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Jun 30, 2021
Univest Q2 2021 Earnings Report
Net income increased significantly and loan growth was strong, driven by commercial, construction, and residential mortgage loans.
Key Takeaways
Univest Financial Corporation reported a substantial increase in net income for the quarter ended June 30, 2021, reaching $20.9 million, or $0.71 diluted earnings per share, compared to $2.1 million, or $0.07 diluted earnings per share, for the same quarter in 2020. The corporation experienced strong loan growth, excluding PPP loans, with a 14.0% increase over the last twelve months. Pre-tax pre-provision income also saw a slight increase of 0.6% compared to the second quarter of 2020.
Net income for the quarter was $20.9 million, or $0.71 diluted earnings per share, a significant increase from $2.1 million, or $0.07 diluted earnings per share, in Q2 2020.
Pre-tax pre-provision income increased slightly by 0.6% compared to the second quarter of 2020.
Gross loans and leases, excluding PPP loans, increased by 15.4% (annualized) from March 31, 2021.
Total deposits increased by $7.1 million, or 0.5% (annualized), from March 31, 2021.
Revenue by Segment
Forward Guidance
The press release does not contain specific forward guidance. Therefore, a response is not possible.
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