LOOKING AHEAD
SHAREHOLDER INFORMATION
EXPANDING OUR PRESENCE Through New Locations
Many years ago we identified the long-term future of Univest would be first built on
our people, then our electronic and marketing capabilities. These three elements, and
the way in which each was developed, are the essence of our company today. They
also form the foundation for us to succeed tomorrow. Our electronic capabilities have
evolved as technology advances have transformed the way we do business and how our
customers interact with us. We are on the leading edge of technology for community
financial organizations, constantly enabling the creative delivery of the latest in
electronic financial information, experiences and solutions across all of our lines of
business and subsidiaries. Today, marketing is more than a function; it is a way of life
and an essential part of our business success. Product and service delivery has been
redefined. We are strengthening customer interactions through multi-channel delivery
efforts and the integration of a sales philosophy in all business units has strengthened
our culture immeasurably.
From one end of Univest to the other, our people are and will continue to provide
the management and leadership for tomorrow, connecting vision with capability
and service. Whether our customers need a banking product, insurance, wealth
management or home loan solution, they can look to Univest and be confident that
they will receive highly personalized service delivered by knowledgeable employees.
To grow the business and deepen relationships, our focus in 2015 remains tied to
three strategic priorities:
• grow top line revenue
• maximize efficiency and manage cost
• expand and optimize the capabilities of Univest to better serve our customers
and communities
We experienced many positive changes this past year and anticipate change to be rapid
and constant as we move forward and navigate an industry in transition. Merger and
acquisition opportunities are rising and we are in a strong, well-capitalized position to
continue growing through strategic acquisitions. As we pursue these opportunities, we
will remain disciplined in our acquisition approach to ensure we only move forward if
the organization operates and serves our market or a contiguous market, is accretive to
earnings – typically in the first full year of operation, is a cultural fit and enhances our
capabilities by growing our solutions, expanding our service area or strengthening our
professional expertise.
Our focused and prudent approach to business has been at the core of Univest’s
success for 138 years. It is the reason we have been able to assist our customers
in achieving their financial dreams while serving the needs of our four publics –
employees, customers, shareholders and communities. Using our mission and core
values as our guiding principles, we are poised to move forward and provide for you,
our valued shareholders, an investment you can rely on and a company of which you
can be proud.
All of our employees wish to thank you for your continued support – and we look
forward to working together to serve you and the needs of our communities in 2015
and beyond.
Shareholders’ Meeting
The Annual Shareholders’ Meeting will take place at 10:45 a.m., Tuesday, April 21, 2015, in the Board
Room at Univest Plaza, 14 North Main Street, Souderton, Pennsylvania.
Univest Stock Transfer Agent
For more information on Univest Corporation of Pennsylvania common stock, please contact Broadridge
Corporate Issuer Solutions or visit the investor relations section at www.univest.net.
Regular Mail Communications:
Overnight Mail Communications:
Broadridge Corporate Issuer Solutions, Inc.
Broadridge Corporate Issuer Solutions, Inc.
PO Box 1342
Brentwood, NY 11717
Phone Number: 866-321-8021
Email Address: shareholder@broadridge.com
Website: https://investor.broadridge.com
ATTN: IWS
1155 Long Island Avenue
Edgewood, NY 11717
Univest Shareholder Information Hotline
For more information on Univest Corporation of Pennsylvania, please call 877.723.5571 or 215.721.2434.
Common Stock Information
Traded on the NASDAQ National Market, Symbol: UVSP.
Market Makers For Univest Corporation of Pennsylvania Common Stock
Boenning & Scattergood, Inc.
Goldman Sachs & Co.
Griffin Financial Group LLC
Janney Montgomery Scott LLC
Keefe Bruyette & Woods, Inc.
Morgan Stanley & Co., Inc.
UBS Securities LLC
“He gives strength to the weary and increases the power of the weak… but those
who hope in the Lord will renew their strength. They will soar on wings like eagles;
they will run and not grow weary, they will walk and not be faint.”
- Isaiah 40:29, 31
Newtown Office Grand Opening
Set for March 2015
Lehigh Valley Office Grand Opening: January 14, 2014
Groundbreaking for New Financial Center
in Newtown: August 12, 2014
Newtown Office Grand Opening
Set for March 2015
GROWING THE BUSINESS Through Acquisitions
MAY 31, 2012
Completed Acquisition of
Javers Group
JANUARY 1, 2014
Completed Acquisition of
Girard Partners, Ltd.
JANUARY 1, 2015
Completed Acquisition
of Valley Green Bank
MAY 1, 2013
Completed Acquisition of The
John T. Fretz Insurance Agency
JULY 1, 2014
Completed Acquisition of
Sterner Insurance Associates
LOOKING AHEAD
SHAREHOLDER INFORMATION
EXPANDING OUR PRESENCE Through New Locations
Many years ago we identified the long-term future of Univest would be first built on
our people, then our electronic and marketing capabilities. These three elements, and
the way in which each was developed, are the essence of our company today. They
also form the foundation for us to succeed tomorrow. Our electronic capabilities have
evolved as technology advances have transformed the way we do business and how our
customers interact with us. We are on the leading edge of technology for community
financial organizations, constantly enabling the creative delivery of the latest in
electronic financial information, experiences and solutions across all of our lines of
business and subsidiaries. Today, marketing is more than a function; it is a way of life
and an essential part of our business success. Product and service delivery has been
redefined. We are strengthening customer interactions through multi-channel delivery
efforts and the integration of a sales philosophy in all business units has strengthened
our culture immeasurably.
From one end of Univest to the other, our people are and will continue to provide
the management and leadership for tomorrow, connecting vision with capability
and service. Whether our customers need a banking product, insurance, wealth
management or home loan solution, they can look to Univest and be confident that
they will receive highly personalized service delivered by knowledgeable employees.
To grow the business and deepen relationships, our focus in 2015 remains tied to
three strategic priorities:
• grow top line revenue
• maximize efficiency and manage cost
• expand and optimize the capabilities of Univest to better serve our customers
and communities
We experienced many positive changes this past year and anticipate change to be rapid
and constant as we move forward and navigate an industry in transition. Merger and
acquisition opportunities are rising and we are in a strong, well-capitalized position to
continue growing through strategic acquisitions. As we pursue these opportunities, we
will remain disciplined in our acquisition approach to ensure we only move forward if
the organization operates and serves our market or a contiguous market, is accretive to
earnings – typically in the first full year of operation, is a cultural fit and enhances our
capabilities by growing our solutions, expanding our service area or strengthening our
professional expertise.
Our focused and prudent approach to business has been at the core of Univest’s
success for 138 years. It is the reason we have been able to assist our customers
in achieving their financial dreams while serving the needs of our four publics –
employees, customers, shareholders and communities. Using our mission and core
values as our guiding principles, we are poised to move forward and provide for you,
our valued shareholders, an investment you can rely on and a company of which you
can be proud.
All of our employees wish to thank you for your continued support – and we look
forward to working together to serve you and the needs of our communities in 2015
and beyond.
Shareholders’ Meeting
The Annual Shareholders’ Meeting will take place at 10:45 a.m., Tuesday, April 21, 2015, in the Board
Room at Univest Plaza, 14 North Main Street, Souderton, Pennsylvania.
Univest Stock Transfer Agent
For more information on Univest Corporation of Pennsylvania common stock, please contact Broadridge
Corporate Issuer Solutions or visit the investor relations section at www.univest.net.
Regular Mail Communications:
Overnight Mail Communications:
Broadridge Corporate Issuer Solutions, Inc.
Broadridge Corporate Issuer Solutions, Inc.
PO Box 1342
Brentwood, NY 11717
Phone Number: 866-321-8021
Email Address: shareholder@broadridge.com
Website: https://investor.broadridge.com
ATTN: IWS
1155 Long Island Avenue
Edgewood, NY 11717
Univest Shareholder Information Hotline
For more information on Univest Corporation of Pennsylvania, please call 877.723.5571 or 215.721.2434.
Common Stock Information
Traded on the NASDAQ National Market, Symbol: UVSP.
Market Makers For Univest Corporation of Pennsylvania Common Stock
Boenning & Scattergood, Inc.
Goldman Sachs & Co.
