Ready for a Bright Future
Shareholder Information
Univest is well-positioned to grow and continue to earn our
independence. We are proud of our accomplishments this past
year. As we look ahead, we are confident in our ability to seize
opportunities, respond to market demands and ever-changing
customer and industry needs, and add to our story of steady and
stable growth.
Our ability to raise capital in 2017 enables us to operate from a
position of strength. With our solid capital position, disciplined
approach to managing the business, positive reputation and 849
dedicated employees living our core values each day, we indeed
have a bright future. We remain confident that the story, which
will continue to unfold, will be one of growth and an unwavering
commitment to serve the communities in which we operate.
Thank you for your continued trust and investment. As we move
forward, it is our priority to continue to earn your trust and
respect as we work to build the business and provide for our
employees, customers, shareholders and communities.
Vision Statement
To be the best integrated
financial solutions provider
in the market.
Shareholders’ Meeting
The Annual Shareholders’ Meeting will take place at 10:45 a.m., Tuesday, April 17, 2018
at PineCrest Country Club, 101 Country Club Drive, Lansdale, PA 19446.
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
2017
ANNUAL REPORT
Our Franchise
141
YEARS OF BUSINESS
SUCCESS
11
PA & NJ
COUNTIES SERVED
849
EMPLOYEES
MAKING IT HAPPEN
49
ATMs
41
FINANCIAL
CENTERS
7
COMMERCIAL &
CORPORATE OFFICES
3
INVESTMENT
OFFICES
4
INSURANCE
OFFICES
15,668
BUSINESS CUSTOMERS
57,222
CONSUMER HOUSEHOLDS
2017
Integrated Successes
$3.5b
ASSETS UNDER
MANAGEMENT AND
SUPERVISION
$1.0b
LOANS SERVICED
FOR OTHERS
$164m
TOTAL INSURANCE
WRITTEN PREMIUM
$130m
EQUIPMENT FINANCE
OUTSTANDINGS
CORE BANKING
OPERATION
72% TOTAL REVENUE FROM
28% TOTAL REVENUE FROM
NON-BANKING
OPERATIONS
Ready for a Bright Future
Shareholder Information
Univest is well-positioned to grow and continue to earn our
independence. We are proud of our accomplishments this past
year. As we look ahead, we are confident in our ability to seize
opportunities, respond to market demands and ever-changing
customer and industry needs, and add to our story of steady and
stable growth.
Our ability to raise capital in 2017 enables us to operate from a
position of strength. With our solid capital position, disciplined
approach to managing the business, positive reputation and 849
dedicated employees living our core values each day, we indeed
have a bright future. We remain confident that the story, which
will continue to unfold, will be one of growth and an unwavering
commitment to serve the communities in which we operate.
Thank you for your continued trust and investment. As we move
forward, it is our priority to continue to earn your trust and
respect as we work to build the business and provide for our
employees, customers, shareholders and communities.
Vision Statement
To be the best integrated
financial solutions provider
in the market.
Shareholders’ Meeting
The Annual Shareholders’ Meeting will take place at 10:45 a.m., Tuesday, April 17, 2018
at PineCrest Country Club, 101 Country Club Drive, Lansdale, PA 19446.
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
2017
ANNUAL REPORT
Our Franchise
141
YEARS OF BUSINESS
SUCCESS
11
PA & NJ
COUNTIES SERVED
849
EMPLOYEES
MAKING IT HAPPEN
49
ATMs
41
FINANCIAL
CENTERS
7
COMMERCIAL &
CORPORATE OFFICES
3
INVESTMENT
OFFICES
4
INSURANCE
OFFICES
15,668
BUSINESS CUSTOMERS
57,222
CONSUMER HOUSEHOLDS
2017
Integrated Successes
$3.5b
ASSETS UNDER
MANAGEMENT AND
SUPERVISION
$1.0b
LOANS SERVICED
FOR OTHERS
$164m
TOTAL INSURANCE
WRITTEN PREMIUM
$130m
EQUIPMENT FINANCE
OUTSTANDINGS
CORE BANKING
OPERATION
72% TOTAL REVENUE FROM
28% TOTAL REVENUE FROM
NON-BANKING
OPERATIONS
2017 Financial Performance
At December 31, (Dollars in thousands)
2017
2016
2015
Cash and interest-earning deposits
Investment securities
Net loans and leases
Other assets
Total assets
Deposits
Borrowings
Other liabilities
Total liabilities
Shareholders’ equity
Total liabilities and shareholders’ equity
$ 75,409
454,082
3,598,512
426,859
$ 4,554,862
$ 57,825
468,518
3,268,387
435,798
$ 4,230,528
$ 60,799
370,760
2,161,385
286,507
$ 2,879,451
$ 3,554,919
355,590
40,979
3,951,488
603,374
$ 4,554,862
$ 3,257,567
417,780
49,972
3,725,319
505,209
$ 4,230,528
$ 2,394,360
73,588
49,929
2,517,877
361,574
$ 2,879,451
For the years ended December 31,
(Dollars in thousands, except share and per share data)
2017
2016
2015
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
$ 163,051
19,839
143,176
9,892
133,284
59,240
130,713
61,811
17,717
$ 126,607
12,382
114,225
4,821
109,404
55,963
141,981
23,386
3,881
$ 101,983
8,065
93,918
3,802
90,116
52,425
105,515
37,026
9,758
$ 44,094
$ 19,505
$ 27,268
Book value per share
Net income per share:
Basic
Diluted
Diluted-core1
Dividends declared per share
$ 20.57
$ 19.00
$ 18.51
1.64
1.64
1.64
0.80
0.85
0.84
1.35
0.80
1.39
1.39
1.54
0.80
Weighted average shares outstanding
Period end shares outstanding
26,861,863
29,334,859
23,097,638
26,589,353
19,663,039
19,530,930
1Excludes integration and acquisition-related costs and restructuring charges.
$3,600,000
$3,200,000
$2,800,000
$2,400,000
$2,000,000
$1,600,000
$1,200,000
$800,000
$400,000
$-
$250,000
$200,000
$150,000
$100,000
$50,000
$-
$45,000
$40,000
$35,000
$30,000
$25,000
$20,000
$1.75
$1.60
$1.45
$1.30
$1.15
$1.00
‘16
‘15
Loan and Lease Outstandings
(in Thousands)
‘17
Non-interest income
Net-interest income
‘15
‘16
Total Revenue
(in Thousands)
‘17
‘15
‘16
Net Income*
(in Thousands)
*EXCLUDING INTEGRATION AND ACQUISITION-RELATED
COSTS AND RESTRUCTURING CHARGES.
‘17
‘11
‘15
‘16
Diluted Earnings Per Share*
*EXCLUDING INTEGRATION AND ACQUISITION-RELATED
COSTS AND RESTRUCTURING CHARGES.
‘11
‘12
‘17
2017
Financial
Highlights
Commercial Loans
Consumer Loans
Residential Real Estate
Lease Financings
Strengthening Our Support in Our Local Communities
Helping to strengthen the communities we serve has been at the heart of our culture for 141 years. At Univest, we believe
it’s our responsibility to give back to the communities we serve through financial literacy programs, monetary support,
leadership and employee volunteerism. In 2017, we continued our commitment of making our neighborhoods better places
to live, learn, work and worship. Here are some of our philanthropic highlights from this year.
• In our ongoing efforts to provide financial education to the young people in our communities, we visited local schools
to teach students about the importance of developing proper savings habits and using credit wisely. Our financial
literacy program reaches students from elementary school to college.
Throughout the year, Univest employees presented financial lessons
to more than 4,500 students.
