UNIVEST FINANCIAL Corp
For the period ended Dec 31, 2023. Filed Feb 26, 2024.
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FY2023 · Filed Feb 26, 2024
UVSP$40.83-0.6%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
| For the Years Ended December 31, | |||
|---|---|---|---|
| (Dollars in thousands) | 2023 | 2022 | 2021 |
| Cash flows from operating activities: | |||
| Net income | $71,104 | $78,120 | $91,801 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Provision (reversal of provision) for credit losses | 10,770 | 12,198 | (10,132) |
| Depreciation of premises and equipment | 5,057 | 4,465 | 4,662 |
| Net gain on sales of investment securities | — | (30) | (145) |
| Net gain on mortgage banking activities | (3,689) | (4,412) | (15,141) |
| Bank owned life insurance income | (3,185) | (3,787) | (3,981) |
| Net amortization of investment securities premiums and discounts | 1,138 | 1,462 | 2,676 |
| Amortization, fair market value adjustments and capitalization of servicing rights | (411) | (693) | (1,470) |
| Net amortization (accretion) of acquisition accounting fair value adjustments | 25 | (130) | (144) |
| Stock-based compensation | 4,194 | 4,120 | 3,698 |
| Intangible expenses | 938 | 1,293 | 979 |
| Other adjustments to reconcile net income to cash used in by operating activities | (1,487) | (4,094) | (4,963) |
| Deferred tax (benefit) expense | (710) | (545) | 3,553 |
| Originations of loans held for sale | (228,532) | (233,634) | (495,710) |
| Proceeds from the sale of loans held for sale | 226,506 | 255,240 | 527,855 |
| Contributions to pension and other postretirement benefit plans | (250) | (252) | (265) |
| Increase in accrued interest receivable and other assets | (8,877) | (5,859) | (3,131) |
| Increase in accrued interest payable and other liabilities | 17,150 | 5,993 | 2,195 |
| Net cash provided by operating activities | 89,741 | 109,455 | 102,337 |
| Cash flows from investing activities: | |||
| Net cash paid due to acquisitions | — | — | (3,820) |
| Proceeds from sale of premises and equipment | 1,877 | 6,845 | — |
| Purchases of premises and equipment | (6,724) | (5,221) | (5,878) |
| Proceeds from maturities, calls and principal repayments of securities held-to-maturity | 14,799 | 32,021 | 64,583 |
| Proceeds from maturities, calls and principal repayments of securities available-for-sale | 30,738 | 31,600 | 50,431 |
| Proceeds from sales of securities available-for-sale | — | 1,530 | 4,636 |
| Purchases of investment securities held-to-maturity | (6,253) | (10,428) | (91,979) |
| Purchases of investment securities available-for-sale | (25,132) | (116,599) | (154,270) |
| Proceeds from sales of money market mutual funds | 1,232 | 4,015 | 7,328 |
| Purchases of money market mutual funds | (1,963) | (3,793) | (6,887) |
| Net increase in other investments | (6,658) | (5,655) | (3) |
| Proceeds from sale of loans originally held-for-investment | 25,450 | 2,500 | 996 |
| Net increase in loans and leases | (474,200) | (836,616) | (2,171) |
| Proceeds from sales of other real estate owned | 260 | — | 7,255 |
| Purchases of bank owned life insurance | (7,862) | — | — |
| Proceeds from bank owned life insurance | — | 2,189 | 3,000 |
| Net cash used in investing activities | (454,436) | (897,612) | (126,779) |
| Cash flows from financing activities: | |||
| Net increase (decrease) in deposits | 462,229 | (141,628) | 812,375 |
| Net (decrease) increase in short-term borrowings | (190,835) | 177,035 | 2,200 |
| Proceeds from issuance of long-term debt | 250,000 | — | — |
| Repayment of long-term debt | (35,000) | — | (15,000) |
| Proceeds from issuance of subordinated notes | — | 50,000 | — |
| Subordinated notes issuance costs | — | (949) | — |
| Repayment of subordinated notes | — | — | (85,000) |
| Payment of contingent consideration on acquisitions | (635) | — | (58) |
| Payment for shares withheld to cover taxes on vesting of restricted stock units | (1,232) | (903) | (355) |
| Purchases of treasury stock | (462) | (11,381) | (295) |
| Stock issued under dividend reinvestment and employee stock purchase plans | 2,565 | 2,541 | 2,384 |
| Proceeds from exercise of stock options | 115 | 698 | 2,058 |
| Cash dividends paid | (25,050) | (24,607) | (23,575) |
|---|---|---|---|
| Net cash provided by financing activities | 461,695 | 50,806 | 694,734 |
| Net increase (decrease) in cash and cash equivalents | 97,000 | (737,351) | 670,292 |
| Cash and cash equivalents at beginning of year | 152,799 | 890,150 | 219,858 |
| Cash and cash equivalents at end of period | $249,799 | $152,799 | $890,150 |
| For the Years Ended December 31, | |||
| 2023 | 2022 | 2021 | |
| Supplemental disclosures of cash flow information: | |||
| Cash paid for interest | $139,600 | $32,668 | $21,824 |
| Cash paid for income taxes, net of refunds | 16,784 | 11,859 | 26,589 |
| Non cash transactions: | |||
| Transfer of loans to other real estate owned | $79 | $18,325 | $126 |
| Transfer of loans to loans held for sale | 25,646 | 2,500 | 996 |
| Contingent consideration recorded as goodwill | — | — | 1,618 |
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