Griffin Financial Group LLC
Janney Montgomery Scott LLC
Keefe Bruyette & Woods, Inc.
Morgan Stanley & Co., Inc.
UBS Securities LLC
“He gives strength to the weary and increases the power of the weak… but those
who hope in the Lord will renew their strength. They will soar on wings like eagles;
they will run and not grow weary, they will walk and not be faint.”
- Isaiah 40:29, 31
Newtown Office Grand Opening
Set for March 2015
Lehigh Valley Office Grand Opening: January 14, 2014
Groundbreaking for New Financial Center
in Newtown: August 12, 2014
Newtown Office Grand Opening
Set for March 2015
GROWING THE BUSINESS Through Acquisitions
MAY 31, 2012
Completed Acquisition of
Javers Group
JANUARY 1, 2014
Completed Acquisition of
Girard Partners, Ltd.
JANUARY 1, 2015
Completed Acquisition
of Valley Green Bank
MAY 1, 2013
Completed Acquisition of The
John T. Fretz Insurance Agency
JULY 1, 2014
Completed Acquisition of
Sterner Insurance Associates
2014 FINANCIAL PERFORMANCE
At December 31, (Dollars in thousands)
2014
2013
2012
Cash and interest-earning deposits .............................................................
Investment securities .......................................................................................
Net loans and leases ........................................................................................
Other assets ........................................................................................................
Total assets .........................................................................................................
$ 38,565
368,630
1,605,963
222,163
$ 2,235,321
$ 69,169
402,284
1,516,990
203,116
$ 2,191,559
$ 146,112
499,579
1,457,116
202,034
$ 2,304,841
Deposits ...............................................................................................................
Borrowings .........................................................................................................
Other liabilities ...................................................................................................
Total liabilities .....................................................................................................
Shareholders’ equity ........................................................................................
Total liabilities and shareholders’ equity .....................................................
$ 1,861,341
41,974
47,452
1,950,767
284,554
$ 2,235,321
$ 1,844,498
37,256
29,299
1,911,053
280,506
$ 2,191,559
$ 1,865,333
117,276
37,955
2,020,564
284,277
$ 2,304,841
For the years ended December 31,
(Dollars in thousands, except share and per share data)
2014
2013
2012
Interest income ...................................................................................................
Interest expense .................................................................................................
Net-interest income ...........................................................................................
Provision for loan and lease losses ...............................................................
Net-interest income after provision for loan and lease losses ..............
Non-interest income ..........................................................................................
Non-interest expense ........................................................................................
Net income before income taxes ...................................................................
Income taxes .......................................................................................................
Net income ..........................................................................................................
$ 75,885
3,996
71,889
3,607
68,282
48,651
87,254
29,679
7,448
$ 22,231
$ 77, 579
5,117
72,462
11,228
61,234
46,784
81,133
26,885
5,696
$ 21,189
$ 80,654
8,174
72,480
10,035
62,445
40,260
76,282
26,423
5,551
$ 20,872
Book value per share ........................................................................................
Net income per share:
Basic ......................................................................................................
Diluted ...................................................................................................
Dividends declared per share .........................................................................
$ 17.54
$ 17.22
$ 16.95
1.37
1.36
0.80
1.28
1.27
0.80
1.25
1.24
0.80
Weighted average shares outstanding ........................................................
Period end shares outstanding .......................................................................
16,234,959
16,221,607
16,605,232
16,287,812
16,761,184
16,770,232
Commercial Loans
Consumer Loans
Residential Real Estate
Lease Financings
Non-interest income
Net-interest income
$100,000
$80,000
$60,000
$40,000
$20,000
$-
$140,000
$120,000
$100,000
$80,000
$60,000
$40,000
$20,000
$-
$22,500
$22,000
$21,500
$21,000
$20,500
$20,000
$1.38
$1.36
$1.34
$1.32
$1.30
$1.28
$1.26
$1.24
$1.22
$1.20
$1.18
‘12
‘14
‘13
Loan and Lease Growth
(in Thousands)
‘12
‘13
Total Revenue
(in Thousands)
‘14
2
7
8
,
0
2
$
‘12
9
8
1
,
1
2
$
‘13
Net Income
‘11
(in Thousands)
‘12
1
3
2
,
2
2
$
‘14
4
2
1
$
.
7
2
.
1
$
6
3
.
1
$
‘14
‘13
‘12
Diluted Earnings Per Share
‘12
‘11
• Univest Investments and our Wealth Management businesses achieved strong organic growth,
benefiting from the lower interest rate environment and consumers seeking more attractive
investment alternatives.
• Wealth Management also benefited from the Girard Partners, Ltd. acquisition which added more
than $500 million in assets under management, growing Univest’s total assets under management
to more than $3.0 billion and further strengthening our advisory capabilities. Girard Partners, which
began operating as A Univest Wealth Management Company, continued to grow and was accretive
to earnings in its first year. Kevin B. Norris, President of Girard Partners, Ltd. was also appointed
President of Univest Wealth Management in July 2014.
• Our definitive agreement to purchase Valley Green Bank, which was approved in December
and became effective January 1, 2015, added more than $425 million in assets to our balance
sheet. Acquiring Valley Green Bank provides us with a presence in the fast-growing Philadelphia
marketplace and gives us access to an expanded customer base to sell our complete array of financial
services. While the acquisition will increase our revenue from core banking, we are confident in our
ability to grow our non-banking revenue at an accelerated pace as well. This balanced growth will
help us achieve our goal of 60% of our revenue coming from the core banking operations and 40%
coming from our other financial operations.
• All three of the acquisitions we completed from January 1, 2014 through January 1, 2015 brought
immediate growth. Yet, what is most promising, is that each of these entities has significant potential
to achieve solid organic growth both in top line revenue and net income for years to come.
• We have chosen to retain the strong brand identity for two of our most recent acquisitions as we see
value in the brand equity each acquired entity has established in the markets it serves. Our integrated
brand for both entities seen below has been well received.
$140,000
$120,000
$100,000
$80,000
$60,000
$40,000
$20,000
$-
7
5
8
3
8
$
,
4
9
9
,
5
0
1
$
0
6
4
,
8
1
1
$
$3,500,000
$3,000,000
$2,500,000
$2,000,000
$1,500,000
$1,000,000
$500,000
$-
1
4
9
,
1
2
4
,
2
$
,
9
8
7
2
4
6
2
$
,
,
6
4
1
7
5
0
3
$
,
‘12
‘13
Equipment Finance Outstandings
(in Thousands)
‘14
‘14
‘13
‘12
Assets under Management
and Supervision
(in Thousands)
Univest Corporation of Pennsylvania
Listing as of January 1, 2015
Senior Leadership Team
Jeffrey M. Schweitzer
President and Chief Executive Officer
Michael S. Keim
Senior Executive Vice President and Chief
Financial Officer
Duane J. Brobst
Senior Executive Vice President and Chief
Risk Officer
Hugh W. Connelly
President, Univest Capital, Inc.
Ronald R. Flaherty
President, Univest Insurance, Inc.
Jay R. Goldstein
President, Valley Green Bank Division
Edward D. Hughes
President, Mortgage Banking
Philip C. Jackson
President, Corporate Banking
Kevin B. Norris
President, Univest Wealth Management
Louis P. Spinelli
President, Consumer Banking
Eric W. Conner
Executive Vice President and Chief Technology Officer
M. Theresa Schwartzer
Executive Vice President and Director of Human
Resources
Annette D. Szygiel
Executive Vice President and Chief Experience Officer
Board of Directors
Listing as of January 1, 2015
William S. Aichele *†
Chairman of Univest Corporation of Pennsylvania
and of Univest Bank and Trust Co.; Retired President
and CEO of Univest Corporation of Pennsylvania
Douglas C. Clemens*
President, Clemens Food Group
R. Lee Delp*†
Principal, R.L. Delp & Company
Jay R. Goldstein*
President, Valley Green Bank Division
H. Paul Lewis*†
Vice President and Sales Agent, Bucks County
Commercial Realty, Inc.; Retired Executive
Vice President, Univest Bank and Trust Co.
William G. Morral, CPA*
Accountant and Financial Consultant; Former Senior
Vice President and Chief Financial Officer, Moyer
Packing Company
K. Leon Moyer*†
Retired President and CEO, Univest Bank and Trust Co.
