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 June 30, 2021
was $20.9 million, or $0.71 diluted earnings per share,
compared to net income of $2.1 million, or $0.07 diluted earnings
per share, for the quarter ended June 30, 2020. Net income for
the six months ended June 30, 2021 was $53.5 million, or $1.81
diluted earnings per share, compared to net income of $2.9 million,
or $0.10 diluted earnings per share, for the six months ended
June 30, 2020.
Pre-tax pre-provision income1 for the quarter
ended June 30, 2021 was $25.7 million, an increase of $143
thousand, or 0.6%, from the second quarter of 2020. Pre-tax
pre-provision income1 for the six months ended June 30, 2021
was $54.8 million, an increase of $7.2 million, or 15.1%, from the
comparable period in the prior year.
One-Time ItemsThe financial
results for the three and six months ended June 30, 2021 included a
tax-free bank owned life insurance ("BOLI") death benefit claim of
$893 thousand, which represents $0.03 diluted earnings per
share.
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 Paycheck Protection Program (the
"PPP") and the establishment of PPP Second Draw Loans. The Small
Business Administration (the "SBA") announced it was taking certain
steps under the PPP to further promote equitable relief for smaller
businesses. Under this program, we successfully originated 1,226
PPP loans and secured funding of approximately $169.5 million for
our customers.
As of June 30, 2021, $252.8 million in PPP loan
originations remain outstanding. During the quarter, we recorded
income of $4.8 million within net interest income related to these
loans, of which $3.7 million was the result of forgiveness and pay
downs of PPP loans totaling $282.3 million. During the six months
ended June 30, 2021, we recorded income of $9.3 million within net
interest income related to these loans, of which $7.1 million was
the result of forgiveness and pay downs of PPP loans totaling
$402.0 million. As of June 30, 2021, we have $6.4 million of
net deferred fees on our balance sheet, which represents
approximately 35.2% of the initial deferred fee amount.
LoansGross loans and leases,
excluding PPP loans1, increased $187.9 million, or 15.4%
(annualized), from March 31, 2021, $251.4 million or 10.4%
(annualized) from December 31, 2020 and $621.6 million, or 14.0%,
from June 30, 2020 due to increases in commercial, construction,
residential mortgage loans and lease financings.
DepositsTotal deposits
increased $7.1 million, or 0.5% (annualized), from March 31, 2021
and $76.0 million, or 2.9% (annualized), from December 31, 2020
primarily due to increases in commercial and consumer deposits
offset by a decrease in brokered deposits and a seasonal decrease
in public funds deposits. Total deposits increased $449.4 million,
or 9.2%, from June 30, 2020, primarily due to increases in
commercial, consumer and public funds deposits.
Net Interest Income and
MarginNet interest income of $46.8 million for the three
months ended June 30, 2021 increased $1.3 million, or 3.0%,
from the three months ended March 31, 2021, and $3.2 million,
or 7.4%, from the three months ended June 30, 2020. Net
interest income of $92.2 million for the six months ended
June 30, 2021 increased $6.2 million, or 7.2%, from the six
months ended June 30, 2020. The increase in net interest
income for the six months ended June 30, 2021 compared to the
same period of 2020 was primarily due to an increase in PPP loan
income of $7.2 million and lower deposit costs offset by a decrease
in yield on loans and investment securities.
Net interest margin, on a tax-equivalent basis,
was 3.15% for the second quarter of 2021, compared to 3.12% for the
first quarter of 2021 and 3.18% for the second quarter of 2020.
Excess liquidity reduced net interest margin by approximately ten
basis points for the quarter ended June 30, 2021 compared to
eleven basis points for the quarter ended March 31, 2021 and
sixteen basis points for the quarter ended June 30, 2020. This
excess liquidity was primarily driven by strong deposit balance
growth during the last fifteen months, which was partially
attributable to the various stimulus initiatives associated with
the COVID-19 pandemic. As PPP loans are forgiven, the associated
deferred fees are recognized in earnings, thus attaining yields in
excess of 2020 run rates. PPP loans had a favorable impact on net
interest margin of eleven basis points for the quarter ended
June 30, 2021 compared to four basis points for the quarter
ended March 31, 2021 and an unfavorable impact of nine basis points
for the quarter ended June 30, 2020. Excluding the impact of
excess liquidity and PPP loans, the net interest margin, on a
tax-equivalent basis, was 3.14% for the quarter ended June 30,
2021 compared to 3.19% for the quarter ended March 31, 2021 and
3.43% for the quarter ended June 30, 2020.
Noninterest IncomeNoninterest
income for the quarter ended June 30, 2021 was $20.2 million,
an increase of $2.2 million, or 12.4%, compared to the second
quarter of 2020. Noninterest income for the six months ended
June 30, 2021 was $43.5 million, an increase of $7.1 million,
or 19.5%, from the comparable period in the prior year.
Net gain on mortgage banking activities
decreased $54 thousand, or 1.5%, for the quarter and increased $3.1
million, or 50.2% for the six months ended June 30, 2021
compared to the comparable periods in the prior year. The increase
for the six months ended June 30, 2021 was primarily due to an
increase in volume and expansion of margins. Investment advisory
commission and fee income increased $1.0 million, or 28.8%, for the
quarter and $1.5 million, or 18.7%, for the six months ended
June 30, 2021 compared to the comparable periods in the prior
year, due to increased assets under management driven by favorable
market conditions and new customer relationships. BOLI income
increased $888 thousand, or 121.3%, for the quarter and $871
thousand, or 59.4%, for the six months ended June 30, 2021
primarily due to proceeds from BOLI death benefits of $893 thousand
as previously discussed.
Other service fee income increased $1.3 million,
or 84.7%, for the quarter and $1.6 million, or 47.1%, for the six
months ended June 30, 2021 compared to the comparable periods
in the prior year. Mortgage servicing fees increased $599 thousand
for the quarter and $692 thousand for the six months ended
June 30, 2021 driven by an increase in retained servicing
associated with elevated mortgage volume over the past fifteen
months. Interchange fee income increased $494 thousand for the
quarter and $672 thousand for the six months ended June 30, 2021
due to increased customer activity as the markets we operate in
continue to re-open.
Other income decreased $1.3 million, or 73.1%,
for the quarter due to a decrease of $1.4 million in fees on risk
participation agreements for interest rate swaps driven by a
decrease in customer demand.
Noninterest ExpenseNoninterest
expense for the quarter ended June 30, 2021 was $41.3 million,
an increase of $5.3 million, or 14.8%, compared to the second
quarter of 2020. Noninterest expense for the six months ended
June 30, 2021 was $80.8 million, an increase of $6.1 million,
or 8.1%, from the comparable period in the prior year.
Salaries, benefits and commissions increased
$3.7 million, or 17.0%, for the quarter and $4.6 million, or 10.2%,
for the six months ended June 30, 2021 from the comparable
periods in the prior year. These increases reflect our continued
investment in staff to support revenue generation across all
business lines and annual merit increases. Variable compensation
expenses increased $1.0 million and $1.7 million for the three and
six months ended June 30, 2021, respectively, from the comparable
periods in the prior year, due to increased profitability,
specifically in our mortgage banking and wealth management lines of
business. Additionally, capitalized compensation related to PPP
origination activity was $1.2 million and $664 thousand lower in
the three and six months ended June 30, 2021, respectively, from
the comparable periods in the prior year.
Data processing expenses increased $314
thousand, or 11.4%, for the quarter and $604 thousand, or 11.0%,
for the six months ended June 30, 2021 primarily due to
continued investments in our end-to-end loan origination solution
for loans below $1.0 million, customer relationship management
software, internal infrastructure improvements and outsourced data
processing solutions. Professional fees increased $751 thousand, or
59.4%, for the quarter and $1.2 million, or 45.8%, for the six
months ended June 30, 2021, primarily attributable to
increased consultant fees in support of our Diversity, Equity and
Inclusion, training initiatives and treasury management product
enhancements. During the first six months of 2021, we have spent
$781 thousand on these initiatives and we expect to incur
approximately $650 thousand of additional expenses related to these
initiatives in the second half of the year. These expenses are not
expected to re-occur in subsequent periods.
