Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

UNIVEST FINANCIAL CORPORATION

(UVSP)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector news

UNIVEST FINANCIAL : Management's Discussion and Analysis of Financial Condition and Results of Operations (form 10-Q)

08/02/2021 | 12:01pm EDT
(All dollar amounts presented in tables are in thousands, except per share data.
"BP" equates to "basis points"; "NM" equates to "not meaningful"; "-" equates to
"zero" or "doesn't round to a reportable number"; and "N/A" equates to "not
applicable." Certain prior period amounts have been reclassified to conform to
the current-year presentation.)

Forward-Looking Statements


The information contained in this report may contain forward-looking statements.
When used or incorporated by reference in disclosure documents, the words
"believe" "anticipate," "estimate," "expect," "project," "target," "goal" and
similar expressions are intended to identify forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. These forward-looking statements may include
but are not limited to: statements of our goals, intentions and expectations;
statements regarding our business plans, prospects, growth and operating
strategies; statements regarding the quality of our loan and investment
portfolios; and estimates of our risks and future costs and benefits. These
forward-looking statements are based on current beliefs and expectations of our
management and are subject to significant business, economic and competitive
uncertainties and contingencies, many of which are beyond our control. In
addition, these forward-looking statements are subject to assumptions with
respect to future business strategies and decisions that are subject to change.
Such forward-looking statements are subject to certain risks, uncertainties and
assumptions, including but not limited to those set forth below:

•Operating, legal and regulatory risks;
•Economic, political and competitive forces impacting various lines of business;
•Legislative, regulatory and accounting changes;
•Demand for our financial products and services in our market area;
•Major catastrophes such as earthquakes, floods or other natural or human
disasters and infectious disease outbreaks, including the current coronavirus
(COVID-19) pandemic, the related disruption to local, regional and global
economic activity and financial markets, and the impact that any of the
foregoing may have on us and our customers and other constituencies;
•Volatility in interest rates;
•Fluctuations in real estate values in our market area;
•The composition and credit quality of our loan and investment portfolios;
•Changes in the level and direction of loan delinquencies, classified and
criticized loans and charge-offs and changes in estimates of the adequacy of the
allowance for credit losses;
•Economic changes impacting the assumptions utilized to calculate the allowance
for credit losses;
•Our ability to access cost-effective funding;
•Our ability to continue to implement our business strategies;
•Our ability to manage market risk, credit risk and operational risk;
•Timing of revenue and expenditures;
•Adverse changes in the securities markets;
•Our ability to enter new markets successfully and capitalize on growth
opportunities;
•Competition for loans, deposits and employees;
•System failures or cyber-security breaches of our information technology
infrastructure and those of our third-party service providers;
•The failure to maintain current technologies and to successfully implement
future information technology enhancements;
•Our ability to retain key employees;
•Other risks and uncertainties, including those occurring in the U.S. and world
financial systems; and
•The risk that our analysis of these risks and forces could be incorrect and/or
that the strategies developed to address them could be unsuccessful.

Given the ongoing and dynamic nature of the COVID-19 pandemic, it is difficult
to predict the continuing 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. As a
result of the COVID-19 pandemic and the related
                                       47
--------------------------------------------------------------------------------

adverse local and national economic consequences, our forward-looking statements are also subject to the following risks, uncertainties and assumptions:


•Demand for our products and services may decline, making it difficult to grow
assets and income;
•If the economy is unable to remain open, and higher levels of unemployment
exist for an extended period of time, loan delinquencies, problem assets, and
foreclosures may increase, resulting in increased charge-offs and reduced
income;
•Collateral for loans, especially real estate, may decline in value, which could
cause loan losses to increase;
•Our allowance for credit losses on loans and leases may increase if borrowers
experience financial difficulties, which will adversely affect our net income;
•The net worth and liquidity of loan guarantors may decline, impairing their
ability to honor commitments to us;
•A sustained decline in our stock price or the occurrence of what management
would deem to be a triggering event could occur, either of which could result in
a goodwill or intangible impairment charge being recorded that would adversely
impact our results of operations;
•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;
•Our wealth management revenues may decline with continuing market turmoil;
•Our cyber security risks are increased as a result of an increase in the number
of employees working remotely;
•We rely on third-party vendors for certain services and the unavailability of a
critical service due to the COVID-19 outbreak could have an adverse effect on
us;
•FDIC premiums may increase if the agency experiences additional resolution
costs; and
•Litigation, regulatory enforcement and reputation risk as a result of our
participation in the PPP and the risk that the Small Business Administration may
not fund some or all PPP loan guaranties.

Should one or more of these risks or uncertainties materialize, or should
underlying assumptions prove incorrect, actual results may vary materially from
those anticipated, estimated, expected or projected. These and other risk
factors are more fully described in this report and in the Univest Financial
Corporation Annual Report on Form 10-K for the year ended December 31, 2020
under the section entitled "Item 1A - Risk Factors," and from time to time in
other filings made by the Corporation with the SEC.

These forward-looking statements speak only at the date of the report. The
Corporation expressly disclaims any obligation to publicly release any updates
or revisions to reflect any change in the Corporation's expectations with regard
to any change in events, conditions or circumstances on which any such statement
is based.

Critical Accounting Policies

Management, in order to prepare the Corporation's financial statements in
conformity with U.S. generally accepted accounting principles, is required to
make estimates and assumptions that affect the amounts reported in the
Corporation's financial statements. There are uncertainties inherent in making
these estimates and assumptions. Certain critical accounting policies could
materially affect the results of operations and financial position of the
Corporation should changes in circumstances require a change in related
estimates or assumptions. The Corporation has identified the fair value
measurement of investment securities available-for-sale and the calculation of
the allowance for credit losses on loans and leases as critical accounting
policies. For more information on these critical accounting policies, please
refer to the Corporation's 2020 Annual Report on Form 10-K.

General


The Corporation is a Pennsylvania corporation, organized in 1973 and registered
as a bank holding company pursuant to the Bank Holding Company Act of 1956. The
Corporation owns all of the capital stock of Univest Bank and Trust Co. The
consolidated financial statements include the accounts of the Corporation, the
Bank and its subsidiaries.