Thomas Scannapieco*
President and CEO, Scannapiecco Development
Corporation
Mark A. Schlosser*
Secretary/Treasurer, Schlosser Steel, Inc.
Jeffrey M. Schweitzer*†
President and CEO, Univest Corporation of
Pennsylvania, Univest Bank and Trust Co.
P. Gregory Shelly*†
President, Shellys US LBM LLC
Michael L. Turner*
Partner/Attorney, Marshall, Dennehey, Warner,
Coleman & Goggin
Margaret K. Zook*
Board Chair, The Penn Foundation; Director of Church
and Community Relations, Living Branches
* Director of Univest Corporation of Pennsylvania
† Director of Univest Bank and Trust Co.
Other Wholly-Owned Subsidiaries
Univest Bank and Trust Co.
Univest Capital, Inc.
Univest Insurance, Inc.
Univest Investments, Inc.
Allied Benefits Group, LLC
Delview, Inc.
Girard Partners, Ltd.
TCG Investment Advisory, Inc.
Please visit univest.net for a complete list of locations for Univest Corporation and our subsidiaries.
INTEGRATION HIGHLIGHTS Steady Progress Towards Our Vision
Over the last 15 years, one of our strategies has been to expand in areas that complement our traditional
banking roots and business model to become a comprehensive financial solutions provider. Our vision is
clear - we are committed to becoming “the best integrated financial solutions provider in the market.” As
a result, we have remained focused on adding other financial operations to diversify our earnings stream by
providing additional sources of non-interest income.
The two acquisitions we completed in 2014 – Girard Partners, Ltd. and Sterner Insurance Associates –
were directly tied to our integrated vision. We realize that to achieve our vision our role must be to help
customers secure a broad range of financial solutions and information that will accommodate their long-
term financial needs. Being in a highly-commoditized business, we also realize that to compete successfully
we must continue to strive for excellence by providing personalized and innovative customer experiences
balanced with solutions delivered through the latest technology.
The increased performance of our fee-generating lines of business was the result of both organic growth
and growth through acquisition. Here are several highlights of our integrated successes in 2014.
• Our diversified businesses contributed $45.7 million in revenue and $13.7 million in pre-tax
income, representing 38.0% and 46.2% of our total revenue and pre-tax income, respectively.
• Univest Capital, Inc. benefited from stable margins and strong credit performance throughout
2014, growing its overall level of equipment financing by $12.5 million from December 2013.
• Univest Insurance continued to benefit from the May 1, 2013 acquisition of The John T. Fretz
Insurance Agency, Inc., and also experienced significant growth from the July 1, 2014 acquisition
of Sterner Insurance Associates. Sterner Insurance Associates marks Univest’s eighth insurance
acquisition since 1999.
• Sterner Insurance Associates, which now operates under the Univest Insurance brand, brought
Univest a significant insurance presence in the Lehigh Valley in addition to already being accretive
to earnings within the first six months. The Lehigh Valley insurance team, led by Alan Sterner –
founder and former President and CEO of Sterner Insurance Associates – added more than $28
million of written premium to our book of business.
• Since we started our Mortgage Banking business in 2008, it has contributed significant revenue
as a result of the attractive rate environment which fueled strong refinancing activity in 2012 and
2013. In 2014, the higher interest rate environment decreased refinance volume and purchase
volume remained below historical norms. However, we saw a resurgence of activity and pipeline
growth in our Mortgage Banking area during the second half of the year as we recruited several high
producing loan consultants. The significant drop in interest rates at year end also contributed to the
growth in our loan pipeline, which ended the year at its highest level in more than a year.
$140,000
$120,000
$100,000
$80,000
$60,000
$40,000
$20,000
$-
‘12
‘13
Insurance Premiums Outstanding
(in Thousands)
‘14
Benefits
Personal
Commercial
$900,000
$800,000
$700,000
$600,000
$500,000
$400,000
$300,000
$200,000
$100,000
$-
1
0
8
,
4
0
6
$
1
9
8
,
1
5
7
$
5
3
8
,
6
9
7
$
‘14
‘13
‘12
Loans Serviced for Others
(in Thousands)
To our family OF SHAREHOLDERS, CUSTOMERS AND EMPLOYEES:
By every measure, 2014 was a successful year for Univest Corporation of Pennsylvania. Despite
a slow start to the year, as a result of the harsh winter, confidence in the economy grew and
brought with it opportunities for Univest to welcome new relationships and invest in the
business for long-term success. We reported net income of $22.2 million for the year, a 5%
increase from $21.2 million in 2013.
The year 2014 could be recorded as a year of change and rapid growth through acquisition for
the Corporation. We completed two strategic acquisitions tied to Univest Wealth Management
and Univest Insurance to further reduce our reliance on net interest income, the traditional
revenue source for banks. During the fourth quarter, we obtained all of the necessary approvals
to complete a third acquisition, which closed January 1, 2015, to acquire Valley Green Bank.
This acquisition is the most notable transaction as it will expand our service area to the growing
Philadelphia marketplace and fuel future organic growth for our non-banking operations.
During the year we also opened new offices, elevated our brand through multi-channel marketing
and communications initiatives, invested in talent to strengthen our sales efforts, implemented
changes to maximize efficiency, and continued to be a good corporate citizen by supporting our
local communities.
William S. Aichele, Jeffrey M. Schweitzer
We are pleased with all of our achievements, most of which were made possible by the determined efforts of our employees.
Our actions have put Univest in a better position to serve our growing market, strengthen our franchise and enhance shareholder
value. We are determined to continue to differentiate Univest in the competitive marketplace we serve by delivering superior
service, helping our customers remain safe and secure, serving attractive market niches, adding high-value products and convenience
solutions and growing our revenue streams so we can continue to pay consistent dividends to our valued shareholders.
Our success and commitment to the communities we serve goes well beyond our financial solutions. For 138 years, we have
fostered a work environment that encourages employees to become involved in their community. In 2014, we continued that
tradition and increased awareness of our “Committed to Local” giving program. As a company, we gave back more than $1.2
million dollars to local nonprofit organizations and our employees volunteered more than 15,500 hours.
Throughout our rich history, we have been blessed with strong leaders on our board, on our senior leadership team and across the
organization. This past July, K. Leon Moyer, President and CEO of Univest Bank and Trust Co., announced his retirement effective
January 1, 2015. Leon was one of our longest tenured employees, dedicating 44 years of service to Univest. His loyalty and strategic
contributions helped Univest evolve into a strong, stable organization. We want to recognize and thank Leon for his passion,
leadership and service to Univest and our community. We are pleased to offer our congratulations rather than say farewell as Leon
will continue to share his expertise on the Board of Directors for both Univest Corporation and Univest Bank and Trust Co.
Effective January 1, 2015, we also welcomed two new members to Univest Corporation’s Board of Directors. Jay R. Goldstein,
former President and Chief Executive Officer of Valley Green Bank, was appointed to the board in addition to remaining in his
role as President of the Valley Green Bank Division. Michael L. Turner, one of the founders of Valley Green Bank and a Valley
Green Bank board member prior to the acquisition, was also appointed. We are delighted to have Jay and Michael’s expertise and
leadership to help us continue to move Univest forward.
As you review the 2014 Annual Report, we trust you will be pleased with our accomplishments and plans for continued growth
and stability. Univest is operating from a position of strength and therefore we are confident our future is bright. We know the
strength of our integrated business coupled with the talents of our capable and motivated employees will drive our performance
and enable us to become a premiere financial solutions provider. On behalf of the entire Univest family, thank you for your
support and investment.
Sincerely,
William S. Aichele
Chairman
Jeffrey M. Schweitzer
President and Chief Executive Officer
2014 HIGHLIGHTS
Growing the Business | Building our Brand | Strengthening our Connections & Communities
Our strong performance in 2014 is not tied to one area of our business. As we move forward towards our
vision, balanced growth and contributions across our entire network is most important. Contributions
from all areas of the company – front line sales to back office support – enabled us to achieve our increased
earnings and strong performance compared to our peers. Together, we’ve achieved the following significant
milestones, positioning us well to build upon our momentum and achieve steady and stable growth as we
move forward.