$4.6b
TOTAL ASSETS
9.67%
TANGIBLE COMMON EQUITY
TO TANGIBLE ASSETS
1.01%
RETURN ON
AVERAGE ASSETS
3.78%
NET INTEREST
MARGIN
12.8%
RETURN ON AVERAGE
TANGIBLE COMMON EQUITY
• Univest’s Connecting with Community initiative was once again
at the core of our philanthropy program. Univest employees
participated in half-day service projects to support charitable
organizations that are making a difference in our local communities.
Including the MLK Day of Service and United Way Day of
Caring, our employees completed 19 service projects. In 2017, our
employees volunteered more than 19,000 hours on behalf of Univest
and during their own personal time.
• While we remain committed to countless philanthropic partnerships
in the markets we have served for much of our history, we are also
focused on forging new community partnerships to carry out our
Community Core Value. We began a new partnership with the
Philadelphia Horticultural Society’s pop-up garden in University
City. In addition, we sponsored two events in Bethlehem –
Christkindlmarkt, a nationally-recognized Christmas market, and
the Celtic Classic, an annual festival dedicated to promoting the
Celtic heritage. Additionally, we continued our strong partnership with
PBS 39 in Bethlehem.
• In partnership with the Ronald McDonald House Charities
(RMHC®) of the Philadelphia Region Inc., Univest participated in
its Adopt-a-Blarney fundraiser by selling the stuffed Blarney dog at
all Univest Financial Centers. All proceeds, along with an additional
donation from Univest, totaled $14,354 and went to benefit
RMHC’s mission to create, find and support programs that directly
improve the health and well-being of children.
• Univest signed a multi-year corporate partnership agreement with
Saint Joseph’s University’s Athletic Department that offers significant
brand-building opportunities and a variety of other business
development options. This partnership aligns nicely with an evolving
strategy to partner with local colleges and universities and deliver
financial solutions to their students, faculty and alumni.
• In the wake of a historic hurricane season, parts of our country
needed disaster relief support. Univest, our employees and
community responded. Together, we donated $12,000 to the
American Red Cross hurricane relief fund.
• During the month of December, we held our sixth annual Caring
for Community Giveaway. Individuals in the community submitted
a record-breaking 8,500 entries, nominating more than 150 local
nonprofit groups. Logan’s Heroes Animal Rescue was randomly
selected as the winner of the $5,000 donation.
2017
Philanthropic
Year in Review
2017 PHILANTHROPIC GIVING
4%
1%
21%
17%
57%
Youth & Education
Health & Social Services
Community & Economic
Development
Arts & Culture
And More
$1.8m
FINANCIAL
CONTRIBUTIONS
544
ORGANIZATIONS
SUPPORTED
19,152
VOLUNTEER HOURS
19
CONNECTING WITH
COMMUNITY DAYS
4,578
NUMBER OF STUDENTS
EDUCATED
Univest Corporation of Pennsylvania
Listing as of January 1, 2018
Senior Leadership Team
Jeffrey M. Schweitzer
President and Chief Executive Officer, Univest
Corporation of Pennsylvania and Chief
Executive Officer, Univest Bank and Trust Co.
Michael S. Keim
President, Univest Bank and Trust Co. and
Senior Executive Vice President, Univest
Corporation of Pennsylvania
Duane J. Brobst
Senior Executive Vice President and Chief Risk
Officer, Univest Corporation of Pennsylvania
Roger S. Deacon
Senior Executive Vice President and Chief
Financial Officer, Univest Corporation of
Pennsylvania and Univest Bank and Trust Co.
Hugh W. Connelly
President, Univest Capital, Inc. and President of
Business Banking, Univest Bank and Trust Co.
Ronald R. Flaherty
President, Univest Insurance, Inc.
Kevin B. Norris
President,Wealth Management, Univest Bank
and Trust Co.
Board of Directors
Listing as of January 1, 2018
William S. Aichele
Chairman of Univest Corporation of Pennsylvania
and of Univest Bank and Trust Co. Retired President
and Chief Executive Officer of Univest Corporation of
Pennsylvania and Univest Bank and Trust Co.
Roger H. Ballou
Former Director, President and CEO of CDI
Corporation; Director of Alliance Data Systems and
RCM Technologies, Inc.
Todd S. Benning
Founding Stockholder of Dunlap & Associates, PC
R. Lee Delp
Principal, R. L. Delp & Company
William G. Morral, C.P.A.
Accountant and Financial Consultant;
Former Senior Vice President and Chief Financial
Officer, Moyer Packing Company
Glenn E. Moyer
CEO, Live Oak Strategies, LLC; Board Chair and
Trustee, Wyomissing Foundation
K. Leon Moyer
Retired President and Chief Executive Officer, Univest
Bank and Trust Co.
Michael S. Fitzgerald
Market President, Commercial Banking for the
Delaware Valley, Univest Bank and Trust Co.
Philip C. Jackson
Market President, Commercial Banking for the Lehigh
Valley, Univest Bank and Trust Co.
Thomas J. Jordan IV
Market President, Commercial & Consumer Banking
for Lancaster County, Univest Bank and Trust Co.
Dana E. Brown
Executive Vice President, Consumer Services, Univest
Bank and Trust Co.
Eric W. Conner
Executive Vice President and Chief Information Officer,
Univest Corporation of Pennsylvania
Megan Duryea Santana
Executive Vice President and General Counsel, Univest
Corporation of Pennsylvania
M. Theresa Schwartzer
Executive Vice President and Director of Human
Resources, Univest Corporation of Pennsylvania
Annette D. Szygiel
Executive Vice President and Chief Experience Officer,
Univest Corporation of Pennsylvania
Natalye Paquin, Esq.
President and CEO, Points of Light
Thomas M. Petro
Director and Executive Board Chair of OrthogenRx,
Inc., Director and Non-Executive Board Chair of
BizEquity, Director of Wealthhub Solutions, Inc.
Mark A. Schlosser
Secretary and Treasurer, Schlosser Steel, Inc.
Jeffrey M. Schweitzer
President and Chief Executive Officer, Univest
Corporation of Pennsylvania and Chief Executive Officer,
Univest Bank and Trust Co.
Michael L. Turner
Partner, Marshall, Dennehey, Warner, Coleman
& Goggin
Robert C. Wonderling (Alternate Director)
President and CEO, Greater Philadelphia Chamber
of Commerce
Charles H. Zimmerman
Senior Leadership, Calvary Church of Souderton;
Director, Clemens Family Corporation
Wholly-Owned Subsidiaries
Univest Bank and Trust Co.
Univest Capital, Inc.
Univest Insurance, Inc.
Univest Investments, Inc.
104 S. Oakland Ave., LLC
Allied Benefits Group, LLC
Davisville Associates, LLC
Delview, Inc.
Fox Chase Service Corporation
Girard Partners, Ltd., a Univest Wealth
Management Firm
TCG Investment Advisory, Inc.
Please visit univest.net for a complete list of locations for Univest Corporation of Pennsylvania and our subsidiaries.
2017 Highlights
To our family of Shareholders, Customers and Employees
Educating and Protecting our Customers with Rising Cyber-Security Concerns
• As the financial services industry and large retailers have faced varying degrees of cyber breaches and data security issues,
we are laser-focused on doing our part to protect our customers and our solid reputation. We appointed Jeffrey Groff to
Chief Information Security Officer, establishing a separate team solely focused on ensuring the confidentiality, integrity,
availability and security of all company data and the devices on which the data resides.
