Poised for Growth
Shareholder Information
Our Franchise
Investing in the business was a continued focus in 2019
– in people, technology and in the products and services
we provide. As we look forward, we will continue
to evolve our efforts to expand our reach, increase
productivity, optimize operations and gain efficiencies.
With strong momentum, solid pipelines and a dedication
to the customer experience, we remain confident in our
ability to remain relevant and differentiate Univest in this
competitive financial industry.
Univest is well positioned to grow and dedicated to
building the business with an innovative approach that
allows us to maintain our independence as well as our
unwavering commitment to serving the communities in
which we operate. Thank you for your ongoing trust and
investment. We look forward to continuing to support
our customers, our communities and each other while
providing a fair return to our loyal shareholders.
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 9:00 a.m. on Wednesday, April 22,
2020 at PineCrest Country Club, 101 Country Club Drive, Lansdale, PA 19446. A buffet
breakfast will begin at 8:00 a.m.
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 Contact
For more information on Univest Financial Corporation,
please call 877.723.5571.
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
2019
ANNUAL REPORT
UNIVEST FINANCIAL CORPORATION
143
YEARS OF BUSINESS
SUCCESS
873
EMPLOYEES
MAKING IT HAPPEN
39
FINANCIAL
CENTERS
11
COMMERCIAL &
CORPORATE OFFICES
6
INVESTMENT
OFFICES
4
INSURANCE
OFFICES
2019
Integrated Successes
$3.8b
ASSETS UNDER
MANAGEMENT AND
SUPERVISION
$1.1b
LOANS SERVICED
FOR OTHERS
$178m
TOTAL INSURANCE
WRITTEN PREMIUM
$149m
EQUIPMENT FINANCE
OUTSTANDINGS
CORE BANKING
OPERATION
75% REVENUE FROM
25% REVENUE FROM
NON-BANKING
OPERATIONS
Poised for Growth
Shareholder Information
Our Franchise
Investing in the business was a continued focus in 2019
– in people, technology and in the products and services
we provide. As we look forward, we will continue
to evolve our efforts to expand our reach, increase
productivity, optimize operations and gain efficiencies.
With strong momentum, solid pipelines and a dedication
to the customer experience, we remain confident in our
ability to remain relevant and differentiate Univest in this
competitive financial industry.
Univest is well positioned to grow and dedicated to
building the business with an innovative approach that
allows us to maintain our independence as well as our
unwavering commitment to serving the communities in
which we operate. Thank you for your ongoing trust and
investment. We look forward to continuing to support
our customers, our communities and each other while
providing a fair return to our loyal shareholders.
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 9:00 a.m. on Wednesday, April 22,
2020 at PineCrest Country Club, 101 Country Club Drive, Lansdale, PA 19446. A buffet
breakfast will begin at 8:00 a.m.
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 Contact
For more information on Univest Financial Corporation,
please call 877.723.5571.
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
2019
ANNUAL REPORT
UNIVEST FINANCIAL CORPORATION
143
YEARS OF BUSINESS
SUCCESS
873
EMPLOYEES
MAKING IT HAPPEN
39
FINANCIAL
CENTERS
11
COMMERCIAL &
CORPORATE OFFICES
6
INVESTMENT
OFFICES
4
INSURANCE
OFFICES
2019
Integrated Successes
$3.8b
ASSETS UNDER
MANAGEMENT AND
SUPERVISION
$1.1b
LOANS SERVICED
FOR OTHERS
$178m
TOTAL INSURANCE
WRITTEN PREMIUM
$149m
EQUIPMENT FINANCE
OUTSTANDINGS
CORE BANKING
OPERATION
75% REVENUE FROM
25% REVENUE FROM
NON-BANKING
OPERATIONS
2019 Financial Performance
At December 31,
(Dollars in thousands)
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
2019
2018
2017
$ 125,128
441,599
4,351,505
462,692
$ 5,380,924
$ 109,420
473,306
3,977,210
424,411
$ 4,984,347
$ 75,409
454,082
3,598,512
426,859
$ 4,554,862
$ 4,360,075
263,596
82,131
4,705,802
675,122
$ 5,380,924
$ 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
For the years ended December 31,
(Dollars in thousands, except per share data)
2019
2018
2017
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
1Excludes restructuring charges.
$ 214,093
44,861
169,232
8,518
160,714
65,422
146,083
80,053
14,334
$ 190,488
32,426
158,062
20,310
137,752
60,173
137,239
60,686
10,143
$ 163,015
19,839
143,176
9,892
133,284
59,240
130,713
61,811
17,717
$ 65,719
$ 50,543
$ 44,094
$ 23.01
$ 21.32
$ 20.57
2.24
2.24
2.24
0.80
1.72
1.72
1.74
0.80
1.64
1.64
1.64
0.80
29,299,599
29,334,629
29,370,217
29,270,852
26,861,863
29,334,859
$4,800,000
$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
$-
$70,000
$65,000
$60,000
$55,000
$50,000
$45,000
$40,000
$35,000
$2.25
$2.00
$1.75
$1.50
$1.25
2019
Financial
Highlights
Commercial Loans
Consumer Loans
Residential Real Estate
Lease Financings
‘17
‘18
‘19
Loan and Lease Outstandings
(in Thousands)
Non-interest income
Net-interest income
‘17
‘18
Total Revenue
(in Thousands)
‘19
‘17
‘19
‘18
Net Income*
(in Thousands)
*EXCLUDES RESTRUCTURING CHARGES
‘11
$5.4b
TOTAL ASSETS
9.60%
TANGIBLE COMMON EQUITY
TO TANGIBLE ASSETS*
1.26%
RETURN ON
AVERAGE ASSETS
3.59%
NET INTEREST
MARGIN
13.82%
RETURN ON AVERAGE
TANGIBLE COMMON EQUITY*
Expanding our Commitment to the Communities we Serve
Strengthening our local communities is at the heart of Univest’s culture. We give back to the communities we serve by providing
financial support, encouraging employee volunteerism and serving in leadership roles for nonprofits. Over the course of the year, we
continued with longtime partnerships while also building new relationships with nonprofit organizations to help support Univest’s
growth in expansion markets.
• Univest’s Connecting with Community volunteer initiative is one of the pillars of our philanthropy program. In 2019, we
provided our employees with 30 half-day service projects to choose from in support of local charitable organizations. In addition
to these Connecting with Community opportunities, we encouraged our employees to volunteer independently and they truly
brought our community core value to life by volunteering 20,300 hours over the course of the year.
