U.S. markets open in 7 hours 27 minutes

Univest Financial Corporation (UVSP)

NasdaqGS - NasdaqGS Real Time Price. Currency in USD
Add to watchlist
29.38+0.11 (+0.38%)
At close: 4:00PM EDT
Full screen
Trade prices are not sourced from all markets
Gain actionable insight from technical analysis on financial instruments, to help optimize your trading strategies
Chart Events
Bearishpattern detected
Intermediate-term KST

Intermediate-term KST

Previous Close29.27
Open28.91
Bid0.00 x 1000
Ask0.00 x 1100
Day's Range28.82 - 29.40
52 Week Range13.20 - 30.14
Volume47,071
Avg. Volume103,001
Market Cap863.173M
Beta (5Y Monthly)1.12
PE Ratio (TTM)10.95
EPS (TTM)2.68
Earnings DateJul 20, 2021 - Jul 26, 2021
Forward Dividend & Yield0.80 (2.72%)
Ex-Dividend DateMay 11, 2021
1y Target Est31.13
Fair Value is the appropriate price for the shares of a company, based on its earnings and growth rate also interpreted as when P/E Ratio = Growth Rate. Estimated return represents the projected annual return you might expect after purchasing shares in the company and holding them over the default time horizon of 5 years, based on the EPS growth rate that we have projected.
Fair Value
XX.XX
Overvalued
-16% Est. Return
Research that delivers an independent perspective, consistent methodology and actionable insight
Related Research
View more
  • ACCESSWIRE

    Univest Financial Corp. to Host Earnings Call

    NEW YORK, NY / ACCESSWIRE / April 29, 2021 / Univest Financial Corp. (NASDAQ:UVSP) will be discussing their earnings results in their 2021 First Quarter Earnings call to be held on April 29, 2021 at 9:00 AM Eastern Time.

  • Univest (UVSP) Q1 Earnings and Revenues Beat Estimates
    Zacks

    Univest (UVSP) Q1 Earnings and Revenues Beat Estimates

    Univest (UVSP) delivered earnings and revenue surprises of 85.00% and 4.92%, respectively, for the quarter ended March 2021. Do the numbers hold clues to what lies ahead for the stock?

  • Univest Financial Corporation Reports First Quarter Results
    GlobeNewswire

    Univest Financial Corporation Reports First Quarter Results

    SOUDERTON, Pa., April 28, 2021 (GLOBE NEWSWIRE) -- Univest Financial Corporation (“Univest” or the "Corporation") (NASDAQ: UVSP), parent company of Univest Bank and Trust Co. and its insurance, investments and equipment financing subsidiaries, today announced net income for the quarter ended March 31, 2021 was $32.6 million, or $1.11 diluted earnings per share, compared to net income of $838 thousand, or $0.03 diluted earnings per share, for the quarter ended March 31, 2020. Pre-tax pre-provision income1 for the quarter ended March 31, 2021 was $29.1 million, an increase of $7.0 million, or 31.9%, from the first quarter of 2020. COVID-19 As the re-opening of our local economy continues and progress is made in getting the COVID-19 vaccines distributed and administered, access to all Univest financial center lobbies resumed on April 5, 2021. Throughout the COVID-19 pandemic, we have taken various actions to support our customers and the communities we collectively serve, including modifying outstanding loans and leases. Loans and leases that were modified via principal and/or interest deferrals were done so in accordance with Section 4013 of the CARES Act, the Consolidated Appropriations Act, 2021 and the Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus and have not been categorized as troubled debt restructurings. These loans and leases had a combined principal balance of approximately $73.0 million as of March 31, 2021, which represents approximately 1.5% of the loan portfolio, excluding Paycheck Protection Program (PPP) loans1. For more information on these loans, including a breakdown of such loans by type, please see the "Loan Portfolio Overview" table within this document. Paycheck Protection Program On December 27, 2020, the Consolidated Appropriations Act, 2021, was signed into law, which provides new COVID-19 relief funds, additional funding under the PPP and the establishment of PPP Second Draw Loans. The Small Business Administration (SBA) announced the taking of certain steps under the PPP to further promote equitable relief for smaller businesses. Under this program, we successfully originated approximately 1,200 PPP loans and secured funding of approximately $168.6 million for our customers as of April 15, 2021. As of March 31, 2021, $528.5 million in PPP loan originations