Other expense increased $390 thousand, or 7.3%,
for the quarter primarily attributable to an increase in
interchange fee expense and travel and entertainment expenses,
which are beginning to normalize as the markets we operate in
continue to re-open. Other expense decreased $557 thousand, or
4.9%, for the six months ended June 30, 2021 primarily due to
a $656 thousand charge related to the extinguishment of long-term
debt that occurred in the first quarter of 2020.
Asset Quality and Provision for Credit
LossesNonperforming assets were $38.5 million at
June 30, 2021, compared to $38.2 million at March 31,
2021 and $36.0 million at June 30, 2020.
Net loan and lease charge-offs were $243
thousand during the second quarter of 2021 compared to $3.6 million
for the three months ended June 30, 2020. The reversal of
provision for credit losses was $59 thousand for the second quarter
of 2021, of which $2.8 million (after-tax benefit of $2.2 million),
or $0.08 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 $23.7 million for
the comparable period in the prior year, of which $19.9 million
(after-tax charge of $15.7 million), or $0.54 diluted earnings per
share, was attributable to adverse changes in economic-related
assumptions, which were predominately driven by COVID-19.
Net loan and lease charge-offs were $531
thousand for the six months ended June 30, 2021 compared to
$4.1 million for the same period in the prior year. The reversal of
provision for credit losses was $11.3 million for the six months
ended June 30, 2021, of which $15.8 million (after-tax benefit
of $12.5 million), or $0.42 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 $45.6 million for the comparable period in the prior
year, of which $40.2 million (after-tax charge of $31.8 million),
or $1.09 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
1.34% at June 30, 2021, compared to 1.32% at March 31,
2021, and 1.74% at June 30, 2020. The allowance for credit
losses on loans and leases as a percentage of loans and leases held
for investment, excluding PPP loans1, was 1.41% at June 30,
2021 compared to 1.46% at March 31, 2021 and 1.94% at
June 30, 2020.
Tax Provision The effective
income tax rate was 19.0% for the quarter ended June 30, 2021,
compared to an effective income tax rate of (14.5%) for the quarter
ended June 30, 2020. The effective income tax rate was 19.2%
for the six months ended June 30, 2021 compared to an
effective income tax rate of (42.4%) for the six months ended
June 30, 2020. The effective tax rate for the three and six
months ended June 30, 2021 and 2020 reflects the level of
pre-tax income and the benefits of tax-exempt income from
investments in municipal securities and loans and leases.
DividendOn July 28, 2021,
Univest declared a quarterly cash dividend of $0.20 per share. The
dividend will be paid on August 25, 2021 to shareholders of record
as of August 11, 2021.
Conference CallUnivest will
host a conference call to discuss second quarter 2021 results on
Thursday, July 29, 2021 at 9:00 a.m. EST. Participants may
preregister at https://dpregister.com/sreg/10158232/ea90430528. The
general public can access the call by dialing
1-888-338-6515. A replay of the conference call will be
available through August 29, 2021 by dialing 1-877-344-7529; using
Conference ID: 10158232.
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 $4.5 billion in
assets under management and supervision through its Wealth
Management lines of business at June 30, 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 in our market; (5) economic conditions
nationally that may impact the assumptions used to calculate our
allowance for credit losses; (6) legislative, regulatory or tax
changes that may adversely affect the businesses in which Univest
is engaged; (7) technological issues that may adversely affect
Univest financial operations or customers; (8) changes in the
securities markets or (9) 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) |
June 30,
2021 |
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet (Period End) |
|
06/30/21 |
|
03/31/21 |
|
12/31/20 |
|
09/30/20 |
|
06/30/20 |
|
|
|
|
Assets |
|
$ |
6,356,305 |
|
|
$ |
6,416,665 |
|
|
$ |
6,336,496 |
|
|
$ |
6,382,831 |
|
|
$ |
6,125,312 |
|
|
|
|
|
Investment
securities, net of allowance for credit losses |
|
|
397,426 |
|
|
|
377,506 |
|
|
|
373,176 |
|
|
|
368,830 |
|
|
|
397,852 |
|
|
|
|
|
Loans held
for sale |
|
|
27,322 |
|
|
|
22,636 |
|
|
|
37,039 |
|
|
|
14,465 |
|
|
|
31,082 |
|
|
|
|
|
Loans and
leases held for investment, gross |
|
|
5,327,313 |
|
|
|
5,415,006 |
|
|
|
5,306,841 |
|
|
|
5,211,856 |
|
|
|
4,951,809 |
|
|
|
|
|
Allowance
for credit losses, loans and leases |
|
|
71,355 |
|
|
|
71,497 |
|
|
|
83,044 |
|
|
|
91,870 |
|
|
|
86,217 |
|
|
|
|
|
Loans and
leases held for investment, net |
|
|
5,255,958 |
|
|
|
5,343,509 |
|
|
|
5,223,797 |
|
|
|
5,119,986 |
|
|
|
4,865,592 |
|
|
|
|
|
Total
deposits |
|
|
5,318,704 |
|
|
|
5,311,592 |
|
|
|
5,242,715 |
|
|
|
5,211,603 |
|
|
|
4,869,329 |
|
|
|
|
|
Noninterest-bearing deposits |
|
|
1,872,031 |
|
|
|
1,857,547 |
|
|
|
1,690,663 |
|
|
|
1,714,505 |
|
|
|
1,725,819 |
|
|
|
|
|
NOW, money
market and savings |
|
|
2,954,450 |
|
|
|
2,979,834 |
|
|
|
2,988,277 |
|
|
|
2,940,879 |
|
|
|
2,623,025 |
|
|
|
|
|
Time
deposits |
|
|
492,223 |
|
|
|
474,211 |
|
|
|
563,775 |
|
|
|
556,219 |
|
|
|
520,485 |
|
|
|
|
|
Borrowings |
|
|
218,970 |
|
|
|
295,293 |
|
|
|
311,421 |
|
|
|
416,104 |
|
|
|
515,722 |
|
|
|
|
|
Shareholders' equity |
|
|
739,998 |
|
|
|
722,455 |
|
|
|
692,472 |
|
|
|
669,107 |
|
|
|
654,873 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet (Average) |
|
For the three months ended, |
|
|
|
For the six months ended, |
|
|
06/30/21 |
|
03/31/21 |
|
12/31/20 |
|
09/30/20 |
|
06/30/20 |
|
06/30/21 |
|
06/30/20 |
Assets |
|
|
6,443,629 |
|
|
$ |
6,383,463 |
|
|
$ |
6,353,519 |
|
|
$ |
6,265,605 |
|
|
$ |
6,000,790 |
|
|
|
6,413,712 |
|
|
$ |
5,704,527 |
|
Investment
securities, net of allowance for credit losses |
|
|
385,694 |
|
|
|
374,369 |
|
|
|
369,511 |
|
|
|
385,221 |
|