• Univest is committed to providing financial education and improving financial literacy in the region. Throughout the year, our
employees shared their expertise to educate more than 3,200 students on topics such as saving, budgeting and using credit wisely.
• In 2019, we supported the Ronald McDonald House Charities (RMHC®) Room in Our Hearts capital campaign with a $25,000
commitment over the next five years. Additionally, we partnered with RMHC of the Philadelphia Region once again for its Show
Your Stripes campaign. Through fundraising sales at Univest’s corporate offices and financial centers, our customers and employees
raised more than $6,500.
• As part of a four-year commitment, we are contributing $100,000 to Penn Foundation’s Hope Within Reach capital campaign.
The donation will help Penn Foundation expand their campus and the behavioral health services they provide our community.
• As we continued to expand our presence into Central Pennsylvania, we supported two capital campaigns that will have an
impact on communities in Lancaster County. A three-year, $30,000 commitment to the West Lampeter Township Community
Foundation’s We’re Taking the Field campaign will improve Village Park and a $10,000 donation over two years will help the
Southern End Community Association improve and renovate the outdoor swimming pool in Quarryville.
• While the markets we serve continue to expand, we have not lost sight of where it all started. We are proud to be longtime
supporters of many nonprofits that operate in the Indian Valley where we were founded including Generations, Montgomery
Theater and Dock Mennonite Academy.
• During the month of December, we held our eighth annual Caring for Community Giveaway. We had an overwhelming response
from the community with more than 8,100 entries on behalf of more than 200 local nonprofit groups. The Kisses for Kyle
Foundation was selected as the winner of the $5,000 donation.
Philanthropic Year in Review
8% 1%
18%
19%
54%
Youth & Education
Health & Social Services
Community & Economic
Development
Arts & Culture
Other
‘18
‘17
Diluted Earnings Per Share*
*EXCLUDES RESTRUCTURING CHARGES
‘12
‘19
‘11
*Tangible common equity represents
total shareholders’ equity less goodwill
and other intangible assets, but includes
servicing rights.
$2.0m
FINANCIAL
CONTRIBUTIONS
486
ORGANIZATIONS
SUPPORTED
30
CONNECTING WITH
COMMUNITY DAYS
20,300
VOLUNTEER HOURS
3,279
STUDENTS EDUCATED
Senior Leadership Team
Listing as of January 1, 2020
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
Duane J. Brobst
Senior Executive Vice President and Chief
Credit Officer, Univest Bank and Trust Co.
Michael S. Fitzgerald
Market President, East Penn & NJ, Univest
Bank and Trust Co.
Ronald R. Flaherty
President, Univest Insurance, LLC
Brian Grzebin
President, Mortgage Banking, Univest Bank
and Trust Co.
Thomas J. Jordan, IV
Market President, Central PA, Univest Bank
and Trust Co.
Board of Directors
Listing as of January 1, 2020
William S. Aichele
Chairman, Univest Financial Corporation and
Univest Bank and Trust Co.; Retired President
and Chief Executive Officer, Univest Financial
Corporation
Roger H. Ballou
Former Director, President and Chief Executive
Officer, CDI Corporation; Director, Alliance Data
Systems and RCM Technologies, Inc.
Todd S. Benning
Principal, DunlapSLK, PC
Glenn E. Moyer
Chief Executive Officer, Live Oak Strategies, LLC;
Director, FHL Bank Pittsburgh
K. Leon Moyer
Retired President and Chief Executive Officer,
Univest Bank and Trust Co.
Natalye Paquin, Esq.
President and Chief Executive Officer, Points of
Light Foundation
Thomas M. Petro
Managing Partner, 1867 Capital Partners, LLC;
Former President and Chief Executive Officer, Fox
Chase Bancorp
Kevin B. Norris
President, Girard, a Univest Wealth Division
Megan D. Santana, Esq.
Senior Executive Vice President, Chief Risk Officer,
General Counsel and Corporate Secretary, Univest
Financial Corporation and 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
Brian J. Richardson
Executive Vice President and Chief Financial Officer,
Univest Financial Corporation and Univest Bank and
Trust Co.
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
Jeffrey M. Schweitzer
President and Chief Executive Officer, Univest Financial
Corporation and Chief Executive Officer, Univest Bank
and Trust Co.
Michael L. Turner, Esq.
Partner, Marshall Dennehey Warner Coleman & Goggin
Robert C. Wonderling
President and Chief Executive Officer, Greater
Philadelphia Chamber of Commerce
Charles H. Zimmerman
Senior Leadership, Calvary Church of Souderton;
Director, Clemens Family Corporation
Suzanne Keenan (Alternate Director)
Member of the Board of Trustees of North American
Electric Reliability Corporation; Member of SAP
Independent Executive Advisory Council; Member of
Rocket Wagon’s Advisory Council; Member of Boston
Digital’s Advisory Council
Wholly-Owned Subsidiaries
Univest Bank and Trust Co.
Girard Investment Services, LLC
Univest Capital, Inc.
Girard Pension Services, LLC
Univest Insurance, LLC
Davisville Associates, LLC
Girard Advisory Services, LLC
104 S. Oakland Ave., LLC
Girard Benefits Group, LLC
Please visit univest.net for a complete list of locations for Univest Financial Corporation and our subsidiaries.
Poised for Growth
Shareholder Information
Our Franchise
Investing in the business was a continued focus in 2019
– in people, technology and in the products and services
we provide. As we look forward, we will continue
to evolve our efforts to expand our reach, increase
productivity, optimize operations and gain efficiencies.
With strong momentum, solid pipelines and a dedication
to the customer experience, we remain confident in our
ability to remain relevant and differentiate Univest in this
competitive financial industry.
Univest is well positioned to grow and dedicated to
building the business with an innovative approach that
allows us to maintain our independence as well as our
unwavering commitment to serving the communities in
which we operate. Thank you for your ongoing trust and
investment. We look forward to continuing to support
our customers, our communities and each other while
providing a fair return to our loyal shareholders.
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 9:00 a.m. on Wednesday, April 22,
2020 at PineCrest Country Club, 101 Country Club Drive, Lansdale, PA 19446. A buffet
breakfast will begin at 8:00 a.m.
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 Contact
For more information on Univest Financial Corporation,
please call 877.723.5571.
