Focused on the Future
Shareholder Information
Univest remains well-positioned for growth as we continue to
support our customers, our communities and each other while
providing a fair return to our loyal shareholders. Pipelines are
strong and the market is responding to Univest as a result of
our strong sales efforts, the hard work and expertise of our
support areas and our focus on deepening relationships with
existing customers while simultaneously seizing new business
opportunities in the thriving markets in which we serve.
As we look forward, we are focused on evolving our business
to remain relevant and differentiate Univest in this competitive
financial industry. We are proactively transitioning from a
traditional financial institution experience to a digital experience
to ensure Univest’s capabilities and solutions are attractive to
today’s tech-savvy consumer. We are well-positioned to continue
to make the investments necessary to allow Univest to compete in
the digital space and grow our franchise while still maintaining the
personal touch for which we are known.
Thank you for your continued trust and investment. As we
look ahead, we remain confident in our ability to grow the
business and maintain an unwavering commitment to serve the
communities in which we operate. Continuing to earn your
respect is our top priority as we work to build the business
and provide for our employees, customers, shareholders and
communities.
The Univest Way
Fundamental #1
Always Do the Right
Fundamental #2
Have a Growth
Thing
Mindset
Fundamental #3
Practice Servant
Leadership
Fundamental #4
Fundamental #5
Fundamental #6
Invest in
Deliver
Relationships
Exceptional Service
Comply With
Regulations
Fundamental #7
Don’t Be an
Energy Vampire
Fundamental #8
Fundamental #9
Fundamental #10
Fundamental #11
Fundamental #12
Be Nice
Collaborate
Attack the Problem,
Give Back
Honor
Commitments
Not the Person
Fundamental #13
Fundamental #14
Fundamental #15
Provide
Solutions
Assume
Positive Intent
Listen
Generously
Fundamental #16
Speak Straight
Fundamental #17
Fundamental #18
Have Fun
Celebrate
Success
Shareholders’ Meeting
The Annual Shareholders’ Meeting will take place at 10:45 a.m., Tuesday, April 16, 2019
at the Indian Valley Country Club, 650 Bergey Road, Telford, PA 18969.
Univest Stock Transfer Agent
For more information on Univest Financial Corporation 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 Financial Corporation,
please call 877.723.5571 or 215.721.2434.
Common Stock Information
Traded on the NASDAQ National Market, Symbol: UVSP.
“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
2018
ANNUAL REPORT
Our Franchise
142
YEARS OF BUSINESS
SUCCESS
841
EMPLOYEES
MAKING IT HAPPEN
39
FINANCIAL
CENTERS
7
COMMERCIAL &
CORPORATE OFFICES
6
WEALTH
OFFICES
4
INSURANCE
OFFICES
16,153
BUSINESS CUSTOMERS
57,883
CONSUMER HOUSEHOLDS
2018
Integrated Successes
$3.3b
ASSETS UNDER
MANAGEMENT AND
SUPERVISION
$1.0b
LOANS SERVICED
FOR OTHERS
$180m
TOTAL INSURANCE
WRITTEN PREMIUM
$142m
EQUIPMENT FINANCE
OUTSTANDINGS
CORE BANKING
74% TOTAL REVENUE FROM
26% TOTAL REVENUE FROM
NON-BANKING
OPERATIONS
OPERATION
Focused on the Future
Shareholder Information
Our Franchise
Univest remains well-positioned for growth as we continue to
support our customers, our communities and each other while
providing a fair return to our loyal shareholders. Pipelines are
strong and the market is responding to Univest as a result of
our strong sales efforts, the hard work and expertise of our
support areas and our focus on deepening relationships with
existing customers while simultaneously seizing new business
opportunities in the thriving markets in which we serve.
As we look forward, we are focused on evolving our business
to remain relevant and differentiate Univest in this competitive
financial industry. We are proactively transitioning from a
traditional financial institution experience to a digital experience
to ensure Univest’s capabilities and solutions are attractive to
today’s tech-savvy consumer. We are well-positioned to continue
to make the investments necessary to allow Univest to compete in
the digital space and grow our franchise while still maintaining the
personal touch for which we are known.
Thank you for your continued trust and investment. As we
look ahead, we remain confident in our ability to grow the
business and maintain an unwavering commitment to serve the
communities in which we operate. Continuing to earn your
respect is our top priority as we work to build the business
and provide for our employees, customers, shareholders and
communities.
The Univest Way
Fundamental #1
Always Do the Right
Fundamental #2
Have a Growth
Thing
Mindset
Fundamental #3
Practice Servant
Leadership
Fundamental #4
Fundamental #5
Fundamental #6
Invest in
Deliver
Relationships
Exceptional Service
Comply With
Regulations
Fundamental #7
Don’t Be an
Energy Vampire
Fundamental #8
Fundamental #9
Fundamental #10
Fundamental #11
Fundamental #12
Be Nice
Collaborate
Attack the Problem,
Give Back
Honor
Commitments
Not the Person
Fundamental #13
Fundamental #14
Fundamental #15
Provide
Solutions
Assume
Positive Intent
Listen
Generously
Fundamental #16
Speak Straight
Fundamental #17
Fundamental #18
Have Fun
Celebrate
Success
Shareholders’ Meeting
The Annual Shareholders’ Meeting will take place at 10:45 a.m., Tuesday, April 16, 2019
at the Indian Valley Country Club, 650 Bergey Road, Telford, PA 18969.
Univest Stock Transfer Agent
For more information on Univest Financial Corporation common stock, please contact
Broadridge Corporate Issuer Solutions or visit the investor relations section at
Regular Mail Communications:
Overnight Mail Communications:
Broadridge Corporate Issuer Solutions, Inc.
Broadridge Corporate Issuer Solutions, Inc.
www.univest.net.
PO Box 1342
Brentwood, NY 11717
ATTN: IWS
1155 Long Island Avenue
Edgewood, NY 11717
Phone Number: 866-321-8021
Email Address: shareholder@broadridge.com
Website: https://investor.broadridge.com
Univest Shareholder Information Hotline
For more information on Univest Financial Corporation,
please call 877.723.5571 or 215.721.2434.
Common Stock Information
Traded on the NASDAQ National Market, Symbol: UVSP.