|
|
411,957 |
|
|
|
380,063 |
|
|
|
426,928 |
|
Loans and
leases, gross |
|
|
5,389,110 |
|
|
|
5,325,897 |
|
|
|
5,253,720 |
|
|
|
5,070,037 |
|
|
|
4,836,858 |
|
|
|
5,357,678 |
|
|
|
4,612,720 |
|
Deposits |
|
|
5,351,089 |
|
|
|
5,296,147 |
|
|
|
5,222,452 |
|
|
|
5,030,398 |
|
|
|
4,794,669 |
|
|
|
5,323,770 |
|
|
|
4,572,326 |
|
Shareholders' equity |
|
|
728,750 |
|
|
|
699,736 |
|
|
|
676,426 |
|
|
|
661,947 |
|
|
|
660,950 |
|
|
|
714,324 |
|
|
|
667,205 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality Data (Period End) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
06/30/21 |
|
03/31/21 |
|
12/31/20 |
|
09/30/20 |
|
06/30/20 |
|
|
|
|
Nonaccrual
loans and leases, including nonaccrual troubled debt
restructured |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
loans and leases and nonaccrual loans held for sale |
|
$ |
37,466 |
|
|
$ |
29,996 |
|
|
$ |
31,692 |
|
|
$ |
30,019 |
|
|
$ |
26,141 |
|
|
|
|
|
Accruing
loans and leases 90 days or more past due |
|
|
750 |
|
|
|
664 |
|
|
|
1,392 |
|
|
|
3,573 |
|
|
|
1,193 |
|
|
|
|
|
Accruing
troubled debt restructured loans and leases |
|
|
52 |
|
|
|
52 |
|
|
|
53 |
|
|
|
53 |
|
|
|
53 |
|
|
|
|
|
Total
nonperforming loans and leases |
|
|
38,268 |
|
|
|
30,712 |
|
|
|
33,137 |
|
|
|
33,645 |
|
|
|
27,387 |
|
|
|
|
|
Other real
estate owned |
|
|
279 |
|
|
|
7,481 |
|
|
|
7,355 |
|
|
|
8,270 |
|
|
|
8,642 |
|
|
|
|
|
Total
nonperforming assets |
|
$ |
38,547 |
|
|
$ |
38,193 |
|
|
$ |
40,492 |
|
|
$ |
41,915 |
|
|
$ |
36,029 |
|
|
|
|
|
Nonaccrual
loans and leases / Loans and leases held for investment and
nonaccrual loans held for sale |
|
|
0.70 |
% |
|
|
0.55 |
% |
|
|
0.60 |
% |
|
|
0.58 |
% |
|
|
0.53 |
% |
|
|
|
|
Nonperforming loans and leases / Loans and leases held for
investment |
|
|
0.72 |
% |
|
|
0.57 |
% |
|
|
0.62 |
% |
|
|
0.65 |
% |
|
|
0.55 |
% |
|
|
|
|
Nonperforming assets / Total assets |
|
|
0.61 |
% |
|
|
0.60 |
% |
|
|
0.64 |
% |
|
|
0.66 |
% |
|
|
0.59 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance
for credit losses, loans and leases |
|
$ |
71,355 |
|
|
$ |
71,497 |
|
|
$ |
83,044 |
|
|
$ |
91,870 |
|
|
$ |
86,217 |
|
|
|
|
|
Allowance
for credit losses, loans and leases / Loans and leases held for
investment |
|
|
1.34 |
% |
|
|
1.32 |
% |
|
|
1.56 |
% |
|
|
1.76 |
% |
|
|
1.74 |
% |
|
|
|
|
Allowance
for credit losses, loans and leases / Loans and leases held for
investment, excluding Paycheck Protection Program loans (1) |
|
|
1.41 |
% |
|
|
1.46 |
% |
|
|
1.72 |
% |
|
|
1.95 |
% |
|
|
1.94 |
% |
|
|
|
|
Allowance
for credit losses, loans and leases / Nonaccrual loans and leases
held for investment |
|
|
212.97 |
% |
|
|
238.36 |
% |
|
|
262.03 |
% |
|
|
306.04 |
% |
|
|
329.82 |
% |
|
|
|
|
Allowance
for credit losses, loans and leases / Nonperforming loans and
leases held for investment |
|
|
208.00 |
% |
|
|
232.80 |
% |
|
|
250.61 |
% |
|
|
273.06 |
% |
|
|
314.81 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended, |
|
|
|
For the six months ended, |
|
|
06/30/21 |
|
03/31/21 |
|
12/31/20 |
|
09/30/20 |
|
06/30/20 |
|
06/30/21 |
|
06/30/20 |
Net loan and
lease charge-offs (recoveries) |
|
$ |
243 |
|
|
$ |
288 |
|
|
$ |
618 |
|
|
$ |
(35 |
) |
|
$ |
3,576 |
|
|
$ |
531 |
|
|
$ |
4,065 |
|
Net loan and
lease charge-offs (annualized)/Average loans and leases |
|
|
0.02 |
% |
|
|
0.02 |
% |
|
|
0.05 |
% |
|
|
(0.00 |
%) |
|
|
0.30 |
% |
|
|
0.02 |
% |
|
|
0.18 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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) |
June 30,
2021 |
(Dollars in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended, |
|
For the six months ended, |
For
the period: |
|
06/30/21 |
|
03/31/21 |
|
12/31/20 |
|
09/30/20 |
|
06/30/20 |
|
06/30/21 |
|
06/30/20 |
Interest income |
|
$ |
52,441 |
|
|
$ |
51,457 |
|
|
$ |
51,334 |
|
|
$ |
50,612 |
|
|
$ |
49,980 |
|
|
$ |
103,898 |
|
|
$ |
101,999 |
|
Interest
expense |
|
|
5,684 |
|
|
|
6,043 |
|
|
|
6,813 |
|
|
|
6,758 |
|
|
|
6,462 |
|
|
|
11,727 |
|
|
|
16,013 |
|
Net interest income |
|
|
46,757 |
|
|
|
45,414 |
|
|
|
44,521 |
|
|
|
43,854 |
|
|
|
43,518 |
|
|
|
92,171 |
|
|
|
85,986 |
|
(Reversal of
provision) provision for credit losses |
|
|
(59 |
) |
|
|
(11,283 |
) |
|
|
(8,721 |
) |
|
|
3,935 |
|
|
|
23,737 |
|
|
|
(11,342 |
) |
|
|
45,580 |
|
Net interest
income after provision for credit losses |
|
|
46,816 |
|
|
|
56,697 |
|
|
|
53,242 |
|
|
|
39,919 |
|
|
|
19,781 |
|
|
|
103,513 |
|
|
|
40,406 |
|
Noninterest
income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trust fee income |
|
|
2,157 |
|
|
|
2,034 |
|
|
|
1,974 |
|
|
|
1,915 |
|
|
|
1,924 |
|
|
|
4,191 |
|
|
|
3,814 |
|
Service charges on deposit accounts |
|
|
1,314 |
|
|
|
1,282 |
|
|
|
1,371 |
|
|
|
1,187 |
|
|
|
890 |
|
|
|
2,596 |
|
|
|
2,287 |
|
Investment advisory commission and fee income |
|
|
4,558 |
|
|
|
4,697 |
|
|
|
4,144 |
|
|
|
4,005 |
|
|
|
3,540 |
|
|
|
9,255 |
|
|
|
7,795 |
|
Insurance commission and fee income |
|
|
3,839 |
|
|
|
4,955 |
|
|
|
3,512 |
|
|
|
3,776 |
|
|
|
4,067 |
|
|
|
8,794 |
|
|
|
8,799 |
|
Other service fee income |
|
|
2,748 |
|
|
|
2,192 |
|
|
|
2,092 |
|
|
|
2,093 |
|
|
|
1,488 |
|
|
|
4,940 |
|
|
|
3,358 |
|
Bank owned life insurance income |
|
|
1,620 |
|
|
|
717 |
|
|
|
733 |
|
|
|
741 |
|
|
|
732 |
|
|
|
2,337 |
|
|
|
1,466 |
|
Net gain on sales of investment securities |
|
|
54 |
|
|
|
65 |
|
|
|
54 |
|
|
|
57 |
|
|
|
65 |
|
|
|
119 |
|
|
|
760 |
|
Net gain on mortgage banking activities |
|
|
3,461 |
|
|
|
5,938 |
|
|
|
4,323 |
|
|
|
5,860 |
|
|
|
3,515 |
|
|
|
9,399 |
|
|
|
6,259 |
|
Other income |
|
|
479 |
|
|
|
1,370 |
|
|
|
1,936 |
|
|
|
2,171 |
|
|
|
1,779 |
|
|
|
1,849 |
|
|
|
1,846 |
|
Total
noninterest income |
|
|
20,230 |
|
|
|
23,250 |
|
|
|
20,139 |
|
|
|
21,805 |
|
|
|
18,000 |
|
|
|
43,480 |
|
|
|
36,384 |
|
Noninterest
expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries, benefits and commissions |
|
|
25,396 |
|
|
|
24,780 |
|
|
|
23,613 |
|
|
|
24,059 |
|
|
|
21,700 |
|
|
|
50,176 |
|
|
|
45,536 |
|
Net occupancy |
|
|
2,656 |
|
|
|
2,739 |
|
|
|