remain outstanding. During the quarter, we recorded income of $4.5 million within net interest income related to these loans, of which $2.3 million was the result of forgiveness and pay downs of PPP loans totaling $119.7 million. As of March 31, 2021, we have $9.5 million of net deferred fees on our balance sheet, which represents approximately 55% of the initial deferred fee amount. LoansGross loans and leases, excluding PPP loans1, increased $63.5 million, or 5.3% (annualized), from December 31, 2020 primarily due to increases in commercial real estate loans, despite a $58.1 million decrease in commercial line utilization. Gross loans and leases, excluding PPP loans1, increased $437.7 million, or 9.8%, from March 31, 2020 primarily due to increases in commercial real estate loans. As of March 31, 2021, commercial line utilization was 30.2% compared to 34.0% at December 31, 2020 and 38.3% at March 31, 2020. DepositsTotal deposits increased $68.9 million, or 5.3% (annualized), from December 31, 2020 primarily due to an increase in consumer and commercial deposits offset by a decrease in public funds and brokered deposits. Total deposits increased $904.3 million, or 20.5%, from March 31, 2020 primarily due to increases in commercial, consumer and public funds deposits. Net Interest Income and MarginNet interest income of $45.4 million for the first quarter of 2021 increased $2.9 million, or 6.9%, from the first quarter of 2020. The increase in net interest income for the first quarter of 2021 compared to the first quarter of 2020 was primarily due to $4.5 million in PPP income, a $3.5 million decrease in the cost of interest-bearing liabilities and growth in loans partially offset by a decrease in loan and investment yields. Net interest margin, on a tax-equivalent basis, was 3.12% for the first quarter of 2021, compared to 3.02% for the fourth quarter of 2020 and 3.48% for the first quarter of 2020. Excess liquidity reduced net interest margin by approximately eleven basis points for the quarter ended March 31, 2021 compared to thirteen basis points for the quarter ended December 31, 2020 and six basis points for the quarter ended March 31, 2020. This excess liquidity was primarily driven by strong deposit balance growth during the last twelve months, which was partially attributable to the various stimulus initiatives associated with the COVID-19 pandemic. PPP loans had a favorable impact on net interest margin of four basis points for the quarter ended March 31, 2021 compared to an unfavorable impact of seven basis points for the quarter ended December 31, 2020 and had no impact for the quarter ended March 31, 2020. Excluding the impacts of excess liquidity and PPP loans, the net interest margin, on a tax-equivalent basis, was 3.19% for the quarter ended March 31, 2021 compared to 3.22% for the quarter ended December 31, 2020 and 3.54% for the quarter ended March 31, 2020. Noninterest IncomeNoninterest income for the quarter ended March 31, 2021 was $23.3 million, an increase of $4.9 million, or 26.5%, compared to the first quarter of 2020. Net gain on mortgage banking activities increased $3.2 million, or 116.4%, for the quarter primarily due to an increase in volume and expansion of margins. Investment advisory commission and fee income increased $442 thousand, or 10.4%, due to increased assets under management driven by favorable market conditions and new customer relationships. Insurance commission and fee income increased $223 thousand, or 4.7%, for the quarter ended March 31, 2021, primarily due to an increase in premiums for group life and health and commercial lines and an increase in contingent commission income of $36 thousand, which was $1.1 million for each of the quarters ended March 31, 2021 and 2020. Contingent commission income is largely recognized in the first quarter of the year. Other income increased $1.3 million, for the quarter primarily due to an increase of $967 thousand in fees on risk participation agreements for interest rate swaps driven by increased customer activity due to the current rate environment. Additionally, equity securities measured at fair value increased $384 thousand for the quarter. Noninterest ExpenseNoninterest expense for the quarter ended March 31, 2021 was $39.5 million, an increase of $763 thousand, or 2.0%, compared to the first quarter of 2020. Salaries, benefits and commissions increased $944 