The Bank is engaged in domestic banking services for individuals, businesses,
municipalities and non-profit organizations. Through its wholly-owned
subsidiaries, the Bank provides a variety of financial services throughout its
markets of operation. The Bank is the parent company of Girard Investment
Services, LLC, a full-service registered introducing broker-dealer and a
                                       48
--------------------------------------------------------------------------------

licensed insurance agency, Girard Advisory Services, LLC, a registered
investment advisory firm, and Girard Pension Services, LLC, a registered
investment advisor, which provides investment consulting and management services
to municipal entities. The Bank is also the parent company of Univest Insurance,
LLC, an independent insurance agency and Univest Capital, Inc., an equipment
financing business.

The Corporation earns revenue primarily from the margins and fees generated from
lending and depository services as well as fee-based income from trust,
insurance, mortgage banking and investment services. The Corporation seeks to
achieve adequate and reliable earnings through business growth while maintaining
adequate levels of capital and liquidity and limiting exposure to credit and
interest rate risk.

Executive Overview

The Corporation's consolidated net income, earnings per share and return on average assets and average equity were as follows:

                                          Three Months Ended                                           Six Months Ended
                                               June 30,                    Change             June 30,               Change
(Dollars in thousands, except per
share data)                              2021              2020            Amount                   2021              2020            Amount
Net income                           $  20,875          $ 2,085          $ 18,790                $ 53,478          $ 2,923          $ 50,555
Net income per share:
Basic                                $    0.71          $  0.07          $   0.64                $   1.82          $  0.10          $   1.72
Diluted                                   0.71             0.07              0.64                    1.81             0.10              1.71
Return on average assets                  1.30  %          0.14  %            116 BP                 1.68  %          0.10  %            158 BP
Return on average equity                 11.49  %          1.27  %          1,022 BP                15.10  %          0.88  %          1,422 BP



The Corporation reported net income of $20.9 million, or $0.71 diluted earnings
per share, for the three months ended June 30, 2021, compared to net income of
$2.1 million, or $0.07 diluted earnings per share, for the three months ended
June 30, 2020. Net income for the six months ended June 30, 2021 was $53.5
million, or $1.81 diluted earnings per share, compared to net income of $2.9
million, or $0.10 diluted earnings per share, for the six months ended June 30,
2020.

During the three months ended June 30, 2021, the Corporation recorded a reversal
of provision for credit losses of $59 thousand, of which $2.8 million (after-tax
benefit of $2.2 million), or $0.08 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.
During the three months ended June 30, 2020, the Corporation recorded a
provision for credit losses of $23.7 million, of which $21.5 million related to
loans and leases and $2.2 million related to unfunded commitments. Included
within the $21.5 million in provision for credit losses was $19.9 million
(after-tax charge of $15.7 million), or $0.54 diluted earnings per share, which
was attributable to changes in economic-related assumptions within the
Corporation's CECL model. During the six months ended June 30, 2021, the
Corporation recorded a reversal of provision for credit losses of $11.3 million,
of which $15.8 million (after-tax benefit of $12.5 million), or $0.42 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. During the six months ended June 30, 2020,
the Corporation recorded CECL related charges of $45.6 million, of which $40.2
million (after-tax charge of $31.8 million), or $1.09 diluted earnings per
share, was attributable to economic-related assumptions within the CECL model.

On December 27, 2020, the Consolidated Appropriations Act, 2021, was signed into
law, which provided new COVID-19 relief funds, additional funding under the PPP
and the establishment of PPP Second Draw Loans. The Small Business
Administration (SBA) announced it was taking certain steps under the PPP to
further promote equitable relief for smaller businesses. Under the PPP Second
Draw Loan program, we originated 1,226 PPP loans and secured funding of
approximately $169.5 million for our customers as of June 30, 2021.

As of June 30, 2021, $252.8 million in PPP loan originations remain outstanding.
During the second quarter of 2021, we recorded income of $4.8 million within net
interest income related to these loans, of which $3.7 million was the result of
forgiveness and pay downs of PPP loans totaling $282.3 million. During the six
months ended June 30, 2021, we recorded income of $9.3 million within net
interest income related to these loans, of which $7.1 million was the result of
forgiveness and pay downs of PPP loans totaling $402.0 million. As of June 30,
2021, the Corporation had $6.4 million of net deferred fees on the balance sheet
related to PPP loans, which represented approximately 35.2% of the initial
deferred fee amount.

                                       49
--------------------------------------------------------------------------------

Results of Operations

Net Interest Income


Net interest income is the difference between interest earned on loans and
leases and investment securities and interest paid on deposits and borrowings.
Net interest income is the principal source of the Corporation's revenue. Table
1 presents the Corporation's average balances, tax-equivalent interest income,
interest expense, tax-equivalent yields earned on average assets, cost of
average liabilities, and shareholders' equity on a tax-equivalent basis for the
three and six months ended June 30, 2021 and 2020. The tax-equivalent net
interest margin is tax-equivalent net interest income as a percentage of average
interest-earning assets. The tax-equivalent net interest spread represents the
weighted average tax-equivalent yield on interest-earning assets less the
weighted average cost of interest-bearing liabilities. The effect of net
interest-free funding sources represents the effect on the net interest margin
of net funding provided by noninterest-earning assets, noninterest-bearing
liabilities and shareholders' equity. Table 2 analyzes the changes in the
tax-equivalent net interest income for the periods broken down by their rate and
volume components.

Three and six months ended June 30, 2021 versus 2020


Net interest income on a tax-equivalent basis for the three months ended June
30, 2021 was $47.3 million, an increase of $3.1 million, or 7.1%, compared to
$44.2 million for the three months ended June 30, 2020. Net interest income on a
tax-equivalent basis for the six months ended June 30, 2021 was $93.3 million,
an increase of $6.0 million, or 6.8%, compared to the same period in 2020. The
increase in tax-equivalent net interest income for the three and six months
ended June 30, 2021 compared to the comparable periods in the prior year was
primarily due to an increase in PPP loan income of $2.7 million and $7.2
million, respectively, and lower deposit costs offset by a decrease in yield on
loans and investment securities.