2,697 |
|
|
|
2,609 |
|
|
|
2,478 |
|
|
|
5,395 |
|
|
|
5,052 |
|
Equipment |
|
|
968 |
|
|
|
946 |
|
|
|
951 |
|
|
|
972 |
|
|
|
923 |
|
|
|
1,914 |
|
|
|
1,918 |
|
Data processing |
|
|
3,064 |
|
|
|
3,050 |
|
|
|
2,961 |
|
|
|
2,862 |
|
|
|
2,750 |
|
|
|
6,114 |
|
|
|
5,510 |
|
Professional fees |
|
|
2,015 |
|
|
|
1,748 |
|
|
|
1,436 |
|
|
|
1,321 |
|
|
|
1,264 |
|
|
|
3,763 |
|
|
|
2,581 |
|
Marketing and advertising |
|
|
561 |
|
|
|
280 |
|
|
|
575 |
|
|
|
463 |
|
|
|
535 |
|
|
|
841 |
|
|
|
937 |
|
Deposit insurance premiums |
|
|
613 |
|
|
|
636 |
|
|
|
765 |
|
|
|
707 |
|
|
|
615 |
|
|
|
1,249 |
|
|
|
1,119 |
|
Intangible expenses |
|
|
249 |
|
|
|
249 |
|
|
|
282 |
|
|
|
283 |
|
|
|
321 |
|
|
|
498 |
|
|
|
651 |
|
Restructuring charges |
|
|
- |
|
|
|
- |
|
|
|
1,439 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Other expense |
|
|
5,764 |
|
|
|
5,112 |
|
|
|
7,015 |
|
|
|
5,251 |
|
|
|
5,374 |
|
|
|
10,876 |
|
|
|
11,433 |
|
Total
noninterest expense |
|
|
41,286 |
|
|
|
39,540 |
|
|
|
41,734 |
|
|
|
38,527 |
|
|
|
35,960 |
|
|
|
80,826 |
|
|
|
74,737 |
|
Income
before taxes |
|
|
25,760 |
|
|
|
40,407 |
|
|
|
31,647 |
|
|
|
23,197 |
|
|
|
1,821 |
|
|
|
66,167 |
|
|
|
2,053 |
|
Income tax
expense (benefit) |
|
|
4,885 |
|
|
|
7,804 |
|
|
|
5,773 |
|
|
|
5,078 |
|
|
|
(264 |
) |
|
|
12,689 |
|
|
|
(870 |
) |
Net
income |
|
$ |
20,875 |
|
|
$ |
32,603 |
|
|
$ |
25,874 |
|
|
$ |
18,119 |
|
|
$ |
2,085 |
|
|
$ |
53,478 |
|
|
$ |
2,923 |
|
Net income
per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.71 |
|
|
$ |
1.11 |
|
|
$ |
0.88 |
|
|
$ |
0.62 |
|
|
$ |
0.07 |
|
|
$ |
1.82 |
|
|
$ |
0.10 |
|
Diluted |
|
$ |
0.71 |
|
|
$ |
1.11 |
|
|
$ |
0.88 |
|
|
$ |
0.62 |
|
|
$ |
0.07 |
|
|
$ |
1.81 |
|
|
$ |
0.10 |
|
Dividends
declared per share |
|
$ |
0.20 |
|
|
$ |
0.20 |
|
|
$ |
- |
|
|
$ |
0.20 |
|
|
$ |
0.20 |
|
|
$ |
0.40 |
|
|
$ |
0.40 |
|
Weighted
average shares outstanding |
|
|
29,389,525 |
|
|
|
29,327,432 |
|
|
|
29,274,915 |
|
|
|
29,226,627 |
|
|
|
29,187,197 |
|
|
|
29,359,198 |
|
|
|
29,236,698 |
|
Period end
shares outstanding |
|
|
29,411,731 |
|
|
|
29,379,575 |
|
|
|
29,295,052 |
|
|
|
29,241,302 |
|
|
|
29,201,985 |
|
|
|
29,411,731 |
|
|
|
29,201,985 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Univest
Financial Corporation |
Consolidated
Selected Financial Data (Unaudited) |
June 30,
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended, |
|
For the six months ended, |
Profitability Ratios (annualized) |
|
06/30/21 |
|
03/31/21 |
|
12/31/20 |
|
09/30/20 |
|
06/30/20 |
|
06/30/21 |
|
06/30/20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets |
|
|
1.30 |
% |
|
|
2.07 |
% |
|
|
1.62 |
% |
|
|
1.15 |
% |
|
|
0.14 |
% |
|
|
1.68 |
% |
|
|
0.10 |
% |
Return on average assets, excluding restructuring |
|
1.30 |
% |
|
|
2.07 |
% |
|
|
1.69 |
% |
|
|
1.15 |
% |
|
|
0.14 |
% |
|
|
1.68 |
% |
|
|
0.10 |
% |
charges (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on
average shareholders' equity |
|
|
11.49 |
% |
|
|
18.90 |
% |
|
|
15.22 |
% |
|
|
10.89 |
% |
|
|
1.27 |
% |
|
|
15.10 |
% |
|
|
0.88 |
% |
Return on average shareholders' equity, excluding |
|
11.49 |
% |
|
|
18.90 |
% |
|
|
15.89 |
% |
|
|
10.89 |
% |
|
|
1.27 |
% |
|
|
15.10 |
% |
|
|
0.88 |
% |
restructuring charges (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on
average tangible common equity (1) |
|
|
15.11 |
% |
|
|
25.20 |
% |
|
|
20.54 |
% |
|
|
14.82 |
% |
|
|
1.73 |
% |
|
|
19.99 |
% |
|
|
1.20 |
% |
Return on average tangible common equity, excluding |
|
15.11 |
% |
|
|
25.20 |
% |
|
|
21.44 |
% |
|
|
14.82 |
% |
|
|
1.73 |
% |
|
|
19.99 |
% |
|
|
1.20 |
% |
restructuring charges (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin (FTE) |
|
|
3.15 |
% |
|
|
3.12 |
% |
|
|
3.02 |
% |
|
|
3.02 |
% |
|
|
3.18 |
% |
|
|
3.14 |
% |
|
|
3.32 |
% |
Efficiency
ratio (2) |
|
|
60.7 |
% |
|
|
57.0 |
% |
|
|
63.8 |
% |
|
|
58.0 |
% |
|
|
57.7 |
% |
|
|
58.8 |
% |
|
|
60.2 |
% |
Efficiency ratio, excluding restructuring charges (1) (2) |
|
60.7 |
% |
|
|
57.0 |
% |
|
|
61.6 |
% |
|
|
58.0 |
% |
|
|
57.7 |
% |
|
|
58.8 |
% |
|
|
60.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capitalization Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends
declared to net income (3) |
|
|
28.2 |
% |
|
|
18.0 |
% |
|
|
0.0 |
% |
|
|
32.3 |
% |
|
|
278.7 |
% |
|
|
22.0 |
% |
|
|
399.5 |
% |
Shareholders' equity to assets (Period End) |
|
|
11.64 |
% |
|
|
11.26 |
% |
|
|
10.93 |
% |
|
|
10.48 |
% |
|
|
10.69 |
% |
|
|
11.64 |
% |
|
|
10.69 |
% |
Tangible
common equity to tangible assets (1) |
|
|
9.15 |
% |
|
|
8.77 |
% |
|
|
8.40 |
% |
|
|
7.95 |
% |
|
|
8.05 |
% |
|
|
9.15 |
% |
|
|
8.05 |
% |
Common
equity book value per share |
|
$ |
25.16 |
|
|
$ |
24.59 |
|
|
$ |
23.64 |
|
|
$ |
22.88 |
|
|
$ |
22.43 |
|
|
$ |
25.16 |
|
|
$ |
22.43 |
|
Tangible common equity book value per share (1) |
$ |
19.22 |
|
|
$ |
18.64 |
|
|
$ |
17.66 |
|
|
$ |
16.88 |
|
|
$ |
16.41 |
|
|
$ |
19.22 |
|
|
$ |
16.41 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Regulatory Capital Ratios (Period End) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1
leverage ratio |
|
|
9.64 |
% |
|
|
9.45 |
% |
|
|
9.08 |
% |
|
|
8.97 |
% |
|
|
9.15 |
% |
|
|
9.64 |
% |
|
|
9.15 |
% |
Common
equity tier 1 risk-based capital ratio |
|
|
11.04 |
% |
|
|
11.08 |
% |
|
|
10.76 |
% |
|
|
10.52 |
% |
|
|
10.73 |
% |
|
|
11.04 |
% |
|
|
10.73 |
% |
Tier 1
risk-based capital ratio |
|
|
11.04 |
% |
|
|
11.08 |
% |
|
|
10.76 |
% |
|
|
10.52 |
% |
|
|
10.73 |
% |
|
|
11.04 |
% |
|
|
10.73 |
% |
Total
risk-based capital ratio |
|
|
13.82 |
% |
|
|
15.13 |
% |
|
|
15.31 |
% |
|
|
15.35 |
% |
|
|
13.72 |
% |
|
|
13.82 |
% |
|
|
13.72 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 |
June 30, 2021 |
|
March 31, 2021 |
|
|
Average |
Income/ |
Average |
|
Average |
Income/ |
Average |
|
(Dollars in thousands) |
Balance |
Expense |
Rate |
|
Balance |
Expense |
Rate |
|
Assets: |
|
|
|
|
|
|
|
|
Interest-earning deposits with other banks |
$ |
215,349 |
|
$ |
46 |
|
0.09 |
% |
$ |
237,548 |
|
$ |
56 |
|
0.10 |
% |
U.S.
