Exhibit 99.1

NEWS

CONTACT:     Brian J. Richardson

UNIVEST FINANCIAL CORPORATION

Chief Financial Officer

215-721-2446, richardsonb@univest.net

FOR IMMEDIATE RELEASE

UNIVEST FINANCIAL CORPORATION

REPORTS FOURTH QUARTER AND 2021 RESULTS

(Loan Growth of 9.4% for last twelve months (excluding PPP loans1))

SOUDERTON, Pa., January 26, 2022 - Univest Financial Corporation (“Univest” or the "Corporation") (NASDAQ: UVSP), parent company of Univest Bank and Trust Co. (the "Bank") and its insurance, investments and equipment financing subsidiaries, today announced net income for the year ended December 31, 2021 of $91.8 million, or $3.11 diluted earnings per share, compared to net income of $46.9 million, or $1.60 diluted earnings per share, for the year ended December 31, 2020. Net income for the quarter ended December 31, 2021 was $17.4 million, or $0.59 diluted earnings per share, compared to net income of $25.9 million, or $0.88 diluted earnings per share, for the quarter ended December 31, 2020.

Pre-tax pre-provision income1 for the year ended December 31, 2021 was $104.2 million, an increase of $6.5 million, or 6.7%, from the prior year. Pre-tax pre-provision income1 for the quarter ended December 31, 2021 was $23.4 million, an increase of $456 thousand, or 2.0%, from the fourth quarter of 2020.

Acquisition

On December 1, 2021, Univest Insurance, LLC., the Bank's insurance subsidiary, completed the acquisition of the Paul I. Sheaffer Insurance Agency, a full-service firm providing insurance solutions to businesses and individuals in Central Pennsylvania.

1 Non-GAAP metric. A reconciliation of this and other non-GAAP financial measures is included at the end of this document.

Paycheck Protection Program

As of December 31, 2021, $31.7 million in PPP loans remain outstanding. During the fourth quarter, we recorded income of $1.6 million within net interest income related to these loans, of which $1.4 million was the result of recognition of associated net deferred loan fees upon forgiveness and pay downs of PPP loans totaling $55.4 million. During the year ended December 31, 2021, we recorded income of $15.0 million within net interest income related to these loans, of which $10.4 million was the result of recognition of associated net deferred loan fees upon forgiveness and pay downs of PPP loans totaling $630.7 million. As of December 31, 2021, we had $817 thousand of net deferred fees on our balance sheet, which represented approximately 4.5% of the initial deferred fee amount.

Loans

Gross loans and leases, excluding PPP loans2, increased $455.2 million, or 9.4%, from December 31, 2020 due to increases in commercial, construction, commercial real estate, and residential mortgage loans and lease financings. Gross loans and leases, excluding PPP loans2, increased $111.8 million, or 8.7% (annualized), from September 30, 2021 due to increases in construction, commercial real estate and commercial loans and lease financings.

Deposits

Total deposits increased $812.4 million, or 15.5%, from December 31, 2020, primarily due to increases in commercial, consumer and public funds deposits offset by a decrease in brokered deposits. Total deposits increased $117.0 million, or 7.9% (annualized), from September 30, 2021, primarily due to increases in commercial and consumer deposits offset by a decrease in public funds deposits.

Net Interest Income and Margin

Net interest income of $47.5 million for the three months ended December 31, 2021 increased $3.0 million, or 6.7%, from the three months ended December 31, 2020. The increase in net interest income for the three months ended December 31, 2021 compared to the same period of 2020 was primarily due to overall growth in loans, led by an increase in commercial real estate loan income of $2.2 million, and a $2.1 million decrease in the cost of interest-bearing liabilities offset by a decrease in PPP loan income of $1.6 million.

Net interest income of $188.4 million for the year ended December 31, 2021 increased $14.0 million, or 8.0%, from the prior year. The increase in net interest income for the year ended December 31, 2021 compared to 2020 was primarily due to an increase in PPP loan income of $7.0 million, an $8.2 million decrease in the cost of interest-bearing liabilities and growth in loans, primarily commercial real estate loans, partially offset by a decrease in loan yields, excluding PPP loans, and investment yields.

2 Non-GAAP metric. A reconciliation of this and other non-GAAP financial measures is included at the end of this document.

