UNIVEST FINANCIAL Corp Files 2023 10-K
Ticker: UVSP · Form: 10-K · Filed: Feb 26, 2024 · CIK: 102212
Sentiment: neutral
Topics: 10-K, Annual Report, Financials, UNIVEST FINANCIAL Corp, SEC Filing
TL;DR
<b>UNIVEST FINANCIAL Corp has filed its annual 10-K report for the fiscal year ending December 31, 2023.</b>
AI Summary
UNIVEST FINANCIAL Corp (UVSP) filed a Annual Report (10-K) with the SEC on February 26, 2024. UNIVEST FINANCIAL Corp filed its 2023 10-K on February 26, 2024. The company's fiscal year ends on December 31st. UNIVEST FINANCIAL Corp is incorporated in Pennsylvania. The company's business and mailing address is 14 NORTH MAIN STREET, SOUDERTON, PA 18964. The company's phone number is 215-721-2400.
Why It Matters
For investors and stakeholders tracking UNIVEST FINANCIAL Corp, this filing contains several important signals. This filing provides a comprehensive overview of the company's financial performance and operations for the past fiscal year. Investors and analysts can use this report to assess the company's financial health, strategic direction, and potential risks.
Risk Assessment
Risk Level: low — UNIVEST FINANCIAL Corp shows low risk based on this filing. This is a standard 10-K filing, which is a routine annual report and does not indicate any immediate high-risk factors.
Analyst Insight
Review the detailed financial statements and risk factors within the 10-K to understand UNIVEST FINANCIAL Corp's performance and outlook.
Key Numbers
- 2023-12-31 — Fiscal Year End (Conformed period of report)
- 2024-02-26 — Filing Date (Filed as of date)
- 6022 — Standard Industrial Classification (SIC code for State Commercial Banks)
Key Players & Entities
- UNIVEST FINANCIAL Corp (company) — Filer name
- SOUDERTON (location) — Business address city
- PA (location) — Business address state
- 18964 (location) — Business address zip
- 2157212400 (phone_number) — Business phone
- UNIVEST CORP OF PENNSYLVANIA (company) — Former company name
FAQ
When did UNIVEST FINANCIAL Corp file this 10-K?
UNIVEST FINANCIAL Corp filed this Annual Report (10-K) with the SEC on February 26, 2024.
What is a 10-K filing?
A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by UNIVEST FINANCIAL Corp (UVSP).
Where can I read the original 10-K filing from UNIVEST FINANCIAL Corp?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by UNIVEST FINANCIAL Corp.
What are the key takeaways from UNIVEST FINANCIAL Corp's 10-K?
UNIVEST FINANCIAL Corp filed this 10-K on February 26, 2024. Key takeaways: UNIVEST FINANCIAL Corp filed its 2023 10-K on February 26, 2024.. The company's fiscal year ends on December 31st.. UNIVEST FINANCIAL Corp is incorporated in Pennsylvania..
Is UNIVEST FINANCIAL Corp a risky investment based on this filing?
Based on this 10-K, UNIVEST FINANCIAL Corp presents a relatively low-risk profile. This is a standard 10-K filing, which is a routine annual report and does not indicate any immediate high-risk factors.
What should investors do after reading UNIVEST FINANCIAL Corp's 10-K?
Review the detailed financial statements and risk factors within the 10-K to understand UNIVEST FINANCIAL Corp's performance and outlook. The overall sentiment from this filing is neutral.
Year-Over-Year Comparison
This is the initial filing of the 10-K for the fiscal year 2023. Previous filings would be for prior fiscal years.
Filing Stats: 4,349 words · 17 min read · ~14 pages · Grade level 15.6 · Accepted 2024-02-26 14:23:33
Key Financial Figures
- $5 — ange on which registered Common Stock, $5 par value UVSP The NASDAQ Stock Market
- $18.08 — ice of the Registrant's Common Stock of $18.08 per share. Indicate the number of shar
- $7.8 b — 23, the Corporation had total assets of $7.8 billion, net loans and leases of $6.5 bil
- $6.5 b — f $7.8 billion, net loans and leases of $6.5 billion, total deposits of $6.4 billion a
- $6.4 billion — ases of $6.5 billion, total deposits of $6.4 billion and total shareholders' equity of $839.