• Improvements in the economy were felt locally as borrowing demand started to increase consistently
throughout the year. Our loan portfolio increased $85.1 million from December 2013.
• Deposits increased $16.8 million from December 2013 primarily in demand deposits. We continue
to focus on growing demand deposits by promoting awareness of our suite of convenience features
available both online and via our mobile app.
• We continued to improve our asset quality, with a $5.9 million reduction in non-accrual loans and a
$9 million reduction in non-performing assets, respectively from December 31, 2013.
• In addition to locations we added through acquisitions, there were two notable efforts to enhance
the franchise and better serve our communities. The first was the grand opening of our Lehigh
Valley Regional Office on January 14. This new 10,000-square-foot facility houses employees from
corporate banking, mortgage banking, wealth management and equipment financing. On August
12, we broke ground on a new financial center in Newtown, Bucks County. This facility is the first
new model we are introducing to the marketplace that focuses on a customer experience that delivers
highly personalized service and leading edge technology solutions. We opened the new financial
center to customers on February 2, 2015.
• Improving our efficiency ratio remained an area of focus throughout 2014. In several areas of
the company we implemented positive change, introduced new systems and refined processes to
maximize efficiency and reduce costs going forward. Most notably, we outsourced our core bank
operating system to Jack Henry, which not only made us more efficient but also significantly
enhanced our disaster recovery capabilities.
• Our marketing strategy continued to evolve as demand for digital and mobile content increased
among consumers online. By complementing traditional mass advertising channels with digital,
social and online advertising, we’ve further built our company brand, optimized our targeting
capabilities, improved campaign success and increased lead generation across our integrated
platform of solutions.
• Along with building our convenience solutions, Univest also got more social in 2014 to strengthen
connections with our customers, employees and communities. We introduced our blog – My
Univest, established two Twitter handles and significantly grew engagement with fans on Facebook,
YouTube and LinkedIn. Our growing social success earned us recognition by the Independent
Community Bankers Association as one of the top 50 community bank leaders in social media.
• Univest continued our support of the neighborhoods we serve by participating in 99 community
events. Through our financial literacy program, we educated more than 3,500 students. Buck
and Penny, our eaglet mascots, continued to generate excitement at events and in schools as we
educated local youth about the importance of saving and managing money.
• Throughout the year, financial institutions were faced with a rapid rise in fraud. Univest responded
by making investments to enhance our risk management capabilities in tandem with aligning
our operations team to address potential risks and compromises to our system. These changes
have brought Univest a significant level of protection and enhanced readiness to cope with
a regional disaster.
Thank You FOR 44 REWARDING YEARS
The New Year brought a major change for me and my family as I started my retirement after 44 years
of service to Univest Corporation. Time has a way of moving very rapidly and often it seems these
years have gone by with surprising speed. Since I first became a Univest employee, many things have
changed in our industry. We navigated through an ever-changing regulatory environment that in some
instances helped us grow to become “more than a bank,” while others brought increased costs and new
requirements. We weathered varying economic cycles by remaining disciplined and working hard to
evolve the business and position Univest as a leading financial services organization. Our expansion into
new markets and lines of business has grown significantly. Today, we are in a position to better serve our
customers and communities with comprehensive financial solutions.
To the extent I have been successful, I owe a collective thanks to many individuals who have given me
a bountiful number of opportunities. It has been a tremendously gratifying experience and a privilege. I
did not just have colleagues and customers, but rather friendships that grew over the years. I believe our
greatest asset as an organization is our employees.
I have learned from many of them while also having the pleasure of mentoring several. Univest has a unique
corporate culture highlighted by unwavering ethical business standards and strong ties to community, faith and
family. It has been a home away from home for me which is why it was easy to dedicate my career to one
incredible company.
While this chapter of my life is ending, I have enjoyed every opportunity afforded to me and will never forget
the experiences that shaped me personally and professionally. Thank you for helping to make my 44-year career
rewarding and memorable. As I begin this next phase, I am excited to remain connected through my role on the
Board of Directors and continued service to our community.
Sincerely,
K. Leon Moyer
2014 HIGHLIGHTS
Growing the Business | Building our Brand | Strengthening our Connections & Communities
Our strong performance in 2014 is not tied to one area of our business. As we move forward towards our
vision, balanced growth and contributions across our entire network is most important. Contributions
from all areas of the company – front line sales to back office support – enabled us to achieve our increased
earnings and strong performance compared to our peers. Together, we’ve achieved the following significant
milestones, positioning us well to build upon our momentum and achieve steady and stable growth as we
move forward.
• Improvements in the economy were felt locally as borrowing demand started to increase consistently
throughout the year. Our loan portfolio increased $85.1 million from December 2013.
• Deposits increased $16.8 million from December 2013 primarily in demand deposits. We continue
to focus on growing demand deposits by promoting awareness of our suite of convenience features
available both online and via our mobile app.
• We continued to improve our asset quality, with a $5.9 million reduction in non-accrual loans and a
$9 million reduction in non-performing assets, respectively from December 31, 2013.
• In addition to locations we added through acquisitions, there were two notable efforts to enhance
the franchise and better serve our communities. The first was the grand opening of our Lehigh
Valley Regional Office on January 14. This new 10,000-square-foot facility houses employees from
corporate banking, mortgage banking, wealth management and equipment financing. On August
12, we broke ground on a new financial center in Newtown, Bucks County. This facility is the first
new model we are introducing to the marketplace that focuses on a customer experience that delivers
highly personalized service and leading edge technology solutions. We opened the new financial
center to customers on February 2, 2015.
• Improving our efficiency ratio remained an area of focus throughout 2014. In several areas of
the company we implemented positive change, introduced new systems and refined processes to
maximize efficiency and reduce costs going forward. Most notably, we outsourced our core bank
operating system to Jack Henry, which not only made us more efficient but also significantly
enhanced our disaster recovery capabilities.
• Our marketing strategy continued to evolve as demand for digital and mobile content increased
among consumers online. By complementing traditional mass advertising channels with digital,
social and online advertising, we’ve further built our company brand, optimized our targeting
capabilities, improved campaign success and increased lead generation across our integrated
platform of solutions.
• Along with building our convenience solutions, Univest also got more social in 2014 to strengthen
connections with our customers, employees and communities. We introduced our blog – My
Univest, established two Twitter handles and significantly grew engagement with fans on Facebook,
YouTube and LinkedIn. Our growing social success earned us recognition by the Independent
Community Bankers Association as one of the top 50 community bank leaders in social media.
• Univest continued our support of the neighborhoods we serve by participating in 99 community
events. Through our financial literacy program, we educated more than 3,500 students. Buck
and Penny, our eaglet mascots, continued to generate excitement at events and in schools as we
educated local youth about the importance of saving and managing money.
• Throughout the year, financial institutions were faced with a rapid rise in fraud. Univest responded
by making investments to enhance our risk management capabilities in tandem with aligning
our operations team to address potential risks and compromises to our system. These changes
have brought Univest a significant level of protection and enhanced readiness to cope with
a regional disaster.
Thank You FOR 44 REWARDING YEARS
The New Year brought a major change for me and my family as I started my retirement after 44 years
of service to Univest Corporation. Time has a way of moving very rapidly and often it seems these
years have gone by with surprising speed. Since I first became a Univest employee, many things have
changed in our industry. We navigated through an ever-changing regulatory environment that in some
instances helped us grow to become “more than a bank,” while others brought increased costs and new
requirements. We weathered varying economic cycles by remaining disciplined and working hard to
evolve the business and position Univest as a leading financial services organization. Our expansion into
new markets and lines of business has grown significantly. Today, we are in a position to better serve our
customers and communities with comprehensive financial solutions.
To the extent I have been successful, I owe a collective thanks to many individuals who have given me
a bountiful number of opportunities. It has been a tremendously gratifying experience and a privilege. I
did not just have colleagues and customers, but rather friendships that grew over the years. I believe our
greatest asset as an organization is our employees.
I have learned from many of them while also having the pleasure of mentoring several. Univest has a unique
corporate culture highlighted by unwavering ethical business standards and strong ties to community, faith and
family. It has been a home away from home for me which is why it was easy to dedicate my career to one
incredible company.