“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
142
YEARS OF BUSINESS
SUCCESS
841
EMPLOYEES
MAKING IT HAPPEN
39
FINANCIAL
CENTERS
2018
ANNUAL REPORT
7
COMMERCIAL &
CORPORATE OFFICES
6
WEALTH
OFFICES
4
INSURANCE
OFFICES
2018
Integrated Successes
$3.3b
ASSETS UNDER
MANAGEMENT AND
SUPERVISION
$1.0b
LOANS SERVICED
FOR OTHERS
$180m
TOTAL INSURANCE
WRITTEN PREMIUM
$142m
EQUIPMENT FINANCE
OUTSTANDINGS
CORE BANKING
OPERATION
74% TOTAL REVENUE FROM
26% TOTAL REVENUE FROM
NON-BANKING
OPERATIONS
2018 Financial Performance
At December 31, (Dollars in thousands)
2018
2017
2016
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
$ 109,420
473,306
3,977,210
424,411
$ 4,984,347
$ 75,409
454,082
3,598,512
426,859
$ 4,554,862
$ 57,825
468,518
3,268,387
435,798
$ 4,230,528
$ 3,885,933
429,672
44,609
4,360,214
624,133
$ 4,984,347
$ 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
For the years ended December 31,
(Dollars in thousands, except per share data)
2018
2017
2016
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
$ 190,488
32,426
158,062
20,310
137,752
60,173
137,239
60,686
10,143
$ 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
$ 50,543
$ 44,094
$ 19,505
Book value per share
Net income per share:
Basic
Diluted
Diluted-core1
Dividends declared per share
$ 21.32
$ 20.57
$ 19.00
1.72
1.72
1.74
0.80
1.64
1.64
1.64
0.80
0.85
0.84
1.35
0.80
Weighted average shares outstanding
Period end shares outstanding
29,370,217
29,270,852
26,861,863
29,334,859
23,097,638
26,589,353
$4,400,000
$4,000,000
$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
$-
$55,000
$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
2018
Financial
Highlights
Commercial Loans
Consumer Loans
Residential Real Estate
Lease Financings
‘17
‘16
Loan and Lease Outstandings
(in Thousands)
‘18
Non-interest income
Net-interest income
‘16
‘17
Total Revenue
(in Thousands)
‘18
‘16
‘17
Net Income*
(in Thousands)
*EXCLUDES INTEGRATION AND ACQUISITION-RELATED
COSTS AND RESTRUCTURING CHARGES.
‘18
‘11
‘17
‘16
Diluted Earnings Per Share*
*EXCLUDES INTEGRATION AND ACQUISITION-RELATED
COSTS AND RESTRUCTURING CHARGES.
‘12
‘11
‘18
$5.0b
TOTAL ASSETS
9.29%
TANGIBLE COMMON EQUITY
TO TANGIBLE ASSETS
1.08%
RETURN ON
AVERAGE ASSETS*
3.72%
NET INTEREST
MARGIN
11.77%
RETURN ON AVERAGE
TANGIBLE COMMON EQUITY*
1Excludes integration and acquisition-related costs and restructuring charges.
*Excludes restructuring charges.
Committed to our Community Core Value
Giving back to the communities we serve is at the heart of Univest’s culture. We help the communities we serve through financial
support, strong leadership and employee volunteerism. Here are some of the ways we carried out our community core value
during the year.
• Univest’s Connecting with Community initiative was once again at the core of our philanthropic program in 2018. 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 21 service
projects.
• Another way we support our communities beyond financial contributions is our financial literacy program. Dozens of
Univest employees presented financial lessons to more than 5,000 students over the course of the year.
• 2018 marked the fourth consecutive year Univest served as the presenting sponsor of Spruce Street Harbor Park in
Philadelphia. In addition, we increased our presence in the Lehigh Valley as the presenting sponsor of Christkindlmarkt in
Bethlehem. We also continued our multi-year corporate partnership with the Saint Joseph’s University Athletic Department.
• We again partnered with the Ronald McDonald House Charities (RMHC®) of the Philadelphia Region for its Show Your
Stripes campaign. Through two weeks of fundraising sales at Univest financial centers, we raised nearly $7,000 for this
community partner.
• It was our inaugural year as the sponsor of the amphitheater at the Park at Fourth located in Quakertown, Bucks County.
The venue, now known as the Univest Performance Center, draws regional crowds for its premier Sounds of Summer
concert series.
• During the month of December, we held our seventh annual Caring for Community Giveaway. Individuals in the
community submitted more than 7,600 entries, nominating more than 140 local nonprofit groups. Quakertown
Community Outreach was selected as the winner of the $5,000 donation.
2018
Philanthropic Year in Review
2018 PHILANTHROPIC GIVING
11%
20%
Youth & Education
Health & Social Services
Community & Economic
Development
Arts & Culture
20%
49%
$1.9m
FINANCIAL
CONTRIBUTIONS
484
ORGANIZATIONS
SUPPORTED
21
CONNECTING WITH
COMMUNITY DAYS
18,705
VOLUNTEER HOURS
5,035
STUDENTS EDUCATED
Univest Financial Corporation
Listing as of January 1, 2019
Senior Leadership Team
Jeffrey M. Schweitzer
President and Chief Executive Officer, Univest
Financial Corporation and Chief Executive
Officer, Univest Bank and Trust Co.
Michael S. Keim
President, Univest Bank and Trust Co. and
Senior Executive Vice President, Univest
Financial Corporation
Roger S. Deacon
Senior Executive Vice President and Chief
Financial Officer, Univest Financial
Corporation and Univest Bank and Trust Co.
Duane J. Brobst
Senior Executive Vice President and Chief
Credit Officer, Univest Bank and Trust Co.
and Senior Executive Vice President, Univest
Financial Corporation
Megan Duryea Santana
Executive Vice President, General Counsel
and Chief Risk Officer, Univest Financial
Ronald R. Flaherty
President, Univest Insurance, LLC
Kevin B. Norris
President, Girard, a Univest Wealth Division
Michael S. Fitzgerald
Market President, Delaware Valley, Univest Bank
Market President, Lehigh Valley, Univest Bank
Thomas J. Jordan IV
Market President, Lancaster, Univest Bank
President, Mortgage Banking, Univest Bank and
and Trust Co.
Philip C. Jackson
and Trust Co.
and Trust Co.
Brian Grzebin
Trust Co.
Dana E. Brown
Bank and Trust Co.
Eric W. Conner
Executive Vice President, Consumer Services, Univest
Executive Vice President and Chief Information Officer,
Univest Financial Corporation
M. Theresa Schwartzer
Executive Vice President and Director of Human
Resources, Univest Financial Corporation
Executive Vice President and Chief Experience Officer,
Univest Financial Corporation
Corporation and Univest Bank and Trust Co.
Annette D. Szygiel
Board of Directors
Listing as of January 1, 2019
William S. Aichele
Chairman of Univest Financial Corporation and
of Univest Bank and Trust Co.; Retired President
and Chief Executive Officer of Univest Corporation
of Pennsylvania and Univest Bank and Trust Co.;
Director, Federal Reserve Bank of Philadelphia
Roger H. Ballou
Former Director, President and CEO of CDI
Corporation; Director of Alliance Data Systems and
RCM Technologies, Inc.
Todd S. Benning
Natalye Paquin, Esq.
President and CEO, Points of Light Foundation
Thomas M. Petro
Managing Partner of 1867 Capital Partners, LLC;
Former President and CEO of Fox Chase Bancorp
Jeffrey M. Schweitzer
President and Chief Executive Officer, Univest Financial
Corporation and Chief Executive Officer, Univest Bank
and Trust Co.
Michael L. Turner
Partner, Marshall, Dennehey, Warner, Coleman
Founding Stockholder of Dunlap & Associates, PC
(now Principal of DunlapSLK, PC as the result of a
& Goggin
merger effective January 2, 2019)
Robert C. Wonderling
CEO, Live Oak Strategies, LLC; Director, FHLB
of Commerce
Glenn E. Moyer
of Pittsburgh
K. Leon Moyer
Retired President and Chief Executive Officer,
Univest Bank and Trust Co.