Net interest margin, on a tax-equivalent basis, was 2.86% for the fourth quarter of 2021, compared to 3.11% for the third quarter of 2021 and 3.02% for the fourth quarter of 2020. Excess liquidity reduced net interest margin by approximately 43 basis points for the quarter ended December 31, 2021 compared to 27 basis points for the quarter ended September 30, 2021 and 13 basis points for the quarter ended December 31, 2020. This excess liquidity was primarily driven by strong growth of deposit balances since the beginning of the COVID-19 pandemic, primarily due to the various pandemic-related stimulus initiatives. PPP loans had a favorable impact on net interest margin of eight basis points for the quarter ended December 31, 2021 compared to 20 basis points for the quarter ended September 30, 2021 and an unfavorable impact of seven basis points for the quarter ended December 31, 2020. As PPP loans are forgiven, the associated deferred fees are recognized in earnings, which occurred with greater frequency in 2021 as compared to 2020. Excluding the impact of excess liquidity and PPP loans, the net interest margin, on a tax-equivalent basis, was 3.21% for the quarter ended December 31, 2021 compared to 3.18% for the quarter ended September 30, 2021 and 3.22% for the quarter ended December 31, 2020.

Net interest margin, on a tax-equivalent basis, was 3.06% for the year ended December 31, 2021, compared to 3.16% for the year ended December 31, 2020. Excess liquidity reduced net interest margin by approximately 23 basis points for the year ended December 31, 2021 compared to 14 basis points for the year ended December 31, 2020. This excess liquidity was primarily driven by strong growth of deposit balances since the beginning of the COVID-19 pandemic, primarily due to the various pandemic-related stimulus initiatives. PPP loans had a favorable impact on net interest margin of 11 basis points for the year ended December 31, 2021 compared to an unfavorable impact of seven basis points for the year ended December 31, 2020. Excluding the impact of excess liquidity and PPP loans, the net interest margin, on a tax-equivalent basis, was 3.18% for the year ended December 31, 2021 compared to 3.37% for the year ended December 31, 2020.

Noninterest Income

Noninterest income for the quarter ended December 31, 2021 was $19.2 million, a decrease of $947 thousand, or 4.7%, from the comparable period in the prior year. Noninterest income for the year ended December 31, 2021 was $83.2 million, an increase of $4.9 million, or 6.3%, from the prior year.

Net gain on mortgage banking activities decreased $1.8 million, or 41.8%, for the quarter and $1.3 million, or 7.9%, for the year ended December 31, 2021 compared to the comparable periods in the prior year. The decrease for the three months and year ended December 31, 2021 was primarily due to a decrease in volume and a contraction of margins. Investment advisory commission and fee income increased $741 thousand, or 17.9%, for the quarter and $3.0 million, or 18.8%, for the year ended December 31, 2021 compared to the comparable periods in the prior year, due to increased assets under management driven by new customer relationships and favorable market conditions. BOLI income

decreased $14 thousand, or 1.9%, for the quarter and increased $1.0 million, or 35.4%, for the year ended December 31, 2021 compared to the comparable periods in the prior year, primarily due to proceeds from BOLI death benefits of $893 thousand and $196 thousand received in the second and third quarters of 2021, respectively.

Other service fee income increased $667 thousand, or 31.9%, for the quarter and $2.7 million, or 36.2%, for the year ended December 31, 2021 compared to the comparable periods in the prior year. Interchange fee income increased $260 thousand for the quarter and $1.2 million for the year ended December 31, 2021 compared to the comparable periods in the prior year, due to increased customer activity. Mortgage servicing fees increased $299 thousand for the quarter and $1.2 million for the year ended December 31, 2021 compared to the comparable period in the prior year, driven by an increase in retained servicing associated with elevated mortgage volume and reduced amortization due to decreased refinance activity and lower prepayment assumptions.

Other income decreased $928 thousand, or 47.9%, for the quarter and $1.5 million, or 24.7%, for the year ended December 31, 2021 compared to comparable periods in the prior year. Fees on risk participation agreements for interest rate swaps decreased $1.2 million and $3.5 million during the quarter and year ended December 31, 2021, respectively, compared to comparable periods in the prior year driven by a decrease in customer demand. Gain on the sale of SBA loans increased $354 thousand and $1.3 million during the quarter and year ended December 31, 2021, respectively, compared to comparable periods in the prior year. This increase was reflective of the Corporation's continued commitment to delivering comprehensive financial solutions to small businesses through the expansion of the SBA lending team during the first half of 2021. Other income also increased $347 thousand driven by an increase in the fair value of equity securities during the year ended December 31, 2021 compared to the year ended December 31, 2020.

Noninterest Expense

Noninterest expense for the quarter ended December 31, 2021 was $43.3 million, an increase of $1.6 million, or 3.8%, from the comparable period in the prior year. Noninterest expense for the year ended December 31, 2021 was $167.4 million, an increase of $12.4 million, or 8.0%, from the prior year.