- $839.2 million — llion and total shareholders' equity of $839.2 million. The Bank is a Pennsylvania state-cha
- $109,000 — 9% 3.7% Median Household Income (3) $109,000 $106,000 $82,000 $58,000 $74,000 $76,00
- $106,000 — Median Household Income (3) $109,000 $106,000 $82,000 $58,000 $74,000 $76,000 Median
- $82,000 — Household Income (3) $109,000 $106,000 $82,000 $58,000 $74,000 $76,000 Median Age (3)
- $58,000 — d Income (3) $109,000 $106,000 $82,000 $58,000 $74,000 $76,000 Median Age (3) 42 45
- $74,000 — (3) $109,000 $106,000 $82,000 $58,000 $74,000 $76,000 Median Age (3) 42 45 40 36 4
- $76,000 M — 09,000 $106,000 $82,000 $58,000 $74,000 $76,000 Median Age (3) 42 45 40 36 42 40 Popu
- $736 thousand — riority. In 2023, we invested more than $736 thousand in tools, training programs and continu
- $3,500 — ty are eligible for reimbursement up to $3,500 per year. We offer banking-related clas
- $69 thousand — Univest employees contributed more than $69 thousand. In 2023, the Corporation partnered wit
Filing Documents
- uvsp-20231231.htm (10-K) — 5810KB
- uvsp-20231231xex106xq4.htm (EX-10.6) — 49KB
- uvsp-20231231xex21xq4.htm (EX-21) — 6KB
- uvsp-20231231xex231xq4.htm (EX-23.1) — 2KB
- uvsp-20231231xex311xq4.htm (EX-31.1) — 10KB
- uvsp-20231231xex312xq4.htm (EX-31.2) — 10KB
- uvsp-20231231xex321xq4.htm (EX-32.1) — 5KB
- uvsp-20231231xex322xq4.htm (EX-32.2) — 5KB
- uvsp-20231231xex971xq4.htm (EX-97.1) — 20KB
- kpmgsignaturea.jpg (GRAPHIC) — 10KB
- uvsp-20231231_g1.jpg (GRAPHIC) — 150KB
- uvsp-20231231_g2.jpg (GRAPHIC) — 10KB
- 0000102212-24-000010.txt ( ) — 30318KB
- uvsp-20231231.xsd (EX-101.SCH) — 134KB
- uvsp-20231231_cal.xml (EX-101.CAL) — 273KB
- uvsp-20231231_def.xml (EX-101.DEF) — 789KB
- uvsp-20231231_lab.xml (EX-101.LAB) — 1715KB
- uvsp-20231231_pre.xml (EX-101.PRE) — 1255KB
- uvsp-20231231_htm.xml (XML) — 7273KB
Risk Factors
Item 1A. Risk Factors 11
Unresolved Staff Comments
Item 1B. Unresolved Staff Comments 21
Properties
Item 2. Properties 24
Legal Proceedings
Item 3. Legal Proceedings 25
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 25 PART II
Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of
Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 26
[Reserved]
Item 6. [Reserved] 27
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 28
Quantitative and Qualitative Disclosures About Market Risk
Item 7A. Quantitative and Qualitative Disclosures About Market Risk 49
Financial Statements and Supplementary Data
Item 8. Financial Statements and Supplementary Data 51
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 116
Controls and Procedures
Item 9A. Controls and Procedures 116
Other Information
Item 9B. Other Information 118
Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 118 PART III
Directors, Executive Officers and Corporate Governance
Item 10. Directors, Executive Officers and Corporate Governance 118
Executive Compensation
Item 11. Executive Compensation 118
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 118
Certain Relationships and Related Transactions, and Director Independence
Item 13. Certain Relationships and Related Transactions, and Director Independence 119
Principal Accounting Fees and Services
Item 14. Principal Accounting Fees and Services 119 PART IV
Exhibits and Financial Statement Schedules
Item 15. Exhibits and Financial Statement Schedules 119
Form 10-K Summary
Item 16. Form 10-K Summary 122
Signatures
Signatures 123 1 Table of Contents PART I
Forward-Looking Statements
Forward-Looking Statements The information contained in this report may contain forward-looking statements. When used or incorporated by reference in disclosure documents, the words "believe," "anticipate," "estimate," "expect," "project," "target," "goal" and similar expressions are intended to identify forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements may include, but are not limited to: statements of our goals, intentions and expectations; statements regarding our business plans, prospects, growth and operating strategies; statements regarding the quality, growth and composition of our loan and investment portfolios; and estimates of our risks and future credit provisions, costs and benefits. These forward-looking statements are based on current beliefs and expectations of our management and are subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Certain of these risks, uncertainties and assumptions are set forth below as well as the risk factors described in Item 1A. "Risk Factors": Operating, legal and regulatory risks; Economic, political and competitive forces; General economic conditions, either nationally or in our market areas, that are worse than expected included as a result of employment levels and labor shortages, and the effect of inflation, a potential recession or slowed economic growth caused by supply chain disruptions or otherwise; Legislative, regulatory and accounting changes, including increased assessments by the Federal Deposit Insurance Corporation; Monetary and fiscal policies of the U.S. government, including policies of the U.S. Treasury and the Board of Governors of the
Business
Item 1. Business General The Corporation is a Pennsylvania corporation, organized in 1973, and registered as a bank holding company pursuant to the Bank Holding Company Act of 1956. The Corporation owns all of the capital stock of Univest Bank and Trust Co. (the "Bank"). The consolidated financial statements include the accounts of the Corporation and its wholly owned subsidiary, the Bank. The Corporation's and the Bank's headquarters are located at 14 North Main Street, Souderton, Pennsylvania 18964. At December 31, 2023, the Corporation had total assets of $7.8 billion, net loans and leases of $6.5 billion, total deposits of $6.4 billion and total shareholders' equity of $839.2 million. The Bank is a Pennsylvania state-chartered bank and trust company. As a state-chartered member bank of the Federal Reserve System, the Bank is regulated primarily by the Pennsylvania Department of Banking and Securities and the Federal Reserve Bank of Philadelphia. The Bank is engaged in domestic banking services for individuals, businesses, municipalities and non-profit organizations. Through its wholly-owned subsidiaries, the Bank provides a variety of financial services throughout its markets of operation. The Bank is the parent company of Girard Investment Services, LLC, a full-service registered introducing broker-dealer and a licensed insurance agency, Girard Advisory Services, LLC, a registered investment advisory firm and Girard Pension Services, LLC, a registered investment advisor, which provides investment consulting and management services to municipal entities. Girard Investments is headquartered in Souderton, Pennsylvania and Girard Advisory Services is headquartered in King of Prussia, Pennsylvania. The Bank is also the parent company of Univest Capital, Inc., an equipment financing business headquartered in Warminster, Pennsylvania, and Univest Insurance, LLC, an independent insurance agency headquartered in Lansdale, Pennsylvania. Market Area The Corpor