UNIVEST FINANCIAL Corp Files 10-Q for Q1 2024

TL;DR

<b>UNIVEST FINANCIAL Corp (UVSP) filed its Q1 2024 10-Q report, detailing financial performance and position.</b>

AI Summary

UNIVEST FINANCIAL Corp (UVSP) filed a Quarterly Report (10-Q) with the SEC on April 30, 2024. Filing covers the period ending March 31, 2024. Includes financial data for Q1 2024 and comparative periods. Details equity components like Common Stock, Additional Paid-In Capital, and Retained Earnings. Reports on various financial instruments including Residential Mortgage Backed Securities and Corporate Bonds. Provides context on Fiduciary and Trust, Deposit Accounts, and Investment Advice services.

Why It Matters

For investors and stakeholders tracking UNIVEST FINANCIAL Corp, this filing contains several important signals. This filing provides investors with a detailed look at UNIVEST FINANCIAL Corp's financial health and operational performance for the first quarter of 2024, enabling informed investment decisions. The inclusion of comparative data from previous periods allows for trend analysis and assessment of the company's growth trajectory and financial stability.

Risk Assessment

Risk Level: — UNIVEST FINANCIAL Corp shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q) for a financial institution, which inherently carries market and regulatory risks common to the banking sector, but does not highlight any immediate severe financial distress or unique operational threats.

Analyst Insight

Review the detailed financial statements and segment information to understand revenue streams, asset composition, and profitability trends for Q1 2024.

Revenue Breakdown

Key Numbers

• 2024-03-31 — Period End Date (Conformed Period of Report)
• 2024-04-30 — Filing Date (Filed as of Date)

Key Players & Entities

• UNIVEST FINANCIAL Corp (company) — Filer name
• SOUDERTON (location) — Business address city
• PA (location) — Business address state
• 19920703 (date) — Date of former company name change
• 2024-03-31 (date) — Period of report
• 2024-04-30 (date) — Filed as of date

FAQ

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-04-30: Filing Date — Date the 10-Q report was officially filed with the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides a comprehensive overview of a company's financial performance and position during a specific quarter.)

Fiduciary and Trust

Services related to managing assets on behalf of others, often involving trusts and estates. (Indicates a segment of UNIVEST FINANCIAL Corp's business operations and potential revenue source.)

Deposit Account

Accounts held by customers at a financial institution, such as checking and savings accounts. (Represents a core component of a bank's liabilities and funding structure.)

Key Financial Figures

• $5 — ange on which registered Common Stock, $5 par value UVSP The NASDAQ Stock Market

Filing Documents

• uvsp-20240331.htm (10-Q) — 3845KB
• uvsp033124ex311.htm (EX-31.1) — 10KB
• uvsp033124ex312.htm (EX-31.2) — 10KB
• uvsp033124ex321.htm (EX-32.1) — 5KB
• uvsp033124ex322.htm (EX-32.2) — 5KB
• 0000102212-24-000038.txt (&nbsp;) — 20843KB
• uvsp-20240331.xsd (EX-101.SCH) — 86KB
• uvsp-20240331_cal.xml (EX-101.CAL) — 178KB
• uvsp-20240331_def.xml (EX-101.DEF) — 514KB
• uvsp-20240331_lab.xml (EX-101.LAB) — 1109KB
• uvsp-20240331_pre.xml (EX-101.PRE) — 848KB
• uvsp-20240331_htm.xml (XML) — 5374KB

Financial Information

Part I. Financial Information:

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) Condensed Consolidated Balance Sheets at March 31 , 202 4 and December 31, 20 23 2 Condensed Consolidated Statements of Income for the Three Months Ended March 31, 202 4 and 2 023 3 Condensed Consolidated Statements of Comprehensive Income for the Three Months Ended March 31 , 202 4 and 2 023 4 Condensed Consolidated Statements of Changes in Shareholders' Equity for the Three Months Ended March 31 , 202 4 and 2 023 5 Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31 , 202 4 and 2 023 6 Notes to Condensed Consolidated Financial Statements 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 40

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 54

Controls and Procedures

Item 4. Controls and Procedures 54

Other Information

Part II. Other Information

Legal Proceedings

Item 1. Legal Proceedings 54

Risk Factors

Item 1A. Risk Factors 54

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 55

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 55

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 55

Other Information

Item 5. Other Information 55

Exhibits

Item 6. Exhibits 56

Signatures

Signatures 57 1 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements UNIVEST FINANCIAL CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Dollars in thousands, except share data) At March 31, 2024 At December 31, 2023 ASSETS Cash and due from banks $ 49,318 $ 72,815 Interest-earning deposits with other banks 152,288 176,984 Cash and cash equivalents 201,606 249,799 Investment securities held-to-maturity (fair value $ 124,022 and $ 128,277 at March 31, 2024 and December 31, 2023, respectively) 143,474 145,777 Investment securities available-for-sale (amortized cost $ 397,982 and $ 395,727 , net of allowance for credit losses of $ 817 and $ 731 at March 31, 2024 and December 31, 2023, respectively) 350,819 351,553 Investments in equity securities 3,355 3,293 Federal Home Loan Bank, Federal Reserve Bank and other stock, at cost 37,394 40,499 Loans held for sale 13,188 11,637 Loans and leases held for investment 6,579,086 6,567,214 Less: Allowance for credit losses, loans and leases ( 85,632 ) ( 85,387 ) Net loans and leases held for investment 6,493,454 6,481,827 Premises and equipment, net 48,739 51,441 Operating lease right-of-use assets 30,702 31,795 Goodwill 175,510 175,510 Other intangibles, net of accumulated amortization 7,473 10,950 Bank owned life insurance 137,896 131,344 Accrued interest receivable and other assets 102,958 95,203 Total assets $ 7,746,568 $ 7,780,628 LIABILITIES Noninterest-bearing deposits $ 1,401,806 $ 1,468,320 Interest-bearing deposits 5,003,552 4,907,461 Total deposits 6,405,358 6,375,781 Short-term borrowings 4,816 6,306 Long-term debt 250,000 310,000 Subordinated notes 148,886 148,761 Operating lease liabilities 33,744 34,851 Accrued interest payable and other liabilities 60,095 65,721 Total liabilities 6,902,899 6,941,420 SHAREHOLDERS' EQUITY Common stock, $ 5 par value: 48,000,000 shares authorized at March 31, 2024 and December 31, 2023; 31,556,799 shares issued at March 31, 2024 and December 31, 2023; 29,337,919 and 29,5

View Full Filing

View this 10-Q filing on SEC EDGAR