government obligations |
|
6,999 |
|
|
35 |
|
2.01 |
|
|
6,998 |
|
|
36 |
|
2.09 |
|
Obligations
of state and political subdivisions |
|
6,070 |
|
|
58 |
|
3.83 |
|
|
11,544 |
|
|
105 |
|
3.69 |
|
Other debt
and equity securities |
|
372,625 |
|
|
1,364 |
|
1.47 |
|
|
355,827 |
|
|
1,267 |
|
1.44 |
|
Federal Home
Loan Bank, Federal Reserve Bank and other stock |
|
25,872 |
|
|
360 |
|
5.58 |
|
|
26,368 |
|
|
348 |
|
5.35 |
|
Total interest-earning deposits, investments and other
interest-earning assets |
|
626,915 |
|
|
1,863 |
|
1.19 |
|
|
638,285 |
|
|
1,812 |
|
1.15 |
|
|
|
|
- |
|
|
|
|
|
Commercial,
financial, and agricultural loans |
|
826,464 |
|
|
6,910 |
|
3.35 |
|
|
782,208 |
|
|
6,798 |
|
3.52 |
|
Paycheck
Protection Program loans |
|
408,928 |
|
|
4,778 |
|
4.69 |
|
|
506,939 |
|
|
4,524 |
|
3.62 |
|
Real
estate—commercial and construction loans |
|
2,701,137 |
|
|
24,931 |
|
3.70 |
|
|
2,621,981 |
|
|
24,458 |
|
3.78 |
|
Real
estate—residential loans |
|
1,065,065 |
|
|
9,836 |
|
3.70 |
|
|
1,037,000 |
|
|
9,873 |
|
3.86 |
|
Loans to
individuals |
|
25,284 |
|
|
251 |
|
3.98 |
|
|
26,447 |
|
|
265 |
|
4.05 |
|
Municipal
loans and leases |
|
251,311 |
|
|
2,598 |
|
4.15 |
|
|
245,638 |
|
|
2,530 |
|
4.18 |
|
Lease
financings |
|
110,921 |
|
|
1,819 |
|
6.58 |
|
|
105,684 |
|
|
1,737 |
|
6.67 |
|
Gross loans and leases |
|
5,389,110 |
|
|
51,123 |
|
3.80 |
|
|
5,325,897 |
|
|
50,185 |
|
3.82 |
|
Total interest-earning assets |
|
6,016,025 |
|
|
52,986 |
|
3.53 |
|
|
5,964,182 |
|
|
51,997 |
|
3.54 |
|
Cash and due
from banks |
|
52,948 |
|
|
|
|
|
55,311 |
|
|
|
|
Allowance
for credit losses, loans and leases |
|
(73,052 |
) |
|
|
|
|
(83,254 |
) |
|
|
|
Premises and
equipment, net |
|
55,903 |
|
|
|
|
|
55,826 |
|
|
|
|
Operating
lease right-of-use assets |
|
33,992 |
|
|
|
|
|
34,033 |
|
|
|
|
Other
assets |
|
357,813 |
|
|
|
|
|
357,365 |
|
|
|
|
Total assets |
$ |
6,443,629 |
|
|
|
|
$ |
6,383,463 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
Interest-bearing checking deposits |
$ |
786,931 |
|
$ |
487 |
|
0.25 |
% |
$ |
817,940 |
|
$ |
490 |
|
0.24 |
% |
Money market
savings |
|
1,219,375 |
|
|
831 |
|
0.27 |
|
|
1,243,673 |
|
|
853 |
|
0.28 |
|
Regular
savings |
|
978,807 |
|
|
282 |
|
0.12 |
|
|
959,232 |
|
|
298 |
|
0.13 |
|
Time
deposits |
|
485,060 |
|
|
1,559 |
|
1.29 |
|
|
525,800 |
|
|
1,759 |
|
1.36 |
|
Total time and interest-bearing deposits |
|
3,470,173 |
|
|
3,159 |
|
0.37 |
|
|
3,546,645 |
|
|
3,400 |
|
0.39 |
|
|
|
|
|
|
|
|
|
|
Short-term
borrowings |
|
19,109 |
|
|
3 |
|
0.06 |
|
|
17,894 |
|
|
2 |
|
0.05 |
|
Long-term
debt |
|
95,000 |
|
|
321 |
|
1.36 |
|
|
101,333 |
|
|
348 |
|
1.39 |
|
Subordinated
notes |
|
172,016 |
|
|
2,201 |
|
5.13 |
|
|
183,340 |
|
|
2,293 |
|
5.07 |
|
Total borrowings |
|
286,125 |
|
|
2,525 |
|
3.54 |
|
|
302,567 |
|
|
2,643 |
|
3.54 |
|
Total interest-bearing liabilities |
|
3,756,298 |
|
|
5,684 |
|
0.61 |
|
|
3,849,212 |
|
|
6,043 |
|
0.64 |
|
Noninterest-bearing deposits |
|
1,880,916 |
|
|
|
|
|
1,749,502 |
|
|
|
|
Operating
lease liabilities |
|
37,426 |
|
|
|
|
|
37,415 |
|
|
|
|
Accrued
expenses and other liabilities |
|
40,239 |
|
|
|
|
|
47,598 |
|
|
|
|
Total liabilities |
|
5,714,879 |
|
|
|
|
|
5,683,727 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' Equity: |
|
|
|
|
|
|
|
|
Common
stock |
|
157,784 |
|
|
|
|
|
157,784 |
|
|
|
|
Additional
paid-in capital |
|
296,599 |
|
|
|
|
|
296,136 |
|
|
|
|
Retained
earnings and other equity |
|
274,367 |
|
|
|
|
|
245,816 |
|
|
|
|
Total shareholders' equity |
|
728,750 |
|
|
|
|
|
699,736 |
|
|
|
|
Total liabilities and shareholders' equity |
$ |
6,443,629 |
|
|
|
|
$ |
6,383,463 |
|
|
|
|
Net interest
income |
|
$ |
47,302 |
|
|
|
|
$ |
45,954 |
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
spread |
|
|
2.92 |
|
|
|
2.90 |
|
Effect of
net interest-free funding sources |
|
|
0.23 |
|
|
|
0.22 |
|
Net interest
margin |
|
|
3.15 |
% |
|
|
3.12 |
% |
Ratio of
average interest-earning assets to average interest-bearing
liabilities |
|
160.16 |
% |
|
|
|
|
154.95 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
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 June 30, 2021 and March 31, 2021 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 June 30, |
|
|
|
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 |
$ |
215,349 |
|
$ |
46 |
|
0.09 |
% |
$ |
313,668 |
|
$ |
67 |
|
0.09 |
% |
U.S.