Salaries, benefits and commissions increased $3.8 million, or 15.9%, for the quarter and $11.0 million, or 11.8%, for the year ended December 31, 2021 compared to the comparable periods in the prior year. These increases reflect our continued investment in revenue producing staff across all business lines and annual merit increases. The Corporation modified the vesting criteria for performance-based restricted stock grants in 2020 to better reflect the operating environment, which resulted in a benefit of $928 thousand in salaries, benefits and commissions in the fourth quarter of 2020. Additionally, variable

incentive compensation expenses increased $999 thousand and $3.6 million for the quarter and year ended December 31, 2021, respectively, from the comparable periods in the prior year, due to increased profitability.

Professional fees increased $314 thousand, or 21.9%, for the quarter and $2.3 million, or 44.0%, for the year ended December 31, 2021 compared to the comparable periods in the prior year, primarily attributable to increased consultant fees in support of our Diversity, Equity and Inclusion program, training initiatives and treasury management product enhancements. During 2021, we spent $1.5 million on these initiatives. These expenses are not expected to re-occur in subsequent periods. Data processing expenses increased $394 thousand, or 13.3%, for the quarter and $1.4 million, or 12.4%, for the year ended December 31, 2021 compared to the comparable periods in the prior year, 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.

Restructuring charges decreased $1.4 million for the quarter and year ended December 31, 2021 compared to the comparable periods in the prior year. These charges relate to the Corporation's financial center optimization plan announced in the fourth quarter of 2020. Other expense decreased $1.3 million, or 18.1%, for the quarter and $961 thousand, or 4.1%, for the year ended December 31, 2021 compared to the comparable periods in the prior year, primarily driven by extinguishment of long-term debt expense of $1.1 million and $1.8 million for the quarter and year ended December 31, 2020, respectively, offset primarily by increases in interchange expense driven by increased customer activity.

Asset Quality and Provision for Credit Losses

Nonperforming assets were $34.0 million at December 31, 2021, compared to $37.1 million at September 30, 2021 and $40.5 million at December 31, 2020.

Net loan and lease recoveries were $243 thousand during the fourth quarter of 2021 compared to net loan and lease charge-offs of $618 thousand for the same period in the prior year. The provision for credit losses was $1.4 million for the fourth quarter of 2021, of which $788 thousand (after-tax expense of $623 thousand), or $0.02 diluted earnings per share, was attributable to unfavorable changes in economic-related assumptions within the Corporation’s CECL model and $1.3 million was attributable to an increase in reserves for loans. These increases were offset by a decrease of $681 thousand in reserves for unfunded commitments and investment securities. The reversal of provision for credit losses was $8.7 million for the comparable period in the prior year, due to a reserve decrease of $8.2 million related to loans and leases and $690 thousand related to unfunded commitments, offset by a reserve increase of $176 thousand related to investment securities. $11.6 million (after-tax benefit of $9.2 million), or $0.31

diluted earnings per share, of the $8.7 million reversal of provision for credit losses was attributable to changes in economic-related assumptions within the Corporation’s CECL model.

Net loan and lease charge-offs were $213 thousand for the year ended December 31, 2021 compared to $4.6 million for the same period in the prior year. The reversal of provision for credit losses was $10.1 million for the year ended December 31, 2021, of which $17.9 million (after-tax benefit of $14.2 million), or $0.48 diluted earnings per share, was attributable to favorable changes in economic-related assumptions within the Corporation’s CECL model partially offset by a $7.4 million increase in reserves for loans. The provision for credit losses was $40.8 million for the prior year due to a reserve increase of $39.4 million related to loans and leases, $786 thousand related to reserves for unfunded commitments, and $569 thousand related to investment securities. $27.4 million (after-tax charge of $21.6 million), or $0.74 diluted earnings per share, of the $40.8 million of provision for credit losses was attributable to changes in economic-related assumptions within the Corporation’s CECL model.

The allowance for credit losses on loans and leases as a percentage of loans and leases held for investment was 1.35% at December 31, 2021, compared to 1.34% at September 30, 2021, and 1.56% at December 31, 2020. The allowance for credit losses on loans and leases as a percentage of loans and leases held for investment, excluding PPP loans3, was 1.36% at December 31, 2021 compared to 1.36% at September 30, 2021 and 1.72% at December 31, 2020.

Tax Provision

The effective income tax rate was 19.7% for the year ended December 31, 2021 compared to an effective income tax rate of 17.5% for the year ended December 31, 2020. The effective tax rate for the year ended December 31, 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.

Dividend

On January 26, 2022, Univest declared a quarterly cash dividend of $0.20 per share. The dividend will be paid on February 23, 2022 to shareholders of record as of February 9, 2022.

