Continued Forward Progress
Shareholder Information
Our Franchise
For 147 years, Univest has been grounded as
a company and guided by our core values of
Tradition, Integrity, Excellence, Community and
Spirituality and, more recently, the 18 fundamentals
of the Univest Way.
We are confident that staying true to these roots
matched with strategic forward thinking will allow
us to continue to earn our independence while
achieving our vision of being the best integrated
financial solutions provider in the markets we
choose to serve.
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 11:30 a.m. on Thursday, April 25, 2024
at Indian Valley Country Club, 650 Bergey Rd, Telford, PA 18969. There is also an option to
attend virtually.
Univest Stock Transfer Agent
For more information on Univest Financial Corporation common stock, contact Broadridge
Corporate Issuer Solutions or visit ir.univest.net.
Regular Mail Communications:
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
Overnight Mail Communications:
Broadridge Corporate Issuer Solutions, Inc.
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.
ESG Report
Being a responsible corporate citizen is at the core of how we operate. Environmental, social and
governance (ESG) considerations are incorporated into our culture and integrated into the policies
and principles that govern the way we do business. To view our 2023 ESG report, which provides a
comprehensive view of our efforts in these areas, visit ir.univest.net.
“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
2023
ANNUAL REPORT
UNIVEST FINANCIAL CORPORATION
147
YEARS OF BUSINESS
SUCCESS
979
EMPLOYEES
MAKING IT HAPPEN
39
FINANCIAL
CENTERS
16
COMMERCIAL &
CORPORATE OFFICES
8
WEALTH
OFFICES
4
INSURANCE
OFFICES
2023
Integrated Successes
$4.7b
ASSETS UNDER
MANAGEMENT AND
SUPERVISION
$1.6b
LOANS SERVICED
FOR OTHERS
$214m
TOTAL INSURANCE
WRITTEN PREMIUM
$247m
EQUIPMENT FINANCE
OUTSTANDINGS
NET INTEREST
INCOME
74% REVENUE FROM
26% REVENUE FROM
FEE INCOME
OPERATIONS
Continued Forward Progress
Shareholder Information
Our Franchise
For 147 years, Univest has been grounded as
a company and guided by our core values of
Tradition, Integrity, Excellence, Community and
Spirituality and, more recently, the 18 fundamentals
of the Univest Way.
We are confident that staying true to these roots
matched with strategic forward thinking will allow
us to continue to earn our independence while
achieving our vision of being the best integrated
financial solutions provider in the markets we
choose to serve.
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 11:30 a.m. on Thursday, April 25, 2024
at Indian Valley Country Club, 650 Bergey Rd, Telford, PA 18969. There is also an option to
attend virtually.
Univest Stock Transfer Agent
For more information on Univest Financial Corporation common stock, contact Broadridge
Corporate Issuer Solutions or visit ir.univest.net.
Regular Mail Communications:
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
Overnight Mail Communications:
Broadridge Corporate Issuer Solutions, Inc.
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.
ESG Report
Being a responsible corporate citizen is at the core of how we operate. Environmental, social and
governance (ESG) considerations are incorporated into our culture and integrated into the policies
and principles that govern the way we do business. To view our 2023 ESG report, which provides a
comprehensive view of our efforts in these areas, visit ir.univest.net.
“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
2023
ANNUAL REPORT
UNIVEST FINANCIAL CORPORATION
147
YEARS OF BUSINESS
SUCCESS
979
EMPLOYEES
MAKING IT HAPPEN
39
FINANCIAL
CENTERS
16
COMMERCIAL &
CORPORATE OFFICES
8
WEALTH
OFFICES
4
INSURANCE
OFFICES
2023
Integrated Successes
$4.7b
ASSETS UNDER
MANAGEMENT AND
SUPERVISION
$1.6b
LOANS SERVICED
FOR OTHERS
$214m
TOTAL INSURANCE
WRITTEN PREMIUM
$247m
EQUIPMENT FINANCE
OUTSTANDINGS
NET INTEREST
INCOME
74% REVENUE FROM
26% REVENUE FROM
FEE INCOME
OPERATIONS
2023 Financial Performance
At December 31,
(Dollars in thousands)
2023
2022
2021
Cash and interest-earning deposits
Investment securities, net of allowance for credit losses
Net loans and leases
Other assets
Total assets
$ 249,799
500,623
6,481,827
548,379
$7,780,628
$ 152,799
507,562
6,044,226
517,429
$7,222,016
$ 890,150
496,989
5,238,093
497,189
$7,122,421
Deposits
Borrowings
Other liabilities
Total liabilities
Shareholders’ equity
Total liabilities and shareholders’ equity
$ 6,375,781
465,067
100,572
6,941,420
839,208
$7,780,628
$ 5,913,526
440,401
91,589
6,445,516
776,500
$7,222,016
$ 6,055,124
213,980
79,523
6,348,627
773,794
$7,122,421
For the years ended December 31,
(Dollars in thousands, except share and per share data)
2023
2022
2021
Interest income
Interest expense
Net interest income
Provision (reversal of provision) for credit losses
Net interest income after provision for credit losses
Noninterest income
Noninterest expense
Income before income taxes
Income taxes
Net income
Book value per share
Net income per share:
Basic
Diluted
Diluted-core1
Dividends declared per share
$ 371,730
151,733
219,997
10,770
209,227
76,824
197,362
88,689
17,585
$ 71,104
$ 252,193
33,896
218,297
12,198
206,099
77,885
186,774
97,210
19,090
$78,120
$ 209,731
21,348
188,383
(10,132)
198,515
83,224
167,409
114,330
22,529
$ 91,801
$ 28.44
$ 26.53
$ 26.23
2.42
2.41
2.45
0.84
2.66
2.64
2.64
0.83
3.12
3.11
3.11
0.80
Weighted average shares outstanding
Period end shares outstanding
29,433,359
29,511,721
29,392,606
29,271,915
29,402,845
29,500,542
1Excludes restructuring charges.
$6,500,000
$6,000,000
$5,500,000
$5,000,000
$4,500,000
$4,000,000
$3,500,000
$3,000,000
$2,500,000
$2,000,000
$1,500,000
$1,000,000
$500,000
$-
$300,000
$250,000
$200,000
$150,000
$100,000
$50,000
$-
$100,000
$90,000
$80,000
$70,000
$60,000
$50,000
$40,000
$30,000
$3.50
$3.00
$2.50
$2.00
$1.50
2023
Financial
Highlights
Commercial Loans
Residential Real Estate
Lease Financings
‘21
‘22
Loan and Lease Outstandings
(in thousands)
‘23
Noninterest income
Net interest income
‘21
‘22
‘23
Total Revenue
(in thousands)
‘21
‘23
‘22
Net Income*
(in thousands)
*Excludes restructuring charges.