While this chapter of my life is ending, I have enjoyed every opportunity afforded to me and will never forget
the experiences that shaped me personally and professionally. Thank you for helping to make my 44-year career
rewarding and memorable. As I begin this next phase, I am excited to remain connected through my role on the
Board of Directors and continued service to our community.
Sincerely,
K. Leon Moyer
INTEGRATION HIGHLIGHTS Steady Progress Towards Our Vision
Over the last 15 years, one of our strategies has been to expand in areas that complement our traditional
banking roots and business model to become a comprehensive financial solutions provider. Our vision is
clear - we are committed to becoming “the best integrated financial solutions provider in the market.” As
a result, we have remained focused on adding other financial operations to diversify our earnings stream by
providing additional sources of non-interest income.
The two acquisitions we completed in 2014 – Girard Partners, Ltd. and Sterner Insurance Associates –
were directly tied to our integrated vision. We realize that to achieve our vision our role must be to help
customers secure a broad range of financial solutions and information that will accommodate their long-
term financial needs. Being in a highly-commoditized business, we also realize that to compete successfully
we must continue to strive for excellence by providing personalized and innovative customer experiences
balanced with solutions delivered through the latest technology.
The increased performance of our fee-generating lines of business was the result of both organic growth
and growth through acquisition. Here are several highlights of our integrated successes in 2014.
• Our diversified businesses contributed $45.7 million in revenue and $13.7 million in pre-tax
income, representing 38.0% and 46.2% of our total revenue and pre-tax income, respectively.
• Univest Capital, Inc. benefited from stable margins and strong credit performance throughout
2014, growing its overall level of equipment financing by $12.5 million from December 2013.
• Univest Insurance continued to benefit from the May 1, 2013 acquisition of The John T. Fretz
Insurance Agency, Inc., and also experienced significant growth from the July 1, 2014 acquisition
of Sterner Insurance Associates. Sterner Insurance Associates marks Univest’s eighth insurance
acquisition since 1999.
• Sterner Insurance Associates, which now operates under the Univest Insurance brand, brought
Univest a significant insurance presence in the Lehigh Valley in addition to already being accretive
to earnings within the first six months. The Lehigh Valley insurance team, led by Alan Sterner –
founder and former President and CEO of Sterner Insurance Associates – added more than $28
million of written premium to our book of business.
• Since we started our Mortgage Banking business in 2008, it has contributed significant revenue
as a result of the attractive rate environment which fueled strong refinancing activity in 2012 and
2013. In 2014, the higher interest rate environment decreased refinance volume and purchase
volume remained below historical norms. However, we saw a resurgence of activity and pipeline
growth in our Mortgage Banking area during the second half of the year as we recruited several high
producing loan consultants. The significant drop in interest rates at year end also contributed to the
growth in our loan pipeline, which ended the year at its highest level in more than a year.
$140,000
$120,000
$100,000
$80,000
$60,000
$40,000
$20,000
$-
‘12
‘13
Insurance Premiums Outstanding
(in Thousands)
‘14
Benefits
Personal
Commercial
$900,000
$800,000
$700,000
$600,000
$500,000
$400,000
$300,000
$200,000
$100,000
$-
1
0
8
,
4
0
6
$
1
9
8
,
1
5
7
$
5
3
8
,
6
9
7
$
‘14
‘13
‘12
Loans Serviced for Others
(in Thousands)
To our family OF SHAREHOLDERS, CUSTOMERS AND EMPLOYEES:
By every measure, 2014 was a successful year for Univest Corporation of Pennsylvania. Despite
a slow start to the year, as a result of the harsh winter, confidence in the economy grew and
brought with it opportunities for Univest to welcome new relationships and invest in the
business for long-term success. We reported net income of $22.2 million for the year, a 5%
increase from $21.2 million in 2013.
The year 2014 could be recorded as a year of change and rapid growth through acquisition for
the Corporation. We completed two strategic acquisitions tied to Univest Wealth Management
and Univest Insurance to further reduce our reliance on net interest income, the traditional
revenue source for banks. During the fourth quarter, we obtained all of the necessary approvals
to complete a third acquisition, which closed January 1, 2015, to acquire Valley Green Bank.
This acquisition is the most notable transaction as it will expand our service area to the growing
Philadelphia marketplace and fuel future organic growth for our non-banking operations.
During the year we also opened new offices, elevated our brand through multi-channel marketing
and communications initiatives, invested in talent to strengthen our sales efforts, implemented
changes to maximize efficiency, and continued to be a good corporate citizen by supporting our
local communities.
William S. Aichele, Jeffrey M. Schweitzer
We are pleased with all of our achievements, most of which were made possible by the determined efforts of our employees.
Our actions have put Univest in a better position to serve our growing market, strengthen our franchise and enhance shareholder
value. We are determined to continue to differentiate Univest in the competitive marketplace we serve by delivering superior
service, helping our customers remain safe and secure, serving attractive market niches, adding high-value products and convenience
solutions and growing our revenue streams so we can continue to pay consistent dividends to our
valued shareholders.
Our success and commitment to the communities we serve goes well beyond our financial solutions. For 138 years, we have
fostered a work environment that encourages employees to become involved in their community. In 2014, we continued that
tradition and increased awareness of our “Committed to Local” giving program. As a company, we gave back more than $1.2
million dollars to local nonprofit organizations and our employees volunteered more than 15,500 hours.
Throughout our rich history, we have been blessed with strong leaders on our board, on our senior leadership team and across the
organization. This past July, K. Leon Moyer, President and CEO of Univest Bank and Trust Co., announced his retirement effective
January 1, 2015. Leon was one of our longest tenured employees, dedicating 44 years of service to Univest. His loyalty and strategic
contributions helped Univest evolve into a strong, stable organization. We want to recognize and thank Leon for his passion,
leadership and service to Univest and our community. We are pleased to offer our congratulations rather than say farewell as Leon
will continue to share his expertise on the Board of Directors for both Univest Corporation and Univest Bank and Trust Co.
Effective January 1, 2015, we also welcomed two new members to Univest Corporation’s Board of Directors. Jay R. Goldstein,
former President and Chief Executive Officer of Valley Green Bank, was appointed to the board in addition to remaining in his
role as President of the Valley Green Bank Division. Michael L. Turner, one of the founders of Valley Green Bank and a Valley
Green Bank board member prior to the acquisition, was also appointed. We are delighted to have Jay and Michael’s expertise and
leadership to help us continue to move Univest forward.
As you review the 2014 Annual Report, we trust you will be pleased with our accomplishments and plans for continued growth
and stability. Univest is operating from a position of strength and therefore we are confident our future is bright. We know the
strength of our integrated business coupled with the talents of our capable and motivated employees will drive our performance
and enable us to become a premiere financial solutions provider. On behalf of the entire Univest family, thank you for your
support and investment.
Sincerely,
William S. Aichele
Chairman
Jeffrey M. Schweitzer
President and Chief Executive Officer
2014 FINANCIAL PERFORMANCE
At December 31, (Dollars in thousands)
2014
2013
2012
Cash and interest-earning deposits .............................................................
Investment securities .......................................................................................
Net loans and leases ........................................................................................
Other assets ........................................................................................................
Total assets .........................................................................................................
$ 38,565
368,630
1,605,963
222,163
$ 2,235,321
$ 69,169
402,284
1,516,990
203,116
$ 2,191,559
$ 146,112
499,579
1,457,116
202,034
$ 2,304,841
Deposits ...............................................................................................................
Borrowings .........................................................................................................
Other liabilities ...................................................................................................
Total liabilities .....................................................................................................
Shareholders’ equity ........................................................................................
Total liabilities and shareholders’ equity .....................................................
$ 1,861,341
41,974
47,452
1,950,767
284,554
$ 2,235,321
$ 1,844,498
37,256
29,299
1,911,053
280,506
$ 2,191,559
$ 1,865,333
117,276
37,955
2,020,564
284,277
$ 2,304,841
For the years ended December 31,
(Dollars in thousands, except share and per share data)
2014
2013
2012
Interest income ...................................................................................................
Interest expense .................................................................................................
Net-interest income ...........................................................................................
Provision for loan and lease losses ...............................................................