President and CEO, Greater Philadelphia Chamber
Charles H. Zimmerman
Senior Leadership, Calvary Church of Souderton;
Director, Clemens Family Corporation
Wholly-Owned Subsidiaries
Univest Bank and Trust Co.
Girard Pension Services, LLC
Univest Capital, Inc.
104 S. Oakland Ave., LLC
Univest Insurance, LLC
Girard Benefits Group, LLC
Girard Advisory Services, LLC
Davisville Associates, LLC
Girard Investment Services, LLC
Please visit univest.net for a complete list of locations for Univest Financial Corporation and our subsidiaries.
2018 Highlights
To our family of Shareholders, Customers and Employees
Engaging Our Workforce & Building Our Financial Brand
• During the first quarter of 2018, we launched The Univest Way, the brand for our cultural fundamentals. We firmly believe
that culture drives performance and that an engaged workforce who follows a common set of fundamental behaviors ensures
that we carry out our core values and hold one another accountable while motivating us to be part of the collective whole
and achieve high performing success. One of the 18 fundamentals in The Univest Way is to “Have a Growth Mindset”
which challenges the Univest family to never settle for the status quo and encourages us to embrace the possibilities
change can bring as we strive to constantly move forward. A second fundamental is, “Have Fun.” To promote employee
engagement and reinforce this fundamental, we held a dress down day fundraiser to celebrate the Philadelphia Eagles’ Super
Bowl win while raising money for a local nonprofit.
• Univest University, which offers courses crafted specifically to further develop the skills and knowledge of our employees to
support our growth, continues to expand. We offered 148 instructor-led training events with almost 1,700 attendees and
8,800 hours of training in 2018.
• We launched the Women’s Leadership certificate program with an inaugural group of 14 graduates. Another group of 20
women will complete the course in 2019.
• As we continually work to evolve our digital strategy and experience for customers, we also remain committed to elevating
our employee experience. In the second half of the year, we embarked on a project to upgrade The Nest, our employee
Intranet, to a state-of-the-art platform which will serve as a centralized hub to conduct internal project discussions, post
communications, centralize employee policies and resources, and increase overall employee engagement. We look forward to
this new site going live in 2019.
• In 2018, we invested in brand advertising in our core and expanded markets. We leveraged the efficiency and targeting
accuracy of digital advertising on social, mobile and online channels and extended our reach to cover our market area in
addition to traditional media including radio, print and outdoor advertising. Throughout the year, our advertising focused
on keeping the brand forefront while executing specific campaigns and promotions for our lines of business.
• In the Lancaster market, our “people you trust, a bank to believe in” campaign deepened the connection between our
people, the Univest brand and the Lancaster community.
• Proactive media outreach resulted in earned coverage in local and online publications highlighting our financial literacy
efforts, community involvement and positioning Univest employees as trusted financial experts.
• Throughout the year, a top priority was to develop relevant content and implement enhancements to the user experience
online in an effort to strengthen our credibility, improve organic search result rankings and generate lead opportunities.
In addition, we repositioned website content to be more robust and reflective of digital banking solutions and completed
significant ground work for the launch of our new mobile banking app in early 2019.
• We continued to utilize Univest’s Facebook, Twitter and LinkedIn pages to engage with customers and community
members and position Univest as a trusted financial resource. We created a Univest Instagram account to expand our reach
and round out our social strategy. In addition to sharing content socially, we advertised on social channels where people are
more likely to consume our targeted message on their mobile device.
Building
UNIVEST’S BRAND ONLINE
170m
BRAND IMPRESSIONS
2.4m
SOCIAL CONTENT
IMPRESSIONS
635k
BRAND
ENGAGEMENTS
78.5k
SOCIAL CONTENT
ENGAGEMENTS
To our family of shareholders, customers and employees:
We are pleased to report a successful year for Univest Financial Corporation as we continued
to invest in our employees, the business and the communities we serve. During the year, our
disciplined business approach fueled organic growth and strong sales execution across all of
our subsidiaries. We believe our success is a direct result of the loyal support of our customers,
shareholders, employees and communities as well as a continued commitment to our core values
of tradition, integrity, spirituality, community and excellence.
Our solid performance was a result of our unwavering focus on achieving strong organic growth
as we seized opportunities to attract new relationships across all lines of business. This focus
resulted in Univest growing loans 10.7% and deposits 9.3% in 2018. Additionally, we grew
wealth management and insurance revenues 6.8% and 7.3%, respectively. We continued to invest
in the business by advancing progress of our corporate strategic initiatives with objectives to improve company and employee
efficiency and enhance customer experiences. Most notably, we completed the enterprise-wide roll-out of Salesforce
maximizing sales referral efforts and improving the effectiveness of our client relationship strategy.
Jeffrey M. Schweitzer, William S. Aichele
Throughout the year, we also focused on defining Univest’s culture by introducing 18 fundamentals, known as “The
Univest Way,” which describe the daily principles and practices that make our values come to life. These fundamentals
differentiate us, drive our continued success and help us attract and retain top talent. By incorporating The Univest Way into
our daily business practices, we are cultivating a high-performing culture that drives performance, encourages our employees
to work together to serve our customers and communities while remaining focused on carrying out our core values.
As we have grown over the years, so have the markets we serve as well as the solutions we provide our customers. With our
subsidiaries doing business in multiple states, it was time to align our parent company name to reflect our expanded market
and emphasize our focus on delivering comprehensive financial solutions. Effective January 1, 2019, Univest Corporation
of Pennsylvania changed its name to Univest Financial Corporation. As we continue to evolve the business and position the
franchise for growth, we also adopted Girard as the common brand for the Univest Wealth Division, also effective January
1, 2019. This common brand will allow us to market Girard as a full-service wealth division backed by the strength and
stability of Univest.
Throughout our history, we have been blessed with strong, servant leaders who have strategically guided us through both
good and challenging times. In 2018, R. Lee Delp and William G. Morral retired from our Board of Directors after 24 and
25 years of service, respectively. Mark Schlosser also left the board after 13 years of service. 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. In addition, we had the privilege to welcome Robert C. Wonderling, President and CEO of the Greater
Philadelphia Chamber of Commerce. Robert served as an Alternate Director in 2018 and is now a Director. We look
forward to his continued contributions as he shares his expertise to move the business forward.
As you review the 2018 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.
Sincerely,
William S. Aichele
Chairman
Jeffrey M. Schweitzer
President and CEO
2018 Highlights
Univest Financial Corporation achieved strong performance in 2018. Organic growth, deliberate execution of our strategic priorities
and a collaborative approach to risk management and operational efficiency contributed to our performance. Our rich culture,
strong leadership and a clear mission guides our team of more than 800 employees to maintain an unwavering commitment to our
customers, communities, each other and our loyal shareholders. Together, we accomplished the following highlights.
Solid Banking, Insurance and Investment Growth
• Over our 142-year history, the Bank has served as our largest business unit and continues to deliver strong results. Driven
primarily by strong and seasoned commercial banking teams in each of our markets, our loan portfolio grew by $386.5
million, or 10.7% in 2018.