government obligations |
|
6,999 |
|
|
35 |
|
2.01 |
|
|
7,236 |
|
|
36 |
|
2.00 |
|
Obligations
of state and political subdivisions |
|
6,070 |
|
|
58 |
|
3.83 |
|
|
26,546 |
|
|
240 |
|
3.64 |
|
Other debt
and equity securities |
|
372,625 |
|
|
1,364 |
|
1.47 |
|
|
378,175 |
|
|
2,182 |
|
2.32 |
|
Federal Home
Loan Bank, Federal Reserve Bank and other stock |
|
25,872 |
|
|
360 |
|
5.58 |
|
|
28,977 |
|
|
362 |
|
5.02 |
|
Total interest-earning deposits, investments and other
interest-earning assets |
|
626,915 |
|
|
1,863 |
|
1.19 |
|
|
754,602 |
|
|
2,887 |
|
1.54 |
|
|
|
|
|
|
|
|
|
|
Commercial,
financial, and agricultural loans |
|
826,464 |
|
|
6,910 |
|
3.35 |
|
|
816,976 |
|
|
7,330 |
|
3.61 |
|
Paycheck
Protection Program loans |
|
408,928 |
|
|
4,778 |
|
4.69 |
|
|
370,669 |
|
|
2,128 |
|
2.31 |
|
Real
estate—commercial and construction loans |
|
2,701,137 |
|
|
24,931 |
|
3.70 |
|
|
2,232,827 |
|
|
23,110 |
|
4.16 |
|
Real
estate—residential loans |
|
1,065,065 |
|
|
9,836 |
|
3.70 |
|
|
1,004,671 |
|
|
10,270 |
|
4.11 |
|
Loans to
individuals |
|
25,284 |
|
|
251 |
|
3.98 |
|
|
29,079 |
|
|
327 |
|
4.52 |
|
Municipal
loans and leases |
|
251,311 |
|
|
2,598 |
|
4.15 |
|
|
291,433 |
|
|
2,977 |
|
4.11 |
|
Lease
financings |
|
110,921 |
|
|
1,819 |
|
6.58 |
|
|
91,203 |
|
|
1,592 |
|
7.02 |
|
Gross loans and leases |
|
5,389,110 |
|
|
51,123 |
|
3.80 |
|
|
4,836,858 |
|
|
47,734 |
|
3.97 |
|
Total interest-earning assets |
|
6,016,025 |
|
|
52,986 |
|
3.53 |
|
|
5,591,460 |
|
|
50,621 |
|
3.64 |
|
Cash and due
from banks |
|
52,948 |
|
|
|
|
|
46,970 |
|
|
|
|
Allowance
for credit losses, loans and leases |
|
(73,052 |
) |
|
|
|
|
(69,292 |
) |
|
|
|
Premises and
equipment, net |
|
55,903 |
|
|
|
|
|
55,750 |
|
|
|
|
Operating
lease right-of-use assets |
|
33,992 |
|
|
|
|
|
34,419 |
|
|
|
|
Other
assets |
|
357,813 |
|
|
|
|
|
341,483 |
|
|
|
|
Total assets |
$ |
6,443,629 |
|
|
|
|
$ |
6,000,790 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
Interest-bearing checking deposits |
$ |
786,931 |
|
$ |
487 |
|
0.25 |
% |
$ |
617,927 |
|
$ |
372 |
|
0.24 |
% |
Money market
savings |
|
1,219,375 |
|
|
831 |
|
0.27 |
|
|
1,063,463 |
|
|
853 |
|
0.32 |
|
Regular
savings |
|
978,807 |
|
|
282 |
|
0.12 |
|
|
872,422 |
|
|
475 |
|
0.22 |
|
Time
deposits |
|
485,060 |
|
|
1,559 |
|
1.29 |
|
|
577,462 |
|
|
2,672 |
|
1.86 |
|
Total time and interest-bearing deposits |
|
3,470,173 |
|
|
3,159 |
|
0.37 |
|
|
3,131,274 |
|
|
4,372 |
|
0.56 |
|
|
|
|
|
|
|
|
|
|
Short-term
borrowings |
|
19,109 |
|
|
3 |
|
0.06 |
|
|
161,365 |
|
|
122 |
|
0.30 |
|
Long-term
debt |
|
95,000 |
|
|
321 |
|
1.36 |
|
|
210,040 |
|
|
762 |
|
1.46 |
|
Subordinated
notes |
|
172,016 |
|
|
2,201 |
|
5.13 |
|
|
94,890 |
|
|
1,206 |
|
5.11 |
|
Total borrowings |
|
286,125 |
|
|
2,525 |
|
3.54 |
|
|
466,295 |
|
|
2,090 |
|
1.80 |
|
Total interest-bearing liabilities |
|
3,756,298 |
|
|
5,684 |
|
0.61 |
|
|
3,597,569 |
|
|
6,462 |
|
0.72 |
|
Noninterest-bearing deposits |
|
1,880,916 |
|
|
|
|
|
1,663,395 |
|
|
|
|
Operating
lease liabilities |
|
37,426 |
|
|
|
|
|
37,680 |
|
|
|
|
Accrued
expenses and other liabilities |
|
40,239 |
|
|
|
|
|
41,196 |
|
|
|
|
Total liabilities |
|
5,714,879 |
|
|
|
|
|
5,339,840 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' Equity: |
|
|
|
|
|
|
|
|
Common
stock |
|
157,784 |
|
|
|
|
|
157,784 |
|
|
|
|
Additional
paid-in capital |
|
296,599 |
|
|
|
|
|
295,681 |
|
|
|
|
Retained
earnings and other equity |
|
274,367 |
|
|
|
|
|
207,485 |
|
|
|
|
Total shareholders' equity |
|
728,750 |
|
|
|
|
|
660,950 |
|
|
|
|
Total liabilities and shareholders' equity |
$ |
6,443,629 |
|
|
|
|
$ |
6,000,790 |
|
|
|
|
Net interest
income |
|
$ |
47,302 |
|
|
|
|
$ |
44,159 |
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
spread |
|
|
2.92 |
|
|
|
2.92 |
|
Effect of
net interest-free funding sources |
|
|
0.23 |
|
|
|
0.26 |
|
Net interest
margin |
|
|
3.15 |
% |
|
|
3.18 |
% |
Ratio of
average interest-earning assets to average interest-bearing
liabilities |
|
160.16 |
% |
|
|
|
|
155.42 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
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 June 30, 2021 and 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 Six Months Ended , |
|
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 |
$ |
226,387 |
|
$ |
102 |
|
0.09 |
% |
$ |
215,888 |
|
$ |
392 |
|
0.37 |
% |
U.S.