The net interest margin, on a tax-equivalent basis, was 3.15% and 3.14% for the
three and six months ended June 30, 2021, respectively, compared to 3.18% and
3.32% for the three and six months ended June 30, 2020, respectively. Excess
liquidity reduced the net interest margin by approximately ten basis points for
the three and six months ended June 30, 2021 compared to sixteen and twelve
basis points for the three and six months ended June 30, 2020, respectively.
This excess liquidity was primarily driven by strong deposit balance growth over
the last fifteen months, which was partially attributable to the various
stimulus initiatives associated with the COVID-19 pandemic. As PPP loans are
forgiven, the associated deferred fees are recognized in earnings, thus
attaining yields in excess of 2020 run rates. PPP loans had a favorable impact
on net interest margin of eleven basis points for the second quarter of 2021 and
an unfavorable impact of nine basis points for the six months ended June 30,
2021, compared to an unfavorable impact of nine and four basis points for the
three and six months ended June 30, 2020, respectively. Excluding the impact of
excess liquidity and PPP loans, the net interest margin, on a tax-equivalent
basis, was 3.14% and 3.17% for the three and six months ended June 30, 2021,
respectively, compared to 3.43% and 3.48% for the three and six months ended
June 30, 2020, respectively.


                                       50
--------------------------------------------------------------------------------

Table 1-Average Balances and Interest Rates-Tax-Equivalent Basis

                                                                                        Three Months Ended June 30,
                                                                     2021                                                        2020
                                                Average             Income/            Average              Average             Income/            Average
(Dollars in thousands)                          Balance             Expense              Rate               Balance             Expense              Rate
Assets:

Interest-earning deposits with other banks $ 215,349 $ 46

               0.09  %       $   313,668          $     67                 0.09  %
U.S. government obligations                        6,999                35                 2.01                7,236                36                 2.00
Obligations of states and political
subdivisions                                       6,070                58                 3.83               26,546               240                 

3.64

Other debt and equity securities                 372,625             1,364                 1.47              378,175             2,182                 

2.32

Federal Home Loan Bank, Federal Reserve Bank
and other stock                                   25,872               360                 5.58               28,977               362                 

5.02

Total interest-earning deposits, investments
and other interest-earning assets                626,915             1,863                 1.19              754,602             2,887                 

1.54

Commercial, financial and agricultural loans     826,464             6,910                 3.35              816,976             7,330                 

3.61

Paycheck Protection Program loans                408,928             4,778                 4.69              370,669             2,128                 

2.31

Real estate-commercial and construction
loans                                          2,701,137            24,931                 3.70            2,232,827            23,110                 4.16
Real estate-residential loans                  1,065,065             9,836                 3.70            1,004,671            10,270                 4.11
Loans to individuals                              25,284               251                 3.98               29,079               327                 4.52
Municipal loans and leases                       251,311             2,598                 4.15              291,433             2,977                 4.11
Lease financings                                 110,921             1,819                 6.58               91,203             1,592                 7.02
Gross loans and leases                         5,389,110            51,123                 3.80            4,836,858            47,734                 3.97
Total interest-earning assets                  6,016,025            52,986                 3.53            5,591,460            50,621                 3.64
Cash and due from banks                           52,948                                                      46,970
Allowance for credit losses, loans and
leases                                           (73,052)                                                    (69,292)
Premises and equipment, net                       55,903                                                      55,750
Operating lease right-of-use assets               33,992                                                      34,419
Other assets                                     357,813                                                     341,483
Total assets                                 $ 6,443,629                                                 $ 6,000,790
Liabilities:
Interest-bearing checking deposits           $   786,931          $    487                 0.25          $   617,927          $    372                 0.24
Money market savings                           1,219,375               831                 0.27            1,063,463               853                 0.32
Regular savings                                  978,807               282                 0.12              872,422               475                 0.22
Time deposits                                    485,060             1,559                 1.29              577,462             2,672                 1.86
   Total time and interest-bearing deposits    3,470,173             3,159                 0.37            3,131,274             4,372                 0.56
Short-term borrowings                             19,109                 3                 0.06              161,365               122                 0.30
Long-term debt                                    95,000               321                 1.36              210,040               762                 1.46
Subordinated notes                               172,016             2,201                 5.13               94,890             1,206                 5.11
Total borrowings                                 286,125             2,525                 3.54              466,295             2,090                 1.80
Total interest-bearing liabilities             3,756,298             5,684                 0.61            3,597,569             6,462                 0.72
Noninterest-bearing deposits                   1,880,916                                                   1,663,395
Operating lease liabilities                       37,426                                                      37,680
Accrued expenses and other liabilities            40,239                                                      41,196
Total liabilities                              5,714,879                                                   5,339,840
Shareholders' Equity:
Common stock                                     157,784                                                     157,784
Additional paid-in capital                       296,599                                                     295,681
Retained earnings and other equity               274,367                                                     207,485
Total shareholders' equity                       728,750                                                     660,950
Total liabilities and shareholders' equity   $ 6,443,629                                                 $ 6,000,790
Net interest income                                               $ 47,302                                                    $ 44,159
Net interest spread                                                                        2.92                                                        2.92
Effect of net interest-free funding sources                                                0.23                                                        0.26
Net interest margin                                                                        3.15  %                                                     3.18  %
Ratio of average interest-earning assets to
average interest-bearing liabilities              160.16  %                                                   155.42  %


Notes: 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 June 30, 2021 and 2020 have been calculated using the
Corporation's federal applicable rate of 21%.
                                       51
--------------------------------------------------------------------------------

                                                                                         Six Months Ended June 30,
                                                                     2021                                                        2020
                                                Average             Income/            Average              Average             Income/            Average
(Dollars in thousands)                          Balance             Expense              Rate               Balance             Expense              Rate
Assets:

Interest-earning deposits with other banks $ 226,387 $ 102

               0.09  %       $   215,888          $    392                 0.37  %
U.S. government obligations                        6,999                71                 2.05                7,267                73                 2.02
Obligations of states and political
subdivisions                                       8,792               163                 3.74               30,070               529                 

3.54

Other debt and equity securities                 364,272             2,631                 1.46              389,591             4,850                 