• Deposits increased $331.0 million, or 9.3% from December 31, 2017. This growth was driven by a focus on acquiring new
deposit relationships and attracting new deposits from our existing relationships as well as increased commercial relationships
and public fund deposits. Throughout the year, while monitoring the rising rate environment, we deployed CD rate
promotions that caught the attention of the market.
• Our 2018 financial results included a net $10.9 million ($8.6 million after-tax) loan charge-off related to fraudulent activities
by employees of a borrower. We believe this was an isolated incident and is not indicative of a broader increase in exposure to
fraud-related losses in connection with our lending businesses.
• Univest’s Cash Management team had a strong year with a significant increase in merchant card processing totaling more
than $98 million in transactional volume. In addition, there was a surge in commercial customers using fraud services which
saw a 205% increase year over year.
• Our Lancaster team experienced significant growth across the market in 2018. In May, we opened a new financial center in
Intercourse, Pa., which is the fifth retail office in Lancaster, further enhancing our presence in the market.
• We continued with our Financial Center optimization plan, which was initiated in 2013, ending the year with 39 retail
locations in our network. We continue to adapt to the changing expectations of how our customers want to interact with us
while leveraging the advancements in financial technology and maintaining experiences that are relevant in physical locations,
online and on mobile devices. While we closed financial centers in Quakertown, Green Lane and Telford, we also completed a
retrofit of our Line Lexington Financial Center to align with our modern model to provide faster processing and an improved
customer experience.
• In addition to consolidating locations, we also found efficiency by creating a new leadership structure that assigns one
manager to oversee two financial centers in close proximity to each other. This Dual-Manager role has been well received and
is rolled out to one-third of our financial center network.
• Our Ocean City Financial Center continues to gain momentum with consumer and small business customers while increasing
community partnerships. As a result, it was named Best Bank on the annual “Best of” list by the Atlantic City Press.
• We continued to gain visibility in the Lehigh Valley. Our commercial banking growth, strong insurance and employee benefits
relationships as well as high-profile community partnerships fueled strong momentum and brand awareness. Our Bethlehem
Financial Center celebrated its one-year anniversary in December of 2018 and, as we look ahead, we believe Univest will
benefit from the ongoing disruption of the banking landscape in the Lehigh Valley.
• With a continued focus on attracting larger, more complex business clients, Univest Insurance added Risk Management
and Loss Control services in 2018. Adding to our robust offerings helped drive stronger sales and improve client retention.
Total written premium surpassed $170 million and revenue growth increased 7.3% over 2017, including Human Resources
Consulting which expanded its services and ended the year with a 50% increase in revenue.
$386.5m
LOAN GROWTH FOR THE YEAR
ENDED DECEMBER 31, 2018
Solid Organic Banking Growth
$331.0m
10.7%
LOAN GROWTH FOR THE YEAR
ENDED DECEMBER 31, 2018
DEPOSIT GROWTH FOR THE YEAR
ENDED DECEMBER 31, 2018
9.3%
DEPOSIT GROWTH FOR THE YEAR
ENDED DECEMBER 31, 2018
• Univest Capital had a year of robust growth. Total originations were $73 million, an increase of 32% compared to
2017. An unwavering focus resulted in a 56% increase in average transaction size. We saw tremendous growth in
originations to the golf industry and municipal organizations.
• The housing market continued to create a very challenging mortgage lending environment. Despite these challenges,
the Mortgage Banking division closed $281 million in loans in 2018 led by Brian Grzebin, who was appointed
President of the Division in the second quarter. His focus on quality, service, technology and operational effectiveness
has positioned us for future growth in this division.
• Effective January 1, 2019, Univest adopted Girard as the common brand for our Wealth Division. This name was first
introduced following Univest’s acquisition of Girard Partners, Ltd. in 2014. Since then, we’ve been using the Girard
name alongside the Univest name. The Girard brand has gained momentum both locally and across 19 other states.
Our growth and increased brand recognition continues to fuel new opportunities. As Girard, our clients get the best
of two worlds – the security and all the products and services of a traditional bank along with comprehensive planning,
advice and wealth solutions from a full-service firm. We continue to offer trust solutions through Univest Bank and
Trust Co. and charitable giving and philanthropic solutions through Univest Foundation, Inc.
• As we build the Girard brand, we will capitalize on the momentum we have created through a focused media relations
campaign with our Chief Investment Officer and several financial advisors. Our 2018 efforts resulted in media coverage
in top outlets including The Wall Street Journal, Yahoo! Finance, The Philadelphia Inquirer and USA Today.
• Our Municipal Pension business had its best year since inception with a total of $53 million in assets added to the
platform in 2018.
• The success of each of our lines of business was apparent this year. Increased collaboration as a result of our market
penetration strategy coupled with natural growth in our integration efforts have fueled strong results for our customer
referral program. In 2018, we achieved approximately $88 million in closed new business referrals from one line of
business to another.
Investing in Technology, Establishing Efficiencies and Improving the Customer Experience
• Over the course of 2018, we hired a new Chief Technology Officer and continued investing in enterprise-wide technology
and infrastructure to upgrade systems, enhance customer experiences and remain competitive.
• The implementation of Salesforce as the sales and customer relationship management tool for the entire company was
completed in 2018 giving us a 360-degree view of every customer’s relationship for the first time. As we move through
2019, we will focus on leveraging Salesforce to improve the productivity and effectiveness of our workforce.
• Progress was made to migrate lending workflows to nCino, a loan origination system that will serve as the common
operating platform and process for originating and funding commercial loans. There is a dedicated team in place to oversee
completing the implementation in 2019 as well as incorporating enhancements that will be made available during the year.
• We also made investments to improve customer experiences. These improvements included upgrading our mobile app
and moving to the Jack Henry/First Data partnered debit card which provides enhanced fraud fighting tools, improves
integration with our core banking system and enables us to offer virtual wallets such as GooglePay and ApplePay which was
introduced in the fourth quarter. In addition, Univest customers benefitted from the implementation of the SWIFT code
which simplifies the process for incoming foreign wires.
• Girard replaced its portfolio management system with Black Diamond, creating a state-of-the-art investing platform for our
clients that is competitive with the best in our business. Girard also converted client relationship management data from its
previous CRM system to the Salesforce Financial Services Cloud, designed specifically for the wealth management industry.
• In January, we launched Kadince, a software program that holistically tracks Univest’s financial support of nonprofit
organizations, community development loans, community development investments and employee volunteer service so we
can gain efficiencies in reporting and complying with the Community Reinvestment Act.
• In addition to enhancing systems, we are equally focused on the security of these systems and protecting our customers’
information. Email phishing continues to be the most common path to compromise. We continue to proactively work to
educate employees to identify these instances to mitigate risk and protect our customers.