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
2019
ANNUAL REPORT
UNIVEST FINANCIAL CORPORATION
143
YEARS OF BUSINESS
SUCCESS
873
EMPLOYEES
MAKING IT HAPPEN
39
FINANCIAL
CENTERS
11
COMMERCIAL &
CORPORATE OFFICES
6
INVESTMENT
OFFICES
4
INSURANCE
OFFICES
2019
Integrated Successes
$3.8b
ASSETS UNDER
MANAGEMENT AND
SUPERVISION
$1.1b
LOANS SERVICED
FOR OTHERS
$178m
TOTAL INSURANCE
WRITTEN PREMIUM
$149m
EQUIPMENT FINANCE
OUTSTANDINGS
CORE BANKING
OPERATION
75% REVENUE FROM
25% REVENUE FROM
NON-BANKING
OPERATIONS
2019 Highlights
A letter from our Chairman, President and CEO
Embracing Human Capital
To be successful, we need to not only retain our high-performing employees, but also attract new individuals. By proactively
assessing human capital needs, including what skills will be necessary in the next three to five years, we can ensure Univest is
prepared for growth.
• Throughout 2019, we focused on attracting highly-talented individuals who align with Univest’s business goals and culture.
Strategies included using artificial intelligence software to target potential applicants, grassroots initiatives and building our
employer brand through social media and digital marketing initiatives.
• We remain committed to retaining and engaging our current employees. Univest University, our corporate training and
development program, delivered 8,100 training hours over the course of the year and saw the number of attendees increase
41% over 2018. New programs included Women’s Leadership, Negotiation Skills and Business Writing.
• In 2019, we began utilizing video conferencing as a way of training in multiple locations at one time.
Enhancing Brand Equity
• In support of our efforts to improve our digital offerings, we launched the Live Life. Stay Connected campaign on radio, digital
and social media in the Greater Philadelphia market as well as our expansion markets. The goal of the campaign was to increase
awareness of our digital capabilities, emphasizing security while striking a balance between technology and the human touch.
• To build further awareness of our financing solutions for businesses, we introduced a commercial banking campaign featuring
testimonials from longstanding clients to highlight our solutions as well as our focus on building relationships. The campaign
included video and static advertising via digital and social media platforms, print advertising and Google search.
• We also continued to build awareness of our agricultural and commercial lending teams in the Lancaster market with Serving
Families like Yours for Generations messaging. In addition, we supported our new commercial lending teams with People you
Trust. A Bank to Believe In. messaging through direct mail, billboards, print and digital advertising.
• The new Girard, a Univest Wealth Division, brand was introduced. Throughout the year, advertising and public relations
campaigns raised awareness for Girard and its capabilities. Dedicated Girard social media pages were launched on Facebook,
Twitter and LinkedIn enabling us to further distribute secured media and authored content to raise brand visibility and build
our position as thought leaders in the wealth arena. Print advertising and digital marketing increased brand visibility and drove
traffic to meetgirard.com.
• In addition to advertising, we continued to build brand awareness for Univest through several high-visibility sponsorships that
also supported our local communities. Some highlights included serving as the sustaining sponsor of Spruce Street Harbor
Park in Philadelphia for our fifth year, returning as presenting sponsor of Christkindlmarkt in Bethlehem, continuing as the lead
sponsor of the Univest Performance Center in Quakertown, Bucks County, maintaining our partnership with the Saint Joseph’s
University Athletic Department and sponsoring the “Univest Quote of the Day” on WFMZ-TV in the Lehigh Valley.
• Through Univest-hosted events, we strengthened relationships with our existing customers while also helping us win new
business opportunities and build brand awareness with the more than 2,200 attendees over the course of the year.
• On our corporate social media pages, we continue to share informative blog articles written by our line of business experts to
position Univest as a trusted resource and thought leader. In addition, our social media channels allow us to humanize our
brand which helps to build loyalty. In our first full year on Instagram, we saw excellent engagement as we highlighted our
#CommittedToLocal efforts and shared fun #UnivestFamily moments.
Making
DIGITAL CONNECTIONS
18.8m
DIGITAL ADVERTISING
IMPRESSIONS
3.4m
SOCIAL CONTENT
IMPRESSIONS
77k
DIGITAL ADVERTISING
ENGAGEMENTS
140k
SOCIAL CONTENT
ENGAGEMENTS
To our family of shareholders, customers and employees:
As we reflect on this past year, we are pleased to share 2019 was a strong year for Univest
Financial Corporation. Our solid performance was achieved by a continued focus on organic
growth while being opportunistic with strategic investments in our brand, people and
technology. Guided by a robust strategic plan, we evolved the business, expanded into new
markets, improved operational efficiency and strengthened our competitive position. Even as
we innovate and adapt, our healthy corporate culture keeps us focused on living out our core
values of tradition, excellence, integrity, community and spirituality as we drive performance and
achieve our independence.
Over the course of the year, we saw solid loan and deposit growth thanks to a strong local
economy and our ability to continue to capitalize on the disruption in our markets caused by
mergers and acquisitions. As part of our ongoing focus to grow the business organically, we expanded our commercial
banking team in Central Pennsylvania which we anticipate will be a significant driver of our growth. This team will focus on
increasing Univest’s presence in western Lancaster County as well as extending our footprint to Cumberland, Dauphin and
York counties. In addition, we grew our commercial lending team in South Jersey and will be opening a loan production
office in Moorestown, New Jersey early in 2020 to support this regional expansion. We are confident Univest’s local decision
making, stability and breadth of services will resonate well with the business community in these additional markets.
Jeffrey M. Schweitzer, William S. Aichele
During the year, our disciplined business approach fueled organic growth, strong sales execution across all our subsidiaries
and allowed us to continue investing in the business. We were dedicated to advancing the progress of our corporate
strategic initiatives including our digital evolution and use of technology to remain competitive, enrich the experience of our
customers and improve efficiencies. While we continue to invest in technology, we will never forget what makes us successful
– our employees and the care they show our customers. Offering a combined approach of strong relationship building and
technology will allow us to continue to provide the exceptional service for which Univest is known.
Another highlight for the year was being one of only 30 banks named to Sandler O’Neill’s Sm-All Stars Class of 2019. As
Sandler O’Neill explains, “The objective of the Sm-All Stars…is to identify the top performing small-cap banks and thrifts
in the country. In doing this, we hope to uncover the next crop of stellar mid-cap banks before they are discovered by the
rest of the world.” To earn Sm-All Star status, companies needed to have a market cap below $2.5 billion and have superior
performance metrics related to growth, profitability, credit quality and capital strength. We are proud of this recognition as
it truly demonstrates the strength of our franchise and the value we provide our customers, shareholders, employees
and communities.