thousand, or 4.0%, for the quarter primarily attributable to additional staff hired to support revenue generation across all business lines, annual merit increases and increased variable compensation due to strong pre-tax pre-provision income during the first quarter of 2021. The increases in salaries, benefits and commissions were offset by $582 thousand of incremental capitalized compensation related to the origination of PPP loans. Professional fees increased $431 thousand, or 32.7%, for the quarter primarily attributable to increased consultant fees in support of our Diversity, Equity and Inclusion and training initiatives. Data processing expenses increased $290 thousand, or 10.5%, for the quarter primarily due to continued investments in customer relationship management software, internal infrastructure improvements and outsourced data processing solutions. Deposit insurance premiums increased $132 thousand, or 26.2%, for the quarter primarily due to an increased assessment base due to asset growth. Other expense decreased $947 thousand, or 15.6%, for the quarter primarily due to a $656 thousand charge related to the extinguishment of long-term debt that occurred in the first quarter of 2020 and a $295 thousand decrease in travel and entertainment expenses due to COVID-19 related restrictions. Asset Quality and Provision for Credit LossesNonperforming assets were $38.2 million at March 31, 2021, compared to $40.5 million at December 31, 2020 and $39.0 million at March 31, 2020. Net loan and lease charge-offs were $288 thousand during the first quarter of 2021 compared to $489 thousand for the quarter ended March 31, 2020. The reversal of provision for credit losses was $11.3 million for the first quarter of 2021, of which $12.9 million (after-tax benefit of $10.2 million), or $0.35 diluted earnings per share, was attributable to favorable changes in economic-related assumptions within the Corporation’s CECL model partially offset by a reserve increase attributable to loan growth. The provision for credit losses was $21.8 million for the quarter ended March 31, 2020, of which $20.3 million (after-tax charge of $16.1 million), or $0.55 diluted earnings per share, was attributable to adverse changes in economic-related assumptions. The allowance for credit losses on loans and leases as a percentage of loans and leases held for investment was 1.32% at March 31, 2021, compared to 1.56% at December 31, 2020, and 1.53% at March 31, 2020. The allowance for credit losses on loans and leases as a percentage of loans and leases held for investment, excluding PPP loans1, was 1.46% at March 31, 2021 compared to 1.72% at December 31, 2020 and 1.53% at March 31, 2020. Tax Provision The effective income tax rate was 19.3% for the quarter ended March 31, 2021 compared to an effective income tax rate of (261.2%) for the quarter ended March 31, 2020. The effective tax rate for the quarter ended March 31, 2021 reflects the benefits of tax-exempt income from investments in municipal securities and loans and leases. DividendOn April 28, 2021, Univest declared a quarterly cash dividend of $0.20 per share. The dividend will be paid on May 26, 2021 to shareholders of record as of May 12, 2021. Conference CallUnivest will host a conference call to discuss first quarter 2021 results on Thursday, April 29, 2021 at 9:00 a.m. EST. Participants may preregister at https://dpregister.com/sreg/10154212/e624e999e4. The general public can access the call by dialing 1-888-338-6515. A replay of the conference call will be available through May 28, 2021 by dialing 1-877-344-7529; using Conference ID: 10154212. 1Non-GAAP metric. A reconciliation of this and other non-GAAP to GAAP performance measures is included within this document. About Univest Financial CorporationUnivest Financial Corporation (UVSP), including its wholly-owned subsidiary Univest Bank and Trust Co., Member FDIC, has approximately $6.4 billion in assets and $4.2 billion in assets under management and supervision through its Wealth Management lines of business at March 31, 2021. Headquartered in Souderton, Pa. and founded in 1876, the Corporation and its subsidiaries provide a full range of financial solutions for individuals, businesses, municipalities and nonprofit organizations primarily in the Mid-Atlantic Region. Univest delivers these services through a network of more than 50 offices and online at www.univest.net. This