2.50

Federal Home Loan Bank, Federal Reserve Bank
and other stock                                   26,119               708                 5.47               30,214               889                 

5.92

Total interest-earning deposits, investments
and other interest-earning assets                632,569             3,675                 1.17              673,030             6,733                 

2.01

Commercial, financial and agricultural loans     804,458            13,708                 3.44              819,121            15,961                 

3.92

Paycheck Protection Program loans                457,663             9,302                 4.10              185,334             2,128                 

2.31

Real estate-commercial and construction
loans                                          2,661,778            49,389                 3.74            2,186,098            47,027                 4.33
Real estate-residential loans                  1,051,110            19,709                 3.78              998,111            21,322                 4.30
Loans to individuals                              25,862               516                 4.02               29,548               734                 5.00
Municipal loans and leases                       248,490             5,128                 4.16              304,219             6,242                 4.13
Lease financings                                 108,317             3,556                 6.62               90,289             3,146                 7.01
Gross loans and leases                         5,357,678           101,308                 3.81            4,612,720            96,560                 4.21
Total interest-earning assets                  5,990,247           104,983                 3.53            5,285,750           103,293                 3.93
Cash and due from banks                           54,123                                                      48,931
Allowance for credit losses, loans and
leases                                           (78,125)                                                    (56,832)
Premises and equipment, net                       55,865                                                      56,074
Operating lease right-of-use assets               34,013                                                      34,482
Other assets                                     357,589                                                     336,122
Total assets                                 $ 6,413,712                                                 $ 5,704,527
Liabilities:
Interest-bearing checking deposits           $   802,350          $    977                 0.25          $   601,159          $  1,168                 0.39
Money market savings                           1,231,457             1,684                 0.28            1,060,399             3,756                 0.71
Regular savings                                  969,073               580                 0.12              844,591             1,267                 0.30
Time deposits                                    505,318             3,318                 1.32              590,183             5,587                 1.90
   Total time and interest-bearing deposits    3,508,198             6,559                 0.38            3,096,332            11,778                 0.76
Short-term borrowings                             18,506                 5                 0.05              100,745               228                 0.46
Long-term debt                                    98,149               669                 1.37              189,623             1,526                 1.62
Subordinated notes                               177,647             4,494                 5.10               94,868             2,481                 5.26
Total borrowings                                 294,302             5,168                 3.54              385,236             4,235                 2.21
Total interest-bearing liabilities             3,802,500            11,727                 0.62            3,481,568            16,013                 0.92
Noninterest-bearing deposits                   1,815,572                                                   1,475,994
Operating lease liabilities                       37,419                                                      37,724
Accrued expenses and other liabilities            43,897                                                      42,036
Total liabilities                              5,699,388                                                   5,037,322
Shareholders' Equity:
Common stock                                     157,784                                                     157,784
Additional paid-in capital                       296,369                                                     295,500
Retained earnings and other equity               260,171                                                     213,921
Total shareholders' equity                       714,324                                                     667,205
Total liabilities and shareholders' equity   $ 6,413,712                                                 $ 5,704,527
Net interest income                                               $ 93,256                                                    $ 87,280
Net interest spread                                                                        2.91                                                        3.01
Effect of net interest-free funding sources                                                0.23                                                        0.31
Net interest margin                                                                        3.14  %                                                     3.32  %
Ratio of average interest-earning assets to
average interest-bearing liabilities              157.53  %                                                   151.82  %


Notes: 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 six months ended June 30, 2021 and 2020 have been calculated using the
Corporation's federal applicable rate of 21%.
                                       52
--------------------------------------------------------------------------------

Table 2-Analysis of Changes in Net Interest Income


The rate-volume variance analysis set forth in the table below compares changes
in tax-equivalent net interest income for the periods indicated by their rate
and volume components. The change in interest income/expense due to both volume
and rate has been allocated proportionately.
                                                                Three Months Ended                                       Six Months Ended
                                                             June 30, 2021 Versus 2020                              June 30, 2021 Versus 2020
                                                     Volume              Rate                               Volume              Rate
(Dollars in thousands)                               Change             Change            Total             Change             Change            Total
Interest income:
Interest-earning deposits with other banks       $     (21)           $     

- $ (21) $ 19 $ (309) $ (290) U.S. government obligations

                             (1)                  -               (1)                 (3)                1               (2)
Obligations of states and political subdivisions      (194)                 12             (182)               (394)               28             (366)
Other debt and equity securities                       (31)               (787)            (818)               (299)           (1,920)          

(2,219)

Federal Home Loan Bank, Federal Reserve Bank and
other stock                                            (40)                 38               (2)               (116)              (65)            (181)
Interest on deposits, investments and other
earning assets                                        (287)               (737)          (1,024)               (793)           (2,265)          

(3,058)

Commercial, financial and agricultural loans            88                (508)            (420)               (287)           (1,966)          

(2,253)

Paycheck Protection Program loans                      242               2,408            2,650               4,692             2,482            

7,174

Real estate-commercial and construction loans        4,541              (2,720)           1,821               9,331            (6,969)           

2,362

Real estate-residential loans                          608              (1,042)            (434)              1,081            (2,694)          (1,613)
Loans to individuals                                   (40)                (36)             (76)                (84)             (134)            (218)
Municipal loans and leases                            (408)                 29             (379)             (1,158)               44           (1,114)
Lease financings                                       331                (104)             227                 594              (184)             410
Interest and fees on loans and leases                5,362              (1,973)           3,389              14,169            (9,421)           4,748
Total interest income                                5,075              (2,710)           2,365              13,376           (11,686)           1,690
Interest expense:
Interest-bearing checking deposits                     100                  15              115                 311              (502)            (191)
Money market savings                                   117                (139)             (22)                517            (2,589)          (2,072)
Regular savings                                         51                (244)            (193)                162              (849)            (687)
Time deposits                                         (382)               (731)          (1,113)               (725)           (1,544)          (2,269)
   Total time and interest-bearing deposits           (114)             (1,099)          (1,213)                265            (5,484)          (5,219)
Short-term borrowings                                  (62)                (57)            (119)               (107)             (116)            (223)
Long-term debt                                        (392)                (49)            (441)               (649)             (208)            (857)
Subordinated notes                                     990                   5              995               2,090               (77)           2,013
Interest on borrowings                                 536                (101)             435               1,334              (401)             933
Total interest expense                                 422              (1,200)            (778)              1,599            (5,885)          (4,286)
Net interest income                              $   4,653            $ (1,510)         $ 3,143          $   11,777          $ (5,801)         $ 5,976



                                       53
--------------------------------------------------------------------------------

Provision for Credit Losses


The reversal of the provision for credit losses for the three months ended June
30, 2021 was $59 thousand, of which $2.8 million (after-tax benefit of $2.2
million) 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 for the three
months ended June 30, 2020 was $23.7 million, of which $21.5 million related to
loans and leases and $2.2 million related to unfunded commitments. Included
within the $21.5 million in provision for credit losses was $19.9 million
(after-tax charge of $15.7 million) which was attributable to changes in
economic-related assumptions within the Corporation's CECL model.

