UNIVEST FINANCIAL Corp
For the period ended Dec 31, 2024. Filed Feb 24, 2025.
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FY2024 · Filed Feb 24, 2025
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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Item 8. Consolidated Statements of Cash Flows
| For the Years Ended December 31, | |||
|---|---|---|---|
| (Dollars in thousands) | 2024 | 2023 | 2022 |
| Cash flows from operating activities: | |||
| Net income | $75,931 | $71,104 | $78,120 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Provision for credit losses | 5,933 | 10,770 | 12,198 |
| Depreciation of premises and equipment | 5,473 | 5,057 | 4,465 |
| Net gain on sales of investment securities | (18) | — | (30) |
| Net gain on mortgage banking activities | (5,265) | (3,689) | (4,412) |
| Bank owned life insurance income | (3,861) | (3,185) | (3,787) |
| Net amortization of investment securities premiums and discounts | 1,058 | 1,138 | 1,462 |
| Amortization, fair market value adjustments and capitalization of servicing rights | 1,993 | (411) | (693) |
| Net amortization (accretion) of acquisition accounting fair value adjustments | 41 | 25 | (130) |
| Stock-based compensation | 4,615 | 4,194 | 4,120 |
| Intangible expenses | 694 | 938 | 1,293 |
| Other adjustments to reconcile net income to cash used in by operating activities | (3,403) | (1,487) | (4,094) |
| Deferred tax benefit | (1,271) | (710) | (545) |
| Originations of loans held for sale | (309,506) | (228,532) | (233,634) |
| Proceeds from the sale of loans held for sale | 311,150 | 226,506 | 255,240 |
| Contributions to pension and other postretirement benefit plans | (243) | (250) | (252) |
| Increase in accrued interest receivable and other assets | (12,020) | (8,877) | (5,859) |
| Increase in accrued interest payable and other liabilities | 3,805 | 17,150 | 5,993 |
| Net cash provided by operating activities | 75,106 | 89,741 | 109,455 |
| Cash flows from investing activities: | |||
| Proceeds from sale of premises and equipment | 2,367 | 1,877 | 6,845 |
| Purchases of premises and equipment | (3,104) | (6,724) | (5,221) |
| Proceeds from maturities, calls and principal repayments of securities held-to-maturity | 13,949 | 14,799 | 32,021 |
| Proceeds from maturities, calls and principal repayments of securities available-for-sale | 55,873 | 30,738 | 31,600 |
| Proceeds from sales of securities available-for-sale | 505 | — | 1,530 |
| Purchases of investment securities held-to-maturity | (2,640) | (6,253) | (10,428) |
| Purchases of investment securities available-for-sale | (64,017) | (25,132) | (116,599) |
| Proceeds from sales of equity securities | 4,944 | 1,232 | 4,015 |
| Purchases of money market mutual funds | (4,089) | (1,963) | (3,793) |
| Net increase in other investments | 1,519 | (6,658) | (5,655) |
| Proceeds from sale of loans originally held-for-investment | — | 25,450 | 2,500 |
| Net increase in loans and leases | (260,981) | (474,200) | (836,616) |
| Proceeds from sales of foreclosed / repossessed assets | 80 | 260 | — |
| Purchases of bank owned life insurance | (5,710) | (7,862) | — |
| Proceeds from bank owned life insurance | 1,563 | — | 2,189 |
| Net cash used in investing activities | (259,741) | (454,436) | (897,612) |
| Cash flows from financing activities: | |||
| Net increase (decrease) in deposits | 383,458 | 462,229 | (141,628) |
| Net increase (decrease) in short-term borrowings | 4,875 | (190,835) | 177,035 |
| Proceeds from issuance of long-term debt | — | 250,000 | — |
| Repayment of long-term debt | (85,000) | (35,000) | — |
| Proceeds from issuance of subordinated notes | — | — | 50,000 |
| Subordinated notes issuance costs | — | — | (949) |
| Payment of contingent consideration on acquisitions | (635) | (635) | — |
| Payment for shares withheld to cover taxes on vesting of restricted stock units | (873) | (1,232) | (903) |
| Purchases of treasury stock | (18,882) | (462) | (11,381) |
| Stock issued under dividend reinvestment and employee stock purchase plans | 2,384 | 2,565 | 2,541 |
| Proceeds from exercise of stock options | 3,195 | 115 | 698 |
| Cash dividends paid | (24,842) | (25,050) | (24,607) |
| Net cash provided by financing activities | 263,680 | 461,695 | 50,806 |
| Net increase (decrease) in cash and cash equivalents | 79,045 | 97,000 | (737,351) |
|---|---|---|---|
| Cash and cash equivalents at beginning of year | 249,799 | 152,799 | 890,150 |
| Cash and cash equivalents at end of period | $328,844 | $249,799 | $152,799 |
| For the Years Ended December 31, | |||
| 2024 | 2023 | 2022 | |
| Supplemental disclosures of cash flow information: | |||
| Cash paid for interest | $191,513 | $139,600 | $32,668 |
| Cash paid for income taxes, net of refunds | 20,704 | 16,784 | 11,859 |
| Non cash transactions: | |||
| Transfer of loans to other real estate owned | $407 | $79 | $18,325 |
| Transfer of leases to repossessed assets | 181 | — | — |
| Transfer of loans to loans held for sale | — | 25,646 | 2,500 |
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