press release of Univest and the reports Univest files with the Securities and Exchange Commission often contain "forward-looking statements" relating to trends or factors affecting the financial services industry and, specifically, the financial condition and results of operations, business and capital management strategies, markets and products of Univest. These forward-looking statements involve certain risks and uncertainties in that there are a number of important factors that could cause Univest's future results to differ materially from those expressed or implied by the forward-looking statements. These factors include, but are not limited to: (1) competition; (2) changes in interest rates; (3) changes in asset quality, prepayment speeds, loan sale volumes, charge-offs and credit loss provisions; (4) general economic conditions; (5) legislative or regulatory changes that may adversely affect the businesses in which Univest is engaged; (6) technological issues that may adversely affect Univest financial operations or customers; (7) changes in the securities markets or (8) risk factors mentioned in the reports and registration statements Univest files with the Securities and Exchange Commission. Additionally, it is difficult to predict the full impact of the COVID-19 outbreak on our business. The extent of such impact will depend on future developments, which are highly uncertain, including when the coronavirus can be controlled and abated and whether the continued reopening of businesses will result in a meaningful increase in economic activity. As the result of the COVID-19 pandemic and the related adverse local and national economic consequences, we could be subject to any of the following risks, any of which could have a material, adverse effect on our business, financial condition, liquidity, and results of operations: (1) demand for our products and services may decline; (2) if the economy is unable to remain open, and higher levels of unemployment continue for an extended period of time, loan delinquencies, problem assets, and foreclosures may increase; (3) collateral for loans, especially real estate, may decline in value; (4) our allowance for credit losses may have to be increased if borrowers experience financial difficulties; (5) the net worth and liquidity of loan guarantors may decline, impairing their ability to honor commitments to us; (6) a material decrease in net income or a net loss over several quarters could result in the elimination of or a decrease in the rate of our quarterly cash dividend; (7) our wealth management revenues may decline with continuing market turmoil; (8) litigation, regulatory enforcement risk and reputation risk regarding our participation in the Paycheck Protection Program and the risk that the Small Business Administration may not fund some or all PPP loan guarantees; (9) our cyber security risks are increased as the result of an increase in the number of employees working remotely; (10) Federal Deposit Insurance Corporation premiums may increase if the agency experiences additional resolution costs; and (11) further and sustained decline in our stock price or other triggering event could result in an impairment charge being recorded. Univest undertakes no obligation to revise these forward-looking statements or to reflect events or circumstances after the date of this press release. (UVSP - ER) Univest Financial CorporationConsolidated Selected Financial Data (Unaudited)March 31, 2021(Dollars in thousands) Balance Sheet (Period End)03/31/21 12/31/20 09/30/20 06/30/20 03/31/20Assets$6,416,665 $6,336,496 $6,382,831 $6,125,312 $5,464,768 Investment securities, net of allowance for credit losses 377,506 373,176 368,830 397,852 423,521 Loans held for sale 22,636 37,039 14,465 31,082 11,417 Loans and leases held for investment, gross 5,415,006 5,306,841 5,211,856 4,951,809 4,448,825 Allowance for credit losses, loans and leases 71,497 83,044 91,870 86,217 68,216 Loans and leases held for investment, net 5,343,509 5,223,797 5,119,986 4,865,592 4,380,609 Total deposits 5,311,592 5,242,715 5,211,603 4,869,329 4,407,303 Noninterest-bearing deposits 1,857,547 1,690,663 1,714,505 1,725,819 1,318,270 NOW, money market and savings 2,979,834 2,988,277 2,940,879 2,623,025 2,452,021 Time deposits 474,211 563,775 556,219 520,485 637,012 Borrowings 295,293 311,421 416,104 515,722 323,363 Shareholders' equity 722,455 