• Continuing to educate our employees and customers on how to protect themselves and their personal information
is critical. Staying educated on the latest scams and remaining vigilant in keeping software updated and using strong
passwords is ever more important and remains a top priority.
• Educating employees on how to detect fraud and also helping our customers not become victims helped us reduce
consumer banking fraud losses by 30% in 2017.
Enhancing Employee Experiences & Building Brand Equity
• Growing organically and focusing on further integrating the 100+ employees who joined the Univest family over the
last few years through acquisitions, lift-outs and other investments in talent remained a priority. Recognizing that our
employees are our number one asset, Human Resources focused much of its effort throughout the year on streamlining
our employee onboarding process, enhancing our training curriculum and introducing new career development tools.
• YouEarnedIt, an online employee recognition program, launched in 2017, engages and empowers employees at all levels to
recognize co-workers for their exceptional service and day-to-day contributions to help us carry out our mission and values.
• Attracting and retaining top talent is a priority. To assist in recruiting, Human Resources produced a video featuring
testimonials from employees who work in various areas of the company that is being used in a variety of forums to attract
talent. Through several initiatives to strengthen the employee experience and raise awareness of the Univest culture,
employee retention improved in 2017 by 28%.
• In 2017, we invested in strengthening our brand in the communities we serve. Notably, we completed the final transition
tied to the acquisition of Valley Green Bank by changing all signage and branding to Univest.
• Leveraging the strong equity we have in the Univest parent brand, we continued with a multi-tiered, year-long branding
campaign positioning our three core businesses of banking, insurance and investments. A comprehensive blend of
advertising, online marketing, public relations, and philanthropic partnerships were deployed increasing awareness amongst
consumers and businesses seeking a strong-performing, local financial institution.
• Bank Here to Get There – Univest’s mantra introduced in 2017 – focused on messaging that capitalized on the ongoing
disruption in our markets, communicating our ability to help our customers and communities achieve their financial
dreams. Using demographic and market analytics, we reached well into our expansion markets and maintained our voice in
our communities.
• As social media becomes a more popular dynamic of everyday life, we continued to utilize the Univest Facebook, Twitter
and LinkedIn pages to bolster our educational outreach and engage with customers and community members. Our efforts
positioned Univest and its employees as a trusted resource. We also seized opportunities to advertise on social outlets and
online where people are more likely to consume our targeted message on their mobile device through email or simply while
surfing the web.
By every measure, 2017 was a successful year for Univest Corporation of Pennsylvania as
we continued to invest in our employees and the business for long-term success. Our solid
performance is a result of our disciplined approach to managing the business and organic growth
fueled by strong sales execution across all of our subsidiaries. As we implemented our robust
strategic plan to move the business forward, we remained focused on our mission, vision and
core values of tradition, excellence, integrity, spirituality and community.
During the year, we strengthened relationships with existing customers and earned new business
opportunities as we shared our story, service commitment and competitive financial solutions.
As we navigated a landscape of opportunity caused by a rise in mergers and acquisitions in our
region over the past few years, Univest proved that it remains a formidable competitor growing
loans 10.2% and deposits 9.1% in 2017. Univest is now the ninth largest bank headquartered in
Pennsylvania. Additionally, our diversified platform continues to grow. Univest is the 15th largest
bank-owned insurance company in the country and has one of the largest wealth management divisions
in the Philadelphia region.
Jeffrey M. Schweitzer, William S. Aichele
We invested wisely in technology to set the stage for future profitability enhancements and improved customer experiences.
We drove operational efficiencies by investing in infrastructure to support growth initiatives and improve operating
leverage. We focused on strengthening our culture internally as we further integrated our people and continued to adopt
positive change to enrich employee experiences. We invested in our brand and in our communities to raise awareness of our
capabilities and actively give back to stimulate our local economy.
Throughout 2017, we implemented the next phase of our financial center optimization plan, expanding the network with
five new financial centers – one in Philadelphia, three in Lancaster County and one in the Lehigh Valley. We also introduced
our new financial center model to improve customer experiences in Chalfont and Richboro, Bucks County. In early
December, we broke ground in Intercourse, Pa., on our fifth financial center in Lancaster County, further enhancing our
presence in a market that continues to exceed growth expectations.
Our ability to respond to market opportunities and invest in the business for short- and long-term benefits is a direct result
of our solid capital. To ensure we remain in a strong position to continue to execute our growth strategy, the Corporation
completed a public offering of 2,645,000 shares of common stock at a price of $28.25 per share. This resulted in a net
increase in shareholders’ equity of $70.5 million. Bolstering our capital ensures we are well-positioned to evolve and invest
in the business so we can continue to earn our independence. These investments could include providing capital to support
organic growth, strategic acquisitions, or investing in our business for future growth.
Throughout our history, we have been blessed with strong, servant leaders who have strategically guided us through both
good and challenging times. In 2017, Margaret K. Zook and P. Gregory Shelly retired from our Board of Directors after 18
and 32 years of service, respectively. We were blessed to have their leadership and loyalty as we worked together to increase
Univest’s scope of services and become a fully-integrated financial solutions provider. We recognize and thank Margaret
and Greg for their service to Univest and our communities. We also had the privilege to welcome Natalye Paquin, Esq.,
President and CEO of Points of Light, as a Director in April 2017 and Robert C. Wonderling, President and CEO of the
Greater Philadelphia Chamber of Commerce, as an Alternate Director in January 2018. We look forward to their continued
contributions as they share their expertise to move the business forward.
As you review the 2017 Annual Report, we trust you will be pleased with our accomplishments and plans for continued
growth and stability. We are well-positioned to seize opportunities, strengthen our franchise and enhance shareholder value.
On behalf of the entire Univest family, thank you for your support and investment.
Building
UNIVEST’S BRAND ONLINE
90m
ADVERTISING BRAND
IMPRESSIONS
88.4k
ADVERTISING
ENGAGEMENTS
2.4m
SOCIAL CONTENT BRAND
IMPRESSIONS
38k
SOCIAL CONTENT
ENGAGEMENTS
30%
INCREASE IN ORGANIC
TRAFFIC TO UNIVEST.NET
$4.3m
BOOKED BUSINESS FROM
UNIVEST.NET LEADS
Sincerely,
William S. Aichele
Chairman
Jeffrey M. Schweitzer
President and CEO
2017 Highlights
Univest Corporation of Pennsylvania’s solid performance in 2017 is a direct result of the daily contributions of 849 employees.
Our employees are committed to delivering financial solutions, supporting our customers’ needs, giving back to serve our
local communities and building relationships which enable us to grow the business and reward our loyal shareholders with
consistent returns.
After several years of acquisitive growth, 2017 was a year of solid earnings solely achieved through organic growth. Our ability
to show our earnings power is a result of contributions from all areas of the company. Together, we achieved the following
accomplishments.
Solid Banking, Insurance and Investment Growth
• We began as a commercial bank in 1876 and 141 years later, even as we continue to diversify our business, the Bank continues
to be our largest subsidiary. Fueled by strong commercial banking teams in all of our markets, loans grew by $334.2 million, or
10.2% in 2017.
• Deposits increased $297.4 million from December 31, 2016, primarily driven by public funds and commercial deposits, as we
continue to enhance our cash management capabilities.
• The housing market continued to rebound, but a lack of inventory in our service area, coupled with a rising rate
environment, slowed growth for our Mortgage Division. Even with these headwinds, the Division closed $288.8 million
in loans.
• Univest Capital focused on national accounts and increasing its average tickets size, fueling opportunities to work with
large distributors in both the medical and golf industries. Total originations for Univest Capital were $65.8 million, a 6.3%
increase over 2016.