2018 Highlights
To our family of Shareholders, Customers and Employees
Engaging Our Workforce & Building Our Financial Brand
• During the first quarter of 2018, we launched The Univest Way, the brand for our cultural fundamentals. We firmly believe
that culture drives performance and that an engaged workforce who follows a common set of fundamental behaviors ensures
that we carry out our core values and hold one another accountable while motivating us to be part of the collective whole
and achieve high performing success. One of the 18 fundamentals in The Univest Way is to “Have a Growth Mindset”
which challenges the Univest family to never settle for the status quo and encourages us to embrace the possibilities
change can bring as we strive to constantly move forward. A second fundamental is, “Have Fun.” To promote employee
engagement and reinforce this fundamental, we held a dress down day fundraiser to celebrate the Philadelphia Eagles’ Super
Bowl win while raising money for a local nonprofit.
• Univest University, which offers courses crafted specifically to further develop the skills and knowledge of our employees to
support our growth, continues to expand. We offered 148 instructor-led training events with almost 1,700 attendees and
8,800 hours of training in 2018.
• We launched the Women’s Leadership certificate program with an inaugural group of 14 graduates. Another group of 20
women will complete the course in 2019.
• As we continually work to evolve our digital strategy and experience for customers, we also remain committed to elevating
our employee experience. In the second half of the year, we embarked on a project to upgrade The Nest, our employee
Intranet, to a state-of-the-art platform which will serve as a centralized hub to conduct internal project discussions, post
communications, centralize employee policies and resources, and increase overall employee engagement. We look forward to
this new site going live in 2019.
• In 2018, we invested in brand advertising in our core and expanded markets. We leveraged the efficiency and targeting
accuracy of digital advertising on social, mobile and online channels and extended our reach to cover our market area in
addition to traditional media including radio, print and outdoor advertising. Throughout the year, our advertising focused
on keeping the brand forefront while executing specific campaigns and promotions for our lines of business.
• In the Lancaster market, our “people you trust, a bank to believe in” campaign deepened the connection between our
people, the Univest brand and the Lancaster community.
• Proactive media outreach resulted in earned coverage in local and online publications highlighting our financial literacy
efforts, community involvement and positioning Univest employees as trusted financial experts.
• Throughout the year, a top priority was to develop relevant content and implement enhancements to the user experience
online in an effort to strengthen our credibility, improve organic search result rankings and generate lead opportunities.
In addition, we repositioned website content to be more robust and reflective of digital banking solutions and completed
significant ground work for the launch of our new mobile banking app in early 2019.
• We continued to utilize Univest’s Facebook, Twitter and LinkedIn pages to engage with customers and community
members and position Univest as a trusted financial resource. We created a Univest Instagram account to expand our reach
and round out our social strategy. In addition to sharing content socially, we advertised on social channels where people are
more likely to consume our targeted message on their mobile device.
Building
UNIVEST’S BRAND ONLINE
170m
BRAND IMPRESSIONS
2.4m
SOCIAL CONTENT
IMPRESSIONS
635k
BRAND
ENGAGEMENTS
78.5k
SOCIAL CONTENT
ENGAGEMENTS
To our family of shareholders, customers and employees:
We are pleased to report a successful year for Univest Financial Corporation as we continued
to invest in our employees, the business and the communities we serve. During the year, our
disciplined business approach fueled organic growth and strong sales execution across all of
our subsidiaries. We believe our success is a direct result of the loyal support of our customers,
shareholders, employees and communities as well as a continued commitment to our core values
of tradition, integrity, spirituality, community and excellence.
Our solid performance was a result of our unwavering focus on achieving strong organic growth
as we seized opportunities to attract new relationships across all lines of business. This focus
resulted in Univest growing loans 10.7% and deposits 9.3% in 2018. Additionally, we grew
wealth management and insurance revenues 6.8% and 7.3%, respectively. We continued to invest
Jeffrey M. Schweitzer, William S. Aichele
in the business by advancing progress of our corporate strategic initiatives with objectives to improve company and employee
efficiency and enhance customer experiences. Most notably, we completed the enterprise-wide roll-out of Salesforce
maximizing sales referral efforts and improving the effectiveness of our client relationship strategy.
Throughout the year, we also focused on defining Univest’s culture by introducing 18 fundamentals, known as “The
Univest Way,” which describe the daily principles and practices that make our values come to life. These fundamentals
differentiate us, drive our continued success and help us attract and retain top talent. By incorporating The Univest Way into
our daily business practices, we are cultivating a high-performing culture that drives performance, encourages our employees
to work together to serve our customers and communities while remaining focused on carrying out our core values.
As we have grown over the years, so have the markets we serve as well as the solutions we provide our customers. With our
subsidiaries doing business in multiple states, it was time to align our parent company name to reflect our expanded market
and emphasize our focus on delivering comprehensive financial solutions. Effective January 1, 2019, Univest Corporation
of Pennsylvania changed its name to Univest Financial Corporation. As we continue to evolve the business and position the
franchise for growth, we also adopted Girard as the common brand for the Univest Wealth Division, also effective January
1, 2019. This common brand will allow us to market Girard as a full-service wealth division backed by the strength and
stability of Univest.
Throughout our history, we have been blessed with strong, servant leaders who have strategically guided us through both
good and challenging times. In 2018, R. Lee Delp and William G. Morral retired from our Board of Directors after 24 and
25 years of service, respectively. Mark Schlosser also left the board after 13 years of service. 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. In addition, we had the privilege to welcome Robert C. Wonderling, President and CEO of the Greater
Philadelphia Chamber of Commerce. Robert served as an Alternate Director in 2018 and is now a Director. We look
forward to his continued contributions as he shares his expertise to move the business forward.
As you review the 2018 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.
Sincerely,
William S. Aichele
Chairman
Jeffrey M. Schweitzer
President and CEO
2018 Financial Performance
At December 31, (Dollars in thousands)
2018
2017
2016
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
$ 109,420
$ 75,409
473,306
454,082
3,977,210
3,598,512
424,411
426,859
$ 4,984,347
$ 4,554,862
$ 57,825
468,518
3,268,387
435,798
$ 4,230,528
$ 3,885,933
$ 3,554,919
429,672
44,609
355,590
40,979
4,360,214
3,951,488
624,133
603,374
$ 4,984,347
$ 4,554,862
$ 3,257,567
417,780
49,972
3,725,319
505,209
$ 4,230,528
For the years ended December 31,
(Dollars in thousands, except per share data)
2018
2017
2016
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
Book value per share
Net income per share:
Basic
Diluted
Diluted-core1
Dividends declared per share
Weighted average shares outstanding
Period end shares outstanding
$ 190,488
$ 163,051
32,426
158,062
20,310
137,752
60,173
137,239
60,686
10,143
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
$ 50,543
$ 44,094
$ 19,505
$ 21.32
$ 20.57
$ 19.00
1.72
1.72
1.74
0.80
1.64
1.64
1.64
0.80
0.85
0.84
1.35
0.80
29,370,217
26,861,863
29,270,852
29,334,859
23,097,638
26,589,353
$4,400,000
$4,000,000
$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
$-
$55,000
$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
2018
Financial
Highlights
Commercial Loans
Consumer Loans
Residential Real Estate
Lease Financings
‘17
‘16
Loan and Lease Outstandings
(in Thousands)
‘18
Non-interest income
Net-interest income
‘16
‘17
Total Revenue
(in Thousands)
‘18
‘16
‘17
Net Income*
(in Thousands)
*EXCLUDES INTEGRATION AND ACQUISITION-RELATED
COSTS AND RESTRUCTURING CHARGES.