Conference Call

Univest will host a conference call to discuss fourth quarter and year end 2021 results on Thursday, January 27, 2022 at 9:00 a.m. EST. Participants may preregister at https://www.incommglobalevents.com/registration/q4inc/9616/univest-financial-corporation-to-hold-fourth-quarter -and-year-end-2021-earnings-call/.The general public can access the call by dialing 1-844-200-6205;

3 Non-GAAP metric. A reconciliation of this and other non-GAAP financial measures is included at the end of this document.

using Access Code 454983. A replay of the conference call will be available through February 28, 2022 by dialing 1-866-813-9403; using Access Code: 298990.

About Univest Financial Corporation

Univest Financial Corporation (UVSP), including its wholly-owned subsidiary Univest Bank and Trust Co., Member FDIC, has approximately $7.1 billion in assets and $4.9 billion in assets under management and supervision through its Wealth Management lines of business at December 31, 2021. Headquartered in Souderton, Pa. and founded in 1876, the Corporation and its subsidiaries provide a full range of financial solutions for individuals, businesses, municipalities and nonprofit organizations primarily in the Mid-Atlantic Region. Univest delivers these services through a network of more than 50 offices and online at www.univest.net.  

# # #

This press release and the reports Univest files with the Securities and Exchange Commission often contain "forward-looking statements" relating to trends or factors affecting the financial services industry and, specifically, the financial condition and results of operations, business and strategies of Univest. These forward-looking statements involve certain risks and uncertainties in that there are a number of important factors that could cause Univest's future results to differ materially from those expressed or implied by the forward-looking statements. These factors include, but are not limited to: (1) competition; (2) changes in interest rates; (3) changes in asset quality, prepayment speeds, loan sale volumes, charge-offs and credit loss provisions; (4) changes in economic conditions nationally and in our market; (5) economic assumptions that may impact our allowance for credit losses calculation; (6) legislative, regulatory or tax changes that may adversely affect businesses; (7) technological issues that may adversely affect our operations or those of our customers; (8) changes in the securities markets or (9) risk factors mentioned in the reports and registration statements Univest files with the Securities and Exchange Commission.

Additionally, it is difficult to predict the full impact of the COVID-19 pandemic 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 the result of the COVID-19 pandemic and the related adverse local and national economic consequences, we could be subject to any of the following risks, any of which could have a material, adverse effect on our business, financial condition, liquidity, and results of operations: (1) demand for our products and services may decline; (2) if economic conditions worsen, loan delinquencies, problem assets, and foreclosures may increase and our allowance for credit losses may have to be increased; (3) collateral for loans, especially real estate, may decline in value; (4) the net worth and liquidity of loan guarantors may decline, impairing their ability to honor commitments to us; (5) 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; (6) our wealth management revenues may decline with continuing market turmoil; (7) litigation, regulatory enforcement risk and reputation risk regarding our participation in the Paycheck Protection Program and the risk that the Small Business Administration may not fund some or all PPP loan guarantees; and (8) our cyber security risks are increased as the result of an increase in the number of employees working remotely. Univest undertakes no obligation to revise these forward-looking statements or to reflect events or circumstances after the date of this press release.

(UVSP - ER)