The reversal of the provision for credit losses for the six months ended June
30, 2021 was $11.3 million, of which $15.8 million (after-tax benefit of $12.5
million) 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 for the six months
June 30, 2020 was $45.6 million, of which $40.2 million (after-tax charge of
$31.8 million) was attributable to economic-related assumptions within the
Corporation's CECL model.

Noninterest Income

The following table presents noninterest income for the three and six months ended June 30, 2021 and 2020:

                                      Three Months Ended                                                         Six Months Ended
                                           June 30,                               Change                             June 30,                              Change
(Dollars in thousands)              2021               2020             Amount            Percent             2021              2020             Amount            Percent
Trust fee income                $    2,157          $  1,924          $   233                12.1  %       $  4,191          $  3,814          $   377                 9.9  %
Service charges on deposit
accounts                             1,314               890              424                47.6             2,596             2,287              309                13.5
Investment advisory commission
and fee income                       4,558             3,540            1,018                28.8             9,255             7,795            1,460                18.7
Insurance commission and fee
income                               3,839             4,067             (228)               (5.6)            8,794             8,799               (5)               (0.1)
Other service fee income             2,748             1,488            1,260                84.7             4,940             3,358            1,582                47.1
Bank owned life insurance
income                               1,620               732              888               121.3             2,337             1,466              871                59.4
Net gain on sales of investment
securities                              54                65              (11)              (16.9)              119               760             (641)              (84.3)
Net gain on mortgage banking
activities                           3,461             3,515              (54)               (1.5)            9,399             6,259            3,140                   50.2

Other income                           479             1,779           (1,300)              (73.1)            1,849             1,846                3                    0.2
Total noninterest income        $   20,230          $ 18,000          $ 2,230                12.4  %       $ 43,480          $ 36,384          $ 7,096                19.5  %

Three and six months ended June 30, 2021 versus 2020


Noninterest income for the three months ended June 30, 2021 was $20.2 million,
an increase of $2.2 million, or 12.4%, from the three months ended June 30,
2020. Noninterest income for the six months ended June 30, 2021 was $43.5
million, an increase of $7.1 million, or 19.5%, from the six months ended June
30, 2020.

The net gain on mortgage banking activities decreased $54 thousand, or 1.5%, for
the three months ended June 30, 2021 and increased $3.1 million, or 50.2%, for
the six months ended June 30, 2021 from the comparable periods in the prior
year. The increase for the six months ended June 30, 2021 was due to an increase
in volume and an expansion of margins. Investment advisory commission and fee
income increased $1.0 million, or 28.8%, for the three months ended June 30,
2021 and $1.5 million, or 18.7%, for the six months ended June 30, 2021 from the
comparable periods in the prior year, due to increased assets under management
driven by favorable market conditions and new customer relationships. BOLI
income increased $888 thousand, or 121.3%, for the three months end June 30,
2021 and $871 thousand, or 59.4%, for the six months ended June 30, 2021,
primarily due to tax-free proceeds from BOLI death benefit claims of $893
thousand.

Other service fee income increased $1.3 million, or 84.7%, for the three months
ended June 30, 2021 and $1.6 million, or 47.1%, for the six months ended June
30, 2021 compared to the comparable periods in the prior year. Mortgage
servicing fees increased $599 thousand for the three months ended June 30, 2021
and $692 thousand for the six months ended June 30, 2021 driven by an increase
in retained servicing associated with elevated mortgage volume over the past
fifteen months. Interchange fee income increased $494 thousand for the three
months ended June 30, 2021 and $672 thousand for the six months ended
                                       54
--------------------------------------------------------------------------------

June 30, 2021 due to increased customer activity as the markets we operate in
continue to re-open. Other income decreased $1.3 million for the three months
ended June 30, 2021 due to a decrease of $1.4 million in fees on risk
participation agreements for interest rate swaps driven by a decrease in
customer demand.

Noninterest Expense

The following table presents noninterest expense for the three and six months ended June 30, 2021 and 2020:

                                    Three Months Ended                                                          Six Months Ended
                                         June 30,                               Change                              June 30,                              Change
(Dollars in thousands)            2021               2020             Amount            Percent              2021              2020             Amount            Percent
Salaries, benefits and
commissions                   $   25,396          $ 21,700          $ 3,696                 17.0  %       $ 50,176          $ 45,536          $ 4,640                 10.2  %
Net occupancy                      2,656             2,478              178                  7.2             5,395             5,052              343                  6.8
Equipment                            968               923               45                  4.9             1,914             1,918               (4)                (0.2)
Data processing                    3,064             2,750              314                 11.4             6,114             5,510              604                 11.0
Professional fees                  2,015             1,264              751                 59.4             3,763             2,581            1,182                 45.8
Marketing and advertising            561               535               26                  4.9               841               937              (96)               (10.2)
Deposit insurance premiums           613               615               (2)                (0.3)            1,249             1,119              130                    11.6
Intangible expenses                  249               321              (72)               (22.4)              498               651             (153)               (23.5)

Other expense                      5,764             5,374              390                  7.3            10,876            11,433             (557)                (4.9)
Total noninterest expense     $   41,286          $ 35,960          $ 5,326                 14.8  %       $ 80,826          $ 74,737          $ 6,089                  8.1  %

Three and six months ended June 30, 2021 versus 2020


Noninterest expense for the three months ended June 30, 2021 was $41.3 million,
an increase of $5.3 million, or 14.8%, from the three months ended June 30,
2020. Noninterest expense for the six months ended June 30, 2021 was $80.8
million, an increase of $6.1 million, or 8.1%, from the six months ended June
30, 2020.