692,472 669,107 654,873 651,551 Balance Sheet (Average)For the three months ended, 03/31/21 12/31/20 09/30/20 06/30/20 03/31/20Assets$6,383,463 $6,353,519 $6,265,605 $6,000,790 $5,409,561 Investment securities, net of allowance for credit losses 374,369 369,511 385,221 411,957 441,900 Loans and leases, gross 5,325,897 5,253,720 5,070,037 4,836,858 4,388,584 Deposits 5,296,147 5,222,452 5,030,398 4,794,669 4,349,984 Shareholders' equity 699,736 676,426 661,947 660,950 673,460 Asset Quality Data (Period End) 03/31/21 12/31/20 09/30/20 06/30/20 03/31/20Nonaccrual loans and leases, including nonaccrual troubled debt restructured loans and leases$29,996 $31,692 $30,019 $26,141 $36,626 Accruing loans and leases 90 days or more past due 664 1,392 3,573 1,193 1,777 Accruing troubled debt restructured loans and leases 52 53 53 53 54 Total nonperforming loans and leases 30,712 33,137 33,645 27,387 38,457 Other real estate owned 7,481 7,355 8,270 8,642 516 Total nonperforming assets$38,193 $40,492 $41,915 $36,029 $38,973 Nonaccrual loans and leases / Loans and leases held for investment 0.55% 0.60% 0.58% 0.53% 0.82%Nonperforming loans and leases / Loans and leases held for investment 0.57% 0.62% 0.65% 0.55% 0.86%Nonperforming assets / Total assets 0.60% 0.64% 0.66% 0.59% 0.71% Allowance for credit losses, loans and leases$71,497 $83,044 $91,870 $86,217 $68,216 Allowance for credit losses, loans and leases / Loans and leases held for investment 1.32% 1.56% 1.76% 1.74% 1.53%Allowance for credit losses, loans and leases / Loans and leases held for investment, excluding Paycheck Protection Program loans (1) 1.46% 1.72% 1.95% 1.94% 1.53%Allowance for credit losses, loans and leases / Nonaccrual loans and leases held for investment 238.36% 262.03% 306.04% 329.82% 186.25%Allowance for credit losses, loans and leases / Nonperforming loans and leases held for investment 232.80% 250.61% 273.06% 314.81% 177.38% For the three months ended, 03/31/21 12/31/20 09/30/20 06/30/20 03/31/20Net loan and lease charge-offs (recoveries)$288 $618 $(35) $3,576 $489 Net loan and lease charge-offs (annualized)/Average loans and leases 0.02% 0.05% (0.00%) 0.30% 0.04% (1) Non-GAAP metric. A reconciliation of this and other non-GAAP to GAAP performance measures is included at the end of this document. Univest Financial CorporationConsolidated Selected Financial Data (Unaudited)March 31, 2021(Dollars in thousands, except per share data) For the three months ended,For the period:03/31/21 12/31/20 09/30/20 06/30/20 03/31/20Interest income$51,457 $51,334 $50,612 $49,980 $52,019 Interest expense 6,043 6,813 6,758 6,462 9,551 Net interest income 45,414 44,521 43,854 43,518 42,468 Provision (reversal of provision) for credit losses (11,283) (8,721) 3,935 23,737 21,843 Net interest income after provision for credit losses 56,697 53,242 39,919 19,781 20,625 Noninterest income: Trust fee income 2,034 1,974 1,915 1,924 1,890 Service charges on deposit accounts 1,282 1,371 1,187 890 1,397 Investment advisory commission and fee income 4,697 4,144 4,005 3,540 4,255 Insurance commission and fee income 4,955 3,512 3,776 4,067 4,732 Other service fee income 2,192 2,092 2,093 1,488 1,870 Bank owned life insurance income 717 733 741 732 734 Net gain on sales of investment securities 65 54 57 65 695 Net gain on mortgage banking activities 5,938 4,323 5,860 3,515 2,744 Other income 1,370 1,936 2,171 1,779 67 Total noninterest income 23,250 20,139 21,805 18,000 18,384 Noninterest expense: Salaries, benefits and commissions 24,780 23,613 24,059 21,700 23,836 Net occupancy 2,739 2,697 2,609 2,478 2,574 Equipment 946 951 972 923 995 Data processing 3,050 2,961 2,862 2,750 2,760 Professional fees 1,748 1,436 1,321 1,264 1,317 Marketing and advertising 280 575 463 535 402 Deposit insurance premiums 636 765 707 615 504 Intangible expenses 249 282 283 321 330 Restructuring charges - 1,439 - - - Other expense 5,112 7,015 5,251 5,374 6,059 Total noninterest expense 39,540 41,734 38,527 35,960 38,777 Income before taxes 40,407 31,647 23,197 1,821 232 Income tax expense (benefit) 7,804 5,773 5,078 (264) (606)Net income$32,603 $25,874 $18,119 $2,085 $838 Net income per share: Basic$1.11 $0.88 $0.62 $0.07 $0.03 Diluted$1.11 $0.88 $0.62 $0.07 $0.03 Dividends declared per share$0.20 $- $0.20 $0.20 $0.20 Weighted average shares outstanding 29,327,432 29,274,915 29,226,627 29,187,197 29,286,200 Period end shares outstanding 