Univest Financial Corporation
Consolidated Selected Financial Data (Unaudited)
December 31, 2021
(Dollars in thousands)
Balance Sheet (Period End)	12/31/2021			9/30/2021			6/30/2021			3/31/2021			12/31/2020
Assets	$	7,122,421		$	6,979,852		$	6,356,305		$	6,416,665		$	6,336,496
Cash and cash equivalents	890,150			902,357			203,449			187,317			219,858
Investment securities, net of allowance for credit losses	496,989			393,377			397,426			377,506			373,176
Loans held for sale	21,600			29,093			27,322			22,636			37,039
Loans and leases held for investment, gross	5,310,017			5,252,045			5,327,313			5,415,006			5,306,841
Allowance for credit losses, loans and leases	71,924			70,146			71,355			71,497			83,044
Loans and leases held for investment, net	5,238,093			5,181,899			5,255,958			5,343,509			5,223,797
Total deposits	6,055,124			5,938,154			5,318,704			5,311,592			5,242,715
Noninterest-bearing deposits	2,065,423			1,861,007			1,872,031			1,857,547			1,690,663
Interest-bearing demand, money market and savings	3,505,535			3,583,107			2,954,450			2,979,834			2,988,277
Time deposits	484,166			494,040			492,223			474,211			563,775
Borrowings	213,980			207,898			218,970			295,293			311,421
Shareholders' equity	773,794			756,023			739,998			722,455			692,472
Balance Sheet (Average)	For the three months ended,															For the twelve months ended,
	12/31/2021			9/30/2021			6/30/2021			3/31/2021			12/31/2020			12/31/2021			12/31/2020
Assets	$	7,088,289		$	6,698,177		$	6,443,629		$	6,383,463		$	6,353,519		$	6,655,443		$	6,006,877
Investment securities, net of allowance for credit losses	469,588			395,280			385,694			374,369			369,511			406,463			402,011
Loans and leases, gross	5,255,279			5,320,411			5,389,110			5,325,897			5,253,720			5,322,475			4,888,801
Deposits	6,041,798			5,666,725			5,351,089			5,296,147			5,222,452			5,591,195			4,850,890
Shareholders' equity	762,334			746,185			728,750			699,736			676,426			734,456			668,201
Asset Quality Data (Period End)
	12/31/2021			9/30/2021			6/30/2021			3/31/2021			12/31/2020
Nonaccrual loans and leases, including nonaccrual troubled debt restructured loans and leases and nonaccrual loans held for sale	$	33,210		$	34,528		$	37,466		$	29,996		$	31,692
Accruing loans and leases 90 days or more past due	498			2,204			750			664			1,392
Accruing troubled debt restructured loans and leases	51			51			52			52			53
Total nonperforming loans and leases	33,759			36,783			38,268			30,712			33,137
Other real estate owned	279			279			279			7,481			7,355
Total nonperforming assets	$	34,038		$	37,062		$	38,547		$	38,193		$	40,492
Nonaccrual loans and leases / Loans and leases held for investment and nonaccrual loans held for sale	0.63		%	0.66		%	0.70		%	0.55		%	0.60		%
Nonperforming loans and leases / Loans and leases held for investment	0.64		%	0.70		%	0.72		%	0.57		%	0.62		%
Nonperforming assets / Total assets	0.48		%	0.53		%	0.61		%	0.60		%	0.64		%
Allowance for credit losses, loans and leases	$	71,924		$	70,146		$	71,355		$	71,497		$	83,044
Allowance for credit losses, loans and leases / Loans and leases held for investment	1.35		%	1.34		%	1.34		%	1.32		%	1.56		%
Allowance for credit losses, loans and leases / Loans and leases held for investment, excluding Paycheck Protection Program loans (1)	1.36		%	1.36		%	1.41		%	1.46		%	1.72		%
Allowance for credit losses, loans and leases / Nonaccrual loans and leases held for investment	216.57		%	203.16		%	212.97		%	238.36		%	262.03		%
Allowance for credit losses, loans and leases / Nonperforming loans and leases held for investment	213.05		%	190.70		%	208.00		%	232.80		%	250.61		%
	For the three months ended,															For the twelve months ended,
	12/31/2021			9/30/2021			6/30/2021			3/31/2021			12/31/2020			12/31/2021			12/31/2020
Net loan and lease (recoveries) charge-offs	$	(243)		$	(75)		$	243		$	288		$	618		$	213		$	4,648
Net loan and lease (recoveries) charge-offs (annualized)/Average loans and leases	(0.02		%)	(0.01		%)	0.02		%	0.02		%	0.05		%	—		%	0.10		%
(1) Non-GAAP metric. A reconciliation of this and other non-GAAP financial measures is included at the end of this document.

Univest Financial Corporation
Consolidated Selected Financial Data (Unaudited)
December 31, 2021
(Dollars in thousands, except per share data)
	For the three months ended,										For the twelve months ended,
For the period:	12/31/2021		9/30/2021		6/30/2021		3/31/2021		12/31/2020		12/31/2021		12/31/2020
Interest income	$	52,262	$	53,571	$	52,441	$	51,457	$	51,334	$	209,731	$	203,945
Interest expense	4,737		4,884		5,684		6,043		6,813		21,348		29,584
Net interest income	47,525		48,687		46,757		45,414		44,521		188,383		174,361
Provision (reversal of provision) for credit losses	1,392		(182)		(59)		(11,283)		(8,721)		(10,132)		40,794
Net interest income after provision for credit losses	46,133		48,869		46,816		56,697		53,242		198,515		133,567
Noninterest income:
Trust fee income	2,086		2,126		2,157		2,034		1,974		8,403		7,703
Service charges on deposit accounts	1,486		1,422		1,314		1,282		1,371		5,504		4,845
Investment advisory commission and fee income	4,885		4,796		4,558		4,697		4,144		18,936		15,944
Insurance commission and fee income	3,726		3,837		3,839		4,955		3,512		16,357		16,087
Other service fee income	2,759		2,576		2,748		2,192		2,092		10,275		7,543
Bank owned life insurance income	719		925		1,620		717		733		3,981		2,940
Net gain on sales of investment securities	5		21		54		65		54		145		871
Net gain on mortgage banking activities	2,518		3,224		3,461		5,938		4,323		15,141		16,442
Other income	1,008		1,625		479		1,370		1,936		4,482		5,953
Total noninterest income	19,192		20,552		20,230		23,250		20,139		83,224		78,328
Noninterest expense:
Salaries, benefits and commissions	27,374		26,641		25,396		24,780		23,613		104,191		93,208
Net occupancy	2,477		2,525		2,656		2,739		2,697		10,397		10,358
Equipment	985		1,000		968		946		951		3,899		3,841
Data processing	3,355		3,274		3,064		3,050		2,961		12,743		11,333
Professional fees	1,750		2,174		2,015		1,748		1,436		7,687		5,338
Marketing and advertising	683		539		561		280		575		2,063		1,975
Deposit insurance premiums	698		765		613		636		765		2,712		2,591
Intangible expenses	267		214		249		249		282		979		1,216
Restructuring charges	—		—		—		—		1,439		—		1,439
Other expense	5,746		6,116		5,764		5,112		7,015		22,738		23,699
Total noninterest expense	43,335		43,248		41,286		39,540		41,734		167,409		154,998
Income before taxes	21,990		26,173		25,760		40,407		31,647		114,330		56,897
Income tax expense	4,578		5,262		4,885		7,804		5,773		22,529		9,981
Net income	$	17,412	$	20,911	$	20,875	$	32,603	$	25,874	$	91,801	$	46,916
Net income per share:
Basic	$	0.59	$	0.71	$	0.71	$	1.11	$	0.88	$	3.12	$	1.60
Diluted	$	0.59	$	0.71	$	0.71	$	1.11	$	0.88	$	3.11	$	1.60
Dividends declared per share (1)	$	0.20	$	0.20	$	0.20	$	0.20	$	—	$	0.80	$	0.60
Weighted average shares outstanding	29,471,304		29,420,256		29,389,525		29,327,432		29,274,915		29,402,845		29,243,773
Period end shares outstanding	29,500,542		29,438,402		29,411,731		29,379,575		29,295,052		29,500,542		29,295,052
(1) As announced in the September 30, 2020 Earnings Release, the Corporation changed the timing of future dividend declarations and payments.