Salaries, benefits and commissions increased $3.7 million, or 17.0%, for the
three months ended June 30, 2021 and $4.6 million, or 10.2%, for the six months
ended June 30, 2021 from the comparable periods in the prior year. These
increases reflect our continued investment in staff to support revenue
generation across all business lines and annual merit increases. Variable
compensation expenses increased $1.0 million and $1.7 million for the three and
six months ended June 30, 2021, respectively, from the comparable periods in the
prior year, due to increased profitability, specifically in our mortgage banking
and wealth management lines of business. Additionally, capitalized compensation
related to PPP origination activity was $1.2 million and $664 thousand lower in
the three and six months ended June 30, 2021, respectively, from the comparable
periods in the prior year.

Data processing expenses increased $314 thousand, or 11.4%, for the three months
ended June 30, 2021 and $604 thousand, or 11.0%, for the six months ended June
30, 2021, primarily due to continued investments in our end-to-end loan
origination solution for loans below $1.0 million, customer relationship
management software, internal infrastructure improvements and outsourced data
processing solutions. Professional fees increased $751 thousand, or 59.4%, for
the three months ended June 30, 2021 and $1.2 million, or 45.8%, for the six
months ended June 30, 2021, primarily attributable to increased consultant fees
in support of our Diversity, Equity and Inclusion, training initiatives and
treasury management product enhancements.

Other expense increased $390 thousand, or 7.3%, for the three months ended June
30, 2021, primarily attributable to an increase in interchange fee expense and
travel and entertainment expenses, which are beginning to normalize as the
markets we operate in continue to re-open. Other expense decreased $557
thousand, or 4.9%, for the six months ended June 30, 2021 primarily due to a
$656 thousand charge related to the extinguishment of long-term debt that
occurred in the first quarter of 2020.

Tax Provision


The Corporation recognized a tax expense of $4.9 million for the three months
ended June 30, 2021 compared to a tax benefit of $264 thousand for the three
months ended June 30, 2020, resulting in an effective rate of 19.0% and (14.5)%,
respectively. The Corporation recognized a tax expense of $12.7 million for the
six months ended June 30, 2021 compared to a
                                       55
--------------------------------------------------------------------------------

tax benefit of $870 thousand for the six months ended June 30, 2020, resulting
in an effective rate of 19.2% and (42.4)%, respectively. The effective tax rates
for the three and six months ended June 30, 2021 and 2020 reflects the level of
pre-tax income and the benefits of tax-exempt income from investments in
municipal securities and loans and leases. The calculation of the effective tax
rate for income taxes for the quarter ended June 30, 2020 was based on the
actual effective tax rate for the year-to-date period, given the uncertainty of
the impact of COVID-19 at the time, and its potential impact on the
Corporation's estimate of the annual effective tax rate.

Financial Condition

Assets

The following table presents assets at the dates indicated:

                                                                           At December 31,                      Change
(Dollars in thousands)                           At June 30, 2021               2020                 Amount              Percent
Cash and interest-earning deposits             $         203,449          $      219,858          $ (16,409)                 (7.5  %)
Investment securities, net of allowance for
credit losses                                            397,426                 373,176             24,250                   6.5
Federal Home Loan Bank, Federal Reserve Bank
and other stock, at cost                                  25,228                  28,183             (2,955)                (10.5)
Loans held for sale                                       27,322                  37,039             (9,717)                (26.2)
Loans and leases held for investment                   5,327,313               5,306,841             20,472                   0.4
Allowance for credit losses, loans and leases            (71,355)                (83,044)            11,689                  14.1
Premises and equipment, net                               56,067                  55,636                431                   0.8
Operating lease right-of-use assets                       33,688                  34,325               (637)                 (1.9)
Goodwill and other intangibles, net                      181,955                 181,425                530                   0.3
Bank owned life insurance                                117,765                 117,718                 47                     -
Accrued interest receivable and other assets              57,447                  65,339             (7,892)                (12.1)
Total assets                                   $       6,356,305          $    6,336,496          $  19,809                   0.3  %

Cash and Interest-Earning Deposits


Cash and interest-earning deposits decreased $16.4 million, or 7.5%, from
December 31, 2020, primarily due to decreased interest earning deposits at the
Federal Reserve Bank of $9.9 million as the Corporation used excess liquidity to
fund net asset growth.

Investment Securities

Total investments securities at June 30, 2021 increased $24.3 million, or 6.5%,
from December 31, 2020. Purchases of $98.1 million, increases in the fair value
of available-for-sale investment securities of $2.5 million and a reversal of
provision for credit losses of $384 thousand were partially offset by maturities
and pay-downs of $57.8 million, sales of $7.4 million, calls of $10.2 million
and net amortization of purchased premiums and discounts of $1.6 million.

Loans and Leases


Gross loans and leases held for investment increased $20.5 million, or 0.4%,
from December 31, 2020. The growth in gross loans and leases held for investment
was due to increases in commercial, commercial real estate and residential real
estate loans of $246.5 million, offset by PPP loan decreases of $230.9 million.

Asset Quality


The Bank's strategy for credit risk management focuses on having well-defined
credit policies and uniform underwriting criteria and providing prompt attention
to potential problem loans and leases. Performance of the loan and lease
portfolio is monitored on a regular basis by Bank management and lending
officers.

Nonaccrual loans and leases and accruing troubled debt restructured loans are
loans or leases for which it is probable that not all principal and interest
payments due will be collectible in accordance with the original contractual
terms. Factors
                                       56
--------------------------------------------------------------------------------

considered by management in determining accrual status include payment status, borrower cash flows, collateral value and the probability of collecting scheduled principal and interest payments when due.