29,379,575 29,295,052 29,241,302 29,201,985 29,164,782 Univest Financial CorporationConsolidated Selected Financial Data (Unaudited)March 31, 2021 For the three months ended,Profitability Ratios (annualized)03/31/21 12/31/20 09/30/20 06/30/20 03/31/20 Return on average assets 2.07% 1.62% 1.15% 0.14% 0.06%Return on average assets, excluding restructuring 2.07% 1.69% 1.15% 0.14% 0.06%charges (1) Return on average shareholders' equity 18.90% 15.22% 10.89% 1.27% 0.50%Return on average shareholders' equity, excluding 18.90% 15.89% 10.89% 1.27% 0.50%restructuring charges (1) Return on average tangible common equity (1) 25.19% 20.53% 14.82% 1.73% 0.68%Return on average tangible common equity, excluding 25.19% 21.44% 14.82% 1.73% 0.68%restructuring charges (1) Net interest margin (FTE) 3.12% 3.02% 3.02% 3.18% 3.48%Efficiency ratio (2) 57.0% 63.8% 58.0% 57.7% 62.8%Efficiency ratio, excluding restructuring charges (1) (2) 57.0% 61.6% 58.0% 57.7% 62.8% Capitalization Ratios Dividends declared to net income (3) 18.0% 0.0% 32.3% 278.7% 699.9%Shareholders' equity to assets (Period End) 11.26% 10.93% 10.48% 10.69% 11.92%Tangible common equity to tangible assets (1) 8.77% 8.40% 7.96% 8.06% 8.99%Common equity book value per share$24.59 $23.64 $22.88 $22.43 $22.34 Tangible common equity book value per share (1)$18.64 $17.66 $16.89 $16.41 $16.31 Regulatory Capital Ratios (Period End) Tier 1 leverage ratio 9.45% 9.08% 8.97% 9.15% 9.90%Common equity tier 1 risk-based capital ratio 11.08% 10.76% 10.52% 10.73% 10.79%Tier 1 risk-based capital ratio 11.08% 10.76% 10.52% 10.73% 10.79%Total risk-based capital ratio 15.13% 15.31% 15.35% 13.72% 13.65% (1) Non-GAAP metric. A reconciliation of this and other non-GAAP to GAAP performance measures is included below. (2) Noninterest expense to net interest income before loan loss provision plus noninterest income adjusted for tax equivalent income. (3) As announced in the September 30, 2020 Earnings Release, the Corporation changed the timing of future dividend declarations and payments. Univest Financial Corporation Average Balances and Interest Rates (Unaudited) For the Three Months Ended, Tax Equivalent BasisMarch 31, 2021 December 31, 2020 AverageIncome/Average AverageIncome/Average (Dollars in thousands)BalanceExpenseRate BalanceExpenseRate Assets: Interest-earning deposits with other banks$237,548 $560.10%$296,258 $820.11%U.S. government obligations 6,998 362.09 6,998 362.05 Obligations of state and political subdivisions 11,544 1053.69 14,269 1293.60 Other debt and equity securities 355,827 1,2671.44 348,244 1,2371.41 Federal Home Loan Bank, Federal Reserve Bank and other stock 26,368 3485.35 29,838 4385.84 Total interest-earning deposits, investments and other interest-earning assets 638,285 1,8121.15 695,607 1,9221.10 Commercial, financial, and agricultural loans 782,208 6,7983.52 824,374 7,3663.55 Paycheck Protection Program loans 506,939 4,5243.62 497,035 3,1332.51 Real estate—commercial and construction loans 2,621,981 24,4583.78 2,518,056 24,3883.85 Real estate—residential loans 1,037,000 9,8733.86 1,025,818 10,3454.01 Loans to individuals 26,447 2654.05 27,427 2894.19 Municipal loans and leases 245,638 2,5304.18 258,627 2,7764.27 Lease financings 105,684 1,7376.67 102,383 1,6906.57 Gross loans and leases 5,325,897 50,1853.82 5,253,720 49,9873.79 Total interest-earning assets 5,964,182 51,9973.54 5,949,327 51,9093.47 Cash and due from banks 55,311 53,360 Allowance for credit losses, loans and leases (83,254) (92,766) Premises and equipment, net 55,826 55,653 Operating lease right-of-use assets 34,033 34,272 Other assets 357,365 353,673 Total assets$6,383,463 $6,353,519 Liabilities: Interest-bearing checking deposits$817,940 $4900.24%$838,323 $5370.25%Money market savings 1,243,673 8530.28 1,213,585 8980.29 Regular savings 959,232 2980.13 905,918 3410.15 Time deposits 525,800 1,7591.36 582,782 2,0341.39 Total time and interest-bearing deposits 3,546,645 3,4000.39 3,540,608 3,8100.43 Short-term borrowings 17,894 20.05 15,091 20.05 Long-term debt 101,333 3481.39 169,623 6111.43 Subordinated notes 183,340 2,2935.07 193,244 2,3904.92 Total borrowings 302,567 2,6433.54 377,958 3,0033.16 Total interest-bearing liabilities 3,849,212 6,0430.64 3,918,566 6,8130.69 Noninterest-bearing deposits 1,749,502 1,681,844 Operating lease liabilities 37,415 37,616 Accrued expenses and other liabilities 47,598 39,067 Total liabilities 5,683,727 