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Mar 31, 2022
Univest Q1 2022 Earnings Report
Reported a decrease in net income and diluted earnings per share compared to the same quarter last year, while also announcing expansion into new markets and progress in digital transformation.
Key Takeaways
Univest Financial Corporation reported a net income of $20.3 million, or $0.68 diluted earnings per share, for the quarter ended March 31, 2022. This compares to a net income of $32.6 million, or $1.11 diluted earnings per share, for the quarter ended March 31, 2021. The corporation announced expansion into two new markets and continued development of a comprehensive digital platform.
Net income for Q1 2022 was $20.3 million, or $0.68 diluted earnings per share, down from $32.6 million, or $1.11 diluted earnings per share, in Q1 2021.
Expansion into Western Pennsylvania and Maryland markets with the hiring of Market Presidents.
Development of a comprehensive digital platform is underway, with an expected launch by the end of Q1 2023, incurring $779 thousand in expenses this quarter.
Increased quarterly cash dividend by 5% to $0.21 per share and intends to repurchase approximately 150,000 shares per quarter.
Forward Guidance
Univest has not provided specific forward guidance in this earnings report.
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