‘21
‘22
Diluted Earnings Per Share*
*Excludes restructuring charges.
‘23
$7.8b
TOTAL ASSETS
8.70%
TANGIBLE COMMON EQUITY
TO TANGIBLE ASSETS
0.94%
RETURN ON
AVERAGE ASSETS
3.12%
NET INTEREST
MARGIN
11.45%
RETURN ON AVERAGE
TANGIBLE EQUITY1,2
(1) Tangible equity represents total
shareholders’ equity less goodwill and
other intangible assets but includes
mortgage servicing rights.
(2) Net income before amortization
of intangibles to average tangible
common equity.
2023 Highlights
Commitment to the Communities we Serve
• Over the course of 2023, our marketing and communications efforts
highlighted our focus on customer relationships with a continuation of
our See What’s Possible campaign. We featured Univest commercial
bank customers to reinforce our relationship-focused approach and
highlight Univest’s ability to help customers navigate their complex
financial needs. The campaign was executed via digital, print and
billboard across our footprint including our expansion markets in
Western PA and Maryland.
• We continued our thought leadership efforts aimed at educating our
audiences, raising awareness of Univest’s financial solutions and
highlighting our commitment to our communities. Informative articles
and videos were posted to the Univest blog and social media pages
and an active media relations campaign featured subject matter experts
from Univest and Girard, our wealth division, in local, regional and
national publications showcasing us a trusted financial resource.
• The strength of our Committed To Local philanthropic program
is one of the things that differentiates us in the markets we serve.
We remained committed to giving back financially and through
volunteerism. We provided nonprofit organizations with financial
contributions totaling $2.4 million and the Univest Family collectively
volunteered more than 13,100 hours. To make it easy to get involved,
we organized 30 Connecting with Community volunteer events for our
employees with organizations such as the Bucks County Opportunity Council, Habitat for Humanity Philadelphia, HMS School for
Children with Cerebral Palsy, Chester County Food Bank and ArtsQuest.
• Univest was also proud to again serve as the presenting sponsor for the United Way of Bucks County’s Stuff the Bus program. In
addition to supporting this program financially and hosting collections for school supplies at our offices, members of the Univest
Family volunteered to help package and distribute the supplies – a great example of our holistic approach to giving back.
• Our giving through the Pennsylvania Educational Improvement Tax Credit program is an important aspect of our Committed To
Local philanthropic program that truly impacts the communities we serve. These funds supported 68 private and public schools and
educational improvement organizations across our markets.
• Promoting financial literacy remained a priority and Univest continued its partnership with financial education innovator, EverFi,
to provide more than 6,000 students with access to interactive online courses that educate on critical financial concepts. We also
participated in the American Bankers Association’s Teach Children to Save and Get Smart About Credit Days during which Univest
volunteers visited local schools to educate more than 1,000 students.
Senior Leadership Team
Listing as of January 1, 2024
Jeffrey M. Schweitzer
Chairman, President and Chief Executive Officer,
Univest Financial Corporation and Chairman and
Chief Executive Officer, Univest Bank and Trust Co.
Michael S. Keim
President, Univest Bank and Trust Co. and Chief
Operating Officer, Univest Financial Corporation
Brian J. Richardson
Senior Executive Vice President and Chief Financial
Officer, Univest Financial Corporation and Univest
Bank and Trust Co.
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.
Matthew L. Cohen
Market President, Maryland, Univest Bank and
Trust Co.
Eric W. Conner
Senior Executive Vice President and Chief
Information Officer, Univest Financial Corporation
Briana J. Doña
Executive Vice President and Managing Director of
Innovation, Univest Bank and Trust Co.
Ronald R. Flaherty
President, Univest Insurance, LLC
M. Theresa Fosko
Executive Vice President and Director of Human
Resources, Univest Financial Corporation
David W. Geibel
President, Girard, a Univest Wealth Division
Brian E. Grzebin
President, Mortgage Banking, Univest Bank and
Trust Co.
John T. Haurin
Market President, East Penn & NJ, Univest Bank and
Trust Co.
Thomas J. Jordan, IV
Market President, Central PA, Univest Bank and
Trust Co.
Patrick C. McCormick
Senior Executive Vice President and Chief Commercial
Banking Officer, Univest Bank and Trust Co.
Neil D. McHugh
Executive Vice President and Managing Director Deposit
Strategy & Programs, Univest Bank and Trust Co.
Eleni S. Monios
Executive Vice President and Chief Credit Officer, Univest
Bank and Trust Co.
Joseph A. Pensabene
Executive Vice President, Managing Director of
Operations, Univest Bank and Trust Co.
Christopher M. Trombetta
Market President, Western PA, Univest Bank and
Trust Co.
Board of Directors
Listing as of January 1, 2024
William S. Aichele
Former Chairman, Univest Financial Corporation and
Univest Bank and Trust Co.; Retired President and Chief
Executive Officer, Univest Financial Corporation and
Univest Bank and Trust Co.
Jeffrey M. Schweitzer
Chairman, President and Chief Executive Officer,
Univest Financial Corporation and Chairman and Chief
Executive Officer, Univest Bank and Trust Co.
Joseph P. Beebe
Former Managing Director and Co-Head, of the
Insurance and Asset Management Group of Keefe,
Bruyette & Woods, a Stifel Company; Member of the
President’s Advisory Council as well as the Institute for
Innovation and Entrepreneurship Advisory Council at
Villanova University
Todd S. Benning
Principal, DunlapSLK, PC
Martin P. Connor
Chief Financial Officer, Toll Brothers, Inc.; Member of
the Federal Reserve Bank of Philadelphia Economic and
Community Advisory Council
Suzanne Keenan
Former Chief Information Officer and Senior Vice President,
Wawa, Inc.; Board of Trustees of North American Electric
Reliability Corporation
Natalye Paquin, Esq.
Chief Operating Officer, Rockefeller Foundation; Member of
the Board of Directors of Bloomerang
Thomas M. Petro
Managing Partner of 1867 Capital Partners, LLC; Former
President and Chief Executive Officer of Fox Chase Bancorp;
Member of the Board of Directors of Fintegra, LLC and
Derstine’s Foodservice, Inc.
Michael L. Turner
Partner, Marshall, Dennehey, Warner, Coleman & Goggin
Robert C. Wonderling
Executive Director, Faith and Liberty Discovery Center
Charles H. Zimmerman
Senior Leadership, Calvary Church of Souderton; Former
Director, Clemens Family Corporation
Anne S. Vazquez (Alternate Director)
General Partner at NewSpring Capital, LLC and NewSpring
Mezzanine Capital
Wholly-Owned Subsidiaries
Univest Bank and Trust Co.
Univest Capital, Inc.