5,677,093 Shareholders' Equity: Common stock 157,784 157,784 Additional paid-in capital 296,136 296,810 Retained earnings and other equity 245,816 221,832 Total shareholders' equity 699,736 676,426 Total liabilities and shareholders' equity$6,383,463 $6,353,519 Net interest income $45,954 $45,096 Net interest spread 2.90 2.78 Effect of net interest-free funding sources 0.22 0.24 Net interest margin 3.12% 3.02%Ratio of average interest-earning assets to average interest-bearing liabilities 154.95% 151.82% Note 1: For rate calculation purposes, average loan and lease categories include deferred fees and costs and purchase accounting adjustments. Nonaccrual loans and leases have been included in the average loan and lease balances. Loans held for sale have been included in the average loan balances. Tax-equivalent amounts for the three months ended March 31, 2021 and December 31, 2020 have been calculated using the Corporation’s federal applicable rate of 21.0%. Univest Financial Corporation Average Balances and Interest Rates (Unaudited) For the Three Months Ended March 31, Tax Equivalent Basis2021 2020 AverageIncome/Average AverageIncome/Average (Dollars in thousands)BalanceExpenseRate BalanceExpenseRate Assets: Interest-earning deposits with other banks$237,548 $560.10%$118,108 $3251.11%U.S. government obligations 6,998 362.09 7,298 372.04 Obligations of state and political subdivisions 11,544 1053.69 33,595 2893.46 Other debt and equity securities 355,827 1,2671.44 401,007 2,6682.68 Federal Home Loan Bank, Federal Reserve Bank and other stock 26,368 3485.35 31,450 5276.74 Total interest-earning deposits, investments and other interest-earning assets 638,285 1,8121.15 591,458 3,8462.62 Commercial, financial, and agricultural loans 782,208 6,7983.52 821,267 8,6314.23 Paycheck Protection Program loans 506,939 4,5243.62 - -- Real estate—commercial and construction loans 2,621,981 24,4583.78 2,139,369 23,9174.50 Real estate—residential loans 1,037,000 9,8733.86 991,550 11,0524.48 Loans to individuals 26,447 2654.05 30,016 4075.45 Municipal loans and leases 245,638 2,5304.18 317,006 3,2654.14 Lease financings 105,684 1,7376.67 89,376 1,5546.99 Gross loans and leases 5,325,897 50,1853.82 4,388,584 48,8264.47 Total interest-earning assets 5,964,182 51,9973.54 4,980,042 52,6724.25 Cash and due from banks 55,311 50,891 Allowance for credit losses, loans and leases (83,254) (44,372) Premises and equipment, net 55,826 56,399 Operating lease right-of-use assets 34,033 34,545 Other assets 357,365 332,056 Total assets$6,383,463 $5,409,561 Liabilities: Interest-bearing checking deposits$817,940 $4900.24%$584,391 $7960.55%Money market savings 1,243,673 8530.28 1,057,336 2,9031.10 Regular savings 959,232 2980.13 816,760 7920.39 Time deposits 525,800 1,7591.36 602,903 2,9151.94 Total time and interest-bearing deposits 3,546,645 3,4000.39 3,061,390 7,4060.97 Short-term borrowings 17,894 20.05 40,126 1061.06 Long-term debt 101,333 3481.39 169,205 7641.82 Subordinated notes 183,340 2,2935.07 94,847 1,2755.41 Total borrowings 302,567 2,6433.54 304,178 2,1452.84 Total interest-bearing liabilities 3,849,212 6,0430.64 3,365,568 9,5511.14 Noninterest-bearing deposits 1,749,502 1,288,594 Operating lease liabilities 37,415 37,766 Accrued expenses and other liabilities 47,598 44,173 Total liabilities 5,683,727 4,736,101 Shareholders' Equity: Common stock 157,784 157,784 Additional paid-in capital 296,136 295,318 Retained earnings and other equity 245,816 220,358 Total shareholders' equity 699,736 673,460 Total liabilities and shareholders' equity$6,383,463 $5,409,561 Net interest income $45,954 $43,121 Net interest spread 2.90 3.11 Effect of net interest-free funding sources 0.22 0.37 Net interest margin 3.12% 3.48%Ratio of average interest-earning assets to average interest-bearing liabilities 154.95% 147.97% Note 1: For rate calculation purposes, average loan and lease categories include deferred fees and costs and purchase accounting adjustments. Nonaccrual loans and leases have been included in the average loan and lease balances. Loans held for sale have been included in the average loan balances. Tax-equivalent amounts for the three months ended March 31, 2021 and 2020 have been calculated using the Corporation’s federal applicable rate of 21.0%. Univest Financial Corporation Loan Portfolio Overview (Unaudited) (Dollars in thousands)As of March 31, 2021 Industry DescriptionTotal