Net-interest income after provision for loan and lease losses ..............
Non-interest income ..........................................................................................
Non-interest expense ........................................................................................
Net income before income taxes ...................................................................
Income taxes .......................................................................................................
Net income ..........................................................................................................
$ 75,885
3,996
71,889
3,607
68,282
48,651
87,254
29,679
7,448
$ 22,231
$ 77, 579
5,117
72,462
11,228
61,234
46,784
81,133
26,885
5,696
$ 21,189
$ 80,654
8,174
72,480
10,035
62,445
40,260
76,282
26,423
5,551
$ 20,872
Book value per share ........................................................................................
Net income per share:
Basic ......................................................................................................
Diluted ...................................................................................................
Dividends declared per share .........................................................................
$ 17.54
$ 17.22
$ 16.95
1.37
1.36
0.80
1.28
1.27
0.80
1.25
1.24
0.80
Weighted average shares outstanding ........................................................
Period end shares outstanding .......................................................................
16,234,959
16,221,607
16,605,232
16,287,812
16,761,184
16,770,232
Commercial Loans
Consumer Loans
Residential Real Estate
Lease Financings
Non-interest income
Net-interest income
$100,000
$80,000
$60,000
$40,000
$20,000
$-
$140,000
$120,000
$100,000
$80,000
$60,000
$40,000
$20,000
$-
$22,500
$22,000
$21,500
$21,000
$20,500
$20,000
$1.38
$1.36
$1.34
$1.32
$1.30
$1.28
$1.26
$1.24
$1.22
$1.20
$1.18
‘12
‘14
‘13
Loan and Lease Growth
(in Thousands)
‘12
‘13
Total Revenue
(in Thousands)
‘14
2
7
8
,
0
2
$
‘12
9
8
1
,
1
2
$
‘13
Net Income
‘11
(in Thousands)
‘12
1
3
2
,
2
2
$
‘14
4
2
.
1
$
7
2
.
1
$
6
3
.
1
$
‘14
‘13
‘12
Diluted Earnings Per Share
‘12
‘11
• Univest Investments and our Wealth Management businesses achieved strong organic growth,
benefiting from the lower interest rate environment and consumers seeking more attractive
investment alternatives.
• Wealth Management also benefited from the Girard Partners, Ltd. acquisition which added more
than $500 million in assets under management, growing Univest’s total assets under management
to more than $3.0 billion and further strengthening our advisory capabilities. Girard Partners, which
began operating as A Univest Wealth Management Company, continued to grow and was accretive
to earnings in its first year. Kevin B. Norris, President of Girard Partners, Ltd. was also appointed
President of Univest Wealth Management in July 2014.
• Our definitive agreement to purchase Valley Green Bank, which was approved in December
and became effective January 1, 2015, added more than $425 million in assets to our balance
sheet. Acquiring Valley Green Bank provides us with a presence in the fast-growing Philadelphia
marketplace and gives us access to an expanded customer base to sell our complete array of financial
services. While the acquisition will increase our revenue from core banking, we are confident in our
ability to grow our non-banking revenue at an accelerated pace as well. This balanced growth will
help us achieve our goal of 60% of our revenue coming from the core banking operations and 40%
coming from our other financial operations.
• All three of the acquisitions we completed from January 1, 2014 through January 1, 2015 brought
immediate growth. Yet, what is most promising, is that each of these entities has significant potential
to achieve solid organic growth both in top line revenue and net income for years to come.
• We have chosen to retain the strong brand identity for two of our most recent acquisitions as we see
value in the brand equity each acquired entity has established in the markets it serves. Our integrated
brand for both entities seen below has been well received.
$140,000
$120,000
$100,000
$80,000
$60,000
$40,000
$20,000
$-
7
5
8
,
3
8
$
,
4
9
9
5
0
1
$
,
0
6
4
8
1
1
$
$3,500,000
$3,000,000
$2,500,000
$2,000,000
$1,500,000
$1,000,000
$500,000
$-
1
4
9
,
1
2
4
,
2
$
,
9
8
7
2
4
6
2
$
,
,
6
4
1
7
5
0
3
$
,
‘12
‘13
Equipment Finance Outstandings
(in Thousands)
‘14
‘14
‘13
‘12
Assets under Management
and Supervision
(in Thousands)
Univest Corporation of Pennsylvania
Listing as of January 1, 2015
Senior Leadership Team
Jeffrey M. Schweitzer
President and Chief Executive Officer
Michael S. Keim
Senior Executive Vice President and Chief
Financial Officer
Duane J. Brobst
Senior Executive Vice President and Chief
Risk Officer
Hugh W. Connelly
President, Univest Capital, Inc.
Ronald R. Flaherty
President, Univest Insurance, Inc.
Jay R. Goldstein
President, Valley Green Bank Division
Edward D. Hughes
President, Mortgage Banking
Philip C. Jackson
President, Corporate Banking
Kevin B. Norris
President, Univest Wealth Management
Louis P. Spinelli
President, Consumer Banking
Eric W. Conner
Executive Vice President and Chief Technology Officer
M. Theresa Schwartzer
Executive Vice President and Director of Human
Resources
Annette D. Szygiel
Executive Vice President and Chief Experience Officer
Board of Directors
Listing as of January 1, 2015
William S. Aichele *†
Chairman of Univest Corporation of Pennsylvania
and of Univest Bank and Trust Co.; Retired President
and CEO of Univest Corporation of Pennsylvania
Douglas C. Clemens*
President, Clemens Food Group
R. Lee Delp*†
Principal, R.L. Delp & Company
Jay R. Goldstein*
President, Valley Green Bank Division
H. Paul Lewis*†
Vice President and Sales Agent, Bucks County
Commercial Realty, Inc.; Retired Executive
Vice President, Univest Bank and Trust Co.
William G. Morral, CPA*
Accountant and Financial Consultant; Former Senior
Vice President and Chief Financial Officer, Moyer
Packing Company
K. Leon Moyer*†
Retired President and CEO, Univest Bank and Trust Co.
Thomas Scannapieco*
President and CEO, Scannapiecco Development
Corporation
Mark A. Schlosser*
Secretary/Treasurer, Schlosser Steel, Inc.
Jeffrey M. Schweitzer*†
President and CEO, Univest Corporation of
Pennsylvania, Univest Bank and Trust Co.
P. Gregory Shelly*†
President, Shellys US LBM LLC
Michael L. Turner*
Partner/Attorney, Marshall, Dennehey, Warner,
Coleman & Goggin
Margaret K. Zook*
Board Chair, The Penn Foundation; Director of Church
and Community Relations, Living Branches
* Director of Univest Corporation of Pennsylvania
† Director of Univest Bank and Trust Co.
Other Wholly-Owned Subsidiaries
Univest Bank and Trust Co.
Univest Capital, Inc.
Univest Insurance, Inc.
Univest Investments, Inc.
Allied Benefits Group, LLC
Delview, Inc.
Girard Partners, Ltd.
TCG Investment Advisory, Inc.
Please visit univest.net for a complete list of locations for Univest Corporation and our subsidiaries.
2014 FINANCIAL PERFORMANCE
At December 31, (Dollars in thousands)
2014
2013
2012
Cash and interest-earning deposits .............................................................
Investment securities .......................................................................................
Net loans and leases ........................................................................................
Other assets ........................................................................................................
Total assets .........................................................................................................
$ 38,565
368,630
1,605,963
222,163
$ 2,235,321
$ 69,169
402,284
1,516,990
203,116
$ 2,191,559
$ 146,112
499,579
1,457,116
202,034
$ 2,304,841
Deposits ...............................................................................................................
Borrowings .........................................................................................................
Other liabilities ...................................................................................................
Total liabilities .....................................................................................................
Shareholders’ equity ........................................................................................
Total liabilities and shareholders’ equity .....................................................
$ 1,861,341
41,974
47,452
1,950,767
284,554
$ 2,235,321
$ 1,844,498
37,256
29,299
1,911,053
280,506
$ 2,191,559
$ 1,865,333
117,276
37,955
2,020,564
284,277
$ 2,304,841
For the years ended December 31,
(Dollars in thousands, except share and per share data)
2014
2013
2012
Interest income ...................................................................................................
Interest expense .................................................................................................