‘18
‘11
‘17
‘16
Diluted Earnings Per Share*
*EXCLUDES INTEGRATION AND ACQUISITION-RELATED
COSTS AND RESTRUCTURING CHARGES.
‘18
‘12
‘11
$5.0b
TOTAL ASSETS
9.29%
TANGIBLE COMMON EQUITY
TO TANGIBLE ASSETS
1.08%
RETURN ON
AVERAGE ASSETS*
3.72%
NET INTEREST
MARGIN
11.77%
RETURN ON AVERAGE
TANGIBLE COMMON EQUITY*
1Excludes integration and acquisition-related costs and restructuring charges.
*Excludes restructuring charges.
Committed to our Community Core Value
Giving back to the communities we serve is at the heart of Univest’s culture. We help the communities we serve through financial
support, strong leadership and employee volunteerism. Here are some of the ways we carried out our community core value
during the year.
• Univest’s Connecting with Community initiative was once again at the core of our philanthropic program in 2018. 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 21 service
projects.
• Another way we support our communities beyond financial contributions is our financial literacy program. Dozens of
Univest employees presented financial lessons to more than 5,000 students over the course of the year.
• 2018 marked the fourth consecutive year Univest served as the presenting sponsor of Spruce Street Harbor Park in
Philadelphia. In addition, we increased our presence in the Lehigh Valley as the presenting sponsor of Christkindlmarkt in
Bethlehem. We also continued our multi-year corporate partnership with the Saint Joseph’s University Athletic Department.
• We again partnered with the Ronald McDonald House Charities (RMHC®) of the Philadelphia Region for its Show Your
Stripes campaign. Through two weeks of fundraising sales at Univest financial centers, we raised nearly $7,000 for this
community partner.
• It was our inaugural year as the sponsor of the amphitheater at the Park at Fourth located in Quakertown, Bucks County.
The venue, now known as the Univest Performance Center, draws regional crowds for its premier Sounds of Summer
concert series.
• During the month of December, we held our seventh annual Caring for Community Giveaway. Individuals in the
community submitted more than 7,600 entries, nominating more than 140 local nonprofit groups. Quakertown
Community Outreach was selected as the winner of the $5,000 donation.
2018
Philanthropic Year in Review
2018 PHILANTHROPIC GIVING
11%
20%
Youth & Education
Health & Social Services
Community & Economic
Development
Arts & Culture
20%
49%
$1.9m
FINANCIAL
CONTRIBUTIONS
484
ORGANIZATIONS
SUPPORTED
21
CONNECTING WITH
COMMUNITY DAYS
18,705
VOLUNTEER HOURS
5,035
STUDENTS EDUCATED
Univest Financial Corporation
Listing as of January 1, 2019
Senior Leadership Team
Jeffrey M. Schweitzer
President and Chief Executive Officer, Univest
Financial Corporation and Chief Executive
Officer, Univest Bank and Trust Co.
Michael S. Keim
President, Univest Bank and Trust Co. and
Senior Executive Vice President, Univest
Financial Corporation
Roger S. Deacon
Senior Executive Vice President and Chief
Financial Officer, Univest Financial
Corporation and Univest Bank and Trust Co.
Duane J. Brobst
Senior Executive Vice President and Chief
Credit Officer, Univest Bank and Trust Co.
and Senior Executive Vice President, Univest
Financial Corporation
Megan Duryea Santana
Executive Vice President, General Counsel
and Chief Risk Officer, Univest Financial
Ronald R. Flaherty
President, Univest Insurance, LLC
Kevin B. Norris
President, Girard, a Univest Wealth Division
Michael S. Fitzgerald
Market President, Delaware Valley, Univest Bank
Market President, Lehigh Valley, Univest Bank
Thomas J. Jordan IV
Market President, Lancaster, Univest Bank
President, Mortgage Banking, Univest Bank and
and Trust Co.
Philip C. Jackson
and Trust Co.
and Trust Co.
Brian Grzebin
Trust Co.
Dana E. Brown
Bank and Trust Co.
Eric W. Conner
Executive Vice President, Consumer Services, Univest
Executive Vice President and Chief Information Officer,
Univest Financial Corporation
M. Theresa Schwartzer
Executive Vice President and Director of Human
Resources, Univest Financial Corporation
Executive Vice President and Chief Experience Officer,
Univest Financial Corporation
Corporation and Univest Bank and Trust Co.
Annette D. Szygiel
Board of Directors
Listing as of January 1, 2019
William S. Aichele
Chairman of Univest Financial Corporation and
of Univest Bank and Trust Co.; Retired President
and Chief Executive Officer of Univest Corporation
of Pennsylvania and Univest Bank and Trust Co.;
Director, Federal Reserve Bank of Philadelphia
Roger H. Ballou
Former Director, President and CEO of CDI
Corporation; Director of Alliance Data Systems and
RCM Technologies, Inc.
Todd S. Benning
Natalye Paquin, Esq.
President and CEO, Points of Light Foundation
Thomas M. Petro
Managing Partner of 1867 Capital Partners, LLC;
Former President and CEO of Fox Chase Bancorp
Jeffrey M. Schweitzer
President and Chief Executive Officer, Univest Financial
Corporation and Chief Executive Officer, Univest Bank
and Trust Co.
Michael L. Turner
Partner, Marshall, Dennehey, Warner, Coleman
Founding Stockholder of Dunlap & Associates, PC
(now Principal of DunlapSLK, PC as the result of a
& Goggin
merger effective January 2, 2019)
Robert C. Wonderling
CEO, Live Oak Strategies, LLC; Director, FHLB
of Commerce
Glenn E. Moyer
of Pittsburgh
K. Leon Moyer
Retired President and Chief Executive Officer,
Univest Bank and Trust Co.
President and CEO, Greater Philadelphia Chamber
Charles H. Zimmerman
Senior Leadership, Calvary Church of Souderton;
Director, Clemens Family Corporation
Wholly-Owned Subsidiaries
Univest Bank and Trust Co.
Girard Pension Services, LLC
Univest Capital, Inc.
104 S. Oakland Ave., LLC
Univest Insurance, LLC
Girard Benefits Group, LLC
Girard Advisory Services, LLC
Davisville Associates, LLC
Girard Investment Services, LLC
Please visit univest.net for a complete list of locations for Univest Financial Corporation and our subsidiaries.
