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Section 1: 10-Q (10-Q)

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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 Form 10-Q
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended March 31, 2020
or
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from __________ to __________
Commission File Number: 0-7617

 UNIVEST FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
Pennsylvania23-1886144
(State or other jurisdiction of
incorporation or organization)
(IRS Employer
Identification No.)
14 North Main Street, Souderton, Pennsylvania 18964
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (215721-2400
Not applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of classTrading symbolName of exchange on which registered
Common Stock, $5 par valueUVSPThe NASDAQ Stock Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Common Stock, $5 par value29,187,293
(Title of Class)(Number of shares outstanding at April 30, 2020)



Table of Contents

UNIVEST FINANCIAL CORPORATION AND SUBSIDIARIES
INDEX
 
  Page Number
Part I.
Item 1.
Item 2.
Item 3.
Item 4.
Part II.
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.

1

Table of Contents
PART I. FINANCIAL INFORMATION
 
Item 1.  Financial Statements
UNIVEST FINANCIAL CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(Dollars in thousands, except share data)At March 31, 2020At December 31, 2019
ASSETS
Cash and due from banks$49,008  $50,571  
Interest-earning deposits with other banks133,894  74,557  
Cash and cash equivalents182,902  125,128  
Investment securities held-to-maturity (fair value $229,552 and $194,886 at March 31, 2020 and December 31, 2019, respectively)
222,389  192,052  
Investment securities available-for-sale (amortized cost $208,636, net of allowance for credit losses of $897 at March 31, 2020)
198,886  246,924  
Investments in equity securities 2,246  2,623  
       Federal Home Loan Bank, Federal Reserve Bank and other stock, at cost28,465  28,254  
Loans held for sale11,417  5,504  
Loans and leases held for investment4,448,825  4,386,836  
Less: Reserve for credit losses, loans and leases(68,216) (35,331) 
Net loans and leases held for investment4,380,609  4,351,505  
Premises and equipment, net55,789  56,676  
Operating lease right-of-use assets34,679  34,418  
Goodwill172,559  172,559  
Other intangibles, net of accumulated amortization9,773  10,284  
Bank owned life insurance115,512  114,778  
Accrued interest receivable and other assets49,542  40,219  
Total assets$5,464,768  $5,380,924  
LIABILITIES
Noninterest-bearing deposits$1,318,270  $1,279,681  
Interest-bearing deposits:
Demand deposits1,615,979  1,677,682  
Savings deposits836,042  796,702  
Time deposits637,012  606,010  
Total deposits4,407,303  4,360,075  
Short-term borrowings18,415  18,680  
Long-term debt210,069  150,098  
Subordinated notes94,879  94,818  
Operating lease liabilities37,919  37,617  
Accrued interest payable and other liabilities44,632  44,514  
Total liabilities4,813,217  4,705,802  
SHAREHOLDERS’ EQUITY
Common stock, $5 par value: 48,000,000 shares authorized at March 31, 2020 and December 31, 2019; 31,556,799 shares issued at March 31, 2020 and December 31, 2019; 29,164,782 and 29,334,629 shares outstanding at March 31, 2020 and December 31, 2019, respectively
157,784  157,784  
Additional paid-in capital295,439  294,999  
Retained earnings272,478  288,803  
Accumulated other comprehensive loss, net of tax benefit(25,628) (21,730) 
Treasury stock, at cost; 2,392,017 and 2,222,170 shares at March 31, 2020 and December 31, 2019, respectively
(48,522) (44,734) 
Total shareholders’ equity651,551  675,122  
Total liabilities and shareholders’ equity$5,464,768  $5,380,924  
Note: See accompanying notes to the unaudited condensed consolidated financial statements.
2