Univest Insurance, LLC
Girard Advisory Services, LLC
Girard Benefits Group, LLC
Girard Investment Services, LLC
Girard Pension Services, LLC
Please visit univest.net for a complete list of locations for Univest Financial Corporation and our subsidiaries.
Continued Forward Progress
Shareholder Information
Our Franchise
For 147 years, Univest has been grounded as
a company and guided by our core values of
Tradition, Integrity, Excellence, Community and
Spirituality and, more recently, the 18 fundamentals
of the Univest Way.
We are confident that staying true to these roots
matched with strategic forward thinking will allow
us to continue to earn our independence while
achieving our vision of being the best integrated
financial solutions provider in the markets we
choose to serve.
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 11:30 a.m. on Thursday, April 25, 2024
at Indian Valley Country Club, 650 Bergey Rd, Telford, PA 18969. There is also an option to
attend virtually.
Univest Stock Transfer Agent
For more information on Univest Financial Corporation common stock, contact Broadridge
Corporate Issuer Solutions or visit ir.univest.net.
Regular Mail Communications:
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
Overnight Mail Communications:
Broadridge Corporate Issuer Solutions, Inc.
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.
ESG Report
Being a responsible corporate citizen is at the core of how we operate. Environmental, social and
governance (ESG) considerations are incorporated into our culture and integrated into the policies
and principles that govern the way we do business. To view our 2023 ESG report, which provides a
comprehensive view of our efforts in these areas, visit ir.univest.net.
“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
2023
ANNUAL REPORT
UNIVEST FINANCIAL CORPORATION
147
YEARS OF BUSINESS
SUCCESS
979
EMPLOYEES
MAKING IT HAPPEN
39
FINANCIAL
CENTERS
16
COMMERCIAL &
CORPORATE OFFICES
8
WEALTH
OFFICES
4
INSURANCE
OFFICES
2023
Integrated Successes
$4.7b
ASSETS UNDER
MANAGEMENT AND
SUPERVISION
$1.6b
LOANS SERVICED
FOR OTHERS
$214m
TOTAL INSURANCE
WRITTEN PREMIUM
$247m
EQUIPMENT FINANCE
OUTSTANDINGS
NET INTEREST
INCOME
74% REVENUE FROM
26% REVENUE FROM
FEE INCOME
OPERATIONS
Nurturing the Univest Family
2023 Highlights
• The hiring landscape gained stability over the course of 2023. With the “Great Resignation” behind us, we continued to focus
on the well-being of our employees. We offer the Calm app at no cost to our employees, weekly online yoga classes, gym
reimbursements, on-demand mindfulness webinars and the ability for our employees to receive a flu shot or a mammogram at
our main campus.
• We continue to embrace a hybrid schedule for most of our employees. To facilitate flexibility and maximize the efficient use
of our space, we implemented Envoy’s scheduling app which allows employees to reserve a working space at offices across
our footprint.
• Univest’s efforts to cultivate our culture and retain employees have been effective with our annual turnover rate of 19.6%,
adjusted for reduction in force, falling below the industry average of 23.5%.
• The safety of our employees and customers is of utmost priority to Univest. In 2023, we installed AEDs in all of our offices and
offered online training and in-person AED and CPR classes to our employees.
• We also launched a Women in Business program after a successful pilot earlier in the year. Four cohorts of women completed
the program with a total of 85 attendees. In addition, a mentorship program was piloted with 20 individuals participating.
• Univest University added new trainings including Business Ethics for Leaders, Managing Remotely and Team Building.
Over the course of the year, we provided 28,000 hours of training to our employees.
• We introduced an Inclusive Leadership Workshop for supervisors and hiring managers. The Senior Leadership Team and
approximately 200 supervisors attended in-person sessions to support our efforts to create a more inclusive and diverse
workplace. This workshop will continue to be delivered quarterly.
Philanthropic Year in Review
16%
20%
Youth & Education
Health & Social Services
Community & Economic
Development
Arts & Culture
43%
21%
$2.4m
TOTAL FINANCIAL
CONTRIBUTIONS
343
ORGANIZATIONS SUPPORTED
THROUGH VOLUNTEER SERVICE
468ORGANIZATIONS
SUPPORTED FINANCIALLY
13,117
VOLUNTEER HOURS
7,126
STUDENTS EDUCATED
30
CONNECTING WITH COMMUNITY
VOLUNTEER EVENTS
A letter from our Chairman, President and CEO
To Our Family of Shareholders, Customers and Employees:
As we reflect on 2023, it was undeniably a more challenging year, but what
stands out is the resiliency of the Univest Family. We continued to move
Univest forward thanks to the dedication of nearly 1,000 members of the
Univest Family who work each day to help our customers achieve their
financial dreams. Thanks to efforts across the Corporation, we managed
through a difficult environment and continued to deliver exceptional service
as we focused on nurturing full relationships with our customers and making a
positive impact on our communities.
Like most in our industry, Univest was impacted by macroeconomic
headwinds. The rising cost of funding, primarily driven by the shift in deposits,
negatively impacted our net interest margin. In response, we proactively
deployed expense management strategies, stayed disciplined in our pricing
and focused on lending to our customers with full, strong relationships. This
purposefully slowed lending as we focused on liquidity and maintaining capital
to ensure we could effectively serve our existing customers. Given the margin
pressures, our diversified business model continued to serve us well. While
the current interest rate environment continues to present challenges for the
banking industry, Univest is committed to growing and is well positioned to
navigate the increase in deposit pricing along with any further slowdown in
the economy.
Jeffrey M. Schweitzer
Our industry was also impacted by two large bank failures over one weekend in March, which represented the second and
third largest bank failures in U.S. history. As news broke, we quickly gave our customers insight on the failures and shared
the primary differences in the operating models and balance sheet composition of the failed institutions as compared to
Univest. We received positive feedback from our customers that the proactive communication helped to allay concerns amid
the turmoil.
While there were challenges, 2023 offered many reasons to embrace Univest Way Fundamental #17, Celebrate Success.
To highlight a few, we launched the new and improved univest.net and made significant progress on our ability to digitally
serve our small business customers. We opened four new financial centers in our expansion markets in Western PA and
Maryland. And we remained steadfast in our commitment to giving back and donated $2.4 million to nonprofits in the
communities we serve.
Throughout our history, we have been blessed with strong, servant leaders who have strategically guided us through both
good and challenging times. William Aichele, former Chairman of the Board and CEO of Univest Financial Corporation, has
been integral in building the strong foundation upon which Univest sits today. In April 2024, Bill will officially retire from
service to Univest which has spanned more than 50 years since starting his career with Univest in 1971. We could not be the
organization we are today without his leadership and guidance. We extend our sincere gratitude to Bill and wish him a happy
and healthy retirement.