Throughout our history, we have been blessed with strong, servant leaders who have strategically guided us through both
good and challenging times. We are excited to welcome Suzanne Keenan as an Alternate Director. As a member of the
Board of Trustees of North American Electric Reliability Corporation and former Chief Information Officer for Wawa, Inc.,
we are confident her experience and insight will help us move the business forward.
As you review the 2019 annual report, we trust you will be pleased with our accomplishments and plans for continued
growth and longevity. We have strong momentum and 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
2019 Highlights
Growing the Business Organically
Univest Financial Corporation’s strong performance in 2019 is a direct result of the daily contributions of more than 870 employees.
It was a year of robust loan and deposit growth as we worked to evolve the business, expand regionally, further penetrate existing
relationships and improve operational efficiency. Together, we achieved the following highlights.
• The mortgage banking division finished the year funding more than $340 million of residential mortgages and more
than $50 million in consumer loans. On the residential side, fundings were up by more than 20% year over year as rates
dropped in the third quarter which prompted an increase in refinance activity. Purchase driven mortgage closings were
also strong thanks to the solid economy and positive home buyer sentiment.
• Driven by a strong local economy, our ability to continue to capitalize on the disruption in our markets and our regional
• On the consumer side of the Bank, Dana Brown, Executive Vice President of Consumer Services, took over
expansion, our loan portfolio grew $380.3 million, or 9.5%.
• Our goal continues to be funding our loan growth with deposits. In 2019, we grew deposits by $474.1 million, or 12.2%
and our loan-to-deposit ratio averaged 99.1%. Deposit growth was driven by concerted plans and tactics executed by our
commercial, consumer, municipal and treasury management teams with the largest dollar growth segment being public funds
of $201.9 million.
• As part of our ongoing focus to grow the business organically, we expanded our commercial banking team in Central
Pennsylvania which we anticipate will be a significant driver of our growth as it saw loan volume increase 52.4% and deposits
grew 42.5% for the year. The new team members will focus on increasing Univest’s presence in western Lancaster County as
well as extending our footprint to Cumberland, Dauphin and York counties.
• We also grew our commercial lending team in South Jersey and will be opening a loan production office in Moorestown, New
Jersey early in 2020 to support this regional expansion. In the Lehigh Valley, we are focused on growing both our commercial
and industrial and commercial real estate teams and see these as areas of continued growth for 2020 and beyond.
• As we expanded our teams and regional reach, we realigned our commercial banking markets. Led by Michael Fitzgerald, the
East Penn and NJ market consists of the Pennsylvania counties of Berks, Bucks, Chester, Delaware, Lehigh, Montgomery,
Northampton and Philadelphia as well as the New Jersey counties of Atlantic, Burlington, Camden and Cape May. The
Central PA market is led by Thomas Jordan and encompasses the Pennsylvania counties of Cumberland, Dauphin, Lancaster,
Lebanon and York.
• Treasury management had another record year for fee income largely attributed to the new insured cash sweep product
which provides customers with an expanded FDIC insurance option. By year end, balances grew to $80 million. In addition
to fee income, treasury management solutions played an integral role in gathering deposits. The treasury management team
continues to grow and hired three new team members over the course of the year including a product manager to support
further growth.
• We expanded our commercial product offering to include asset based lending, an important complement to our existing loan
product offerings that allows us to provide working capital financing to companies that need a different financing solution
than a traditional line of credit. Over the course of the year, we put the people, policies and systems in place that will allow us
to further our opportunity for growth in the years ahead.
• Our securities backed lines of credit available to clients of Girard, a Univest Wealth Division is expected to be a significant
opportunity in the years ahead as it is rolled out on a larger scale.
• Our SBA lending team had a strong year closing $14.2 million in loans and ranking 11th in dollar volume for SBA 7a loans
in the Eastern Pennsylvania District.
• Univest Capital had a strong year in 2019 and ended the year with $149 million in equipment finance outstandings. Univest
Capital focused on niche growth opportunities including financing medical equipment as well as providing financing for
solar power projects for nonprofits, municipalities and school districts. Univest Capital also launched a consumer financing
program with a large tractor manufacturer.
$380.3m
LOAN GROWTH FOR THE YEAR
ENDED DECEMBER 31, 2019
Strong Organic Banking Growth
$474.1m
9.5%
LOAN GROWTH FOR THE YEAR
ENDED DECEMBER 31, 2019
DEPOSIT GROWTH FOR THE YEAR
ENDED DECEMBER 31, 2019
12.2%
DEPOSIT GROWTH FOR THE YEAR
ENDED DECEMBER 31, 2019
management of the five financial centers located in Lancaster County. In addition, the other regional markets were
consolidated. These adjustments will ensure consistency of our consumer operation across our entire footprint and
streamline our approach to service and sales.
• We are committed to hiring the right people to help ensure the success of the consumer bank. New positions to
support this growth include a director of strategic initiatives who will focus on customer experience and employee
development and the addition of business development officers in the Lehigh Valley and Philadelphia markets who will
work to build Main Street opportunities.
• We also launched the Univest Business Banking Express product designed specifically for small businesses and sold
through our financial center network to Main Street businesses with commercial borrowing needs from $5,000 -
$100,000.
• While the Bank continues to be our largest subsidiary and deliver strong results, we also continue to see the benefit of
our diversified business model with Univest Insurance and Girard contributing to our successful year with noninterest
income totaling $65.4 million, an increase of $5.2 million, or 8.7% for the year.
• At the start of 2019, we adopted Girard as the common brand for the Univest Wealth Division. Establishing three
pillars of planning, advice and wealth solutions under one cohesive brand has allowed us to gain efficiencies in sales,
marketing and delivery. This common brand positions Girard as an independent, full-service wealth firm backed by the
strength and stability of Univest.
• The rebrand has been well received by current and new clients as well as the media. It was a year of strong growth as
the division reached a new record of $3.8 billion for assets under management and supervision including nearly $285
million in new business.
• Univest Insurance continued to experience strong organic growth led by solid new business sales coupled with strong
client retention. Through the growth of risk management services and human resources consulting, the value proposition
offered by Univest Insurance continued to be enhanced which helped support sales with larger commercial clients.
