$UVSP

UNIVEST CORP OF PENNSYLVANIA

CIK:0000102212|SEC Filings

Condensed Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Interest income
Interest and fees on loans and leases	$ 102,183	$ 99,702	$ 200,967	$ 197,048
Interest and dividends on investment securities:
Taxable	4,203	3,962	8,256	7,981
Exempt from federal income taxes	0	0	0	4
Interest on deposits with other banks	1,118	1,371	3,928	2,731
Interest and dividends on other earning assets	625	671	1,329	1,358
Total interest income	108,129	105,706	214,480	209,122
Interest expense
Interest on deposits	38,767	41,755	77,909	83,734
Interest on short-term borrowings	30	1	33	15
Interest on long-term debt and subordinated notes	3,084	4,409	6,925	9,051
Total interest expense	41,881	46,165	84,867	92,800
Net interest income	66,248	59,541	129,613	116,322
Provision for credit losses	2,672	5,694	3,975	8,005
Net interest income after provision for credit losses	63,576	53,847	125,638	108,317
Noninterest income
Insurance commission and fee income	5,351	5,261	12,774	12,150
Bank owned life insurance income	1,698	1,012	3,030	2,971
Net gain on investment securities transactions	11	0	11	0
Net gain on mortgage banking activities	1,346	981	2,137	1,628
Net (loss) gain on sales and write-downs of other real estate owned	(5,249)	0	(5,249)	4
Other income	941	1,236	1,773	1,477
Noninterest income	18,106	21,501	42,194	43,916
Noninterest expense
Salaries, benefits and commissions	33,208	31,536	66,667	62,362
Net occupancy	2,938	2,739	5,936	5,592
Equipment	1,122	1,043	2,201	2,165
Data processing	4,627	4,408	9,107	8,772
Professional fees	2,029	1,597	3,706	3,394
Marketing and advertising	988	498	1,622	851
Deposit insurance premiums	1,118	1,074	2,288	2,225
Intangible expenses	92	131	185	261
Restructuring charges	0	0	427	0
Other expense	7,002	7,306	13,654	14,038
Total noninterest expense	53,124	50,332	105,793	99,660
Income before income taxes	28,558	25,016	62,039	52,573
Income tax expense	5,605	5,038	11,994	10,200
Net income	$ 22,953	$ 19,978	$ 50,045	$ 42,373
Earnings Per Share [Abstract]
Basic (in dollars per share)	$ 0.83	$ 0.69	$ 1.79	$ 1.46
Diluted (in dollars per share)	$ 0.82	$ 0.69	$ 1.78	$ 1.45
Trust fee income
Noninterest income
Noninterest income	$ 2,283	$ 2,146	$ 4,519	$ 4,307
Service charges on deposit accounts
Noninterest income
Noninterest income	2,363	2,258	4,642	4,452
Investment advisory commission and fee income
Noninterest income
Noninterest income	6,043	5,460	12,197	11,073
Other service fee income
Noninterest income
Noninterest income	$ 3,319	$ 3,147	$ 6,360	$ 5,854