While the start of 2024 will continue to present a challenging environment with a slowing economy, continued pressure
on funding costs and ever-increasing regulations, we are well positioned with our diversified business model, strong capital
and unwavering commitment to serving our customers and communities to effectively navigate the current environment
and continue to move Univest forward.
On behalf of the entire Univest Family, thank you for your trust, support and continued investment.
Sincerely,
Jeffrey M. Schweitzer
Chairman, President and CEO
Navigating a Shifting Environment
2023 Highlights
• Univest Financial Corporation had a solid year in a challenging environment with steady deposit and loan growth.
We focused on nurturing relationships with customers and prospects with whom we could provide our full suite of
financial solutions.
• Total deposits increased $462.3 million, or 7.8%, from December 31, 2022, primarily due to increases in public funds
and brokered deposits partially offset by decreases in commercial and consumer deposits.
•
In response to the rising cost of funding, we refreshed our deposit growth strategy for both commercial and consumer
customers. We reviewed market and customer segmentation as well as product solutions to ensure they effectively meet
customer needs. We’re focused on delivering value added solutions and memorable experiences to customers to attract
and maintain stable and profitable deposits.
• For the year, our loan portfolio grew by $444.0 million, or 7.3%, primarily due to increases in commercial real estate,
residential mortgage loans and lease financings. Due to the rising cost of funding, we stayed disciplined in our pricing
and focused on providing lending to our customers with full, strong relationships. This purposefully slowed lending as
we focused on liquidity and maintaining strong capital ratios to ensure we could effectively serve our existing customers.
• The East Penn and NJ Commercial Banking Division generated nearly $600 million in new loans in 2023. Through a
continued focus on developing full relationships that support all of a customer’s financial needs, the team generated a
record number of referrals to other Univest lines of business.
• The Central PA Commercial Banking Division reached $1.5 billion in total loan outstandings in 2023. The Ag Lending
team maintained its ranking as the second largest in Pennsylvania and improved its national ranking, moving up four
spots to 36th largest agricultural lender according to the American Bankers Association.
•
It was a year of expansion for our SBA lending department as we increased our team of dedicated SBA relationship
managers and now cover our entire footprint in Pennsylvania, New Jersey and Maryland. Univest remains one of the few
banks in the markets we serve that offers the full range of SBA 7A and SBA Express products.
• Over the course of the year, we made significant progress in our expansion markets of Western PA and Maryland. We
were successful in building experienced teams of industry veterans dedicated to providing personal service and nurturing
full financial relationships. We opened four regional financial centers, Forest Hills and Cranberry Township in Western
PA, and Greenspring Valley and South Baltimore in Maryland. With dedicated teams and two offices open in each
market, we look forward to being an integral part of these communities. We will supplement our physical presence
and personal service with our digital offerings as we efficiently grow in these markets over the coming years.
• Treasury management is a key component of our commercial banking strategy in both our expansion and legacy
markets as these services provide solutions for our customers and deliver interest and fee income for Univest. During the
year, we continued to refine our capabilities with enhanced online access and faster payment options. Our liquidity,
payment and fraud management solutions helped our customers improve efficiency and optimize working capital.
Continuing to promote and deliver our treasury management solutions will be a key part of cultivating full, meaningful
customer relationships.
• Univest continued to serve as a certified Bank On partner and offered the Value Checking product aimed at providing
banking solutions to the underbanked population. The Consumer Services team grew our portfolio of Value Checking
accounts by 27% year-over-year. Another key partnership enhanced in 2023 was our participation in the Restore, Repair,
Renew program with the City of Philadelphia and the Philadelphia Redevelopment Authority. Univest’s participation in
providing homeowners credit to make home improvements grew by 376% year-over-year.
• As part of our efforts to proactively manage expenses, we continued with our financial center optimization plan and
successfully consolidated our Bensalem and Hatboro financial centers into our current Warminster location. In early
2024, we moved our Brownstown Financial Center to a new location in New Holland, Lancaster County.
Strong Organic Banking Growth
$462.3m
7.8%
$444.0m
7.3%
DEPOSIT GROWTH FOR THE YEAR
ENDED DECEMBER 31, 2023
DEPOSIT GROWTH FOR THE YEAR
ENDED DECEMBER 31, 2023
LOAN GROWTH FOR THE YEAR
ENDED DECEMBER 31, 2023
LOAN GROWTH FOR THE YEAR
ENDED DECEMBER 31, 2023
2023 Highlights
• Our Mortgage Banking division had a good year despite rising interest rates and a lack of housing inventory, closing $515
million of residential mortgages and $70 million in consumer loans. Purchase transactions and new construction activity
increased year-over-year as refinance transactions were down due to higher interest rates. Efforts to grow in Western PA were
positive with the team closing more than $50 million in residential loans in 2023.
•
It was a strong year for Univest Capital, our equipment finance division. While profitability was impacted by higher borrowing
costs, the portfolio quality continues to be strong with very low delinquency and net charge offs. The team achieved $122
million in originations, a record for the division and an increase of 18.4% year-over-year. Net assets also grew, totaling $247.2
million, an increase of 17% for the year.
• Univest Insurance continued to experience solid organic growth. Overall revenues grew 8% and profitability increased 34%
year-over-year. The team remained focused on nurturing relationships and educating clients with monthly webinars, timely
email reminders and informative articles.
• Girard, a Univest Wealth Division, continued to focus on delivering an exceptional client experience and ended the year with
$4.7 billion in assets under management and supervision, an increase of $500 million from 2022. During the year, we
successfully navigated the migration of TD Ameritrade to Charles Schwab, unifying our custodian and trading platforms.
Additional advisors were hired to support the Schwab Advisor Network in Ohio, Maryland and Pennsylvania. In addition,
we implemented a platform that allows the RIA to manage annuities for clients on a fee-only basis. We also increased our focus
on financial planning by expanding the team and developing a fee-based program.
Digitally Delivering Univest
• A vital part of connecting with our customers and prospects is
our website. In February 2023, we launched a reimagined
univest.net. The redesign was purposefully focused on leading
with our business solutions and has an enhanced visual design
that features a more modern and sophisticated look and feel.
We also adjusted how content is organized to create an
improved user experience and better meet customer needs. The
updated website also provided new access to data due to
improved back-end functionality.
• In 2023, Univest established a Data Analytics team including
leadership and analysts. The team will be the center of
excellence for all data reporting solutions including the
proactive use of data for the company and our customers.
• Enhanced access to data has laid the foundation to better know
our customers, personalize their experiences, inform
recommendations, and, ultimately, deliver an outstanding
customer experience while generating leads and driving revenue.
• During the year, significant progress was made on our digital solutions for our small business customers. We launched the
ability for small business customers to apply for credit and open commercial deposit accounts online. The streamlined process
features automated, risk-based credit decisions and electronic document execution for faster loan acquisition and customer
onboarding. This online functionality is an important part of our focus on securing new small business customers and
deepening relationships with existing customers.