Maximizing Technology to Improve Efficiency
Over the course of the year, we proactively introduced technology to our business model to remain competitive, meet
the expectations of our customers and improve efficiencies.
• We launched a new online banking platform and mobile app for the consumer bank. These digital banking systems
deliver a consistent look and feature increased security, a modern interface, and the ability to securely chat with our
customer support team.
• In addition to the banking app, we launched a Girard branded wealth app and an app for Univest Insurance clients.
• We continued to leverage the power of nCino to create a streamlined commercial loan origination system. Our focus
is on the end-to-end processing and closing of commercial loans with an initial focus on loan amounts of $1.0 million
and less. Key accomplishments in 2019 included the successful rollout to select members of our Central PA commercial
banking team, completion of credit integration and the creation of an approval scorecard for subsequent validation.
nCino is also being used to facilitate the Univest Business Banking Express product allowing for faster decision making
and quicker loan bookings.
• Salesforce was fully implemented in 2018 as a sales and customer relationship management tool, giving us a 360-degree
view of customer relationships. In 2019, we expanded the use of Salesforce to our customer support team, automated a
number of administrative processes utilizing Salesforce and implemented Salesforce Marketing Cloud. In 2020, a data-
driven approach to using Salesforce Marketing Cloud will be critical to the success of a marketing strategy that leverages
technology and automation to boost awareness of our comprehensive suite of financial solutions and foster penetration
of our existing consumer relationships with the goal of increased profitability.
2019 Highlights
A letter from our Chairman, President and CEO
Embracing Human Capital
To be successful, we need to not only retain our high-performing employees, but also attract new individuals. By proactively
assessing human capital needs, including what skills will be necessary in the next three to five years, we can ensure Univest is
prepared for growth.
• Throughout 2019, we focused on attracting highly-talented individuals who align with Univest’s business goals and culture.
Strategies included using artificial intelligence software to target potential applicants, grassroots initiatives and building our
employer brand through social media and digital marketing initiatives.
• We remain committed to retaining and engaging our current employees. Univest University, our corporate training and
development program, delivered 8,100 training hours over the course of the year and saw the number of attendees increase
41% over 2018. New programs included Women’s Leadership, Negotiation Skills and Business Writing.
• In 2019, we began utilizing video conferencing as a way of training in multiple locations at one time.
Enhancing Brand Equity
• In support of our efforts to improve our digital offerings, we launched the Live Life. Stay Connected campaign on radio, digital
and social media in the Greater Philadelphia market as well as our expansion markets. The goal of the campaign was to increase
awareness of our digital capabilities, emphasizing security while striking a balance between technology and the human touch.
• To build further awareness of our financing solutions for businesses, we introduced a commercial banking campaign featuring
testimonials from longstanding clients to highlight our solutions as well as our focus on building relationships. The campaign
included video and static advertising via digital and social media platforms, print advertising and Google search.
• We also continued to build awareness of our agricultural and commercial lending teams in the Lancaster market with Serving
Families like Yours for Generations messaging. In addition, we supported our new commercial lending teams with People you
Trust. A Bank to Believe In. messaging through direct mail, billboards, print and digital advertising.
• The new Girard, a Univest Wealth Division, brand was introduced. Throughout the year, advertising and public relations
campaigns raised awareness for Girard and its capabilities. Dedicated Girard social media pages were launched on Facebook,
Twitter and LinkedIn enabling us to further distribute secured media and authored content to raise brand visibility and build
our position as thought leaders in the wealth arena. Print advertising and digital marketing increased brand visibility and drove
traffic to meetgirard.com.
• In addition to advertising, we continued to build brand awareness for Univest through several high-visibility sponsorships that
also supported our local communities. Some highlights included serving as the sustaining sponsor of Spruce Street Harbor
Park in Philadelphia for our fifth year, returning as presenting sponsor of Christkindlmarkt in Bethlehem, continuing as the lead
sponsor of the Univest Performance Center in Quakertown, Bucks County, maintaining our partnership with the Saint Joseph’s
University Athletic Department and sponsoring the “Univest Quote of the Day” on WFMZ-TV in the Lehigh Valley.
• Through Univest-hosted events, we strengthened relationships with our existing customers while also helping us win new
business opportunities and build brand awareness with the more than 2,200 attendees over the course of the year.
• On our corporate social media pages, we continue to share informative blog articles written by our line of business experts to
position Univest as a trusted resource and thought leader. In addition, our social media channels allow us to humanize our
brand which helps to build loyalty. In our first full year on Instagram, we saw excellent engagement as we highlighted our
#CommittedToLocal efforts and shared fun #UnivestFamily moments.
Making
DIGITAL CONNECTIONS
18.8m
DIGITAL ADVERTISING
IMPRESSIONS
3.4m
SOCIAL CONTENT
IMPRESSIONS
77k
DIGITAL ADVERTISING
ENGAGEMENTS
140k
SOCIAL CONTENT
ENGAGEMENTS
To our family of shareholders, customers and employees:
As we reflect on this past year, we are pleased to share 2019 was a strong year for Univest
Financial Corporation. Our solid performance was achieved by a continued focus on organic
growth while being opportunistic with strategic investments in our brand, people and
technology. Guided by a robust strategic plan, we evolved the business, expanded into new
markets, improved operational efficiency and strengthened our competitive position. Even as
we innovate and adapt, our healthy corporate culture keeps us focused on living out our core
values of tradition, excellence, integrity, community and spirituality as we drive performance and
achieve our independence.
Over the course of the year, we saw solid loan and deposit growth thanks to a strong local
economy and our ability to continue to capitalize on the disruption in our markets caused by
mergers and acquisitions. As part of our ongoing focus to grow the business organically, we expanded our commercial
banking team in Central Pennsylvania which we anticipate will be a significant driver of our growth. This team will focus on
increasing Univest’s presence in western Lancaster County as well as extending our footprint to Cumberland, Dauphin and
York counties. In addition, we grew our commercial lending team in South Jersey and will be opening a loan production
office in Moorestown, New Jersey early in 2020 to support this regional expansion. We are confident Univest’s local decision
making, stability and breadth of services will resonate well with the business community in these additional markets.
Jeffrey M. Schweitzer, William S. Aichele
During the year, our disciplined business approach fueled organic growth, strong sales execution across all our subsidiaries
and allowed us to continue investing in the business. We were dedicated to advancing the progress of our corporate
strategic initiatives including our digital evolution and use of technology to remain competitive, enrich the experience of our
customers and improve efficiencies. While we continue to invest in technology, we will never forget what makes us successful
– our employees and the care they show our customers. Offering a combined approach of strong relationship building and
technology will allow us to continue to provide the exceptional service for which Univest is known.