2018 Financial Performance
At December 31, (Dollars in thousands)
2018
2017
2016
Cash and interest-earning deposits
Investment securities
Net loans and leases
Other assets
Total assets
Deposits
Borrowings
Other liabilities
Total liabilities
Shareholders’ equity
$ 109,420
$ 75,409
$ 57,825
473,306
454,082
468,518
3,977,210
3,598,512
3,268,387
424,411
426,859
435,798
$ 4,984,347
$ 4,554,862
$ 4,230,528
$ 3,885,933
$ 3,554,919
$ 3,257,567
429,672
44,609
355,590
40,979
4,360,214
3,951,488
624,133
603,374
417,780
49,972
3,725,319
505,209
Total liabilities and shareholders’ equity
$ 4,984,347
$ 4,554,862
$ 4,230,528
For the years ended December 31,
(Dollars in thousands, except per share data)
2018
2017
2016
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
Book value per share
Net income per share:
Basic
Diluted
Diluted-core1
Dividends declared per share
Weighted average shares outstanding
Period end shares outstanding
$ 190,488
$ 163,051
$ 126,607
32,426
158,062
20,310
137,752
60,173
137,239
60,686
10,143
19,839
143,176
9,892
133,284
59,240
130,713
61,811
17,717
12,382
114,225
4,821
109,404
55,963
141,981
23,386
3,881
$ 50,543
$ 44,094
$ 19,505
$ 21.32
$ 20.57
$ 19.00
1.72
1.72
1.74
0.80
1.64
1.64
1.64
0.80
0.85
0.84
1.35
0.80
29,370,217
26,861,863
23,097,638
29,270,852
29,334,859
26,589,353
$4,400,000
$4,000,000
$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
$-
$55,000
$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
‘17
‘18
Loan and Lease Outstandings
(in Thousands)
Non-interest income
Net-interest income
‘16
‘17
‘18
Total Revenue
(in Thousands)
‘16
‘17
‘18
Net Income*
(in Thousands)
*EXCLUDES INTEGRATION AND ACQUISITION-RELATED
COSTS AND RESTRUCTURING CHARGES.
‘11
‘16
‘17
‘18
Diluted Earnings Per Share*
‘12
‘11
*EXCLUDES INTEGRATION AND ACQUISITION-RELATED
COSTS AND RESTRUCTURING CHARGES.
2018
Financial
Highlights
Commercial Loans
Consumer Loans
Residential Real Estate
Lease Financings
$5.0b
TOTAL ASSETS
9.29%
TANGIBLE COMMON EQUITY
TO TANGIBLE ASSETS
1.08%
RETURN ON
AVERAGE ASSETS*
3.72%
NET INTEREST
MARGIN
11.77%
RETURN ON AVERAGE
TANGIBLE COMMON EQUITY*
Committed to our Community Core Value
Giving back to the communities we serve is at the heart of Univest’s culture. We help the communities we serve through financial
support, strong leadership and employee volunteerism. Here are some of the ways we carried out our community core value
during the year.
• Univest’s Connecting with Community initiative was once again at the core of our philanthropic program in 2018. 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 21 service
projects.
• Another way we support our communities beyond financial contributions is our financial literacy program. Dozens of
Univest employees presented financial lessons to more than 5,000 students over the course of the year.
• 2018 marked the fourth consecutive year Univest served as the presenting sponsor of Spruce Street Harbor Park in
Philadelphia. In addition, we increased our presence in the Lehigh Valley as the presenting sponsor of Christkindlmarkt in
Bethlehem. We also continued our multi-year corporate partnership with the Saint Joseph’s University Athletic Department.
• We again partnered with the Ronald McDonald House Charities (RMHC®) of the Philadelphia Region for its Show Your
Stripes campaign. Through two weeks of fundraising sales at Univest financial centers, we raised nearly $7,000 for this
community partner.
• It was our inaugural year as the sponsor of the amphitheater at the Park at Fourth located in Quakertown, Bucks County.
The venue, now known as the Univest Performance Center, draws regional crowds for its premier Sounds of Summer
concert series.
• During the month of December, we held our seventh annual Caring for Community Giveaway. Individuals in the
community submitted more than 7,600 entries, nominating more than 140 local nonprofit groups. Quakertown
Community Outreach was selected as the winner of the $5,000 donation.
2018
Philanthropic Year in Review
2018 PHILANTHROPIC GIVING
11%
20%
Youth & Education
Health & Social Services
Community & Economic
Development
Arts & Culture
20%
49%
1Excludes integration and acquisition-related costs and restructuring charges.
*Excludes restructuring charges.
$1.9m
FINANCIAL
CONTRIBUTIONS
484
ORGANIZATIONS
SUPPORTED
21
CONNECTING WITH
COMMUNITY DAYS
18,705
VOLUNTEER HOURS
5,035
STUDENTS EDUCATED
Univest Financial Corporation
Listing as of January 1, 2019
Senior Leadership Team
Jeffrey M. Schweitzer
President and Chief Executive Officer, Univest
Financial Corporation and Chief Executive
Officer, Univest Bank and Trust Co.
Michael S. Keim
President, Univest Bank and Trust Co. and
Senior Executive Vice President, Univest
Financial Corporation
Roger S. Deacon
Senior Executive Vice President and Chief
Financial Officer, Univest Financial
Corporation and Univest Bank and Trust Co.
Duane J. Brobst
Senior Executive Vice President and Chief
Credit Officer, Univest Bank and Trust Co.
and Senior Executive Vice President, Univest
Financial Corporation
Megan Duryea Santana
Executive Vice President, General Counsel
and Chief Risk Officer, Univest Financial
Corporation and Univest Bank and Trust Co.
Ronald R. Flaherty
President, Univest Insurance, LLC
Kevin B. Norris
President, Girard, a Univest Wealth Division
Michael S. Fitzgerald
Market President, Delaware Valley, Univest Bank
and Trust Co.
Philip C. Jackson
Market President, Lehigh Valley, Univest Bank
and Trust Co.
Thomas J. Jordan IV
Market President, Lancaster, Univest Bank
and Trust Co.
Brian Grzebin
President, Mortgage Banking, 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 Financial Corporation
M. Theresa Schwartzer
Executive Vice President and Director of Human
Resources, Univest Financial Corporation
Annette D. Szygiel
Executive Vice President and Chief Experience Officer,
Univest Financial Corporation
Board of Directors
Listing as of January 1, 2019
William S. Aichele
Chairman of Univest Financial Corporation and
of Univest Bank and Trust Co.; Retired President
and Chief Executive Officer of Univest Corporation
of Pennsylvania and Univest Bank and Trust Co.;
Director, Federal Reserve Bank of Philadelphia
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
(now Principal of DunlapSLK, PC as the result of a
merger effective January 2, 2019)
Glenn E. Moyer
CEO, Live Oak Strategies, LLC; Director, FHLB
of Pittsburgh
K. Leon Moyer
Retired President and Chief Executive Officer,
Univest Bank and Trust Co.
Natalye Paquin, Esq.
President and CEO, Points of Light Foundation
Thomas M. Petro
Managing Partner of 1867 Capital Partners, LLC;
Former President and CEO of Fox Chase Bancorp
Jeffrey M. Schweitzer
President and Chief Executive Officer, Univest Financial
Corporation and Chief Executive Officer, Univest Bank
and Trust Co.
Michael L. Turner
Partner, Marshall, Dennehey, Warner, Coleman
& Goggin
Robert C. Wonderling
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.
Girard Pension Services, LLC
Univest Capital, Inc.
104 S. Oakland Ave., LLC
Univest Insurance, LLC
Girard Benefits Group, LLC
Girard Advisory Services, LLC
Davisville Associates, LLC
Girard Investment Services, LLC
Please visit univest.net for a complete list of locations for Univest Financial Corporation and our subsidiaries.
