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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.
Univest
Univest
Univest Revenue by Segment
Revenue by Segment
Service Charges on Deposit Accounts Revenue
CapyFin.comInvestment Advisory Commission and Fee Income Revenue
CapyFin.comInsurance Commission and Fee Income Revenue
CapyFin.comOther Service Fee Income Revenue
CapyFin.comBank Owned Life Insurance Income Revenue
CapyFin.comNet Gain on Sales of Investment Securities Revenue
CapyFin.comNet Gain on Mortgage Banking Activities Revenue
CapyFin.comOther Income Revenue
CapyFin.com 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.