• We continue to execute on our vision to create a fully digital, end-to-end commercial loan origination system and moved
all commercial lending teams and their loan volume onto the nCino platform. This transition created consistency, increased
productivity, centralized data collection, and provided additional tools for risk management and compliance.
• Thanks to strategic investments, we’ve built the operational foundation necessary to be available to customers on a 24/7 basis
and serve them in a way that aligns with their preferences. We can now harness the power of this technology to enhance
service delivery and increase efficiency.
• These investments also laid the groundwork for further marketing modernization. We have a trusted brand, a committed team,
and the technological foundation necessary to support an effective and flexible marketing program that is data driven. To
enhance our digital maturity, we will efficiently and purposefully focus on our immediate business goals and take a strategic
approach to targeting customer segments through multi-channel campaigns that reach customers and prospects where they are
and provide an integrated, personalized customer experience.
Nurturing the Univest Family
2023 Highlights
• The hiring landscape gained stability over the course of 2023. With the “Great Resignation” behind us, we continued to focus
on the well-being of our employees. We offer the Calm app at no cost to our employees, weekly online yoga classes, gym
reimbursements, on-demand mindfulness webinars and the ability for our employees to receive a flu shot or a mammogram at
our main campus.
• We continue to embrace a hybrid schedule for most of our employees. To facilitate flexibility and maximize the efficient use
of our space, we implemented Envoy’s scheduling app which allows employees to reserve a working space at offices across
our footprint.
• Univest’s efforts to cultivate our culture and retain employees have been effective with our annual turnover rate of 19.6%,
adjusted for reduction in force, falling below the industry average of 23.5%.
• The safety of our employees and customers is of utmost priority to Univest. In 2023, we installed AEDs in all of our offices and
offered online training and in-person AED and CPR classes to our employees.
• We also launched a Women in Business program after a successful pilot earlier in the year. Four cohorts of women completed
the program with a total of 85 attendees. In addition, a mentorship program was piloted with 20 individuals participating.
• Univest University added new trainings including Business Ethics for Leaders, Managing Remotely and Team Building.
Over the course of the year, we provided 28,000 hours of training to our employees.
• We introduced an Inclusive Leadership Workshop for supervisors and hiring managers. The Senior Leadership Team and
approximately 200 supervisors attended in-person sessions to support our efforts to create a more inclusive and diverse
workplace. This workshop will continue to be delivered quarterly.
Philanthropic Year in Review
16%
20%
Youth & Education
Health & Social Services
Community & Economic
Development
Arts & Culture
43%
21%
$2.4m
TOTAL FINANCIAL
CONTRIBUTIONS
343
ORGANIZATIONS SUPPORTED
THROUGH VOLUNTEER SERVICE
468ORGANIZATIONS
SUPPORTED FINANCIALLY
13,117
VOLUNTEER HOURS
7,126
STUDENTS EDUCATED
30
CONNECTING WITH COMMUNITY
VOLUNTEER EVENTS
A letter from our Chairman, President and CEO
To Our Family of Shareholders, Customers and Employees:
As we reflect on 2023, it was undeniably a more challenging year, but what
stands out is the resiliency of the Univest Family. We continued to move
Univest forward thanks to the dedication of nearly 1,000 members of the
Univest Family who work each day to help our customers achieve their
financial dreams. Thanks to efforts across the Corporation, we managed
through a difficult environment and continued to deliver exceptional service
as we focused on nurturing full relationships with our customers and making a
positive impact on our communities.
Like most in our industry, Univest was impacted by macroeconomic
headwinds. The rising cost of funding, primarily driven by the shift in deposits,
negatively impacted our net interest margin. In response, we proactively
deployed expense management strategies, stayed disciplined in our pricing
and focused on lending to our customers with full, strong relationships. This
purposefully slowed lending as we focused on liquidity and maintaining capital
to ensure we could effectively serve our existing customers. Given the margin
pressures, our diversified business model continued to serve us well. While
the current interest rate environment continues to present challenges for the
banking industry, Univest is committed to growing and is well positioned to
navigate the increase in deposit pricing along with any further slowdown in
the economy.
Jeffrey M. Schweitzer
Our industry was also impacted by two large bank failures over one weekend in March, which represented the second and
third largest bank failures in U.S. history. As news broke, we quickly gave our customers insight on the failures and shared
the primary differences in the operating models and balance sheet composition of the failed institutions as compared to
Univest. We received positive feedback from our customers that the proactive communication helped to allay concerns amid
the turmoil.
While there were challenges, 2023 offered many reasons to embrace Univest Way Fundamental #17, Celebrate Success.
To highlight a few, we launched the new and improved univest.net and made significant progress on our ability to digitally
serve our small business customers. We opened four new financial centers in our expansion markets in Western PA and
Maryland. And we remained steadfast in our commitment to giving back and donated $2.4 million to nonprofits in the
communities we serve.
Throughout our history, we have been blessed with strong, servant leaders who have strategically guided us through both
good and challenging times. William Aichele, former Chairman of the Board and CEO of Univest Financial Corporation, has
been integral in building the strong foundation upon which Univest sits today. In April 2024, Bill will officially retire from
service to Univest which has spanned more than 50 years since starting his career with Univest in 1971. We could not be the
organization we are today without his leadership and guidance. We extend our sincere gratitude to Bill and wish him a happy
and healthy retirement.
While the start of 2024 will continue to present a challenging environment with a slowing economy, continued pressure
on funding costs and ever-increasing regulations, we are well positioned with our diversified business model, strong capital
and unwavering commitment to serving our customers and communities to effectively navigate the current environment
and continue to move Univest forward.
On behalf of the entire Univest Family, thank you for your trust, support and continued investment.
Sincerely,
Jeffrey M. Schweitzer
Chairman, President and CEO
2023 Financial Performance
At December 31,
(Dollars in thousands)
2023
2022
2021
Cash and interest-earning deposits
Investment securities, net of allowance for credit losses
Net loans and leases
Other assets
Total assets
$ 249,799
500,623
6,481,827
548,379
$7,780,628
$ 152,799
507,562
6,044,226
517,429
$7,222,016
$ 890,150
496,989
5,238,093
497,189
$7,122,421
Deposits
Borrowings
Other liabilities
Total liabilities
Shareholders’ equity
Total liabilities and shareholders’ equity
$ 6,375,781
465,067
100,572
6,941,420
839,208
$7,780,628
$ 5,913,526
440,401
91,589
6,445,516
776,500
$7,222,016
$ 6,055,124
213,980
79,523
6,348,627
773,794
$7,122,421
For the years ended December 31,
(Dollars in thousands, except share and per share data)
2023
2022
2021
Interest income
Interest expense
Net interest income
Provision (reversal of provision) for credit losses
Net interest income after provision for credit losses
Noninterest income
Noninterest expense
Income before income taxes
Income taxes
Net income
Book value per share
Net income per share:
Basic
Diluted
Diluted-core1
Dividends declared per share
$ 371,730
151,733
219,997
10,770
209,227
76,824
197,362
88,689
17,585
$ 71,104
$ 252,193
33,896
218,297
12,198
206,099
77,885
186,774
97,210
19,090
$78,120
$ 209,731
21,348
188,383
(10,132)
198,515
83,224
167,409
114,330
22,529
$ 91,801
$ 28.44
$ 26.53
$ 26.23
2.42
2.41
2.45
0.84
2.66
2.64
2.64
0.83
3.12
3.11
3.11
0.80
Weighted average shares outstanding
Period end shares outstanding
29,433,359
29,511,721
29,392,606
29,271,915
29,402,845
29,500,542
1Excludes restructuring charges.