• Organic growth is a primary objective of Univest Insurance and in 2017 it achieved written premiums surpassing $165
million. Employee Benefits was a significant contributor to Univest Insurance’s success with solid retention and robust new
business sales in the middle and large company space. The Human Resources Consulting team also continued to bring
added value to new relationships. In 2018, Univest Insurance will further enhance its risk management and loss control
services to support its ongoing focus in serving middle-market businesses.
• In December, Timothy Chubb was appointed Chief Investment Officer for our Wealth Management lines of
business. At December 31, 2017, our Wealth Management lines of business had $3.5 billion in assets under management
and supervision.
• Univest’s Cash Management team had a solid year with a record number of new commercial merchant card processing customers,
growing the portfolio to well over $50 million in transactional volume. Our new virtual lockbox product enables customers to
streamline their banking by bringing our lockbox software right to their desktop. In addition, we saw a significant increase in our
cash safe solution, primarily in the Philadelphia market, which generated new fee income.
• While a favorable year in the financial markets certainly contributed to solid growth across our Wealth Management lines of
business, we also attracted new clients as we increased awareness of our wealth advisory services through a multi-year public
relations effort. The campaign, now in its second year, garnered 57 pieces of earned coverage in notable outlets including
the Wall Street Journal, Forbes, The New York Times, Financial Planning and other national and local publications.
• The Lancaster market has provided opportunities since we entered the community in 2016. Momentum continued to build as
we invested in establishing a strong retail presence to complement and support our commercial banking team. We opened three
more financial centers located in Strasburg, Brownstown and Georgetown. Our story and stellar reputation, coupled with our
highly-respected local team, has quickly positioned Univest as a leader. At December 31, 2017, our loan portfolio – specific to the
Lancaster market – totaled $261 million, 252% growth from December 31, 2016.
• Financial centers were also opened in the University City section of Philadelphia in April and in Bethlehem, a revitalized location
in the Lehigh Valley, in December. Construction was completed on our new financial center in Chalfont, which was built on our
original site, and in Richboro where we relocated a former location to a more desirable destination. After several years of focusing
on optimizing our financial center network, we have successfully consolidated locations while significantly increasing our footprint.
Today, we have virtually the same number of financial centers, but serve a wider geographic footprint.
• In December, we announced the appointment of Dana E. Brown as Executive Vice President of Consumer Services, effective
January 1, 2018. Dana has been with Univest for 18 months and brings more than 30 years of experience in banking to lead our
consumer sales and operations efforts for Univest’s financial centers in Bucks, Chester, Montgomery and Philadelphia as well as the
Lehigh Valley in Pennsylvania and Cape May County in New Jersey.
• To attract more millennials to Univest, we launched All-in-One checking, an easy to use product offering convenient services to
individuals between the ages of 16 and 24.
• Univest increased its focus on Small Business Administration (SBA) lending in 2017, rounding out our business banking strategy.
We appointed Jeff Pugh, Vice President, SBA Lending. In addition to helping businesses secure SBA financing, we had the
opportunity to partner to recognize one of our clients – Greener Ways, LLC, as the SBA Eastern PA Small Business Exporter of
the Year.
$334m
ORGANIC LOAN GROWTH
FOR THE YEAR ENDED
DECEMBER 31, 2017
Solid Banking Growth
10.2%
ORGANIC LOAN GROWTH
FOR THE YEAR ENDED
DECEMBER 31, 2017
$297m
ORGANIC DEPOSIT GROWTH
FOR THE YEAR ENDED
DECEMBER 31, 2017
9.1%
ORGANIC DEPOSIT GROWTH
FOR THE YEAR ENDED
DECEMBER 31, 2017
• Our fee-based registered investment advisor, Girard Partners, Ltd., a Univest Wealth Management firm, is the largest
revenue driver across our Wealth Management lines of business. Contributing to the growth in this area is our new,
personalized approach to digital investing. uWealth is an automated platform that blends our technology-driven resources
with the personal advice and service in which our clients have long been accustomed. While uWealth can be utilized by
investors of all asset sizes, the platform has been designed to provide advice for emerging investors as a solution that meets
their desire for a rich digital experience with a wide variety of investment options selected by our experienced investment
team. This is one more way we continue to diversify our financial offerings to meet the ever-changing needs and desires of
our clients.
• The success of each of our lines of business was apparent in 2017. Univest made progress in achieving its vision to be
the best integrated financial solutions provider in the market. Through the introduction of B2B, a new business-focused
integration program, we achieved approximately $100 million in new business referrals from one line of business to another.
Investing in Our Infrastructure and Establishing Operational Efficiencies
• Univest began implementation of Salesforce.com, our new customer relationship management (CRM) software. On
average, Salesforce.com claims that companies using its system have seen a solid increase in sales revenues and lead
conversion. Adopting Salesforce.com at Univest is a large undertaking that includes consolidating data from multiple CRM
systems and establishing new processes to maximize this robust system. The entire Univest Insurance Division and all
Commercial Banking employees transitioned to the new platform in 2017 and early 2018. All other lines of business and
Marketing are expected to be on the platform by mid–2018.
• In addition to Salesforce.com, Univest expanded usage of nCino, a loan origination system that standardizes
the commercial lending workflow process, to streamline operations and bring a consistent and more efficient process to
Univest. Along with 21 other business process enhancements, this was a major focus as we work to integrate people and
processes from our recent acquisitions and lift-outs to ensure we are operating using a common process.
• The Mortgage Banking division enhanced its loan origination system after moving from the Calyx Point system to Ellie
Mae’s Encompass system. The new system streamlines processes and drives efficiencies to improve regulatory compliance,
reduce costs and improve the customer experience.
• Univest Wealth Management began implementation of a new portfolio management system which will further create
efficiency and consistency to better serve our clients. The new system will be fully operational in 2018.
• In addition to system enhancements to strengthen operations, we made investments to improve customer experiences.
These improvements included upgrading our mobile banking app and automating a variety of tools through our cash
management solutions for business customers.
2017 Highlights
To our family of Shareholders, Customers and Employees
Educating and Protecting our Customers with Rising Cyber-Security Concerns
• As the financial services industry and large retailers have faced varying degrees of cyber breaches and data security issues,
we are laser-focused on doing our part to protect our customers and our solid reputation. We appointed Jeffrey Groff to
Chief Information Security Officer, establishing a separate team solely focused on ensuring the confidentiality, integrity,
availability and security of all company data and the devices on which the data resides.
• Continuing to educate our employees and customers on how to protect themselves and their personal information
is critical. Staying educated on the latest scams and remaining vigilant in keeping software updated and using strong
passwords is ever more important and remains a top priority.
• Educating employees on how to detect fraud and also helping our customers not become victims helped us reduce
consumer banking fraud losses by 30% in 2017.
Enhancing Employee Experiences & Building Brand Equity
• Growing organically and focusing on further integrating the 100+ employees who joined the Univest family over the
last few years through acquisitions, lift-outs and other investments in talent remained a priority. Recognizing that our
employees are our number one asset, Human Resources focused much of its effort throughout the year on streamlining
our employee onboarding process, enhancing our training curriculum and introducing new career development tools.
• YouEarnedIt, an online employee recognition program, launched in 2017, engages and empowers employees at all levels to
recognize co-workers for their exceptional service and day-to-day contributions to help us carry out our mission and values.
• Attracting and retaining top talent is a priority. To assist in recruiting, Human Resources produced a video featuring
testimonials from employees who work in various areas of the company that is being used in a variety of forums to attract
talent. Through several initiatives to strengthen the employee experience and raise awareness of the Univest culture,
employee retention improved in 2017 by 28%.