Another highlight for the year was being one of only 30 banks named to Sandler O’Neill’s Sm-All Stars Class of 2019. As
Sandler O’Neill explains, “The objective of the Sm-All Stars…is to identify the top performing small-cap banks and thrifts
in the country. In doing this, we hope to uncover the next crop of stellar mid-cap banks before they are discovered by the
rest of the world.” To earn Sm-All Star status, companies needed to have a market cap below $2.5 billion and have superior
performance metrics related to growth, profitability, credit quality and capital strength. We are proud of this recognition as
it truly demonstrates the strength of our franchise and the value we provide our customers, shareholders, employees
and communities.
Throughout our history, we have been blessed with strong, servant leaders who have strategically guided us through both
good and challenging times. We are excited to welcome Suzanne Keenan as an Alternate Director. As a member of the
Board of Trustees of North American Electric Reliability Corporation and former Chief Information Officer for Wawa, Inc.,
we are confident her experience and insight will help us move the business forward.
As you review the 2019 annual report, we trust you will be pleased with our accomplishments and plans for continued
growth and longevity. We have strong momentum and 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
2019 Financial Performance
At December 31,
(Dollars in thousands)
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
2019
2018
2017
$ 125,128
441,599
4,351,505
462,692
$ 5,380,924
$ 109,420
473,306
3,977,210
424,411
$ 4,984,347
$ 75,409
454,082
3,598,512
426,859
$ 4,554,862
$ 4,360,075
263,596
82,131
4,705,802
675,122
$ 5,380,924
$ 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
For the years ended December 31,
(Dollars in thousands, except per share data)
2019
2018
2017
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
1Excludes restructuring charges.
$ 214,093
44,861
169,232
8,518
160,714
65,422
146,083
80,053
14,334
$ 190,488
32,426
158,062
20,310
137,752
60,173
137,239
60,686
10,143
$ 163,015
19,839
143,176
9,892
133,284
59,240
130,713
61,811
17,717
$ 65,719
$ 50,543
$ 44,094
$ 23.01
$ 21.32
$ 20.57
2.24
2.24
2.24
0.80
1.72
1.72
1.74
0.80
1.64
1.64
1.64
0.80
29,299,599
29,334,629
29,370,217
29,270,852
26,861,863
29,334,859
$4,800,000
$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
$-
$70,000
$65,000
$60,000
$55,000
$50,000
$45,000
$40,000
$35,000
$2.25
$2.00
$1.75
$1.50
$1.25
2019
Financial
Highlights
Commercial Loans
Consumer Loans
Residential Real Estate
Lease Financings
‘17
‘18
‘19
Loan and Lease Outstandings
(in Thousands)
Non-interest income
Net-interest income
‘17
‘18
Total Revenue
(in Thousands)
‘19
‘17
‘19
‘18
Net Income*
(in Thousands)
*EXCLUDES RESTRUCTURING CHARGES
‘11
$5.4b
TOTAL ASSETS
9.60%
TANGIBLE COMMON EQUITY
TO TANGIBLE ASSETS*
1.26%
RETURN ON
AVERAGE ASSETS
3.59%
NET INTEREST
MARGIN
13.82%
RETURN ON AVERAGE
TANGIBLE COMMON EQUITY*
Expanding our Commitment to the Communities we Serve
Strengthening our local communities is at the heart of Univest’s culture. We give back to the communities we serve by providing
financial support, encouraging employee volunteerism and serving in leadership roles for nonprofits. Over the course of the year, we
continued with longtime partnerships while also building new relationships with nonprofit organizations to help support Univest’s
growth in expansion markets.
• Univest’s Connecting with Community volunteer initiative is one of the pillars of our philanthropy program. In 2019, we
provided our employees with 30 half-day service projects to choose from in support of local charitable organizations. In addition
to these Connecting with Community opportunities, we encouraged our employees to volunteer independently and they truly
brought our community core value to life by volunteering 20,300 hours over the course of the year.
• Univest is committed to providing financial education and improving financial literacy in the region. Throughout the year, our
employees shared their expertise to educate more than 3,200 students on topics such as saving, budgeting and using credit wisely.
• In 2019, we supported the Ronald McDonald House Charities (RMHC®) Room in Our Hearts capital campaign with a $25,000
commitment over the next five years. Additionally, we partnered with RMHC of the Philadelphia Region once again for its Show
Your Stripes campaign. Through fundraising sales at Univest’s corporate offices and financial centers, our customers and employees
raised more than $6,500.
• As part of a four-year commitment, we are contributing $100,000 to Penn Foundation’s Hope Within Reach capital campaign.
The donation will help Penn Foundation expand their campus and the behavioral health services they provide our community.
• As we continued to expand our presence into Central Pennsylvania, we supported two capital campaigns that will have an
impact on communities in Lancaster County. A three-year, $30,000 commitment to the West Lampeter Township Community
Foundation’s We’re Taking the Field campaign will improve Village Park and a $10,000 donation over two years will help the
Southern End Community Association improve and renovate the outdoor swimming pool in Quarryville.
• While the markets we serve continue to expand, we have not lost sight of where it all started. We are proud to be longtime
supporters of many nonprofits that operate in the Indian Valley where we were founded including Generations, Montgomery
Theater and Dock Mennonite Academy.
• During the month of December, we held our eighth annual Caring for Community Giveaway. We had an overwhelming response
from the community with more than 8,100 entries on behalf of more than 200 local nonprofit groups. The Kisses for Kyle
Foundation was selected as the winner of the $5,000 donation.
Philanthropic Year in Review
8% 1%
18%
19%
54%
Youth & Education
Health & Social Services
Community & Economic
Development
Arts & Culture
Other
‘18
‘17
Diluted Earnings Per Share*
*EXCLUDES RESTRUCTURING CHARGES
‘12
‘11
‘19
*Tangible common equity represents
total shareholders’ equity less goodwill
and other intangible assets, but includes
servicing rights.
$2.0m
FINANCIAL
CONTRIBUTIONS
486
ORGANIZATIONS
SUPPORTED
30
CONNECTING WITH
COMMUNITY DAYS
20,300
VOLUNTEER HOURS
3,279
STUDENTS EDUCATED
Senior Leadership Team
Listing as of January 1, 2020
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
Duane J. Brobst
Senior Executive Vice President and Chief
Credit Officer, Univest Bank and Trust Co.
