
|
174,751 |
|
4.3 |
|
|
35,222 |
|
20.2 |
|
Education |
|
155,589 |
|
3.9 |
|
|
2,638 |
|
1.7 |
|
Nursing and
Residential Care Facilities |
|
152,016 |
|
3.8 |
|
|
- |
|
- |
|
CRE -
Mixed-Use - Residential |
|
120,629 |
|
3.0 |
|
|
3,530 |
|
2.9 |
|
Specialty
Trade Contractors |
|
117,204 |
|
2.9 |
|
|
85 |
|
0.1 |
|
Real Estate
Lenders, Secondary Market Financing |
|
106,027 |
|
2.6 |
|
|
12 |
|
- |
|
CRE -
Medical Office |
|
93,834 |
|
2.3 |
|
|
- |
|
- |
|
Homebuilding
(tract developers, remodelers) |
|
81,879 |
|
2.0 |
|
|
- |
|
- |
|
Merchant
Wholesalers, Durable Goods |
|
73,063 |
|
1.8 |
|
|
- |
|
- |
|
Crop
Production |
|
69,853 |
|
1.7 |
|
|
- |
|
- |
|
Motor
Vehicle and Parts Dealers |
|
65,839 |
|
1.6 |
|
|
- |
|
- |
|
Rental and
Leasing Services |
|
61,096 |
|
1.5 |
|
|
- |
|
- |
|
Fabricated
Metal Product Manufacturing |
|
60,472 |
|
1.5 |
|
|
- |
|
- |
|
Administrative and Support Services |
|
58,298 |
|
1.4 |
|
|
101 |
|
0.2 |
|
Wood Product
Manufacturing |
|
57,180 |
|
1.4 |
|
|
- |
|
- |
|
Food
Services and Drinking Places |
|
53,168 |
|
1.3 |
|
|
3,300 |
|
6.2 |
|
Industries with >$50 million in
outstandings |
$ |
3,014,478 |
|
74.5 |
% |
$ |
46,750 |
|
1.6 |
% |
Industries
with <$50 million in outstandings |
$ |
1,026,671 |
|
25.5 |
% |
$ |
24,277 |
|
2.4 |
% |
Total Commercial Loans |
$ |
4,041,149 |
|
100.0 |
% |
$ |
71,027 |
|
1.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Loans and Lease Financings |
Total Outstanding Balance |
|
|
|
$ Balance of Modified Loans (1) |
|
Modified Loans as a % of Portfolio (1) |
|
Real
Estate-Residential Secured for Personal Purpose |
$ |
494,349 |
|
|
|
$ |
1,712 |
|
0.3 |
% |
Real
Estate-Home Equity Secured for Personal Purpose |
|
162,529 |
|
|
|
|
84 |
|
0.1 |
|
Loans to
Individuals |
|
25,468 |
|
|
|
|
- |
|
- |
|
Lease
Financings |
|
163,059 |
|
|
|
|
212 |
|
0.1 |
|
Total - Consumer Loans and Lease Financings |
$ |
845,405 |
|
|
|
$ |
2,008 |
|
0.2 |
% |
|
|
|
|
|
|
|
|
|
Total |
$ |
4,886,554 |
|
|
|
$ |
73,035 |
|
1.5 |
% |
|
|
|
|
|
|
|
|
|
(1) 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 March 31, 2021. |
Univest
Financial Corporation |
Non-GAAP
Reconciliation |
March 31,
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
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, |
|
03/31/21 |
|
12/31/20 |
|
09/30/20 |
|
06/30/20 |
|
03/31/20 |
Restructuring charges (a) |
$ |
- |
|
|
$ |
1,439 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
Tax effect of restructuring charges |
|
- |
|
|
|
(302 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Restructuring charges, net of tax |
$ |
- |
|
|
$ |
1,137 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity |
$ |
722,455 |
|
|
$ |
692,472 |
|
|
$ |
669,107 |
|
|
$ |
654,873 |
|
|
$ |
651,551 |
|
Goodwill |
|
(172,559 |
) |
|
|
(172,559 |
) |
|
|
(172,559 |
) |
|
|
(172,559 |
) |
|
|
(172,559 |
) |
Other intangibles (b) |
|
(2,210 |
) |
|
|
(2,458 |
) |
|
|
(2,736 |
) |
|
|
(3,017 |
) |
|
|
(3,333 |
) |
Tangible common equity |
$ |
547,686 |
|
|
$ |
517,455 |
|
|
$ |
493,812 |
|
|
$ |
479,297 |
|
|
$ |
475,659 |
|
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
6,416,665 |
|
|
$ |
6,336,496 |
|
|
$ |
6,382,831 |
|
|
$ |
6,125,312 |
|
|
$ |
5,464,768 |
|
Goodwill |
|
(172,559 |
) |
|
|
(172,559 |
) |
|
|
(172,559 |
) |
|
|
(172,559 |
) |
|
|
(172,559 |
) |
Other intangibles (b) |
|
(2,210 |
) |
|
|
(2,458 |
) |
|
|
(2,736 |
) |
|
|
(3,017 |
) |
|
|
(3,333 |
) |
Tangible assets |
$ |
6,241,896 |
|
|
$ |
6,161,479 |
|
|
$ |
6,207,536 |
|
|
$ |
5,949,736 |
|
|
$ |
5,288,876 |
|
|
|
|
|
|
|
|
|
|
|
Average shareholders' equity |
$ |
699,736 |
|
|
$ |
676,426 |
|
|
$ |
661,947 |
|
|
$ |
660,950 |
|
|
$ |
673,460 |
|
Average goodwill |
|
(172,559 |
) |
|
|
(172,559 |
) |
|
|
(172,559 |
) |
|
|
(172,559 |
) |
|
|
(172,559 |
) |
Average other intangibles (b) |
|
(2,344 |
) |
|
|
(2,606 |
) |
|
|
(2,889 |
) |
|
|
(3,185 |
) |
|
|
(3,506 |
) |
Average tangible common equity |
$ |
524,833 |
|
|
$ |
501,261 |
|
|
$ |
486,499 |
|
|
$ |
485,206 |
|
|
$ |
497,395 |
|
|
|
|
|
|
|
|
|
|
|
Net income before taxes |
$ |
40,407 |
|
|
$ |
31,647 |
|
|
$ |
23,197 |
|
|
$ |
1,821 |
|
|
$ |
232 |
|
Provision for credit losses |
|
(11,283 |
) |
|
|
(8,721 |
) |
|
|
3,935 |
|
|
|
23,737 |
|
|
|
21,843 |
|
Pre-tax pre-provision income |
$ |
29,124 |
|
|
$ |
22,926 |
|
|
$ |
27,132 |
|
|
$ |
25,558 |
|
|
$ |
22,075 |
|
|
|
|
|
|
|
|
|
|
|
Loans and leases held for investment, gross |
$ |
5,415,006 |
|
|
$ |
5,306,841 |
|
|
$ |
5,211,856 |
|
|
$ |
4,951,809 |
|
|
$ |
4,448,825 |
|
Paycheck Protection Program ("PPP") loans |
|
(528,452 |
) |
|
|
(483,773 |
) |
|
|
(501,580 |
) |
|
|
(498,978 |
) |
|
|
- |
|
Gross loans and leases excluding PPP loans |
$ |
4,886,554 |
|
|
$ |
4,823,068 |
|
|
$ |
4,710,276 |
|
|
$ |
4,452,831 |
|
|
$ |
4,448,825 |
|
|
|
|
|
|
|
|
|
|
|
(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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