• In 2017, we invested in strengthening our brand in the communities we serve. Notably, we completed the final transition
tied to the acquisition of Valley Green Bank by changing all signage and branding to Univest.
• Leveraging the strong equity we have in the Univest parent brand, we continued with a multi-tiered, year-long branding
campaign positioning our three core businesses of banking, insurance and investments. A comprehensive blend of
advertising, online marketing, public relations, and philanthropic partnerships were deployed increasing awareness amongst
consumers and businesses seeking a strong-performing, local financial institution.
• Bank Here to Get There – Univest’s mantra introduced in 2017 – focused on messaging that capitalized on the ongoing
disruption in our markets, communicating our ability to help our customers and communities achieve their financial
dreams. Using demographic and market analytics, we reached well into our expansion markets and maintained our voice in
our communities.
• As social media becomes a more popular dynamic of everyday life, we continued to utilize the Univest Facebook, Twitter
and LinkedIn pages to bolster our educational outreach and engage with customers and community members. Our efforts
positioned Univest and its employees as a trusted resource. We also seized opportunities to advertise on social outlets and
online where people are more likely to consume our targeted message on their mobile device through email or simply while
surfing the web.
By every measure, 2017 was a successful year for Univest Corporation of Pennsylvania as
we continued to invest in our employees and the business for long-term success. Our solid
performance is a result of our disciplined approach to managing the business and organic growth
fueled by strong sales execution across all of our subsidiaries. As we implemented our robust
strategic plan to move the business forward, we remained focused on our mission, vision and
core values of tradition, excellence, integrity, spirituality and community.
During the year, we strengthened relationships with existing customers and earned new business
opportunities as we shared our story, service commitment and competitive financial solutions.
As we navigated a landscape of opportunity caused by a rise in mergers and acquisitions in our
region over the past few years, Univest proved that it remains a formidable competitor growing
loans 10.2% and deposits 9.1% in 2017. Univest is now the ninth largest bank headquartered in
Pennsylvania. Additionally, our diversified platform continues to grow. Univest is the 15th largest
bank-owned insurance company in the country and has one of the largest wealth management divisions
in the Philadelphia region.
Jeffrey M. Schweitzer, William S. Aichele
We invested wisely in technology to set the stage for future profitability enhancements and improved customer experiences.
We drove operational efficiencies by investing in infrastructure to support growth initiatives and improve operating
leverage. We focused on strengthening our culture internally as we further integrated our people and continued to adopt
positive change to enrich employee experiences. We invested in our brand and in our communities to raise awareness of our
capabilities and actively give back to stimulate our local economy.
Throughout 2017, we implemented the next phase of our financial center optimization plan, expanding the network with
five new financial centers – one in Philadelphia, three in Lancaster County and one in the Lehigh Valley. We also introduced
our new financial center model to improve customer experiences in Chalfont and Richboro, Bucks County. In early
December, we broke ground in Intercourse, Pa., on our fifth financial center in Lancaster County, further enhancing our
presence in a market that continues to exceed growth expectations.
Our ability to respond to market opportunities and invest in the business for short- and long-term benefits is a direct result
of our solid capital. To ensure we remain in a strong position to continue to execute our growth strategy, the Corporation
completed a public offering of 2,645,000 shares of common stock at a price of $28.25 per share. This resulted in a net
increase in shareholders’ equity of $70.5 million. Bolstering our capital ensures we are well-positioned to evolve and invest
in the business so we can continue to earn our independence. These investments could include providing capital to support
organic growth, strategic acquisitions, or investing in our business for future growth.
Throughout our history, we have been blessed with strong, servant leaders who have strategically guided us through both
good and challenging times. In 2017, Margaret K. Zook and P. Gregory Shelly retired from our Board of Directors after 18
and 32 years of service, respectively. We were blessed to have their leadership and loyalty as we worked together to increase
Univest’s scope of services and become a fully-integrated financial solutions provider. We recognize and thank Margaret
and Greg for their service to Univest and our communities. We also had the privilege to welcome Natalye Paquin, Esq.,
President and CEO of Points of Light, as a Director in April 2017 and Robert C. Wonderling, President and CEO of the
Greater Philadelphia Chamber of Commerce, as an Alternate Director in January 2018. We look forward to their continued
contributions as they share their expertise to move the business forward.
As you review the 2017 Annual Report, we trust you will be pleased with our accomplishments and plans for continued
growth and stability. We are well-positioned to seize opportunities, strengthen our franchise and enhance shareholder value.
On behalf of the entire Univest family, thank you for your support and investment.
Building
UNIVEST’S BRAND ONLINE
90m
ADVERTISING BRAND
IMPRESSIONS
88.4k
ADVERTISING
ENGAGEMENTS
2.4m
SOCIAL CONTENT BRAND
IMPRESSIONS
38k
SOCIAL CONTENT
ENGAGEMENTS
30%
INCREASE IN ORGANIC
TRAFFIC TO UNIVEST.NET
$4.3m
BOOKED BUSINESS FROM
UNIVEST.NET LEADS
Sincerely,
William S. Aichele
Chairman
Jeffrey M. Schweitzer
President and CEO
2017 Financial Performance
At December 31, (Dollars in thousands)
2017
2016
2015
Cash and interest-earning deposits
Investment securities
Net loans and leases
Other assets
Total assets
Deposits
Borrowings
Other liabilities
Total liabilities
Shareholders’ equity
Total liabilities and shareholders’ equity
$ 75,409
454,082
3,598,512
426,859
$ 4,554,862
$ 57,825
468,518
3,268,387
435,798
$ 4,230,528
$ 60,799
370,760
2,161,385
286,507
$ 2,879,451
$ 3,554,919
355,590
40,979
3,951,488
603,374
$ 4,554,862
$ 3,257,567
417,780
49,972
3,725,319
505,209
$ 4,230,528
$ 2,394,360
73,588
49,929
2,517,877
361,574
$ 2,879,451
For the years ended December 31,
(Dollars in thousands, except share and per share data)
2017
2016
2015
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
$ 163,051
19,839
143,176
9,892
133,284
59,240
130,713
61,811
17,717
$ 126,607
12,382
114,225
4,821
109,404
55,963
141,981
23,386
3,881
$ 101,983
8,065
93,918
3,802
90,116
52,425
105,515
37,026
9,758
$ 44,094
$ 19,505
$ 27,268
Book value per share
Net income per share:
Basic
Diluted
Diluted-core1
Dividends declared per share
$ 20.57
$ 19.00
$ 18.51
1.64
1.64
1.64
0.80
0.85
0.84
1.35
0.80
1.39
1.39
1.54
0.80
Weighted average shares outstanding
Period end shares outstanding
26,861,863
29,334,859
23,097,638
26,589,353
19,663,039
19,530,930
1Excludes integration and acquisition-related costs and restructuring charges.
$3,600,000
$3,200,000
$2,800,000
$2,400,000
$2,000,000
$1,600,000
$1,200,000
$800,000
$400,000
$-
$250,000
$200,000
$150,000
$100,000
$50,000
$-
$45,000
$40,000
$35,000
$30,000
$25,000
$20,000
$1.75
$1.60
$1.45
$1.30
$1.15
$1.00
‘16
‘15
Loan and Lease Outstandings
(in Thousands)
‘17
Non-interest income
Net-interest income
‘15
‘16
Total Revenue
(in Thousands)
‘17
‘15
‘16
Net Income*
(in Thousands)
*EXCLUDING INTEGRATION AND ACQUISITION-RELATED
COSTS AND RESTRUCTURING CHARGES.