Net-interest income ...........................................................................................
Provision for loan and lease losses ...............................................................
Net-interest income after provision for loan and lease losses ..............
Non-interest income ..........................................................................................
Non-interest expense ........................................................................................
Net income before income taxes ...................................................................
Income taxes .......................................................................................................
Net income ..........................................................................................................
$ 75,885
3,996
71,889
3,607
68,282
48,651
87,254
29,679
7,448
$ 22,231
$ 77, 579
5,117
72,462
11,228
61,234
46,784
81,133
26,885
5,696
$ 21,189
$ 80,654
8,174
72,480
10,035
62,445
40,260
76,282
26,423
5,551
$ 20,872
Book value per share ........................................................................................
Net income per share:
Basic ......................................................................................................
Diluted ...................................................................................................
Dividends declared per share .........................................................................
$ 17.54
$ 17.22
$ 16.95
1.37
1.36
0.80
1.28
1.27
0.80
1.25
1.24
0.80
Weighted average shares outstanding ........................................................
Period end shares outstanding .......................................................................
16,234,959
16,221,607
16,605,232
16,287,812
16,761,184
16,770,232
Commercial Loans
Consumer Loans
Residential Real Estate
Lease Financings
Non-interest income
Net-interest income
$100,000
$80,000
$60,000
$40,000
$20,000
$-
$140,000
$120,000
$100,000
$80,000
$60,000
$40,000
$20,000
$-
$22,500
$22,000
$21,500
$21,000
$20,500
$20,000
$1.38
$1.36
$1.34
$1.32
$1.30
$1.28
$1.26
$1.24
$1.22
$1.20
$1.18
‘12
‘14
‘13
Loan and Lease Growth
(in Thousands)
‘12
‘13
Total Revenue
(in Thousands)
‘14
2
7
8
,
0
2
$
‘12
9
8
1
,
1
2
$
‘13
Net Income
‘11
(in Thousands)
‘12
1
3
2
,
2
2
$
‘14
4
2
.
1
$
7
2
.
1
$
6
3
.
1
$
‘14
‘13
‘12
Diluted Earnings Per Share
‘12
‘11
• Univest Investments and our Wealth Management businesses achieved strong organic growth,
benefiting from the lower interest rate environment and consumers seeking more attractive
investment alternatives.
• Wealth Management also benefited from the Girard Partners, Ltd. acquisition which added more
than $500 million in assets under management, growing Univest’s total assets under management
to more than $3.0 billion and further strengthening our advisory capabilities. Girard Partners, which
began operating as A Univest Wealth Management Company, continued to grow and was accretive
to earnings in its first year. Kevin B. Norris, President of Girard Partners, Ltd. was also appointed
President of Univest Wealth Management in July 2014.
• Our definitive agreement to purchase Valley Green Bank, which was approved in December
and became effective January 1, 2015, added more than $425 million in assets to our balance
sheet. Acquiring Valley Green Bank provides us with a presence in the fast-growing Philadelphia
marketplace and gives us access to an expanded customer base to sell our complete array of financial
services. While the acquisition will increase our revenue from core banking, we are confident in our
ability to grow our non-banking revenue at an accelerated pace as well. This balanced growth will
help us achieve our goal of 60% of our revenue coming from the core banking operations and 40%
coming from our other financial operations.
• All three of the acquisitions we completed from January 1, 2014 through January 1, 2015 brought
immediate growth. Yet, what is most promising, is that each of these entities has significant potential
to achieve solid organic growth both in top line revenue and net income for years to come.
• We have chosen to retain the strong brand identity for two of our most recent acquisitions as we see
value in the brand equity each acquired entity has established in the markets it serves. Our integrated
brand for both entities seen below has been well received.
$140,000
$120,000
$100,000
$80,000
$60,000
$40,000
$20,000
$-
7
5
8
,
3
8
$
,
4
9
9
5
0
1
$
,
0
6
4
8
1
1
$
$3,500,000
$3,000,000
$2,500,000
$2,000,000
$1,500,000
$1,000,000
$500,000
$-
1
4
9
,
1
2
4
,
2
$
,
9
8
7
2
4
6
2
$
,
,
6
4
1
7
5
0
3
$
,
‘12
‘13
Equipment Finance Outstandings
(in Thousands)
‘14
‘14
‘13
‘12
Assets under Management
and Supervision
(in Thousands)
Univest Corporation of Pennsylvania
Listing as of January 1, 2015
Senior Leadership Team
Jeffrey M. Schweitzer
President and Chief Executive Officer
Michael S. Keim
Senior Executive Vice President and Chief
Financial Officer
Duane J. Brobst
Senior Executive Vice President and Chief
Risk Officer
Hugh W. Connelly
President, Univest Capital, Inc.
Ronald R. Flaherty
President, Univest Insurance, Inc.
Jay R. Goldstein
President, Valley Green Bank Division
Edward D. Hughes
President, Mortgage Banking
Philip C. Jackson
President, Corporate Banking
Kevin B. Norris
President, Univest Wealth Management
Louis P. Spinelli
President, Consumer Banking
Eric W. Conner
Executive Vice President and Chief Technology Officer
M. Theresa Schwartzer
Executive Vice President and Director of Human
Resources
Annette D. Szygiel
Executive Vice President and Chief Experience Officer
Board of Directors
Listing as of January 1, 2015
William S. Aichele *†
Chairman of Univest Corporation of Pennsylvania
and of Univest Bank and Trust Co.; Retired President
and CEO of Univest Corporation of Pennsylvania
Douglas C. Clemens*
President, Clemens Food Group
R. Lee Delp*†
Principal, R.L. Delp & Company
Jay R. Goldstein*
President, Valley Green Bank Division
H. Paul Lewis*†
Vice President and Sales Agent, Bucks County
Commercial Realty, Inc.; Retired Executive
Vice President, Univest Bank and Trust Co.
William G. Morral, CPA*
Accountant and Financial Consultant; Former Senior
Vice President and Chief Financial Officer, Moyer
Packing Company
K. Leon Moyer*†
Retired President and CEO, Univest Bank and Trust Co.
Thomas Scannapieco*
President and CEO, Scannapiecco Development
Corporation
Mark A. Schlosser*
Secretary/Treasurer, Schlosser Steel, Inc.
Jeffrey M. Schweitzer*†
President and CEO, Univest Corporation of
Pennsylvania, Univest Bank and Trust Co.
P. Gregory Shelly*†
President, Shellys US LBM LLC
Michael L. Turner*
Partner/Attorney, Marshall, Dennehey, Warner,
Coleman & Goggin
Margaret K. Zook*
Board Chair, The Penn Foundation; Director of Church
and Community Relations, Living Branches
* Director of Univest Corporation of Pennsylvania
† Director of Univest Bank and Trust Co.
Other Wholly-Owned Subsidiaries
Univest Bank and Trust Co.
Univest Capital, Inc.
Univest Insurance, Inc.
Univest Investments, Inc.
Allied Benefits Group, LLC
Delview, Inc.
Girard Partners, Ltd.
TCG Investment Advisory, Inc.
Please visit univest.net for a complete list of locations for Univest Corporation and our subsidiaries.
LOOKING AHEAD
SHAREHOLDER INFORMATION
EXPANDING OUR PRESENCE Through New Locations
Many years ago we identified the long-term future of Univest would be first built on
our people, then our electronic and marketing capabilities. These three elements, and
the way in which each was developed, are the essence of our company today. They
also form the foundation for us to succeed tomorrow. Our electronic capabilities have
evolved as technology advances have transformed the way we do business and how our
customers interact with us. We are on the leading edge of technology for community
financial organizations, constantly enabling the creative delivery of the latest in
electronic financial information, experiences and solutions across all of our lines of
business and subsidiaries. Today, marketing is more than a function; it is a way of life
and an essential part of our business success. Product and service delivery has been
redefined. We are strengthening customer interactions through multi-channel delivery
efforts and the integration of a sales philosophy in all business units has strengthened
our culture immeasurably.
From one end of Univest to the other, our people are and will continue to provide
the management and leadership for tomorrow, connecting vision with capability
and service. Whether our customers need a banking product, insurance, wealth
management or home loan solution, they can look to Univest and be confident that
they will receive highly personalized service delivered by knowledgeable employees.