Nonperforming assets were $38.5 million at June 30, 2021 and $40.5 million at
December 31, 2020. At June 30, 2021 nonaccrual loans and leases and accruing
troubled debt restructured loans were $37.5 million and had a related allowance
for credit losses on loans and leases of $356 thousand. At December 31, 2020,
nonaccrual loans and leases and accruing troubled debt restructured loans were
$31.7 million and had a related allowance for credit losses on loans and leases
of $585 thousand. Individual reserves have been established based on current
facts and management's judgements about the ultimate outcome of these credits,
including the most recent known data available on any related underlying
collateral and the borrower's cash flows.

Net loan and lease charge-offs for the three months ended June 30, 2021 were
$243 thousand compared to $3.6 million for the same period in the prior year.
Net loan and lease charge-offs for the six months ended June 30, 2021 were $531
thousand compared to $4.1 million for the same period in the prior year.

Other real estate owned was $279 thousand and $7.4 million at June 30, 2021 and
December 31, 2020, respectively. The decrease of $7.1 million was related to the
sale of a commercial real estate property which was transferred to other real
estate owned in the second quarter of 2020.

                                       57
--------------------------------------------------------------------------------

Table 3-Nonaccrual and Past Due Loans and Leases; Troubled Debt Restructured Loans and Lease Modifications; Other Real Estate Owned; and Related Ratios

The following table details information pertaining to the Corporation's nonperforming assets at the dates indicated. (Dollars in thousands)

                                          At June 30, 2021         At December 31, 2020
Nonaccrual loans and leases, including nonaccrual troubled
debt restructured loans and lease modifications*:
Loans held for sale                                            $         3,962          $                 -
Loans held for investment:
Commercial, financial and agricultural                                   1,246                        2,827
Real estate-commercial                                                  26,264                       22,739

Real estate-residential                                                  5,988                        5,919

Lease financings                                                             6                          207

Total nonaccrual loans and leases, including nonaccrual troubled debt restructured loans and lease modifications*

               37,466                       31,692

Accruing troubled debt restructured loans and lease modifications not included in the above

                                     52                           53

Accruing loans and leases 90 days or more past due: Commercial, financial and agricultural

476                           50
Real estate-commercial                                                     137                          945

Real estate-residential                                                     31                            -
Loans to individuals                                                        19                          185
Lease financings                                                            87                          212
Total accruing loans and leases, 90 days or more past due                  750                        1,392
Total nonperforming loans and leases                                    38,268                       33,137
Other real estate owned                                                    279                        7,355
Total nonperforming assets                                     $        38,547          $            40,492

Nonaccrual loans and leases (including nonaccrual troubled debt restructured loans and lease modifications) / loans and leases held for investment and nonaccrual loans held for sale

             0.70  %                      0.60  %

Nonperforming loans and leases / loans and leases held for investment and nonaccrual loans held for sale

                             0.72  %                      0.62  %
Nonperforming assets / total assets                                       0.61  %                      0.64  %

Allowance for credit losses, loans and leases                  $        71,355          $            83,044

Allowance for credit losses, loans and leases / loans and leases held for investment

                                                1.34  %                      1.56  %

Allowance for credit losses, loans and leases / nonaccrual loans and leases held for investment

                                    212.97  %                    262.03  %

Allowance for credit losses, loans and leases / nonperforming loans and leases held for investment

                                    208.00  %                    250.61  %

* Nonaccrual troubled debt restructured loans and lease modifications included in nonaccrual loans and leases in the above table

                                                    $         2,268          $            14,069



The following table provides additional information on the Corporation's nonaccrual loans held for investment:

                                                                                       At December 31,
(Dollars in thousands)                                       At June 30, 2021                2020

Total nonaccrual loans and leases, including nonaccrual troubled debt restructured loans and lease modifications $ 33,504 $ 31,692 Nonaccrual loans and leases with partial charge-offs

                   2,994                    4,227

Life-to-date partial charge-offs on nonaccrual loans and leases

                                                                 2,099                    2,377
Specific reserves on individually analyzed loans                         356                      585


The Corporation modified certain loans and leases via principal and/or interest
deferrals in accordance with Section 4013 of the CARES Act, the Consolidated
Appropriations Act, 2021 and the Interagency Statement on Loan Modifications and
                                       58
--------------------------------------------------------------------------------

Reporting for Financial Institutions Working with Customers Affected by the
Coronavirus and have not categorized these modifications as troubled debt
restructurings. As of June 30, 2021, there were approximately 34 loan and lease
modifications outstanding with principal balances totaling $54.2 million. As of
December 31, 2020, there were approximately 72 loan modifications outstanding
with principal balances totaling $68.0 million.

Table 4-Loan Concentration


The following table provides summarized detail related to outstanding commercial
loan balances, excluding PPP loans, segmented by industry description, and
certain loan modifications segmented by industry description for commercial
loans and segmented by loan category for other loan types as of June 30, 2021:
(Dollars in thousands)                                                        As of June 30, 2021
                                        Total Outstanding                                    $ Balance of         Modified Loans as a %
                                          Balance (excl         % of

Commercial Loan Modified Loans of Portfolio (excl

         Industry Description                 PPP)                   Portfolio                   (1)                     PPP) (1)
CRE - Retail                            $      365,096                        8.7  %       $           -                            -  %
Animal Production                              281,368                        6.7                      -                            -
CRE - 1-4 Family Residential Investment        250,694                        6.0                    605                          0.2
CRE - Office                                   249,692                        5.9                      -                            -
CRE - Industrial / Warehouse                   217,874                        5.2                      -                            -
CRE - Multi-family                             206,766                        4.9                      -                            -
Hotels & Motels (Accommodation)                170,730                        4.1                 26,036                         15.2
Nursing and Residential Care Facilities        158,292                        3.8                      -                            -
Education                                      152,983                        3.6                      -                            -
CRE - Mixed-Use - Residential                  122,489                        2.9                  3,268                          2.7
Specialty Trade Contractors                    121,303                        2.9                     36                            -
Real Estate Lenders, Secondary Market
Financing                                      103,796                        2.5                      -                            -
CRE - Medical Office                            96,075                        2.3                      -                            -
Homebuilding (tract developers,
remodelers)                                     89,915                        2.1                      -                            -
Private Equity & Special Purpose
Entities                                        87,111                        2.1                      -                            -
Merchant Wholesalers, Durable Goods             78,944                        1.9                      -                            -
Crop Production                                 72,558                        1.7                      -                            -
Motor Vehicle and Parts Dealers                 67,371                        1.6                      -                            -
Rental and Leasing Services                     63,142                        1.5                      -                            -
Wood Product Manufacturing                      63,095                        1.5                      -                            -
Fabricated Metal Product Manufacturing          59,398                        1.4                      -                            -
Merchant Wholesalers, Nondurable Goods          53,783                        1.3                      -                            -
Food Services and Drinking Places               51,356                        1.2                  3,233                          6.3
Administrative and Support Services             50,296                        1.1                    101                          0.2
Industries with >$50 million in
outstandings                            $    3,234,127                       76.9  %       $      33,279                          1.0  %
Industries with <$50 million in
outstandings                            $      969,606                       23.1  %       $      18,272                          1.9  %
Total Commercial Loans                  $    4,203,733                      100.0  %       $      51,551                          1.2  %

