Univest Financial Corp Stock Price, News & Analysis

Univest Financial Corporation (UVSP) reported a net income of $46.9 million for 2020, down from $65.7 million in 2019. The fourth quarter saw a net income rise to $25.9 million from $15.5 million year-over-year. Total loans increased by 9.9%, while deposits surged by 20.2%. Notably, the company adopted the CECL standard, leading to a reversal of credit loss provisions amounting to $8.7 million in Q4 2020. The effective tax rate improved slightly to 17.5%. A quarterly dividend of $0.20 per share was declared, payable on February 24, 2021.

Univest Financial Corporation (UVSP) will host a conference call on January 28, 2021, at 9:00 a.m. to discuss its fourth quarter and year-end 2020 earnings. The earnings report will be released after market close on January 27, 2021. Participants can pre-register via a provided link for a special dial-in number and PIN to join the call. Univest, headquartered in Souderton, PA, oversees approximately $6.4 billion in assets and $3.8 billion in assets under management as of September 30, 2020.

Univest Financial Corporation (NASDAQ: UVSP) has released its inaugural Environmental, Social and Governance (ESG) Report, showcasing its commitment to corporate responsibility. This report outlines Univest's focus on sustainability, community support, employee investment, customer service, and sound governance practices. CEO Jeff Schweitzer emphasizes the integration of core values and socially responsible practices in achieving the company's mission. Univest manages approximately $6.4 billion in assets and $3.8 billion in assets under management as of September 30, 2020.

Univest Financial Corporation (UVSP) reported a net income of $18.1 million for Q3 2020, up from $17.7 million in Q3 2019. For the nine months ended September 30, net income was $21 million, significantly down from $50.2 million in the prior year. Key highlights include a 23.1% increase in gross loans, while total deposits rose by 28.1%. Noninterest income surged by 31.4%, reflecting strong mortgage banking activity. However, the corporation faces challenges with a rising provision for credit losses totaling $49.5 million, largely due to factors related to COVID-19.

Univest Financial Corporation (NASDAQ: UVSP) announced the optimization of its financial center footprint, closing or relocating eight locations, representing 20% of its centers. This initiative, part of a five-year strategy, will incur pre-tax costs of $1.7 million but yield annualized savings of approximately $2.4 million. Customer transaction volumes have declined 21% due to COVID-19, prompting significant investments in digital services. The consolidation will occur in two phases, with the first phase starting January 29, 2021, and the second by June 30, 2021.

Univest Financial Corporation (Nasdaq: UVSP) will hold a conference call on October 29, 2020, at 9:00 a.m. to discuss its third quarter earnings, with results expected after market close on October 28, 2020. The company, headquartered in Souderton, PA, manages approximately $6.1 billion in assets and $3.6 billion in assets under management as of June 30, 2020. Interested participants can pre-register to receive a special dial-in number to join the call.

Univest Financial Corporation (UVSP) declared a quarterly cash dividend of $0.20 per share for the third quarter of 2020. The dividend is set to be paid on October 1, 2020 to shareholders recorded as of September 8, 2020. As of June 30, 2020, Univest holds approximately $6.1 billion in assets and $3.6 billion in assets under management. The company specializes in providing a range of financial solutions primarily within the Mid-Atlantic Region through over 50 offices.

Univest Financial Corporation (UVSP) announced a public offering of $100 million in 5.000% Fixed-to-Floating Rate Subordinated Notes due 2030. The Notes will initially bear interest at 5.000% per annum, transitioning to a floating rate after August 15, 2025. Expected net proceeds of approximately $98.3 million will be used for general corporate purposes. U.S. Bancorp Investments, Inc. is the sole book-running manager, with PNC Capital Markets LLC as co-manager. The offering is anticipated to close around August 5, 2020.

Univest Financial Corporation (UVSP) reported a net income of $2.1 million for Q2 2020, down from $16.5 million in Q2 2019. For the first half of 2020, net income was $2.9 million compared to $32.5 million in 2019. Pre-tax pre-provision income increased by 15.1% in Q2 year-over-year, reaching $25.6 million. The company modified approx. 1,420 loans totaling $720 million due to COVID-19. CECL-related charges were $23.7 million in Q2, impacting earnings by $0.54 per share. Total deposits rose by 41.9% annualized since March, driven by increased commercial and consumer deposits.