‘17
‘11
‘15
‘16
Diluted Earnings Per Share*
*EXCLUDING INTEGRATION AND ACQUISITION-RELATED
COSTS AND RESTRUCTURING CHARGES.
‘11
‘17
‘12
2017
Financial
Highlights
Commercial Loans
Consumer Loans
Residential Real Estate
Lease Financings
Strengthening Our Support in Our Local Communities
Helping to strengthen the communities we serve has been at the heart of our culture for 141 years. At Univest, we believe
it’s our responsibility to give back to the communities we serve through financial literacy programs, monetary support,
leadership and employee volunteerism. In 2017, we continued our commitment of making our neighborhoods better places
to live, learn, work and worship. Here are some of our philanthropic highlights from this year.
• In our ongoing efforts to provide financial education to the young people in our communities, we visited local schools
to teach students about the importance of developing proper savings habits and using credit wisely. Our financial
literacy program reaches students from elementary school to college.
Throughout the year, Univest employees presented financial lessons
to more than 4,500 students.
$4.6b
TOTAL ASSETS
9.67%
TANGIBLE COMMON EQUITY
TO TANGIBLE ASSETS
1.01%
RETURN ON
AVERAGE ASSETS
3.78%
NET INTEREST
MARGIN
12.8%
RETURN ON AVERAGE
TANGIBLE COMMON EQUITY
• Univest’s Connecting with Community initiative was once again
at the core of our philanthropy program. Univest employees
participated in half-day service projects to support charitable
organizations that are making a difference in our local communities.
Including the MLK Day of Service and United Way Day of
Caring, our employees completed 19 service projects. In 2017, our
employees volunteered more than 19,000 hours on behalf of Univest
and during their own personal time.
• While we remain committed to countless philanthropic partnerships
in the markets we have served for much of our history, we are also
focused on forging new community partnerships to carry out our
Community Core Value. We began a new partnership with the
Philadelphia Horticultural Society’s pop-up garden in University
City. In addition, we sponsored two events in Bethlehem –
Christkindlmarkt, a nationally-recognized Christmas market, and
the Celtic Classic, an annual festival dedicated to promoting the
Celtic heritage. Additionally, we continued our strong partnership with
PBS 39 in Bethlehem.
• In partnership with the Ronald McDonald House Charities
(RMHC®) of the Philadelphia Region Inc., Univest participated in
its Adopt-a-Blarney fundraiser by selling the stuffed Blarney dog at
all Univest Financial Centers. All proceeds, along with an additional
donation from Univest, totaled $14,354 and went to benefit
RMHC’s mission to create, find and support programs that directly
improve the health and well-being of children.
• Univest signed a multi-year corporate partnership agreement with
Saint Joseph’s University’s Athletic Department that offers significant
brand-building opportunities and a variety of other business
development options. This partnership aligns nicely with an evolving
strategy to partner with local colleges and universities and deliver
financial solutions to their students, faculty and alumni.
• In the wake of a historic hurricane season, parts of our country
needed disaster relief support. Univest, our employees and
community responded. Together, we donated $12,000 to the
American Red Cross hurricane relief fund.
• During the month of December, we held our sixth annual Caring
for Community Giveaway. Individuals in the community submitted
a record-breaking 8,500 entries, nominating more than 150 local
nonprofit groups. Logan’s Heroes Animal Rescue was randomly
selected as the winner of the $5,000 donation.
2017
Philanthropic
Year in Review
2017 PHILANTHROPIC GIVING
4%
1%
21%
17%
57%
Youth & Education
Health & Social Services
Community & Economic
Development
Arts & Culture
And More
$1.8m
FINANCIAL
CONTRIBUTIONS
544
ORGANIZATIONS
SUPPORTED
19,152
VOLUNTEER HOURS
19
CONNECTING WITH
COMMUNITY DAYS
4,578
NUMBER OF STUDENTS
EDUCATED
Univest Corporation of Pennsylvania
Listing as of January 1, 2018
Senior Leadership Team
Jeffrey M. Schweitzer
President and Chief Executive Officer, Univest
Corporation of Pennsylvania and Chief
Executive Officer, Univest Bank and Trust Co.
Michael S. Keim
President, Univest Bank and Trust Co. and
Senior Executive Vice President, Univest
Corporation of Pennsylvania
Duane J. Brobst
Senior Executive Vice President and Chief Risk
Officer, Univest Corporation of Pennsylvania
Roger S. Deacon
Senior Executive Vice President and Chief
Financial Officer, Univest Corporation of
Pennsylvania and Univest Bank and Trust Co.
Hugh W. Connelly
President, Univest Capital, Inc. and President of
Business Banking, Univest Bank and Trust Co.
Ronald R. Flaherty
President, Univest Insurance, Inc.
Kevin B. Norris
President,Wealth Management, Univest Bank
and Trust Co.
Board of Directors
Listing as of January 1, 2018
William S. Aichele
Chairman of Univest Corporation of Pennsylvania
and of Univest Bank and Trust Co. Retired President
and Chief Executive Officer of Univest Corporation of
Pennsylvania and Univest Bank and Trust Co.
Roger H. Ballou
Former Director, President and CEO of CDI
Corporation; Director of Alliance Data Systems and
RCM Technologies, Inc.
Todd S. Benning
Founding Stockholder of Dunlap & Associates, PC
R. Lee Delp
Principal, R. L. Delp & Company
William G. Morral, C.P.A.
Accountant and Financial Consultant;
Former Senior Vice President and Chief Financial
Officer, Moyer Packing Company
Glenn E. Moyer
CEO, Live Oak Strategies, LLC; Board Chair and
Trustee, Wyomissing Foundation
K. Leon Moyer
Retired President and Chief Executive Officer, Univest
Bank and Trust Co.
Michael S. Fitzgerald
Market President, Commercial Banking for the
Delaware Valley, Univest Bank and Trust Co.
Philip C. Jackson
Market President, Commercial Banking for the Lehigh
Valley, Univest Bank and Trust Co.
Thomas J. Jordan IV
Market President, Commercial & Consumer Banking
for Lancaster County, Univest Bank and Trust Co.
Dana E. Brown
Executive Vice President, Consumer Services, Univest
Bank and Trust Co.
Eric W. Conner
Executive Vice President and Chief Information Officer,
Univest Corporation of Pennsylvania
Megan Duryea Santana
Executive Vice President and General Counsel, Univest
Corporation of Pennsylvania
M. Theresa Schwartzer
Executive Vice President and Director of Human
Resources, Univest Corporation of Pennsylvania
Annette D. Szygiel
Executive Vice President and Chief Experience Officer,
Univest Corporation of Pennsylvania
Natalye Paquin, Esq.
President and CEO, Points of Light
Thomas M. Petro
Director and Executive Board Chair of OrthogenRx,
Inc., Director and Non-Executive Board Chair of
BizEquity, Director of Wealthhub Solutions, Inc.
Mark A. Schlosser
Secretary and Treasurer, Schlosser Steel, Inc.
Jeffrey M. Schweitzer
President and Chief Executive Officer, Univest
Corporation of Pennsylvania and Chief Executive Officer,
Univest Bank and Trust Co.
Michael L. Turner
Partner, Marshall, Dennehey, Warner, Coleman
& Goggin
Robert C. Wonderling (Alternate Director)
President and CEO, Greater Philadelphia Chamber
of Commerce
Charles H. Zimmerman
Senior Leadership, Calvary Church of Souderton;
Director, Clemens Family Corporation
Wholly-Owned Subsidiaries
Univest Bank and Trust Co.