Univest Financial Corporation
Consolidated Selected Financial Data (Unaudited)
December 31, 2021
	For the three months ended,															For the twelve months ended,
Profitability Ratios (annualized)	12/31/2021			9/30/2021			6/30/2021			3/31/2021			12/31/2020			12/31/2021			12/31/2020
Return on average assets	0.97		%	1.24		%	1.30		%	2.07		%	1.62		%	1.38		%	0.78		%
Return on average assets, excluding restructuring charges (1)	0.97		%	1.24		%	1.30		%	2.07		%	1.69		%	1.38		%	0.80		%
Return on average shareholders' equity	9.06		%	11.12		%	11.49		%	18.90		%	15.22		%	12.50		%	7.02		%
Return on average shareholders' equity, excluding restructuring charges (1)	9.06		%	11.12		%	11.49		%	18.90		%	15.89		%	12.50		%	7.19		%
Return on average tangible common equity (1)	11.79		%	14.51		%	15.11		%	25.20		%	20.54		%	16.41		%	9.52		%
Return on average tangible common equity, excluding restructuring charges (1)	11.79		%	14.51		%	15.11		%	25.20		%	21.44		%	16.41		%	9.76		%
Net interest margin (FTE)	2.86		%	3.11		%	3.15		%	3.12		%	3.02		%	3.06		%	3.16		%
Efficiency ratio (2)	64.3		%	61.8		%	60.7		%	57.0		%	63.8		%	60.9		%	60.6		%
Efficiency ratio, excluding restructuring charges (1) (2)	64.3		%	61.8		%	60.7		%	57.0		%	61.6		%	60.9		%	60.0		%
Capitalization Ratios
Dividends declared to net income (3)	33.9		%	28.1		%	28.2		%	18.0		%	—		%	25.6		%	37.4		%
Shareholders' equity to assets (Period End)	10.86		%	10.83		%	11.64		%	11.26		%	10.93		%	10.86		%	10.93		%
Tangible common equity to tangible assets (1)	8.56		%	8.55		%	9.15		%	8.77		%	8.40		%	8.56		%	8.40		%
Common equity book value per share	$	26.23		$	25.68		$	25.16		$	24.59		$	23.64		$	26.23		$	23.64
Tangible common equity book value per share (1)	$	20.14		$	19.75		$	19.22		$	18.64		$	17.66		$	20.14		$	17.66
Regulatory Capital Ratios (Period End)
Tier 1 leverage ratio	9.13		%	9.53		%	9.64		%	9.45		%	9.08		%	9.13		%	9.08		%
Common equity tier 1 risk-based capital ratio	11.08		%	11.15		%	11.04		%	11.08		%	10.76		%	11.08		%	10.76		%
Tier 1 risk-based capital ratio	11.08		%	11.15		%	11.04		%	11.08		%	10.76		%	11.08		%	10.76		%
Total risk-based capital ratio	13.77		%	13.87		%	13.82		%	15.13		%	15.31		%	13.77		%	15.31		%
(1) Non-GAAP metric. A reconciliation of this and other non-GAAP financial measures is included at the end of this document.
(2) Noninterest expense to net interest income before loan loss provision plus noninterest income adjusted for tax equivalent income.
(3) As announced in the September 30, 2020 Earnings Release, the Corporation changed the timing of future dividend declarations and payments.