                                                                                             $ Balance of         Modified Loans as a %
                                        Total Outstanding                                   Modified Loans          of Portfolio (excl
  Consumer Loans and Lease Financings        Balance                                             (1)                     PPP) (1)
Real Estate-Residential Secured for
Personal Purpose                        $      513,330                                     $       2,429                          0.5  %
Real Estate-Home Equity Secured for
Personal Purpose                               160,018                                                 -                            -
Loans to Individuals                            25,845                                                 -                            -
Lease Financings                               171,538                                               215                          0.1
Total Consumer Loans and Lease
Financings                              $      870,731                                     $       2,644                          0.3  %

Total                                   $    5,074,464                                     $      54,195                          1.1  %


(1) Loan modifications referenced above were made 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 therefore
were not classified as TDRs as of June 30, 2021.










                                       59
--------------------------------------------------------------------------------

Goodwill and Other Intangible Assets


Goodwill and other intangible assets have been recorded on the books of the
Corporation in connection with acquisitions. The Corporation has core deposit
and customer-related intangibles and servicing rights, which are not deemed to
have an indefinite life and therefore will continue to be amortized over their
useful life using the present value of projected cash flows. The amortization of
intangible assets was $969 thousand and $1.2 million for the three months ended
June 30, 2021 and 2020, respectively. The amortization of intangible assets was
$2.0 million and $2.2 million for the six months ended June 30, 2021 and 2020,
respectively. See Note 5 to the Condensed Unaudited Consolidated Financial
Statements, "Goodwill and Other Intangible Assets," for a summary of intangible
assets at June 30, 2021 and December 31, 2020.

The Corporation also has goodwill with a net carrying value of $172.6 million at
June 30, 2021 and December 31, 2020, which is deemed to be an indefinite
intangible asset and is not amortized. The Corporation completes a goodwill
impairment analysis on an annual basis, or more often if events and
circumstances indicate that there may be impairment. The Corporation also
completes an impairment test for other identifiable intangible assets on an
annual basis or more often if events and circumstances indicate there may be
impairment. There was no impairment of goodwill or identifiable intangibles
during the six months ended June 30, 2021 and 2020. There can be no assurance
that future impairment assessments or tests will not result in a charge to
earnings.

Liabilities

The following table presents liabilities at the dates indicated:

                                                                 At December 31,                      Change
(Dollars in thousands)                 At June 30, 2021               2020                 Amount              Percent
Deposits                             $       5,318,704          $    5,242,715          $  75,989                   1.4  %
Short-term borrowings                           25,251                  17,906              7,345                  41.0
Long-term debt                                  95,000                 110,000            (15,000)                (13.6)
Subordinated notes                              98,719                 183,515            (84,796)                (46.2)
Operating lease liabilities                     37,131                  37,690               (559)                 (1.5)
Accrued interest payable and other
liabilities                                     41,502                  52,198            (10,696)                (20.5)
Total liabilities                    $       5,616,307          $    5,644,024          $ (27,717)                 (0.5  %)



Deposits

Total deposits increased $76.0 million, or 1.4%, from December 31, 2020, primarily due to increases in commercial and consumer deposits offset by a decrease in brokered deposits and a seasonal decrease in public funds deposits.

Borrowings


Total borrowings decreased $92.5 million, or 29.7%, from December 31, 2020.
Long-term debt decreased $15.0 million primarily due to maturities of FHLB
advances and subordinated notes decreased $84.8 million primarily due to a $85.0
million redemption of the previously issued 2016 and 2015 subordinated notes
during the year. These decreases were partially offset by an $7.3 million
increase in short-term customer repurchase agreements.

Other Liabilities


The Corporation maintains a reserve in other liabilities for off-balance sheet
credit exposures that currently are unfunded in categories with historical loss
experience. The reserve for these off-balance sheet credits was $2.3 million and
$2.4 million at June 30, 2021 and December 31, 2020, respectively.
                                       60

--------------------------------------------------------------------------------

© Edgar Online, source Glimpses

All news about UNIVEST FINANCIAL CORPORATION
10/07Univest Financial Corporation to Hold Third Quarter 2021 Earnings Call
GL
10/07UNIVEST FINANCIAL : Corporation to Hold Third Quarter 2021 Earnings Call
GL
08/10UNIVEST FINANCIAL CORPORATION : Ex-dividend day for
FA
08/03UNIVEST FINANCIAL CORP : Regulation FD Disclosure, Financial Statements and Exhibits (form..
AQ
08/02UNIVEST FINANCIAL : Management's Discussion and Analysis of Financial Condition and Result..
AQ
08/02Tranche Update on Univest Financial Corporation's Equity Buyback Plan announced on Octo..
CI
07/30Today on Wall Street: Without a care in the world
07/30ANALYST RECOMMENDATIONS : Amazon, Barclays, Comcast, Next, Pfizer...
07/29UNIVEST FINANCIAL : Keefe, Bruyette & Woods Upgrades Univest of Pennsylvania to Outperform..
MT
07/29UNIVEST FINANCIAL : REPORTS SECOND QUARTER RESULTS (Form 8-K)
PU
More news
Analyst Recommendations on UNIVEST FINANCIAL CORPORATION
More recommendations