$6,500,000
$6,000,000
$5,500,000
$5,000,000
$4,500,000
$4,000,000
$3,500,000
$3,000,000
$2,500,000
$2,000,000
$1,500,000
$1,000,000
$500,000
$-
$300,000
$250,000
$200,000
$150,000
$100,000
$50,000
$-
$100,000
$90,000
$80,000
$70,000
$60,000
$50,000
$40,000
$30,000
$3.50
$3.00
$2.50
$2.00
$1.50
2023
Financial
Highlights
Commercial Loans
Residential Real Estate
Lease Financings
‘21
‘22
Loan and Lease Outstandings
(in thousands)
‘23
Noninterest income
Net interest income
‘21
‘22
‘23
Total Revenue
(in thousands)
‘21
‘23
‘22
Net Income*
(in thousands)
*Excludes restructuring charges.
‘21
‘22
Diluted Earnings Per Share*
*Excludes restructuring charges.
‘23
$7.8b
TOTAL ASSETS
8.70%
TANGIBLE COMMON EQUITY
TO TANGIBLE ASSETS
0.94%
RETURN ON
AVERAGE ASSETS
3.12%
NET INTEREST
MARGIN
11.45%
RETURN ON AVERAGE
TANGIBLE EQUITY1,2
(1) Tangible equity represents total
shareholders’ equity less goodwill and
other intangible assets but includes
mortgage servicing rights.
(2) Net income before amortization
of intangibles to average tangible
common equity.
2023 Highlights
Commitment to the Communities we Serve
• Over the course of 2023, our marketing and communications efforts
highlighted our focus on customer relationships with a continuation of
our See What’s Possible campaign. We featured Univest commercial
bank customers to reinforce our relationship-focused approach and
highlight Univest’s ability to help customers navigate their complex
financial needs. The campaign was executed via digital, print and
billboard across our footprint including our expansion markets in
Western PA and Maryland.
• We continued our thought leadership efforts aimed at educating our
audiences, raising awareness of Univest’s financial solutions and
highlighting our commitment to our communities. Informative articles
and videos were posted to the Univest blog and social media pages
and an active media relations campaign featured subject matter experts
from Univest and Girard, our wealth division, in local, regional and
national publications showcasing us a trusted financial resource.
• The strength of our Committed To Local philanthropic program
is one of the things that differentiates us in the markets we serve.
We remained committed to giving back financially and through
volunteerism. We provided nonprofit organizations with financial
contributions totaling $2.4 million and the Univest Family collectively
volunteered more than 13,100 hours. To make it easy to get involved,
we organized 30 Connecting with Community volunteer events for our
employees with organizations such as the Bucks County Opportunity Council, Habitat for Humanity Philadelphia, HMS School for
Children with Cerebral Palsy, Chester County Food Bank and ArtsQuest.
• Univest was also proud to again serve as the presenting sponsor for the United Way of Bucks County’s Stuff the Bus program. In
addition to supporting this program financially and hosting collections for school supplies at our offices, members of the Univest
Family volunteered to help package and distribute the supplies – a great example of our holistic approach to giving back.
• Our giving through the Pennsylvania Educational Improvement Tax Credit program is an important aspect of our Committed To
Local philanthropic program that truly impacts the communities we serve. These funds supported 68 private and public schools and
educational improvement organizations across our markets.
• Promoting financial literacy remained a priority and Univest continued its partnership with financial education innovator, EverFi,
to provide more than 6,000 students with access to interactive online courses that educate on critical financial concepts. We also
participated in the American Bankers Association’s Teach Children to Save and Get Smart About Credit Days during which Univest
volunteers visited local schools to educate more than 1,000 students.
Senior Leadership Team
Listing as of January 1, 2024
Jeffrey M. Schweitzer
Chairman, President and Chief Executive Officer,
Univest Financial Corporation and Chairman and
Chief Executive Officer, Univest Bank and Trust Co.
Michael S. Keim
President, Univest Bank and Trust Co. and Chief
Operating Officer, Univest Financial Corporation
Brian J. Richardson
Senior Executive Vice President and Chief Financial
Officer, Univest Financial Corporation and Univest
Bank and Trust Co.
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.
Matthew L. Cohen
Market President, Maryland, Univest Bank and
Trust Co.
Eric W. Conner
Senior Executive Vice President and Chief
Information Officer, Univest Financial Corporation
Briana J. Doña
Executive Vice President and Managing Director of
Innovation, Univest Bank and Trust Co.
Ronald R. Flaherty
President, Univest Insurance, LLC
M. Theresa Fosko
Executive Vice President and Director of Human
Resources, Univest Financial Corporation
David W. Geibel
President, Girard, a Univest Wealth Division
Brian E. Grzebin
President, Mortgage Banking, Univest Bank and
Trust Co.
John T. Haurin
Market President, East Penn & NJ, Univest Bank and
Trust Co.
Thomas J. Jordan, IV
Market President, Central PA, Univest Bank and
Trust Co.
Patrick C. McCormick
Senior Executive Vice President and Chief Commercial
Banking Officer, Univest Bank and Trust Co.
Neil D. McHugh
Executive Vice President and Managing Director Deposit
Strategy & Programs, Univest Bank and Trust Co.
Eleni S. Monios
Executive Vice President and Chief Credit Officer, Univest
Bank and Trust Co.
Joseph A. Pensabene
Executive Vice President, Managing Director of
Operations, Univest Bank and Trust Co.
Christopher M. Trombetta
Market President, Western PA, Univest Bank and
Trust Co.
Board of Directors
Listing as of January 1, 2024
William S. Aichele
Former Chairman, Univest Financial Corporation and
Univest Bank and Trust Co.; Retired President and Chief
Executive Officer, Univest Financial Corporation and
Univest Bank and Trust Co.
Jeffrey M. Schweitzer
Chairman, President and Chief Executive Officer,
Univest Financial Corporation and Chairman and Chief
Executive Officer, Univest Bank and Trust Co.
