UNIVEST FINANCIAL Corp

For the period ended Dec 31, 2023. Filed Feb 26, 2024.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Feb 26, 2024

UVSP$40.83-0.6%Stored close · as of Nov 10, 2026

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Contents

Consolidated Statements of Income

	For the Years Ended December 31,
(Dollars in thousands, except per share data)	2023	2022	2021
Interest income
Interest and fees on loans and leases	$347,918	$237,156	$201,347
Interest and dividends on investment securities:
Taxable	14,225	11,432	6,136
Exempt from federal income taxes	58	58	170
Interest on deposits with other banks	6,660	1,920	661
Interest and dividends on other earning assets	2,869	1,627	1,417
Total interest income	371,730	252,193	209,731
Interest expense
Interest on demand deposits	87,821	18,845	5,581
Interest on savings deposits	3,249	1,269	1,114
Interest on time deposits	34,979	5,308	6,178
Interest on short-term borrowings	7,095	1,389	8
Interest on long-term debt and subordinated notes	18,589	7,085	8,467
Total interest expense	151,733	33,896	21,348
Net interest income	219,997	218,297	188,383
Provision (reversal of provision) for credit losses	10,770	12,198	(10,132)
Net interest income after provision for credit losses	209,227	206,099	198,515
Noninterest income
Trust fee income	7,732	7,743	8,403
Service charges on deposit accounts	7,048	6,175	5,504
Investment advisory commission and fee income	18,864	19,748	18,936
Insurance commission and fee income	21,043	19,065	16,357
Other service fee income	12,381	12,425	10,275
Bank owned life insurance income	3,185	3,787	3,981
Net gain on sales of investment securities	—	30	145
Net gain on mortgage banking activities	3,689	4,412	15,141
Other income	2,882	4,500	4,482
Total noninterest income	76,824	77,885	83,224
Noninterest expense
Salaries, benefits and commissions	120,188	115,806	104,191
Net occupancy	10,686	10,193	10,397
Equipment	4,132	3,904	3,899
Data processing	16,799	15,215	12,743
Professional fees	7,141	9,332	7,687
Marketing and advertising	2,180	2,462	2,063
Deposit insurance premiums	4,825	3,075	2,712
Intangible expenses	938	1,293	979
Restructuring charges	1,519	184	—
Other expense	28,954	25,310	22,738
Total noninterest expense	197,362	186,774	167,409
Income before income taxes	88,689	97,210	114,330
Income tax expense	17,585	19,090	22,529
Net income	$71,104	$78,120	$91,801
Net income per share:
Basic	$2.42	$2.66	$3.12
Diluted	2.41	2.64	3.11

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.