Michael S. Fitzgerald
Market President, East Penn & NJ, Univest
Bank and Trust Co.
Ronald R. Flaherty
President, Univest Insurance, LLC
Brian Grzebin
President, Mortgage Banking, Univest Bank
and Trust Co.
Thomas J. Jordan, IV
Market President, Central PA, Univest Bank
and Trust Co.
Board of Directors
Listing as of January 1, 2020
William S. Aichele
Chairman, Univest Financial Corporation and
Univest Bank and Trust Co.; Retired President
and Chief Executive Officer, Univest Financial
Corporation
Roger H. Ballou
Former Director, President and Chief Executive
Officer, CDI Corporation; Director, Alliance Data
Systems and RCM Technologies, Inc.
Todd S. Benning
Principal, DunlapSLK, PC
Glenn E. Moyer
Chief Executive Officer, Live Oak Strategies, LLC;
Director, FHL Bank Pittsburgh
K. Leon Moyer
Retired President and Chief Executive Officer,
Univest Bank and Trust Co.
Natalye Paquin, Esq.
President and Chief Executive Officer, Points of
Light Foundation
Thomas M. Petro
Managing Partner, 1867 Capital Partners, LLC;
Former President and Chief Executive Officer, Fox
Chase Bancorp
Kevin B. Norris
President, Girard, a Univest Wealth Division
Megan D. Santana, Esq.
Senior Executive Vice President, Chief Risk Officer,
General Counsel and Corporate Secretary, Univest
Financial Corporation and 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
Brian J. Richardson
Executive Vice President and Chief Financial Officer,
Univest Financial Corporation and Univest Bank and
Trust Co.
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
Jeffrey M. Schweitzer
President and Chief Executive Officer, Univest Financial
Corporation and Chief Executive Officer, Univest Bank
and Trust Co.
Michael L. Turner, Esq.
Partner, Marshall Dennehey Warner Coleman & Goggin
Robert C. Wonderling
President and Chief Executive Officer, Greater
Philadelphia Chamber of Commerce
Charles H. Zimmerman
Senior Leadership, Calvary Church of Souderton;
Director, Clemens Family Corporation
Suzanne Keenan (Alternate Director)
Member of the Board of Trustees of North American
Electric Reliability Corporation; Member of SAP
Independent Executive Advisory Council; Member of
Rocket Wagon’s Advisory Council; Member of Boston
Digital’s Advisory Council
Wholly-Owned Subsidiaries
Univest Bank and Trust Co.
Girard Investment Services, LLC
Univest Capital, Inc.
Girard Pension Services, LLC
Univest Insurance, LLC
Davisville Associates, LLC
Girard Advisory Services, LLC
104 S. Oakland Ave., LLC
Girard Benefits Group, LLC
Please visit univest.net for a complete list of locations for Univest Financial Corporation and our subsidiaries.
2019 Financial Performance
At December 31,
(Dollars in thousands)
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
2019
2018
2017
$ 125,128
441,599
4,351,505
462,692
$ 5,380,924
$ 109,420
473,306
3,977,210
424,411
$ 4,984,347
$ 75,409
454,082
3,598,512
426,859
$ 4,554,862
$ 4,360,075
263,596
82,131
4,705,802
675,122
$ 5,380,924
$ 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
For the years ended December 31,
(Dollars in thousands, except per share data)
2019
2018
2017
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
1Excludes restructuring charges.
$ 214,093
44,861
169,232
8,518
160,714
65,422
146,083
80,053
14,334
$ 190,488
32,426
158,062
20,310
137,752
60,173
137,239
60,686
10,143
$ 163,015
19,839
143,176
9,892
133,284
59,240
130,713
61,811
17,717
$ 65,719
$ 50,543
$ 44,094
$ 23.01
$ 21.32
$ 20.57
2.24
2.24
2.24
0.80
1.72
1.72
1.74
0.80
1.64
1.64
1.64
0.80
29,299,599
29,334,629
29,370,217
29,270,852
26,861,863
29,334,859
$4,800,000
$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
$-
$70,000
$65,000
$60,000
$55,000
$50,000
$45,000
$40,000
$35,000
$2.25
$2.00
$1.75
$1.50
$1.25
Commercial Loans
Consumer Loans
Residential Real Estate
Lease Financings
Non-interest income
Net-interest income
‘17
‘18
‘19
‘17
‘18
Total Revenue
(in Thousands)
‘19
‘17
‘19
‘18
Net Income*
(in Thousands)
*EXCLUDES RESTRUCTURING CHARGES
‘11
‘18
‘17
Diluted Earnings Per Share*
*EXCLUDES RESTRUCTURING CHARGES
‘12
‘19
‘11
2019
Financial
Highlights
$5.4b
TOTAL ASSETS
9.60%
TANGIBLE COMMON EQUITY
TO TANGIBLE ASSETS*
1.26%
RETURN ON
AVERAGE ASSETS
3.59%
NET INTEREST
MARGIN
13.82%
RETURN ON AVERAGE
TANGIBLE COMMON EQUITY*
Expanding our Commitment to the Communities we Serve
Strengthening our local communities is at the heart of Univest’s culture. We give back to the communities we serve by providing
financial support, encouraging employee volunteerism and serving in leadership roles for nonprofits. Over the course of the year, we
continued with longtime partnerships while also building new relationships with nonprofit organizations to help support Univest’s
growth in expansion markets.
• Univest’s Connecting with Community volunteer initiative is one of the pillars of our philanthropy program. In 2019, we
provided our employees with 30 half-day service projects to choose from in support of local charitable organizations. In addition
to these Connecting with Community opportunities, we encouraged our employees to volunteer independently and they truly
brought our community core value to life by volunteering 20,300 hours over the course of the year.
• Univest is committed to providing financial education and improving financial literacy in the region. Throughout the year, our
employees shared their expertise to educate more than 3,200 students on topics such as saving, budgeting and using credit wisely.
• In 2019, we supported the Ronald McDonald House Charities (RMHC®) Room in Our Hearts capital campaign with a $25,000
commitment over the next five years. Additionally, we partnered with RMHC of the Philadelphia Region once again for its Show
Your Stripes campaign. Through fundraising sales at Univest’s corporate offices and financial centers, our customers and employees
raised more than $6,500.
