Business
Univest Financial Corporation Reports Second Quarter Results
(Loan Growth (excluding PPP loans1) for last twelve months of 14.0%) SOUDERTON, Pa., July 28, 2021 (GLOBE NEWSWIRE) -- Univest Financial Corporation
About this update from Univest Financial Corporation
[{"type":"text","content":"(Loan Growth (excluding PPP loans1) for last twelve months of 14.0%) SOUDERTON, Pa., July 28, 2021 (GLOBE NEWSWIRE) -- Univest Financial Corporation (“Univest” or the \"Corporation\") (NASDAQ: UVSP), parent company of Univest Bank and Trust Co. and its insurance, investments and equipment financing subsidiaries, today announced net income for the quarter ended June 30, 2021 was $20.9 million, or $0.71 diluted earnings per share, compared to net income of $2.1 million, or $0.07 diluted earnings per share, for the quarter 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. Pre-tax pre-provision income1 for the quarter ended June 30, 2021 was $25.7 million, an increase of $143 thousand, or 0.6%, from the second quarter of 2020. Pre-tax pre-provision income1 for the six months ended June 30, 2021 was $54.8 million, an increase of $7.2 million, or 15.1%, from the comparable period in the prior year. One-Time ItemsThe financial results for the three and six months ended June 30, 2021 included a tax-free bank owned life insurance (\"BOLI\") death benefit claim of $893 thousand, which represents $0.03 diluted earnings per share. Paycheck Protection Program On December 27, 2020, the Consolidated Appropriations Act, 2021, was signed into law, which provides new COVID-19 relief funds, additional funding under the Paycheck Protection Program (the \"PPP\") and the establishment of PPP Second Draw Loans. The Small Business Administration (the \"SBA\") announced it was taking certain steps under the PPP to further promote equitable relief for smaller businesses. Under this program, we successfully originated 1,226 PPP loans and secured funding of approximately $169.5 million for our customers. As of June 30, 2021, $252.8 million in PPP loan originations remain outstanding. During the quarter, 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 forgivenes...