Univest Capital, Inc.
Univest Insurance, Inc.
Univest Investments, Inc.
104 S. Oakland Ave., LLC
Allied Benefits Group, LLC
Davisville Associates, LLC
Delview, Inc.
Fox Chase Service Corporation
Girard Partners, Ltd., a Univest Wealth
Management Firm
TCG Investment Advisory, Inc.
Please visit univest.net for a complete list of locations for Univest Corporation of Pennsylvania and our subsidiaries.
2017 Financial Performance
At December 31, (Dollars in thousands)
2017
2016
2015
Cash and interest-earning deposits
Investment securities
Net loans and leases
Other assets
Total assets
Deposits
Borrowings
Other liabilities
Total liabilities
Shareholders’ equity
Total liabilities and shareholders’ equity
$ 75,409
454,082
3,598,512
426,859
$ 4,554,862
$ 57,825
468,518
3,268,387
435,798
$ 4,230,528
$ 60,799
370,760
2,161,385
286,507
$ 2,879,451
$ 3,554,919
355,590
40,979
3,951,488
603,374
$ 4,554,862
$ 3,257,567
417,780
49,972
3,725,319
505,209
$ 4,230,528
$ 2,394,360
73,588
49,929
2,517,877
361,574
$ 2,879,451
For the years ended December 31,
(Dollars in thousands, except share and per share data)
2017
2016
2015
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
$ 163,051
19,839
143,176
9,892
133,284
59,240
130,713
61,811
17,717
$ 126,607
12,382
114,225
4,821
109,404
55,963
141,981
23,386
3,881
$ 101,983
8,065
93,918
3,802
90,116
52,425
105,515
37,026
9,758
$ 44,094
$ 19,505
$ 27,268
Book value per share
Net income per share:
Basic
Diluted
Diluted-core1
Dividends declared per share
$ 20.57
$ 19.00
$ 18.51
1.64
1.64
1.64
0.80
0.85
0.84
1.35
0.80
1.39
1.39
1.54
0.80
Weighted average shares outstanding
Period end shares outstanding
26,861,863
29,334,859
23,097,638
26,589,353
19,663,039
19,530,930
1Excludes integration and acquisition-related costs and restructuring charges.
$3,600,000
$3,200,000
$2,800,000
$2,400,000
$2,000,000
$1,600,000
$1,200,000
$800,000
$400,000
$-
$250,000
$200,000
$150,000
$100,000
$50,000
$-
$45,000
$40,000
$35,000
$30,000
$25,000
$20,000
$1.75
$1.60
$1.45
$1.30
$1.15
$1.00
‘16
‘15
Loan and Lease Outstandings
(in Thousands)
‘17
Non-interest income
Net-interest income
‘15
‘16
Total Revenue
(in Thousands)
‘17
‘15
‘16
Net Income*
(in Thousands)
*EXCLUDING INTEGRATION AND ACQUISITION-RELATED
COSTS AND RESTRUCTURING CHARGES.
‘17
‘11
‘15
‘16
Diluted Earnings Per Share*
*EXCLUDING INTEGRATION AND ACQUISITION-RELATED
COSTS AND RESTRUCTURING CHARGES.
‘11
‘12
‘17
2017
Financial
Highlights
Commercial Loans
Consumer Loans
Residential Real Estate
Lease Financings
Strengthening Our Support in Our Local Communities
Helping to strengthen the communities we serve has been at the heart of our culture for 141 years. At Univest, we believe
it’s our responsibility to give back to the communities we serve through financial literacy programs, monetary support,
leadership and employee volunteerism. In 2017, we continued our commitment of making our neighborhoods better places
to live, learn, work and worship. Here are some of our philanthropic highlights from this year.
• In our ongoing efforts to provide financial education to the young people in our communities, we visited local schools
to teach students about the importance of developing proper savings habits and using credit wisely. Our financial
literacy program reaches students from elementary school to college.
Throughout the year, Univest employees presented financial lessons
to more than 4,500 students.
$4.6b
TOTAL ASSETS
9.67%
TANGIBLE COMMON EQUITY
TO TANGIBLE ASSETS
1.01%
RETURN ON
AVERAGE ASSETS
3.78%
NET INTEREST
MARGIN
12.8%
RETURN ON AVERAGE
TANGIBLE COMMON EQUITY
• Univest’s Connecting with Community initiative was once again
at the core of our philanthropy program. Univest employees
participated in half-day service projects to support charitable
organizations that are making a difference in our local communities.
Including the MLK Day of Service and United Way Day of
Caring, our employees completed 19 service projects. In 2017, our
employees volunteered more than 19,000 hours on behalf of Univest
and during their own personal time.
• While we remain committed to countless philanthropic partnerships
in the markets we have served for much of our history, we are also
focused on forging new community partnerships to carry out our
Community Core Value. We began a new partnership with the
Philadelphia Horticultural Society’s pop-up garden in University
City. In addition, we sponsored two events in Bethlehem –
Christkindlmarkt, a nationally-recognized Christmas market, and
the Celtic Classic, an annual festival dedicated to promoting the
Celtic heritage. Additionally, we continued our strong partnership with
PBS 39 in Bethlehem.
• In partnership with the Ronald McDonald House Charities
(RMHC®) of the Philadelphia Region Inc., Univest participated in
its Adopt-a-Blarney fundraiser by selling the stuffed Blarney dog at
all Univest Financial Centers. All proceeds, along with an additional
donation from Univest, totaled $14,354 and went to benefit
RMHC’s mission to create, find and support programs that directly
improve the health and well-being of children.
• Univest signed a multi-year corporate partnership agreement with
Saint Joseph’s University’s Athletic Department that offers significant
brand-building opportunities and a variety of other business
development options. This partnership aligns nicely with an evolving
strategy to partner with local colleges and universities and deliver
financial solutions to their students, faculty and alumni.
• In the wake of a historic hurricane season, parts of our country
needed disaster relief support. Univest, our employees and
community responded. Together, we donated $12,000 to the
American Red Cross hurricane relief fund.
• During the month of December, we held our sixth annual Caring
for Community Giveaway. Individuals in the community submitted
a record-breaking 8,500 entries, nominating more than 150 local
nonprofit groups. Logan’s Heroes Animal Rescue was randomly
selected as the winner of the $5,000 donation.
2017
Philanthropic
Year in Review
2017 PHILANTHROPIC GIVING
4%
1%
21%
17%
57%
Youth & Education
Health & Social Services
Community & Economic
Development
Arts & Culture
And More
$1.8m
FINANCIAL
CONTRIBUTIONS
544
ORGANIZATIONS
SUPPORTED
19,152
VOLUNTEER HOURS
19
CONNECTING WITH
COMMUNITY DAYS
4,578
NUMBER OF STUDENTS
EDUCATED
Univest Corporation of Pennsylvania
Listing as of January 1, 2018
Senior Leadership Team
Jeffrey M. Schweitzer
President and Chief Executive Officer, Univest
Corporation of Pennsylvania and Chief
Executive Officer, Univest Bank and Trust Co.
Michael S. Keim
President, Univest Bank and Trust Co. and
Senior Executive Vice President, Univest
Corporation of Pennsylvania
Duane J. Brobst
Senior Executive Vice President and Chief Risk
Officer, Univest Corporation of Pennsylvania
Roger S. Deacon
Senior Executive Vice President and Chief
Financial Officer, Univest Corporation of
Pennsylvania and Univest Bank and Trust Co.
