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Mar 31, 2021
Univest Q1 2021 Earnings Report
Announced first quarter results with significant increase in net income and earnings per share compared to the same period last year.
Key Takeaways
Univest Financial Corporation reported a strong first quarter with net income of $32.6 million, a substantial increase from the $838 thousand reported in the first quarter of 2020. Diluted earnings per share rose to $1.11, significantly up from $0.03 in the prior year. The corporation benefited from PPP loan income, increased noninterest income, and a reversal of provision for credit losses.
Net income reached $32.6 million, or $1.11 diluted earnings per share.
Pre-tax pre-provision income increased by 31.9% to $29.1 million.
Net interest income rose by 6.9% to $45.4 million, driven by PPP income and decreased cost of liabilities.
Noninterest income increased by 26.5% to $23.3 million, boosted by mortgage banking activities.
Revenue by Segment
Forward Guidance
The press release does not contain explicit forward guidance. It mentions forward-looking statements related to trends and factors affecting the financial services industry and Univest's future results, which are subject to risks and uncertainties.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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