government obligations |
|
6,999 |
|
|
71 |
|
2.05 |
|
|
7,267 |
|
|
73 |
|
2.02 |
|
Obligations
of state and political subdivisions |
|
8,792 |
|
|
163 |
|
3.74 |
|
|
30,070 |
|
|
529 |
|
3.54 |
|
Other debt
and equity securities |
|
364,272 |
|
|
2,631 |
|
1.46 |
|
|
389,591 |
|
|
4,850 |
|
2.50 |
|
Federal Home
Loan Bank, Federal Reserve Bank and other stock |
|
26,119 |
|
|
708 |
|
5.47 |
|
|
30,214 |
|
|
889 |
|
5.92 |
|
Total interest-earning deposits, investments and other
interest-earning assets |
|
632,569 |
|
|
3,675 |
|
1.17 |
|
|
673,030 |
|
|
6,733 |
|
2.01 |
|
|
|
|
|
|
|
|
|
|
Commercial,
financial, and agricultural loans |
|
804,458 |
|
|
13,708 |
|
3.44 |
|
|
819,121 |
|
|
15,961 |
|
3.92 |
|
Paycheck
Protection Program loans |
|
457,663 |
|
|
9,302 |
|
4.10 |
|
|
185,334 |
|
|
2,128 |
|
2.31 |
|
Real
estate—commercial and construction loans |
|
2,661,778 |
|
|
49,389 |
|
3.74 |
|
|
2,186,098 |
|
|
47,027 |
|
4.33 |
|
Real
estate—residential loans |
|
1,051,110 |
|
|
19,709 |
|
3.78 |
|
|
998,111 |
|
|
21,322 |
|
4.30 |
|
Loans to
individuals |
|
25,862 |
|
|
516 |
|
4.02 |
|
|
29,548 |
|
|
734 |
|
5.00 |
|
Municipal
loans and leases |
|
248,490 |
|
|
5,128 |
|
4.16 |
|
|
304,219 |
|
|
6,242 |
|
4.13 |
|
Lease
financings |
|
108,317 |
|
|
3,556 |
|
6.62 |
|
|
90,289 |
|
|
3,146 |
|
7.01 |
|
Gross loans and leases |
|
5,357,678 |
|
|
101,308 |
|
3.81 |
|
|
4,612,720 |
|
|
96,560 |
|
4.21 |
|
Total interest-earning assets |
|
5,990,247 |
|
|
104,983 |
|
3.53 |
|
|
5,285,750 |
|
|
103,293 |
|
3.93 |
|
Cash and due
from banks |
|
54,123 |
|
|
|
|
|
48,931 |
|
|
|
|
Allowance
for credit losses, loans and leases |
|
(78,125 |
) |
|
|
|
|
(56,832 |
) |
|
|
|
Premises and
equipment, net |
|
55,865 |
|
|
|
|
|
56,074 |
|
|
|
|
Operating
lease right-of-use assets |
|
34,013 |
|
|
|
|
|
34,482 |
|
|
|
|
Other
assets |
|
357,589 |
|
|
|
|
|
336,122 |
|
|
|
|
Total assets |
$ |
6,413,712 |
|
|
|
|
$ |
5,704,527 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
Interest-bearing checking deposits |
$ |
802,350 |
|
$ |
977 |
|
0.25 |
% |
$ |
601,159 |
|
$ |
1,168 |
|
0.39 |
% |
Money market
savings |
|
1,231,457 |
|
|
1,684 |
|
0.28 |
|
|
1,060,399 |
|
|
3,756 |
|
0.71 |
|
Regular
savings |
|
969,073 |
|
|
580 |
|
0.12 |
|
|
844,591 |
|
|
1,267 |
|
0.30 |
|
Time
deposits |
|
505,318 |
|
|
3,318 |
|
1.32 |
|
|
590,183 |
|
|
5,587 |
|
1.90 |
|
Total time and interest-bearing deposits |
|
3,508,198 |
|
|
6,559 |
|
0.38 |
|
|
3,096,332 |
|
|
11,778 |
|
0.76 |
|
|
|
|
|
|
|
|
|
|
Short-term
borrowings |
|
18,506 |
|
|
5 |
|
0.05 |
|
|
100,745 |
|
|
228 |
|
0.46 |
|
Long-term
debt |
|
98,149 |
|
|
669 |
|
1.37 |
|
|
189,623 |
|
|
1,526 |
|
1.62 |
|
Subordinated
notes |
|
177,647 |
|
|
4,494 |
|
5.10 |
|
|
94,868 |
|
|
2,481 |
|
5.26 |
|
Total borrowings |
|
294,302 |
|
|
5,168 |
|
3.54 |
|
|
385,236 |
|
|
4,235 |
|
2.21 |
|
Total interest-bearing liabilities |
|
3,802,500 |
|
|
11,727 |
|
0.62 |
|
|
3,481,568 |
|
|
16,013 |
|
0.92 |
|
Noninterest-bearing deposits |
|
1,815,572 |
|
|
|
|
|
1,475,994 |
|
|
|
|
Operating
lease liabilities |
|
37,419 |
|
|
|
|
|
37,724 |
|
|
|
|
Accrued
expenses and other liabilities |
|
43,897 |
|
|
|
|
|
42,036 |
|
|
|
|
Total liabilities |
|
5,699,388 |
|
|
|
|
|
5,037,322 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' Equity: |
|
|
|
|
|
|
|
|
Common
stock |
|
157,784 |
|
|
|
|
|
157,784 |
|
|
|
|
Additional
paid-in capital |
|
296,369 |
|
|
|
|
|
295,500 |
|
|
|
|
Retained
earnings and other equity |
|
260,171 |
|
|
|
|
|
213,921 |
|
|
|
|
Total shareholders' equity |
|
714,324 |
|
|
|
|
|
667,205 |
|
|
|
|
Total liabilities and shareholders' equity |
$ |
6,413,712 |
|
|
|
|
$ |
5,704,527 |
|
|
|
|
Net interest
income |
|
$ |
93,256 |
|
|
|
|
$ |
87,280 |
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
spread |
|
|
2.91 |
|
|
|
3.01 |
|
Effect of
net interest-free funding sources |
|
|
0.23 |
|
|
|
0.31 |
|
Net interest
margin |
|
|
3.14 |
% |
|
|
3.32 |
% |
Ratio of
average interest-earning assets to average interest-bearing
liabilities |
|
157.53 |
% |
|
|
|
|
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 six months ended June 30, 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 June 30, 2021 |
|
Industry Description |
Total OutstandingBalance (excl PPP) |
|
% ofCommercialLoan Portfolio |
|
$ Balance ofModified Loans (1) |
|
Modified Loansas a % ofPortfolio (1) |
|
CRE - Retail |
|
365,096 |
|
8.7 |
% |
|
- |
|
- |
% |
Animal
Production |
|
281,368 |
|
6.7 |
|
|
- |
|
- |
|
CRE - 1-4
Family Residential Investment |
|
250,694 |
|
6.0 |
|
|
605 |
|
0.2 |
|
CRE -
Office |
|
249,692 |
|
5.9 |
|
|
- |
|
- |
|
CRE -
Industrial / Warehouse |
|
217,874 |
|
5.2 |
|
|
- |
|
- |
|
CRE -
Multi-family |
|
206,766 |
|
4.9 |
|
|
- |
|
- |
|
Hotels &
Motels (Accommodation) |
|
170,730 |
|
4.1 |
|
|
26,036 |
|
15.2 |
|
Nursing and
Residential Care Facilities |
|
158,292 |
|
3.8 |
|
|
- |
|
- |
|
Education |
|
152,983 |
|
3.6 |
|
|
- |
|
- |
|
CRE -
Mixed-Use - Residential |
|
122,489 |
|
2.9 |
|
|
3,268 |
|
2.7 |
|
Specialty
Trade Contractors |
|
121,303 |
|
2.9 |
|
|
36 |
|
- |
|
Real Estate
Lenders, Secondary Market Financing |
|
103,796 |
|
2.5 |
|
|
- |
|
- |
|
CRE -
Medical Office |
|
96,075 |
|
2.3 |
|
|
- |
|
- |
|
Homebuilding
(tract developers, remodelers) |
|
89,915 |
|
2.1 |
|
|
- |
|
- |
|
Private
Equity & Special Purpose Entities |
|
87,111 |
|
2.1 |
|
|
- |
|
- |
|
Merchant
Wholesalers, Durable Goods |
|
78,944 |
|
1.9 |
|
|
- |
|
- |
|
Crop
Production |
|
72,558 |
|
1.7 |
|
|
- |
|
- |
|
Motor
Vehicle and Parts Dealers |
|
67,371 |
|
1.6 |
|
|
- |
|
- |
|
Rental and
Leasing Services |
|
63,142 |
|
1.5 |
|
|
- |
|
- |
|
Wood Product
Manufacturing |
|
63,095 |
|
1.5 |
|
|
- |
|
- |
|
Fabricated