To grow the business and deepen relationships, our focus in 2015 remains tied to
three strategic priorities:
• grow top line revenue
• maximize efficiency and manage cost
• expand and optimize the capabilities of Univest to better serve our customers
and communities
We experienced many positive changes this past year and anticipate change to be rapid
and constant as we move forward and navigate an industry in transition. Merger and
acquisition opportunities are rising and we are in a strong, well-capitalized position to
continue growing through strategic acquisitions. As we pursue these opportunities, we
will remain disciplined in our acquisition approach to ensure we only move forward if
the organization operates and serves our market or a contiguous market, is accretive to
earnings – typically in the first full year of operation, is a cultural fit and enhances our
capabilities by growing our solutions, expanding our service area or strengthening our
professional expertise.
Our focused and prudent approach to business has been at the core of Univest’s
success for 138 years. It is the reason we have been able to assist our customers
in achieving their financial dreams while serving the needs of our four publics –
employees, customers, shareholders and communities. Using our mission and core
values as our guiding principles, we are poised to move forward and provide for you,
our valued shareholders, an investment you can rely on and a company of which you
can be proud.
All of our employees wish to thank you for your continued support – and we look
forward to working together to serve you and the needs of our communities in 2015
and beyond.
Shareholders’ Meeting
The Annual Shareholders’ Meeting will take place at 10:45 a.m., Tuesday, April 21, 2015, in the Board
Room at Univest Plaza, 14 North Main Street, Souderton, Pennsylvania.
Univest Stock Transfer Agent
For more information on Univest Corporation of Pennsylvania common stock, please contact Broadridge
Corporate Issuer Solutions or visit the investor relations section at www.univest.net.
Regular Mail Communications:
Overnight Mail Communications:
Broadridge Corporate Issuer Solutions, Inc.
Broadridge Corporate Issuer Solutions, Inc.
PO Box 1342
Brentwood, NY 11717
Phone Number: 866-321-8021
Email Address: shareholder@broadridge.com
Website: https://investor.broadridge.com
ATTN: IWS
1155 Long Island Avenue
Edgewood, NY 11717
Univest Shareholder Information Hotline
For more information on Univest Corporation of Pennsylvania, please call 877.723.5571 or 215.721.2434.
Common Stock Information
Traded on the NASDAQ National Market, Symbol: UVSP.
Market Makers For Univest Corporation of Pennsylvania Common Stock
Boenning & Scattergood, Inc.
Goldman Sachs & Co.
Griffin Financial Group LLC
Janney Montgomery Scott LLC
Keefe Bruyette & Woods, Inc.
Morgan Stanley & Co., Inc.
UBS Securities LLC
“He gives strength to the weary and increases the power of the weak… but those
who hope in the Lord will renew their strength. They will soar on wings like eagles;
they will run and not grow weary, they will walk and not be faint.”
- Isaiah 40:29, 31
Newtown Office Grand Opening
Set for March 2015
Lehigh Valley Office Grand Opening: January 14, 2014
Groundbreaking for New Financial Center
in Newtown: August 12, 2014
Newtown Office Grand Opening
Set for March 2015
GROWING THE BUSINESS Through Acquisitions
MAY 31, 2012
Completed Acquisition of
Javers Group
JANUARY 1, 2014
Completed Acquisition of
Girard Partners, Ltd.
JANUARY 1, 2015
Completed Acquisition
of Valley Green Bank
MAY 1, 2013
Completed Acquisition of The
John T. Fretz Insurance Agency
JULY 1, 2014
Completed Acquisition of
Sterner Insurance Associates
LOOKING AHEAD
SHAREHOLDER INFORMATION
EXPANDING OUR PRESENCE Through New Locations
Many years ago we identified the long-term future of Univest would be first built on
our people, then our electronic and marketing capabilities. These three elements, and
the way in which each was developed, are the essence of our company today. They
also form the foundation for us to succeed tomorrow. Our electronic capabilities have
evolved as technology advances have transformed the way we do business and how our
customers interact with us. We are on the leading edge of technology for community
financial organizations, constantly enabling the creative delivery of the latest in
electronic financial information, experiences and solutions across all of our lines of
business and subsidiaries. Today, marketing is more than a function; it is a way of life
and an essential part of our business success. Product and service delivery has been
redefined. We are strengthening customer interactions through multi-channel delivery
efforts and the integration of a sales philosophy in all business units has strengthened
our culture immeasurably.
From one end of Univest to the other, our people are and will continue to provide
the management and leadership for tomorrow, connecting vision with capability
and service. Whether our customers need a banking product, insurance, wealth
management or home loan solution, they can look to Univest and be confident that
they will receive highly personalized service delivered by knowledgeable employees.
To grow the business and deepen relationships, our focus in 2015 remains tied to
three strategic priorities:
• grow top line revenue
• maximize efficiency and manage cost
• expand and optimize the capabilities of Univest to better serve our customers
and communities
We experienced many positive changes this past year and anticipate change to be rapid
and constant as we move forward and navigate an industry in transition. Merger and
acquisition opportunities are rising and we are in a strong, well-capitalized position to
continue growing through strategic acquisitions. As we pursue these opportunities, we
will remain disciplined in our acquisition approach to ensure we only move forward if
the organization operates and serves our market or a contiguous market, is accretive to
earnings – typically in the first full year of operation, is a cultural fit and enhances our
capabilities by growing our solutions, expanding our service area or strengthening our
professional expertise.
Our focused and prudent approach to business has been at the core of Univest’s
success for 138 years. It is the reason we have been able to assist our customers
in achieving their financial dreams while serving the needs of our four publics –
employees, customers, shareholders and communities. Using our mission and core
values as our guiding principles, we are poised to move forward and provide for you,
our valued shareholders, an investment you can rely on and a company of which you
can be proud.
All of our employees wish to thank you for your continued support – and we look
forward to working together to serve you and the needs of our communities in 2015
and beyond.
Shareholders’ Meeting
The Annual Shareholders’ Meeting will take place at 10:45 a.m., Tuesday, April 21, 2015, in the Board
Room at Univest Plaza, 14 North Main Street, Souderton, Pennsylvania.
Univest Stock Transfer Agent
For more information on Univest Corporation of Pennsylvania common stock, please contact Broadridge
Corporate Issuer Solutions or visit the investor relations section at www.univest.net.
Regular Mail Communications:
Overnight Mail Communications:
Broadridge Corporate Issuer Solutions, Inc.
Broadridge Corporate Issuer Solutions, Inc.
PO Box 1342
Brentwood, NY 11717
Phone Number: 866-321-8021
Email Address: shareholder@broadridge.com
Website: https://investor.broadridge.com
ATTN: IWS
1155 Long Island Avenue
Edgewood, NY 11717
Univest Shareholder Information Hotline
For more information on Univest Corporation of Pennsylvania, please call 877.723.5571 or 215.721.2434.
Common Stock Information
Traded on the NASDAQ National Market, Symbol: UVSP.
Market Makers For Univest Corporation of Pennsylvania Common Stock
Boenning & Scattergood, Inc.
Goldman Sachs & Co.
Griffin Financial Group LLC
Janney Montgomery Scott LLC
Keefe Bruyette & Woods, Inc.
Morgan Stanley & Co., Inc.
UBS Securities LLC
“He gives strength to the weary and increases the power of the weak… but those
who hope in the Lord will renew their strength. They will soar on wings like eagles;
they will run and not grow weary, they will walk and not be faint.”
- Isaiah 40:29, 31
Newtown Office Grand Opening
Set for March 2015
Lehigh Valley Office Grand Opening: January 14, 2014
Groundbreaking for New Financial Center
in Newtown: August 12, 2014
Newtown Office Grand Opening
Set for March 2015
GROWING THE BUSINESS Through Acquisitions
MAY 31, 2012
Completed Acquisition of
Javers Group
JANUARY 1, 2014
Completed Acquisition of
Girard Partners, Ltd.
JANUARY 1, 2015
Completed Acquisition
of Valley Green Bank
MAY 1, 2013
Completed Acquisition of The
John T. Fretz Insurance Agency
JULY 1, 2014
Completed Acquisition of
Sterner Insurance Associates