Hugh W. Connelly
President, Univest Capital, Inc. and President of
Business Banking, Univest Bank and Trust Co.
Ronald R. Flaherty
President, Univest Insurance, Inc.
Kevin B. Norris
President,Wealth Management, Univest Bank
and Trust Co.
Board of Directors
Listing as of January 1, 2018
William S. Aichele
Chairman of Univest Corporation of Pennsylvania
and of Univest Bank and Trust Co. Retired President
and Chief Executive Officer of Univest Corporation of
Pennsylvania and Univest Bank and Trust Co.
Roger H. Ballou
Former Director, President and CEO of CDI
Corporation; Director of Alliance Data Systems and
RCM Technologies, Inc.
Todd S. Benning
Founding Stockholder of Dunlap & Associates, PC
R. Lee Delp
Principal, R. L. Delp & Company
William G. Morral, C.P.A.
Accountant and Financial Consultant;
Former Senior Vice President and Chief Financial
Officer, Moyer Packing Company
Glenn E. Moyer
CEO, Live Oak Strategies, LLC; Board Chair and
Trustee, Wyomissing Foundation
K. Leon Moyer
Retired President and Chief Executive Officer, Univest
Bank and Trust Co.
Michael S. Fitzgerald
Market President, Commercial Banking for the
Delaware Valley, Univest Bank and Trust Co.
Philip C. Jackson
Market President, Commercial Banking for the Lehigh
Valley, Univest Bank and Trust Co.
Thomas J. Jordan IV
Market President, Commercial & Consumer Banking
for Lancaster County, Univest Bank and Trust Co.
Dana E. Brown
Executive Vice President, Consumer Services, Univest
Bank and Trust Co.
Eric W. Conner
Executive Vice President and Chief Information Officer,
Univest Corporation of Pennsylvania
Megan Duryea Santana
Executive Vice President and General Counsel, Univest
Corporation of Pennsylvania
M. Theresa Schwartzer
Executive Vice President and Director of Human
Resources, Univest Corporation of Pennsylvania
Annette D. Szygiel
Executive Vice President and Chief Experience Officer,
Univest Corporation of Pennsylvania
Natalye Paquin, Esq.
President and CEO, Points of Light
Thomas M. Petro
Director and Executive Board Chair of OrthogenRx,
Inc., Director and Non-Executive Board Chair of
BizEquity, Director of Wealthhub Solutions, Inc.
Mark A. Schlosser
Secretary and Treasurer, Schlosser Steel, Inc.
Jeffrey M. Schweitzer
President and Chief Executive Officer, Univest
Corporation of Pennsylvania and Chief Executive Officer,
Univest Bank and Trust Co.
Michael L. Turner
Partner, Marshall, Dennehey, Warner, Coleman
& Goggin
Robert C. Wonderling (Alternate Director)
President and CEO, Greater Philadelphia Chamber
of Commerce
Charles H. Zimmerman
Senior Leadership, Calvary Church of Souderton;
Director, Clemens Family Corporation
Wholly-Owned Subsidiaries
Univest Bank and Trust Co.
Univest Capital, Inc.
Univest Insurance, Inc.
Univest Investments, Inc.
104 S. Oakland Ave., LLC
Allied Benefits Group, LLC
Davisville Associates, LLC
Delview, Inc.
Fox Chase Service Corporation
Girard Partners, Ltd., a Univest Wealth
Management Firm
TCG Investment Advisory, Inc.
Please visit univest.net for a complete list of locations for Univest Corporation of Pennsylvania and our subsidiaries.
Ready for a Bright Future
Shareholder Information
Univest is well-positioned to grow and continue to earn our
independence. We are proud of our accomplishments this past
year. As we look ahead, we are confident in our ability to seize
opportunities, respond to market demands and ever-changing
customer and industry needs, and add to our story of steady and
stable growth.
Our ability to raise capital in 2017 enables us to operate from a
position of strength. With our solid capital position, disciplined
approach to managing the business, positive reputation and 849
dedicated employees living our core values each day, we indeed
have a bright future. We remain confident that the story, which
will continue to unfold, will be one of growth and an unwavering
commitment to serve the communities in which we operate.
Thank you for your continued trust and investment. As we move
forward, it is our priority to continue to earn your trust and
respect as we work to build the business and provide for our
employees, customers, shareholders and communities.
Vision Statement
To be the best integrated
financial solutions provider
in the market.
Shareholders’ Meeting
The Annual Shareholders’ Meeting will take place at 10:45 a.m., Tuesday, April 17, 2018
at PineCrest Country Club, 101 Country Club Drive, Lansdale, PA 19446.
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
2017
ANNUAL REPORT
Our Franchise
141
YEARS OF BUSINESS
SUCCESS
11
PA & NJ
COUNTIES SERVED
849
EMPLOYEES
MAKING IT HAPPEN
49
ATMs
41
FINANCIAL
CENTERS
7
COMMERCIAL &
CORPORATE OFFICES
3
INVESTMENT
OFFICES
4
INSURANCE
OFFICES
15,668
BUSINESS CUSTOMERS
57,222
CONSUMER HOUSEHOLDS
2017
Integrated Successes
$3.5b
ASSETS UNDER
MANAGEMENT AND
SUPERVISION
$1.0b
LOANS SERVICED
FOR OTHERS
$164m
TOTAL INSURANCE
WRITTEN PREMIUM
$130m
EQUIPMENT FINANCE
OUTSTANDINGS
CORE BANKING
OPERATION
72% TOTAL REVENUE FROM
28% TOTAL REVENUE FROM
NON-BANKING
OPERATIONS
Ready for a Bright Future
Shareholder Information
Univest is well-positioned to grow and continue to earn our
independence. We are proud of our accomplishments this past
year. As we look ahead, we are confident in our ability to seize
opportunities, respond to market demands and ever-changing
customer and industry needs, and add to our story of steady and
stable growth.
Our ability to raise capital in 2017 enables us to operate from a
position of strength. With our solid capital position, disciplined
approach to managing the business, positive reputation and 849
dedicated employees living our core values each day, we indeed
have a bright future. We remain confident that the story, which
will continue to unfold, will be one of growth and an unwavering
commitment to serve the communities in which we operate.
Thank you for your continued trust and investment. As we move
forward, it is our priority to continue to earn your trust and
respect as we work to build the business and provide for our
employees, customers, shareholders and communities.
Vision Statement
To be the best integrated
financial solutions provider
in the market.
Shareholders’ Meeting
The Annual Shareholders’ Meeting will take place at 10:45 a.m., Tuesday, April 17, 2018
at PineCrest Country Club, 101 Country Club Drive, Lansdale, PA 19446.
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
2017
ANNUAL REPORT
Our Franchise
141
YEARS OF BUSINESS
SUCCESS
11
PA & NJ
COUNTIES SERVED
849
EMPLOYEES
MAKING IT HAPPEN
49
ATMs
41
FINANCIAL
CENTERS
7
COMMERCIAL &
CORPORATE OFFICES
3
INVESTMENT
OFFICES
4
INSURANCE
OFFICES
15,668
BUSINESS CUSTOMERS
57,222
CONSUMER HOUSEHOLDS
2017
Integrated Successes
$3.5b
ASSETS UNDER
MANAGEMENT AND
SUPERVISION
$1.0b
LOANS SERVICED
FOR OTHERS
$164m
TOTAL INSURANCE
WRITTEN PREMIUM
$130m
EQUIPMENT FINANCE
OUTSTANDINGS
CORE BANKING
OPERATION
72% TOTAL REVENUE FROM
28% TOTAL REVENUE FROM
NON-BANKING
OPERATIONS