• As part of a four-year commitment, we are contributing $100,000 to Penn Foundation’s Hope Within Reach capital campaign.
The donation will help Penn Foundation expand their campus and the behavioral health services they provide our community.
• As we continued to expand our presence into Central Pennsylvania, we supported two capital campaigns that will have an
impact on communities in Lancaster County. A three-year, $30,000 commitment to the West Lampeter Township Community
Foundation’s We’re Taking the Field campaign will improve Village Park and a $10,000 donation over two years will help the
Southern End Community Association improve and renovate the outdoor swimming pool in Quarryville.
• While the markets we serve continue to expand, we have not lost sight of where it all started. We are proud to be longtime
supporters of many nonprofits that operate in the Indian Valley where we were founded including Generations, Montgomery
Theater and Dock Mennonite Academy.
• During the month of December, we held our eighth annual Caring for Community Giveaway. We had an overwhelming response
from the community with more than 8,100 entries on behalf of more than 200 local nonprofit groups. The Kisses for Kyle
Foundation was selected as the winner of the $5,000 donation.
Philanthropic Year in Review
8% 1%
18%
19%
54%
Youth & Education
Health & Social Services
Community & Economic
Development
Arts & Culture
Other
*Tangible common equity represents
total shareholders’ equity less goodwill
and other intangible assets, but includes
servicing rights.
$2.0m
FINANCIAL
CONTRIBUTIONS
486
ORGANIZATIONS
SUPPORTED
30
CONNECTING WITH
COMMUNITY DAYS
20,300
VOLUNTEER HOURS
3,279
STUDENTS EDUCATED
Senior Leadership Team
Listing as of January 1, 2020
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
Duane J. Brobst
Senior Executive Vice President and Chief
Credit Officer, Univest Bank and Trust Co.
Michael S. Fitzgerald
Market President, East Penn & NJ, Univest
Bank and Trust Co.
Ronald R. Flaherty
President, Univest Insurance, LLC
Brian Grzebin
President, Mortgage Banking, Univest Bank
and Trust Co.
Thomas J. Jordan, IV
Market President, Central PA, Univest Bank
and Trust Co.
Board of Directors
Listing as of January 1, 2020
William S. Aichele
Chairman, Univest Financial Corporation and
Univest Bank and Trust Co.; Retired President
and Chief Executive Officer, Univest Financial
Corporation
Roger H. Ballou
Former Director, President and Chief Executive
Officer, CDI Corporation; Director, Alliance Data
Systems and RCM Technologies, Inc.
Todd S. Benning
Principal, DunlapSLK, PC
Glenn E. Moyer
Chief Executive Officer, Live Oak Strategies, LLC;
Director, FHL Bank Pittsburgh
K. Leon Moyer
Retired President and Chief Executive Officer,
Univest Bank and Trust Co.
Natalye Paquin, Esq.
President and Chief Executive Officer, Points of
Light Foundation
Thomas M. Petro
Managing Partner, 1867 Capital Partners, LLC;
Former President and Chief Executive Officer, Fox
Chase Bancorp
Kevin B. Norris
President, Girard, a Univest Wealth Division
Megan D. Santana, Esq.
Senior Executive Vice President, Chief Risk Officer,
General Counsel and Corporate Secretary, Univest
Financial Corporation and 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
Brian J. Richardson
Executive Vice President and Chief Financial Officer,
Univest Financial Corporation and Univest Bank and
Trust Co.
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
Jeffrey M. Schweitzer
President and Chief Executive Officer, Univest Financial
Corporation and Chief Executive Officer, Univest Bank
and Trust Co.
Michael L. Turner, Esq.
Partner, Marshall Dennehey Warner Coleman & Goggin
Robert C. Wonderling
President and Chief Executive Officer, Greater
Philadelphia Chamber of Commerce
Charles H. Zimmerman
Senior Leadership, Calvary Church of Souderton;
Director, Clemens Family Corporation
Suzanne Keenan (Alternate Director)
Member of the Board of Trustees of North American
Electric Reliability Corporation; Member of SAP
Independent Executive Advisory Council; Member of
Rocket Wagon’s Advisory Council; Member of Boston
Digital’s Advisory Council
Wholly-Owned Subsidiaries
Univest Bank and Trust Co.
Girard Investment Services, LLC
Univest Capital, Inc.
Girard Pension Services, LLC
Univest Insurance, LLC
Davisville Associates, LLC
Girard Advisory Services, LLC
104 S. Oakland Ave., LLC
Girard Benefits Group, LLC
Please visit univest.net for a complete list of locations for Univest Financial Corporation and our subsidiaries.
Poised for Growth
Shareholder Information
Our Franchise
Investing in the business was a continued focus in 2019
– in people, technology and in the products and services
we provide. As we look forward, we will continue
to evolve our efforts to expand our reach, increase
productivity, optimize operations and gain efficiencies.
With strong momentum, solid pipelines and a dedication
to the customer experience, we remain confident in our
ability to remain relevant and differentiate Univest in this
competitive financial industry.
Univest is well positioned to grow and dedicated to
building the business with an innovative approach that
allows us to maintain our independence as well as our
unwavering commitment to serving the communities in
which we operate. Thank you for your ongoing trust and
investment. We look forward to continuing to support
our customers, our communities and each other while
providing a fair return to our loyal shareholders.
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 9:00 a.m. on Wednesday, April 22,
2020 at PineCrest Country Club, 101 Country Club Drive, Lansdale, PA 19446. A buffet
breakfast will begin at 8:00 a.m.
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 Contact
For more information on Univest Financial Corporation,
please call 877.723.5571.
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
2019
ANNUAL REPORT
UNIVEST FINANCIAL CORPORATION
143
YEARS OF BUSINESS
SUCCESS
873
EMPLOYEES
MAKING IT HAPPEN
39
FINANCIAL
CENTERS
11
COMMERCIAL &
CORPORATE OFFICES
6
INVESTMENT
OFFICES
4
INSURANCE
OFFICES
2019
Integrated Successes
$3.8b
ASSETS UNDER
MANAGEMENT AND
SUPERVISION
$1.1b
LOANS SERVICED
FOR OTHERS
$178m
TOTAL INSURANCE
WRITTEN PREMIUM
$149m
EQUIPMENT FINANCE
OUTSTANDINGS
CORE BANKING
OPERATION
75% REVENUE FROM
25% REVENUE FROM
NON-BANKING
OPERATIONS