Outstanding Balance (excl PPP) % of Commercial Loan Portfolio $ Balance of Modified Loans (1) Modified Loans as a % of Portfolio (1) CRE - Retail$356,690 8.8%$- -%Animal Production 269,608 6.7 27 - CRE - Office 247,320 6.1 - - CRE - 1-4 Family Residential Investment 246,643 6.1 1,097 0.4 CRE - Multi-family 213,065 5.3 - - CRE - Industrial / Warehouse 180,254 4.5 738 0.4 Hotels & Motels (Accommodation) 174,751 4.3 35,222 20.2 Education 155,589 3.9 2,638 1.7 Nursing and Residential Care Facilities 152,016 3.8 - - CRE - Mixed-Use - Residential 120,629 3.0 3,530 2.9 Specialty Trade Contractors 117,204 2.9 85 0.1 Real Estate Lenders, Secondary Market Financing 106,027 2.6 12 - CRE - Medical Office 93,834 2.3 - - Homebuilding (tract developers, remodelers) 81,879 2.0 - - Merchant Wholesalers, Durable Goods 73,063 1.8 - - Crop Production 69,853 1.7 - - Motor Vehicle and Parts Dealers 65,839 1.6 - - Rental and Leasing Services 61,096 1.5 - - Fabricated Metal Product Manufacturing 60,472 1.5 - - Administrative and Support Services 58,298 1.4 101 0.2 Wood Product Manufacturing 57,180 1.4 - - Food Services and Drinking Places 53,168 1.3 3,300 6.2 Industries with >$50 million in outstandings$3,014,478 74.5%$46,750 1.6%Industries with <$50 million in outstandings$1,026,671 25.5%$24,277 2.4%Total Commercial Loans$4,041,149 100.0%$71,027 1.8% Consumer Loans and Lease FinancingsTotal Outstanding Balance $ Balance of Modified Loans (1) Modified Loans as a % of Portfolio (1) Real Estate-Residential Secured for Personal Purpose$494,349 $1,712 0.3%Real Estate-Home Equity Secured for Personal Purpose 162,529 84 0.1 Loans to Individuals 25,468 - - Lease Financings 163,059 212 0.1 Total - Consumer Loans and Lease Financings$845,405 $2,008 0.2% Total$4,886,554 $73,035 1.5% (1) Loan modifications referenced above were made in accordance with Section 4013 of the CARES Act and the Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus and therefore were not classified as TDRs as of March 31, 2021. Univest Financial CorporationNon-GAAP ReconciliationMarch 31, 2021 Non-GAAP to GAAP ReconciliationManagement uses non-GAAP measures in its analysis of the Corporation's performance. These measures should not be considered a substitute for GAAP basis measures nor should they be viewed as a substitute for operating results determined in accordance with GAAP. Management believes the presentation of the non-GAAP financial measures, which exclude the impact of the specified items, provides useful supplemental information that is essential to a proper understanding of the financial results of the Corporation. See the table below for additional information on non-GAAP measures used throughout this earnings release. For the three months ended, 03/31/21 12/31/20 09/30/20 06/30/20 03/31/20Restructuring charges (a)$- $1,439 $- $- $- Tax effect of restructuring charges - (302) - - - Restructuring charges, net of tax$- $1,137 $- $- $- Shareholders' equity$722,455 $692,472 $669,107 $654,873 $651,551 Goodwill (172,559) (172,559) (172,559) (172,559) (172,559)Other intangibles (b) (2,210) (2,458) (2,736) (3,017) (3,333)Tangible common equity$547,686 $517,455 $493,812 $479,297 $475,659 Total assets$6,416,665 $6,336,496 $6,382,831 $6,125,312 $5,464,768 Goodwill (172,559) (172,559) (172,559) (172,559) (172,559)Other intangibles (b) (2,210) (2,458) (2,736) (3,017) (3,333)Tangible assets$6,241,896 $6,161,479 $6,207,536 $5,949,736 $5,288,876 Average shareholders' equity$699,736 $676,426 $661,947 $660,950 $673,460 Average goodwill (172,559) (172,559) (172,559) (172,559) (172,559)Average other intangibles (b) (2,344) (2,606) (2,889) (3,185) (3,506)Average tangible common equity$524,833 $501,261 $486,499 $485,206 $497,395 Net income before taxes$40,407 $31,647 $23,197 $1,821 $232 Provision for credit losses (11,283) (8,721) 3,935 23,737 21,843 Pre-tax pre-provision income$29,124 $22,926 $27,132 $25,558 $22,075 Loans and leases held for investment, gross$5,415,006 $5,306,841 $5,211,856 $4,951,809 $4,448,825 Paycheck Protection Program ("PPP") loans (528,452) (483,773) (501,580) (498,978) - Gross loans and leases excluding PPP loans$4,886,554 $4,823,068 $4,710,276 $4,452,831 $4,448,825 (a) Associated with financial center optimization plan (b) Amount does not include servicing rights CONTACT: CONTACT: Brian J. Richardson UNIVEST FINANCIAL CORPORATION Chief Financial Officer 215-721-2446, richardsonb@univest.net