Univest Financial Corporation
Average Balances and Interest Rates (Unaudited)
	For the Three Months Ended,
Tax Equivalent Basis	December 31, 2021						September 30, 2021
	Average		Income/		Average		Average		Income/		Average
(Dollars in thousands)	Balance		Expense		Rate		Balance		Expense		Rate
Assets:
Interest-earning deposits with other banks	$	914,287	$	370	0.16	%	$	530,191	$	189	0.14	%
U.S. government obligations	6,999		37		2.10		6,999		36		2.04
Obligations of state and political subdivisions	2,334		19		3.23		2,992		24		3.18
Other debt and equity securities	460,255		1,845		1.59		385,289		1,516		1.56
Federal Home Loan Bank, Federal Reserve Bank and other stock	28,402		375		5.24		26,713		334		4.96
Total interest-earning deposits, investments and other interest-earning assets	1,412,277		2,646		0.74		952,184		2,099		0.87
Commercial, financial, and agricultural loans	869,471		7,022		3.20		880,986		7,412		3.34
Paycheck Protection Program loans	53,745		1,568		11.57		162,611		4,162		10.15
Real estate—commercial and construction loans	2,826,720		26,669		3.74		2,784,398		25,634		3.65
Real estate—residential loans	1,107,911		10,165		3.64		1,100,799		10,171		3.67
Loans to individuals	26,462		249		3.73		26,048		253		3.85
Municipal loans and leases	245,038		2,515		4.07		247,603		2,504		4.01
Lease financings	125,932		1,951		6.15		117,966		1,856		6.24
Gross loans and leases	5,255,279		50,139		3.79		5,320,411		51,992		3.88
Total interest-earning assets	6,667,556		52,785		3.14		6,272,595		54,091		3.42
Cash and due from banks	54,958						59,642
Allowance for credit losses, loans and leases	(71,020)						(72,606)
Premises and equipment, net	56,087						55,685
Operating lease right-of-use assets	31,048						31,998
Other assets	349,660						350,863
Total assets	$	7,088,289					$	6,698,177
Liabilities:
Interest-bearing checking deposits	$	939,478	$	493	0.21	%	$	857,098	$	537	0.25	%
Money market savings	1,616,890		968		0.24		1,382,832		922		0.26
Regular savings	997,814		253		0.10		998,568		281		0.11
Time deposits	487,434		1,370		1.12		496,702		1,490		1.19
Total time and interest-bearing deposits	4,041,616		3,084		0.30		3,735,200		3,230		0.34
Short-term borrowings	14,144		1		0.03		15,116		2		0.05
Long-term debt	95,000		325		1.36		95,000		324		1.35
Subordinated notes	98,833		1,327		5.33		98,754		1,328		5.34
Total borrowings	207,977		1,653		3.15		208,870		1,654		3.14
Total interest-bearing liabilities	4,249,593		4,737		0.44		3,944,070		4,884		0.49
Noninterest-bearing deposits	2,000,182						1,931,525
Operating lease liabilities	34,114						35,094
Accrued expenses and other liabilities	42,066						41,303
Total liabilities	6,325,955						5,951,992
Shareholders' Equity:
Common stock	157,784						157,784
Additional paid-in capital	298,508						297,482
Retained earnings and other equity	306,042						290,919
Total shareholders' equity	762,334						746,185
Total liabilities and shareholders' equity	$	7,088,289					$	6,698,177
Net interest income			$	48,048					$	49,207
Net interest spread					2.70						2.93
Effect of net interest-free funding sources					0.16						0.18
Net interest margin					2.86	%					3.11	%
Ratio of average interest-earning assets to average interest-bearing liabilities	156.90		%				159.04		%
Note 1: For rate calculation purposes, average loan and lease categories include deferred fees and costs and purchase accounting adjustment.
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 December 31, 2021 and September 30, 2021 have been calculated using the Corporation’s federal applicable rate of 21.0%.

