UNIVEST FINANCIAL Corp
For the period ended Sep 30, 2024. Filed Oct 29, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Oct 29, 2024
UVSP$40.83-0.6%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows for the
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
| Nine Months Ended September 30, | ||
|---|---|---|
| (Dollars in thousands) | 2024 | 2023 |
| Cash flows from operating activities: | ||
| Net income | $56,990 | $54,850 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Provision for credit losses | 3,553 | 8,839 |
| Depreciation of premises and equipment | 4,096 | 3,752 |
| Net amortization of investment securities premiums and discounts | 794 | 873 |
| Amortization, fair market value adjustments and capitalization of servicing rights | 3,290 | (350) |
| Net gain on sales of investment securities | (18) | — |
| Net gain on mortgage banking activities | (3,945) | (2,880) |
| Bank owned life insurance income | (2,849) | (2,362) |
| Stock-based compensation | 3,414 | 3,229 |
| Intangible expenses | 539 | 726 |
| Other adjustments to reconcile net income to cash used in operating activities | (1,881) | (1,105) |
| Originations of loans held for sale | (235,166) | (165,076) |
| Proceeds from the sale of loans held for sale | 234,788 | 162,728 |
| Contributions to pension and other postretirement benefit plans | (187) | (186) |
| Increase in accrued interest receivable and other assets | (14,980) | (8,200) |
| (Decrease) increase in accrued interest payable and other liabilities | (1,376) | 7,029 |
| Net cash provided by operating activities | 47,062 | 61,867 |
| Cash flows from investing activities: | ||
| Proceeds from sale of premises and equipment | 2,450 | 1,032 |
| Purchases of premises and equipment | (2,467) | (5,220) |
| Proceeds from maturities, calls and principal repayments of securities held-to-maturity | 10,462 | 11,225 |
| Proceeds from maturities, calls and principal repayments of securities available-for-sale | 43,146 | 24,052 |
| Proceeds from sales of securities available-for-sale | 505 | — |
| Purchases of investment securities held-to-maturity | (2,640) | (6,253) |
| Purchases of investment securities available-for-sale | (37,794) | (19,348) |
| Proceeds from sales of equity securities | 3,437 | 252 |
| Purchases of money market mutual funds | (2,482) | (1,845) |
| Net decrease (increase) in other investments | 264 | (8,576) |
| Proceeds from sale of loans originally held-for-investment | — | 19,631 |
| Net increase in loans and leases | (165,648) | (481,200) |
| Proceeds from sales of foreclosed / repossessed assets | 68 | 260 |
| Purchases of bank owned life insurance | (5,710) | (7,862) |
| Proceeds from bank owned life insurance | 1,159 | — |
| Net cash used in investing activities | (155,250) | (473,852) |
| Cash flows from financing activities: | ||
| Net increase in deposits | 478,350 | 525,619 |
| Net increase (decrease) in short-term borrowings | 1,950 | (182,465) |
| Proceeds from issuance of long-term debt | — | 250,000 |
| Repayment of long-term debt | (85,000) | (25,000) |
| Payment of contingent consideration on acquisitions | (635) | (635) |
| Payment for shares withheld to cover taxes on vesting of restricted stock units | (859) | (1,232) |
| Purchases of treasury stock | (14,706) | — |
| Stock issued under dividend reinvestment and employee stock purchase plans | 1,855 | 1,979 |
| Proceeds from exercise of stock options | 877 | 114 |
| Cash dividends paid | (18,743) | (18,853) |
| Net cash provided by financing activities | 363,089 | 549,527 |
| Net decrease in cash and cash equivalents | 254,901 | 137,542 |
| Cash and cash equivalents at beginning of year | 249,799 | 152,799 |
| Cash and cash equivalents at end of period | $504,700 | $290,341 |
| Supplemental disclosures of cash flow information: | ||
| Cash paid for interest | $140,759 | $93,435 |
| Cash paid for income taxes, net of refunds | 15,740 | 13,232 |
| Nine Months Ended September 30, | ||
|---|---|---|
| (Dollars in thousands) | 2024 | 2023 |
| Non cash transactions: | ||
| Transfer of loans to other real estate owned | $407 | $79 |
| Transfer of leases to repossessed assets | 167 | — |
| Transfer of loans to loans held for sale | — | 25,646 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.