Focused on the Future
Shareholder Information
Univest remains well-positioned for growth as we continue to
support our customers, our communities and each other while
providing a fair return to our loyal shareholders. Pipelines are
strong and the market is responding to Univest as a result of
our strong sales efforts, the hard work and expertise of our
support areas and our focus on deepening relationships with
existing customers while simultaneously seizing new business
opportunities in the thriving markets in which we serve.
As we look forward, we are focused on evolving our business
to remain relevant and differentiate Univest in this competitive
financial industry. We are proactively transitioning from a
traditional financial institution experience to a digital experience
to ensure Univest’s capabilities and solutions are attractive to
today’s tech-savvy consumer. We are well-positioned to continue
to make the investments necessary to allow Univest to compete in
the digital space and grow our franchise while still maintaining the
personal touch for which we are known.
Thank you for your continued trust and investment. As we
look ahead, we remain confident in our ability to grow the
business and maintain an unwavering commitment to serve the
communities in which we operate. Continuing to earn your
respect is our top priority as we work to build the business
and provide for our employees, customers, shareholders and
communities.
The Univest Way
Fundamental #1
Always Do the Right
Thing
Fundamental #2
Have a Growth
Mindset
Fundamental #3
Practice Servant
Leadership
Fundamental #4
Invest in
Relationships
Fundamental #5
Deliver
Exceptional Service
Fundamental #6
Comply With
Regulations
Fundamental #7
Don’t Be an
Energy Vampire
Fundamental #8
Be Nice
Fundamental #9
Honor
Commitments
Fundamental #10
Collaborate
Fundamental #11
Attack the Problem,
Not the Person
Fundamental #12
Give Back
Fundamental #13
Provide
Solutions
Fundamental #14
Assume
Positive Intent
Fundamental #15
Listen
Generously
Fundamental #16
Speak Straight
Fundamental #17
Celebrate
Success
Fundamental #18
Have Fun
Shareholders’ Meeting
The Annual Shareholders’ Meeting will take place at 10:45 a.m., Tuesday, April 16, 2019
at the Indian Valley Country Club, 650 Bergey Road, Telford, PA 18969.
Univest Stock Transfer Agent
For more information on Univest Financial Corporation common stock, please contact
Broadridge Corporate Issuer Solutions or visit the investor relations section at
Regular Mail Communications:
Overnight Mail Communications:
Broadridge Corporate Issuer Solutions, Inc.
Broadridge Corporate Issuer Solutions, Inc.
www.univest.net.
PO Box 1342
Brentwood, NY 11717
ATTN: IWS
1155 Long Island Avenue
Edgewood, NY 11717
Phone Number: 866-321-8021
Email Address: shareholder@broadridge.com
Website: https://investor.broadridge.com
Univest Shareholder Information Hotline
For more information on Univest Financial Corporation,
please call 877.723.5571 or 215.721.2434.
Common Stock Information
Traded on the NASDAQ National Market, Symbol: UVSP.
“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
2018
ANNUAL REPORT
Our Franchise
142
YEARS OF BUSINESS
SUCCESS
841
EMPLOYEES
MAKING IT HAPPEN
39
FINANCIAL
CENTERS
7
COMMERCIAL &
CORPORATE OFFICES
6
WEALTH
OFFICES
4
INSURANCE
OFFICES
16,153
BUSINESS CUSTOMERS
57,883
CONSUMER HOUSEHOLDS
2018
Integrated Successes
$3.3b
ASSETS UNDER
MANAGEMENT AND
SUPERVISION
$1.0b
LOANS SERVICED
FOR OTHERS
$180m
TOTAL INSURANCE
WRITTEN PREMIUM
$142m
EQUIPMENT FINANCE
OUTSTANDINGS
CORE BANKING
74% TOTAL REVENUE FROM
26% TOTAL REVENUE FROM
NON-BANKING
OPERATIONS
OPERATION
Focused on the Future
Shareholder Information
Univest remains well-positioned for growth as we continue to
support our customers, our communities and each other while
providing a fair return to our loyal shareholders. Pipelines are
strong and the market is responding to Univest as a result of
our strong sales efforts, the hard work and expertise of our
support areas and our focus on deepening relationships with
existing customers while simultaneously seizing new business
opportunities in the thriving markets in which we serve.
As we look forward, we are focused on evolving our business
to remain relevant and differentiate Univest in this competitive
financial industry. We are proactively transitioning from a
traditional financial institution experience to a digital experience
to ensure Univest’s capabilities and solutions are attractive to
today’s tech-savvy consumer. We are well-positioned to continue
to make the investments necessary to allow Univest to compete in
the digital space and grow our franchise while still maintaining the
personal touch for which we are known.
Thank you for your continued trust and investment. As we
look ahead, we remain confident in our ability to grow the
business and maintain an unwavering commitment to serve the
communities in which we operate. Continuing to earn your
respect is our top priority as we work to build the business
and provide for our employees, customers, shareholders and
communities.
The Univest Way
Fundamental #1
Always Do the Right
Thing
Fundamental #2
Have a Growth
Mindset
Fundamental #3
Practice Servant
Leadership
Fundamental #4
Invest in
Relationships
Fundamental #5
Deliver
Exceptional Service
Fundamental #6
Comply With
Regulations
Fundamental #7
Don’t Be an
Energy Vampire
Fundamental #8
Be Nice
Fundamental #9
Honor
Commitments
Fundamental #10
Collaborate
Fundamental #11
Attack the Problem,
Not the Person
Fundamental #12
Give Back
Fundamental #13
Provide
Solutions
Fundamental #14
Assume
Positive Intent
Fundamental #15
Listen
Generously
Fundamental #16
Speak Straight
Fundamental #17
Celebrate
Success
Fundamental #18
Have Fun
Shareholders’ Meeting
The Annual Shareholders’ Meeting will take place at 10:45 a.m., Tuesday, April 16, 2019
at the Indian Valley Country Club, 650 Bergey Road, Telford, PA 18969.
Univest Stock Transfer Agent
For more information on Univest Financial Corporation 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 Financial Corporation,
please call 877.723.5571 or 215.721.2434.
Common Stock Information
Traded on the NASDAQ National Market, Symbol: UVSP.
“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
2018
ANNUAL REPORT
Our Franchise
142
YEARS OF BUSINESS
SUCCESS
841
EMPLOYEES
MAKING IT HAPPEN
39
FINANCIAL
CENTERS
7
COMMERCIAL &
CORPORATE OFFICES
6
WEALTH
OFFICES
4
INSURANCE
OFFICES
16,153
BUSINESS CUSTOMERS
57,883
CONSUMER HOUSEHOLDS
2018
Integrated Successes
$3.3b
ASSETS UNDER
MANAGEMENT AND
SUPERVISION
$1.0b
LOANS SERVICED
FOR OTHERS
$180m
TOTAL INSURANCE
WRITTEN PREMIUM
$142m
EQUIPMENT FINANCE
OUTSTANDINGS
CORE BANKING
74% TOTAL REVENUE FROM
26% TOTAL REVENUE FROM
NON-BANKING
OPERATIONS
OPERATION