Metal Product Manufacturing |
|
59,398 |
|
1.4 |
|
|
- |
|
- |
|
Merchant
Wholesalers, Nondurable Goods |
|
53,783 |
|
1.3 |
|
|
- |
|
- |
|
Food
Services and Drinking Places |
|
51,356 |
|
1.2 |
|
|
3,233 |
|
6.3 |
|
Administrative and Support Services |
|
50,296 |
|
1.1 |
|
|
101 |
|
0.2 |
|
Industries with >$50 million in
outstandings |
$ |
3,234,127 |
|
76.9 |
% |
$ |
33,279 |
|
1.0 |
% |
Industries
with <$50 million in outstandings |
$ |
969,606 |
|
23.1 |
% |
$ |
18,272 |
|
1.9 |
% |
Total Commercial Loans |
$ |
4,203,733 |
|
100.0 |
% |
$ |
51,551 |
|
1.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Loans and Lease Financings |
Total OutstandingBalance |
|
|
|
$ Balance ofModified Loans (1) |
|
Modified Loansas a % ofPortfolio (1) |
|
Real
Estate-Residential Secured for Personal Purpose |
|
513,330 |
|
|
|
|
2,429 |
|
0.5 |
% |
Real
Estate-Home Equity Secured for Personal Purpose |
|
160,018 |
|
|
|
|
- |
|
- |
|
Loans to
Individuals |
|
25,845 |
|
|
|
|
- |
|
- |
|
Lease
Financings |
|
171,538 |
|
|
|
|
215 |
|
0.1 |
|
Total - Consumer Loans and Lease Financings |
$ |
870,731 |
|
|
|
$ |
2,644 |
|
0.3 |
% |
|
|
|
|
|
|
|
|
|
Total |
$ |
5,074,464 |
|
|
|
$ |
54,195 |
|
1.1 |
% |
|
|
|
|
|
|
|
|
|
(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 June 30, 2021. |
|
|
|
|
|
|
|
|
|
|
Univest
Financial Corporation |
Non-GAAP
Reconciliation |
June 30,
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, |
|
For the six months ended, |
|
06/30/21 |
|
03/31/21 |
|
12/31/20 |
|
09/30/20 |
|
06/30/20 |
|
06/30/21 |
|
06/30/20 |
Restructuring charges (a) |
$ |
- |
|
|
$ |
- |
|
|
$ |
1,439 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
Tax effect of restructuring charges |
|
- |
|
|
|
- |
|
|
|
(302 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Restructuring charges, net of tax |
$ |
- |
|
|
$ |
- |
|
|
$ |
1,137 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity |
$ |
739,998 |
|
|
$ |
722,455 |
|
|
$ |
692,472 |
|
|
$ |
669,107 |
|
|
$ |
654,873 |
|
|
$ |
739,998 |
|
|
$ |
654,873 |
|
Goodwill |
|
(172,559 |
) |
|
|
(172,559 |
) |
|
|
(172,559 |
) |
|
|
(172,559 |
) |
|
|
(172,559 |
) |
|
|
(172,559 |
) |
|
|
(172,559 |
) |
Other intangibles (b) |
|
(2,073 |
) |
|
|
(2,326 |
) |
|
|
(2,580 |
) |
|
|
(2,866 |
) |
|
|
(3,147 |
) |
|
|
(2,073 |
) |
|
|
(3,147 |
) |
Tangible common equity |
$ |
565,366 |
|
|
$ |
547,570 |
|
|
$ |
517,333 |
|
|
$ |
493,682 |
|
|
$ |
479,167 |
|
|
$ |
565,366 |
|
|
$ |
479,167 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
6,356,305 |
|
|
$ |
6,416,665 |
|
|
$ |
6,336,496 |
|
|
$ |
6,382,831 |
|
|
$ |
6,125,312 |
|
|
$ |
6,356,305 |
|
|
$ |
6,125,312 |
|
Goodwill |
|
(172,559 |
) |
|
|
(172,559 |
) |
|
|
(172,559 |
) |
|
|
(172,559 |
) |
|
|
(172,559 |
) |
|
|
(172,559 |
) |
|
|
(172,559 |
) |
Other intangibles (b) |
|
(2,073 |
) |
|
|
(2,326 |
) |
|
|
(2,580 |
) |
|
|
(2,866 |
) |
|
|
(3,147 |
) |
|
|
(2,073 |
) |
|
|
(3,147 |
) |
Tangible assets |
$ |
6,181,673 |
|
|
$ |
6,241,780 |
|
|
$ |
6,161,357 |
|
|
$ |
6,207,406 |
|
|
$ |
5,949,606 |
|
|
$ |
6,181,673 |
|
|
$ |
5,949,606 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average shareholders' equity |
$ |
728,750 |
|
|
$ |
699,736 |
|
|
$ |
676,426 |
|
|
$ |
661,947 |
|
|
$ |
660,950 |
|
|
$ |
714,324 |
|
|
$ |
667,205 |
|
Average goodwill |
|
(172,559 |
) |
|
|
(172,559 |
) |
|
|
(172,559 |
) |
|
|
(172,559 |
) |
|
|
(172,559 |
) |
|
|
(172,559 |
) |
|
|
(172,559 |
) |
Average other intangibles (b) |
|
(2,209 |
) |
|
|
(2,464 |
) |
|
|
(2,734 |
) |
|
|
(3,019 |
) |
|
|
(3,321 |
) |
|
|
(2,336 |
) |
|
|
(3,490 |
) |
Average tangible common equity |
$ |
553,982 |
|
|
$ |
524,713 |
|
|
$ |
501,133 |
|
|
$ |
486,369 |
|
|
$ |
485,070 |
|
|
$ |
539,429 |
|
|
$ |
491,156 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income before taxes |
$ |
25,760 |
|
|
$ |
40,407 |
|
|
$ |
31,647 |
|
|
$ |
23,197 |
|
|
$ |
1,821 |
|
|
$ |
66,167 |
|
|
$ |
2,053 |
|
Provision for credit losses |
|
(59 |
) |
|
|
(11,283 |
) |
|
|
(8,721 |
) |
|
|
3,935 |
|
|
|
23,737 |
|
|
|
(11,342 |
) |
|
|
45,580 |
|
Pre-tax pre-provision income |
$ |
25,701 |
|
|
$ |
29,124 |
|
|
$ |
22,926 |
|
|
$ |
27,132 |
|
|
$ |
25,558 |
|
|
$ |
54,825 |
|
|
$ |
47,633 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and leases held for investment, gross |
$ |
5,327,313 |
|
|
$ |
5,415,006 |
|
|
$ |
5,306,841 |
|
|
$ |
5,211,856 |
|
|
$ |
4,951,809 |
|
|
$ |
5,327,313 |
|
|
$ |
4,951,809 |
|
Paycheck Protection Program ("PPP") loans |
|
(252,849 |
) |
|
|
(528,452 |
) |
|
|
(483,773 |
) |
|
|
(501,580 |
) |
|
|
(498,978 |
) |
|
|
(252,849 |
) |
|
|
(498,978 |
) |
Gross loans and leases excluding PPP loans |
$ |
5,074,464 |
|
|
$ |
4,886,554 |
|
|
$ |
4,823,068 |
|
|
$ |
4,710,276 |
|
|
$ |
4,452,831 |
|
|
$ |
5,074,464 |
|
|
$ |
4,452,831 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses, loans and leases |
$ |
71,355 |
|
|
$ |
71,497 |
|
|
$ |
83,044 |
|
|
$ |
91,870 |
|
|
$ |
86,217 |
|
|
$ |
71,355 |
|
|
$ |
86,217 |
|
Gross loans and leases excluding PPP loans |
|
5,074,464 |
|
|
|
4,886,554 |
|
|
|
4,823,068 |
|
|
|
4,710,276 |
|
|
|
4,452,831 |
|
|
|
5,074,464 |
|
|
|
4,452,831 |
|
Allowance for credit losses, loans and leases as a percentage of
gross loans and leases excluding PPP loans |
|
1.41 |
% |
|
|
1.46 |
% |
|
|
1.72 |
% |
|
|
1.95 |
% |
|
|
1.94 |
% |
|
|
1.41 |
% |
|
|
1.94 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Associated with
financial center optimization plan |
(b) Amount does not
include mortgage servicing rights |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONTACT:
Brian J. Richardson
UNIVEST FINANCIAL CORPORATION
Chief Financial Officer
215-721-2446, richardsonb@univest.net
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