Joseph P. Beebe
Former Managing Director and Co-Head, of the
Insurance and Asset Management Group of Keefe,
Bruyette & Woods, a Stifel Company; Member of the
President’s Advisory Council as well as the Institute for
Innovation and Entrepreneurship Advisory Council at
Villanova University
Todd S. Benning
Principal, DunlapSLK, PC
Martin P. Connor
Chief Financial Officer, Toll Brothers, Inc.; Member of
the Federal Reserve Bank of Philadelphia Economic and
Community Advisory Council
Suzanne Keenan
Former Chief Information Officer and Senior Vice President,
Wawa, Inc.; Board of Trustees of North American Electric
Reliability Corporation
Natalye Paquin, Esq.
Chief Operating Officer, Rockefeller Foundation; Member of
the Board of Directors of Bloomerang
Thomas M. Petro
Managing Partner of 1867 Capital Partners, LLC; Former
President and Chief Executive Officer of Fox Chase Bancorp;
Member of the Board of Directors of Fintegra, LLC and
Derstine’s Foodservice, Inc.
Michael L. Turner
Partner, Marshall, Dennehey, Warner, Coleman & Goggin
Robert C. Wonderling
Executive Director, Faith and Liberty Discovery Center
Charles H. Zimmerman
Senior Leadership, Calvary Church of Souderton; Former
Director, Clemens Family Corporation
Anne S. Vazquez (Alternate Director)
General Partner at NewSpring Capital, LLC and NewSpring
Mezzanine Capital
Wholly-Owned Subsidiaries
Univest Bank and Trust Co.
Univest Capital, Inc.
Univest Insurance, LLC
Girard Advisory Services, LLC
Girard Benefits Group, LLC
Girard Investment Services, LLC
Girard Pension Services, LLC
Please visit univest.net for a complete list of locations for Univest Financial Corporation and our subsidiaries.
2023 Financial Performance
At December 31,
(Dollars in thousands)
2023
2022
2021
Cash and interest-earning deposits
Investment securities, net of allowance for credit losses
Net loans and leases
Other assets
Total assets
$ 249,799
500,623
6,481,827
548,379
$7,780,628
$ 152,799
507,562
6,044,226
517,429
$7,222,016
$ 890,150
496,989
5,238,093
497,189
$7,122,421
Deposits
Borrowings
Other liabilities
Total liabilities
Shareholders’ equity
Total liabilities and shareholders’ equity
$ 6,375,781
465,067
100,572
6,941,420
839,208
$7,780,628
$ 5,913,526
440,401
91,589
6,445,516
776,500
$7,222,016
$ 6,055,124
213,980
79,523
6,348,627
773,794
$7,122,421
For the years ended December 31,
(Dollars in thousands, except share and per share data)
2023
2022
2021
Interest income
Interest expense
Net interest income
Provision (reversal of provision) for credit losses
Net interest income after provision for credit losses
Noninterest income
Noninterest expense
Income before income taxes
Income taxes
Net income
Book value per share
Net income per share:
Basic
Diluted
Diluted-core1
Dividends declared per share
$ 371,730
151,733
219,997
10,770
209,227
76,824
197,362
88,689
17,585
$ 71,104
$ 252,193
33,896
218,297
12,198
206,099
77,885
186,774
97,210
19,090
$78,120
$ 209,731
21,348
188,383
(10,132)
198,515
83,224
167,409
114,330
22,529
$ 91,801
$ 28.44
$ 26.53
$ 26.23
2.42
2.41
2.45
0.84
2.66
2.64
2.64
0.83
3.12
3.11
3.11
0.80
Weighted average shares outstanding
Period end shares outstanding
29,433,359
29,511,721
29,392,606
29,271,915
29,402,845
29,500,542
1Excludes restructuring charges.
$6,500,000
$6,000,000
$5,500,000
$5,000,000
$4,500,000
$4,000,000
$3,500,000
$3,000,000
$2,500,000
$2,000,000
$1,500,000
$1,000,000
$500,000
$-
$300,000
$250,000
$200,000
$150,000
$100,000
$50,000
$-
$100,000
$90,000
$80,000
$70,000
$60,000
$50,000
$40,000
$30,000
$3.50
$3.00
$2.50
$2.00
$1.50
2023
Financial
Highlights
Commercial Loans
Residential Real Estate
Lease Financings
‘21
‘22
Loan and Lease Outstandings
(in thousands)
‘23
Noninterest income
Net interest income
‘21
‘22
‘23
Total Revenue
(in thousands)
‘21
‘23
‘22
Net Income*
(in thousands)
*Excludes restructuring charges.
‘21
‘22
Diluted Earnings Per Share*
*Excludes restructuring charges.
‘23
$7.8b
TOTAL ASSETS
8.70%
TANGIBLE COMMON EQUITY
TO TANGIBLE ASSETS
0.94%
RETURN ON
AVERAGE ASSETS
3.12%
NET INTEREST
MARGIN
11.45%
RETURN ON AVERAGE
TANGIBLE EQUITY1,2
(1) Tangible equity represents total
shareholders’ equity less goodwill and
other intangible assets but includes
mortgage servicing rights.
(2) Net income before amortization
of intangibles to average tangible
common equity.
2023 Highlights
Commitment to the Communities we Serve
• Over the course of 2023, our marketing and communications efforts
highlighted our focus on customer relationships with a continuation of
our See What’s Possible campaign. We featured Univest commercial
bank customers to reinforce our relationship-focused approach and
highlight Univest’s ability to help customers navigate their complex
financial needs. The campaign was executed via digital, print and
billboard across our footprint including our expansion markets in
Western PA and Maryland.
• We continued our thought leadership efforts aimed at educating our
audiences, raising awareness of Univest’s financial solutions and
highlighting our commitment to our communities. Informative articles
and videos were posted to the Univest blog and social media pages
and an active media relations campaign featured subject matter experts
from Univest and Girard, our wealth division, in local, regional and
national publications showcasing us a trusted financial resource.
• The strength of our Committed To Local philanthropic program
is one of the things that differentiates us in the markets we serve.
We remained committed to giving back financially and through
volunteerism. We provided nonprofit organizations with financial
contributions totaling $2.4 million and the Univest Family collectively
volunteered more than 13,100 hours. To make it easy to get involved,
we organized 30 Connecting with Community volunteer events for our
employees with organizations such as the Bucks County Opportunity Council, Habitat for Humanity Philadelphia, HMS School for
Children with Cerebral Palsy, Chester County Food Bank and ArtsQuest.
• Univest was also proud to again serve as the presenting sponsor for the United Way of Bucks County’s Stuff the Bus program. In
addition to supporting this program financially and hosting collections for school supplies at our offices, members of the Univest
Family volunteered to help package and distribute the supplies – a great example of our holistic approach to giving back.