Table of Contents
UNIVEST FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three Months Ended
 March 31,
(Dollars in thousands, except per share data)20202019
Interest income
Interest and fees on loans and leases:
Taxable$45,561  $45,682  
Exempt from federal income taxes2,661  2,683  
Total interest and fees on loans and leases48,222  48,365  
Interest and dividends on investment securities:
Taxable2,705  2,713  
Exempt from federal income taxes240  431  
Interest on deposits with other banks325  269  
Interest and dividends on other earning assets527  586  
Total interest income52,019  52,364  
Interest expense
Interest on deposits7,406  8,203  
Interest on short-term borrowings106  638  
Interest on long-term debt and subordinated notes2,039  2,000  
Total interest expense9,551  10,841  
Net interest income42,468  41,523  
Provision for credit losses21,049  2,685  
Net interest income after provision for credit losses21,419  38,838  
Noninterest income
Trust fee income1,890  1,887  
Service charges on deposit accounts1,397  1,435  
Investment advisory commission and fee income4,255  3,789  
Insurance commission and fee income4,732  5,144  
Other service fee income1,870  2,267  
Bank owned life insurance income734  952  
Net gain on sales of investment securities695  1  
Net gain on mortgage banking activities2,744  483  
Other income67  339  
Total noninterest income18,384  16,297  
Noninterest expense
Salaries, benefits and commissions23,836  21,546  
Net occupancy2,574  2,611  
Equipment995  990  
Data processing2,760  2,514  
Professional fees1,317  1,264  
Marketing and advertising402  540  
Deposit insurance premiums504  452  
Intangible expenses330  426  
Other expense6,853  5,214  
Total noninterest expense39,571  35,557  
Income before income taxes232  19,578  
Income tax (benefit) expense(606) 3,499  
Net income$838  $16,079  
Net income per share:
Basic$0.03  $0.55  
Diluted0.03  0.55  
Note: See accompanying notes to the unaudited condensed consolidated financial statements.
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UNIVEST FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
 Three Months Ended March 31,
(Dollars in thousands)20202019
Before
Tax
Amount
Tax
Expense
(Benefit)
Net of
Tax
Amount
Before
Tax
Amount
Tax
Expense
(Benefit)
Net of
Tax
Amount
Income$232  $(606) $838  $19,578  $3,499  $16,079  
Other comprehensive loss:
Net unrealized (losses) gains on available-for-sale investment securities:
Net unrealized holding (losses) gains arising during the period(4,965) (1,042) (3,923) 5,120  1,075  4,045  
Provision for credit losses597  125  472  —  —  —  
Less: reclassification adjustment for net gains on sales realized in net income (1)(695) (146) (549) (1)   (1) 
Total net unrealized (losses) gains on available-for-sale investment securities(5,063) (1,063) (4,000) 5,119  1,075  4,044  
Net unrealized losses on interest rate swaps used in cash flow hedges:
Net unrealized holding losses arising during the period(497) (104) (393) (168) (36) (132) 
Less: reclassification adjustment for net losses (gains) realized in net income (2)29  6  23  (16) (3) (13) 
Total net unrealized losses on interest rate swaps used in cash flow hedges (468) (98) (370) (184) (39) (145) 
Defined benefit pension plans:
Amortization of net actuarial loss included in net periodic pension costs (3)297  62  235  294  62  232  
Accretion of prior service cost included in net periodic pension costs (3)      (45) (9) (36) 
Total defined benefit pension plans297  62  235  249  53  196  
Other comprehensive (loss) income(5,234) (1,099) (4,135) 5,184  1,089  4,095  
Total comprehensive (loss) income$(5,002) $(1,705) $(3,297) $24,762  $4,588  $20,174  

(1) Included in net gain on sales of investment securities on the consolidated statements of income (before tax amount).
(2) Included in interest expense on deposits on the consolidated statements of income (before tax amount).
(3) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost (before tax amount). See Note 8, "Retirement Plans and Other Postretirement Benefits" for additional details.
Note: See accompanying notes to the unaudited condensed consolidated financial statements.


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UNIVEST FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(Unaudited)

(Dollars in thousands, except per share data)Common
Shares
Outstanding
Common
Stock
Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
(Loss) Income
Treasury
Stock
Total
Three Months Ended March 31, 2020
Balance at December 31, 201929,334,629  $157,784  $294,999  $288,803  $(21,730) $(44,734) $675,122  
Adjustment to initially apply ASU No. 2016-13 for CECL (1)—      (11,284) 237    (11,047) 
Net income —      838      838  
Other comprehensive loss, net of income tax benefit—        (4,135)   (4,135) 
Cash dividends declared ($0.20 per share)
—      (5,866)     (5,866) 
Stock-based compensation—    424  (13)     411  
Stock issued under dividend reinvestment and employee stock purchase plans26,045    (49)     621  572  
Vesting of restricted stock unit awards17,035    (346)     346    
Exercise of stock options5,000    (7)     101  94  
Cancellation of performance-based restricted stock awards(14,777)   418      (418)   
Purchases of treasury stock(203,150)         (4,438) (4,438) 
Balance at March 31, 202029,164,782  $157,784  $295,439  $272,478  $(25,628) $(48,522) $651,551  

(Dollars in thousands, except per share data)Common
Shares
Outstanding
Common
Stock
Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Treasury
Stock
Total
Three Months Ended March 31, 2019
Balance at December 31, 201829,270,852  $157,784  $292,401  $248,167  $(28,416) $(45,803) $624,133  
Adjustment to initially apply ASU No. 2016-02 for leases—      (1,525)     (1,525) 
Adjustment to initially apply ASU No. 2017-12 for derivatives—      (83) 83      
Adjustment to initially apply ASU No. 2017-08 for premium amortization on purchased callable debt securities—      (39)     (39) 
Net income —      16,079      16,079  
Other comprehensive income, net of income tax—