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 50,045	$ 42,373
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses	3,975	8,005
Depreciation of premises and equipment	2,825	2,731
Net amortization of investment securities premiums and discounts	418	480
Amortization, fair market value adjustments and capitalization of servicing rights	(707)	81
Net gain on investment securities transactions	(11)	0
Net gain on mortgage banking activities	(2,137)	(1,628)
Net (loss) gain on sales and write-downs of other real estate owned	5,249	(4)
Bank owned life insurance income	(3,030)	(2,971)
Stock-based compensation	2,585	2,252
Intangible expenses	185	261
Other adjustments to reconcile net income to cash used in operating activities	(1,769)	(1,563)
Originations of loans held for sale	(110,793)	(95,067)
Proceeds from the sale of loans held for sale	114,596	95,735
Contributions to pension and other postretirement benefit plans	(136)	(125)
Increase in accrued interest receivable and other assets	(9,585)	(3,526)
Decrease in accrued interest payable and other liabilities	(5,611)	(8,176)
Net cash provided by operating activities	46,099	38,858
Cash flows from investing activities:
Proceeds from sale of premises and equipment	9	305
Purchases of premises and equipment	(1,644)	(3,293)
Proceeds from maturities, calls and principal repayments of securities held-to-maturity	6,664	6,727
Proceeds from maturities, calls and principal repayments of securities available-for-sale	34,092	24,025
Purchases of investment securities held-to-maturity	0	(1,236)
Purchases of investment securities available-for-sale	(44,078)	(22,380)
Proceeds from sales of equity securities	5,731	2,955
Purchases of money market mutual funds	(6,422)	(2,250)
Net decrease in other investments	5,010	2,498
Proceeds from sale of loans originally held-for-investment	16,739	0
Net (increase) decrease in loans and leases	(146,001)	14,283
Proceeds from sales of foreclosed / repossessed assets	73	239
Purchases of bank owned life insurance	(1,646)	0
Proceeds from bank owned life insurance	2,547	2,236
Net cash used in investing activities	(128,926)	24,109
Cash flows from financing activities:
Net decrease in deposits	(154,305)	(176,602)
Net decrease in short-term borrowings	(5,585)	(4,910)
Proceeds from issuance of long-term debt	25,000	50,000
Repayment of long-term debt	(100,000)	(75,000)
Early Repayment of Subordinated Debt	(55)	0
Payment of contingent consideration on acquisitions	0	(635)
Payment for shares withheld to cover taxes on vesting of restricted stock units	(1,875)	(1,582)
Purchases of treasury stock	(28,531)	(11,440)
Stock issued under dividend reinvestment and employee stock purchase plans	1,170	1,149
Proceeds from exercise of stock options	1,541	323
Cash dividends paid	(12,920)	(12,749)
Net cash used in financing activities	(275,560)	(231,446)
Net decrease in cash and cash equivalents	(358,387)	(168,479)
Cash and cash equivalents at beginning of year	553,712	328,844
Cash and cash equivalents at end of period	195,325	160,365
Supplemental disclosures of cash flow information:
Cash paid for interest	86,801	98,926
Transfer of loans to other real estate owned	0	2,526
Transfer of leases to repossessed assets	$ 88	$ 17

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
ASSETS
Cash and due from banks	$ 79,490	$ 63,579
Interest-earning deposits with other banks	115,835	490,133
Cash and cash equivalents	195,325	553,712
Investment securities held-to-maturity (fair value $102,497 and $109,724 at June 30, 2026 and December 31, 2025, respectively)	116,207	123,024
Investment securities available-for-sale (amortized cost $408,196 and $398,476, net of allowance for credit losses of $34 and $11 at June 30, 2026 and December 31, 2025, respectively)	378,586	371,251
Investments in equity securities	2,705	2,014
Federal Home Loan Bank, Federal Reserve Bank and other stock, at cost	32,798	37,808
Loans held for sale	13,237	15,288
Loans and leases held for investment	7,041,957	6,914,804
Less: Allowance for credit losses, loans and leases	(89,967)	(88,165)
Net loans and leases held for investment	6,951,990	6,826,639
Premises and equipment, net	44,373	45,554
Operating lease right-of-use assets	24,267	25,795
Goodwill	175,510	175,510
Other intangibles, net of accumulated amortization	7,850	7,328
Bank owned life insurance	142,130	140,001
Accrued interest receivable and other assets	118,014	112,973
Total assets	8,202,992	8,436,897
LIABILITIES
Noninterest-bearing deposits	1,463,965	1,431,974
Interest-bearing deposits	5,469,043	5,655,339
Total	6,933,008	7,087,313
Short-term borrowings	18,826	24,411
Long-term debt	125,000	200,000
Subordinated notes	98,994	98,867
Operating lease liabilities	26,863	28,531
Accrued interest payable and other liabilities	46,048	54,457
Total liabilities	7,248,739	7,493,579
SHAREHOLDERS’ EQUITY
Common stock, $5 par value: 48,000,000 shares authorized at June 30, 2026 and December 31, 2025; 31,556,799 shares issued at June 30, 2026 and December 31, 2025; 27,585,768 and 28,156,917 shares outstanding at June 30, 2026 and December 31, 2025, respectively	157,784	157,784
Additional paid-in capital	302,549	304,021
Retained earnings	628,327	591,202
Accumulated other comprehensive loss, net of tax benefit	(26,728)	(25,467)
Treasury stock, at cost; 3,971,031 and 3,399,882 shares at June 30, 2026 and December 31, 2025, respectively	(107,679)	(84,222)
Total shareholders’ equity	954,253	943,318
Total liabilities and shareholders’ equity	$ 8,202,992	$ 8,436,897