• Our giving through the Pennsylvania Educational Improvement Tax Credit program is an important aspect of our Committed To
Local philanthropic program that truly impacts the communities we serve. These funds supported 68 private and public schools and
educational improvement organizations across our markets.
• Promoting financial literacy remained a priority and Univest continued its partnership with financial education innovator, EverFi,
to provide more than 6,000 students with access to interactive online courses that educate on critical financial concepts. We also
participated in the American Bankers Association’s Teach Children to Save and Get Smart About Credit Days during which Univest
volunteers visited local schools to educate more than 1,000 students.
Senior Leadership Team
Listing as of January 1, 2024
Jeffrey M. Schweitzer
Chairman, President and Chief Executive Officer,
Univest Financial Corporation and Chairman and
Chief Executive Officer, Univest Bank and Trust Co.
Michael S. Keim
President, Univest Bank and Trust Co. and Chief
Operating Officer, Univest Financial Corporation
Brian J. Richardson
Senior Executive Vice President and Chief Financial
Officer, Univest Financial Corporation and Univest
Bank and Trust Co.
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.
Matthew L. Cohen
Market President, Maryland, Univest Bank and
Trust Co.
Eric W. Conner
Senior Executive Vice President and Chief
Information Officer, Univest Financial Corporation
Briana J. Doña
Executive Vice President and Managing Director of
Innovation, Univest Bank and Trust Co.
Ronald R. Flaherty
President, Univest Insurance, LLC
M. Theresa Fosko
Executive Vice President and Director of Human
Resources, Univest Financial Corporation
David W. Geibel
President, Girard, a Univest Wealth Division
Brian E. Grzebin
President, Mortgage Banking, Univest Bank and
Trust Co.
John T. Haurin
Market President, East Penn & NJ, Univest Bank and
Trust Co.
Thomas J. Jordan, IV
Market President, Central PA, Univest Bank and
Trust Co.
Patrick C. McCormick
Senior Executive Vice President and Chief Commercial
Banking Officer, Univest Bank and Trust Co.
Neil D. McHugh
Executive Vice President and Managing Director Deposit
Strategy & Programs, Univest Bank and Trust Co.
Eleni S. Monios
Executive Vice President and Chief Credit Officer, Univest
Bank and Trust Co.
Joseph A. Pensabene
Executive Vice President, Managing Director of
Operations, Univest Bank and Trust Co.
Christopher M. Trombetta
Market President, Western PA, Univest Bank and
Trust Co.
Board of Directors
Listing as of January 1, 2024
William S. Aichele
Former Chairman, Univest Financial Corporation and
Univest Bank and Trust Co.; Retired President and Chief
Executive Officer, Univest Financial Corporation and
Univest Bank and Trust Co.
Jeffrey M. Schweitzer
Chairman, President and Chief Executive Officer,
Univest Financial Corporation and Chairman and Chief
Executive Officer, Univest Bank and Trust Co.
Joseph P. Beebe
Former Managing Director and Co-Head, of the
Insurance and Asset Management Group of Keefe,
Bruyette & Woods, a Stifel Company; Member of the
President’s Advisory Council as well as the Institute for
Innovation and Entrepreneurship Advisory Council at
Villanova University
Todd S. Benning
Principal, DunlapSLK, PC
Martin P. Connor
Chief Financial Officer, Toll Brothers, Inc.; Member of
the Federal Reserve Bank of Philadelphia Economic and
Community Advisory Council
Suzanne Keenan
Former Chief Information Officer and Senior Vice President,
Wawa, Inc.; Board of Trustees of North American Electric
Reliability Corporation
Natalye Paquin, Esq.
Chief Operating Officer, Rockefeller Foundation; Member of
the Board of Directors of Bloomerang
Thomas M. Petro
Managing Partner of 1867 Capital Partners, LLC; Former
President and Chief Executive Officer of Fox Chase Bancorp;
Member of the Board of Directors of Fintegra, LLC and
Derstine’s Foodservice, Inc.
Michael L. Turner
Partner, Marshall, Dennehey, Warner, Coleman & Goggin
Robert C. Wonderling
Executive Director, Faith and Liberty Discovery Center
Charles H. Zimmerman
Senior Leadership, Calvary Church of Souderton; Former
Director, Clemens Family Corporation
Anne S. Vazquez (Alternate Director)
General Partner at NewSpring Capital, LLC and NewSpring
Mezzanine Capital
Wholly-Owned Subsidiaries
Univest Bank and Trust Co.
Univest Capital, Inc.
Univest Insurance, LLC
Girard Advisory Services, LLC
Girard Benefits Group, LLC
Girard Investment Services, LLC
Girard Pension Services, LLC
Please visit univest.net for a complete list of locations for Univest Financial Corporation and our subsidiaries.
Continued Forward Progress
Shareholder Information
Our Franchise
For 147 years, Univest has been grounded as
a company and guided by our core values of
Tradition, Integrity, Excellence, Community and
Spirituality and, more recently, the 18 fundamentals
of the Univest Way.
We are confident that staying true to these roots
matched with strategic forward thinking will allow
us to continue to earn our independence while
achieving our vision of being the best integrated
financial solutions provider in the markets we
choose to serve.
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 11:30 a.m. on Thursday, April 25, 2024
at Indian Valley Country Club, 650 Bergey Rd, Telford, PA 18969. There is also an option to
attend virtually.
Univest Stock Transfer Agent
For more information on Univest Financial Corporation common stock, contact Broadridge
Corporate Issuer Solutions or visit ir.univest.net.
Regular Mail Communications:
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
Overnight Mail Communications:
Broadridge Corporate Issuer Solutions, Inc.
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.
ESG Report
Being a responsible corporate citizen is at the core of how we operate. Environmental, social and
governance (ESG) considerations are incorporated into our culture and integrated into the policies
and principles that govern the way we do business. To view our 2023 ESG report, which provides a
comprehensive view of our efforts in these areas, visit ir.univest.net.
“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
2023
ANNUAL REPORT
UNIVEST FINANCIAL CORPORATION
147
YEARS OF BUSINESS
SUCCESS
979
EMPLOYEES
MAKING IT HAPPEN
39
FINANCIAL
CENTERS
16
COMMERCIAL &
CORPORATE OFFICES
8
WEALTH
OFFICES
4
INSURANCE
OFFICES
2023
Integrated Successes
$4.7b
ASSETS UNDER
MANAGEMENT AND
SUPERVISION
$1.6b
LOANS SERVICED
FOR OTHERS
$214m
TOTAL INSURANCE
WRITTEN PREMIUM
$247m
EQUIPMENT FINANCE
OUTSTANDINGS
NET INTEREST
INCOME
74% REVENUE FROM
26% REVENUE FROM
FEE INCOME
OPERATIONS