Univest Financial Corporation
Average Balances and Interest Rates (Unaudited)
	For the Three Months Ended December 31,
Tax Equivalent Basis	2021						2020
	Average		Income/		Average		Average		Income/		Average
(Dollars in thousands)	Balance		Expense		Rate		Balance		Expense		Rate
Assets:
Interest-earning deposits with other banks	$	914,287	$	370	0.16	%	$	296,258	$	82	0.11	%
U.S. government obligations	6,999		37		2.10		6,998		36		2.05
Obligations of state and political subdivisions	2,334		19		3.23		14,269		129		3.60
Other debt and equity securities	460,255		1,845		1.59		348,244		1,237		1.41
Federal Home Loan Bank, Federal Reserve Bank and other stock	28,402		375		5.24		29,838		438		5.84
Total interest-earning deposits, investments and other interest-earning assets	1,412,277		2,646		0.74		695,607		1,922		1.10
Commercial, financial, and agricultural loans	869,471		7,022		3.20		824,374		7,366		3.55
Paycheck Protection Program loans	53,745		1,568		11.57		497,035		3,133		2.51
Real estate—commercial and construction loans	2,826,720		26,669		3.74		2,518,056		24,388		3.85
Real estate—residential loans	1,107,911		10,165		3.64		1,025,818		10,345		4.01
Loans to individuals	26,462		249		3.73		27,427		289		4.19
Municipal loans and leases	245,038		2,515		4.07		258,627		2,776		4.27
Lease financings	125,932		1,951		6.15		102,383		1,690		6.57
Gross loans and leases	5,255,279		50,139		3.79		5,253,720		49,987		3.79
Total interest-earning assets	6,667,556		52,785		3.14		5,949,327		51,909		3.47
Cash and due from banks	54,958						53,360
Allowance for credit losses, loans and leases	(71,020)						(92,766)
Premises and equipment, net	56,087						55,653
Operating lease right-of-use assets	31,048						34,272
Other assets	349,660						353,673
Total assets	$	7,088,289					$	6,353,519
Liabilities:
Interest-bearing checking deposits	$	939,478	$	493	0.21	%	$	838,323	$	537	0.25	%
Money market savings	1,616,890		968		0.24		1,213,585		898		0.29
Regular savings	997,814		253		0.10		905,918		341		0.15
Time deposits	487,434		1,370		1.12		582,782		2,034		1.39
Total time and interest-bearing deposits	4,041,616		3,084		0.30		3,540,608		3,810		0.43
Short-term borrowings	14,144		1		0.03		15,091		2		0.05
Long-term debt	95,000		325		1.36		169,623		611		1.43
Subordinated notes	98,833		1,327		5.33		193,244		2,390		4.92
Total borrowings	207,977		1,653		3.15		377,958		3,003		3.16
Total interest-bearing liabilities	4,249,593		4,737		0.44		3,918,566		6,813		0.69
Noninterest-bearing deposits	2,000,182						1,681,844
Operating lease liabilities	34,114						37,616
Accrued expenses and other liabilities	42,066						39,067
Total liabilities	6,325,955						5,677,093
Shareholders' Equity:
Common stock	157,784						157,784
Additional paid-in capital	298,508						296,810
Retained earnings and other equity	306,042						221,832
Total shareholders' equity	762,334						676,426
Total liabilities and shareholders' equity	$	7,088,289					$	6,353,519
Net interest income			$	48,048					$	45,096
Net interest spread					2.70						2.78
Effect of net interest-free funding sources					0.16						0.24
Net interest margin					2.86	%					3.02	%
Ratio of average interest-earning assets to average interest-bearing liabilities	156.90		%				151.82		%
Note 1: 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 December 31, 2021 and 2020 have been calculated using the Corporation’s federal applicable rate of 21.0%.

Univest Financial Corporation
Average Balances and Interest Rates (Unaudited)
	For the Twelve Months Ended December 31,
Tax Equivalent Basis	2021						2020
	Average		Income/		Average		Average		Income/		Average
(Dollars in thousands)	Balance		Expense		Rate		Balance		Expense		Rate
Assets:
Interest-earning deposits with other banks	$	476,351	$	661	0.14	%	$	274,372	$	574	0.21	%
U.S. government obligations	6,999		144		2.06		7,132		145		2.03
Obligations of state and political subdivisions	5,702		206		3.61		23,065		825		3.58
Other debt and equity securities	393,762		5,992		1.52		371,814		7,697		2.07
Federal Home Loan Bank, Federal Reserve Bank and other stock	26,844		1,417		5.28		29,726		1,746		5.87
Total interest-earning deposits, investments and other interest-earning assets	909,658		8,420		0.93		706,109		10,987		1.56
Commercial, financial, and agricultural loans	840,133		28,142		3.35		817,489		30,657		3.75
Paycheck Protection Program loans	281,484		15,032		5.34		342,920		8,072		2.35
Real estate—commercial and construction loans	2,734,259		101,692		3.72		2,312,996		94,962		4.11
Real estate—residential loans	1,077,952		40,045		3.71		1,007,915		42,047		4.17
Loans to individuals	26,062		1,018		3.91		28,792		1,332		4.63
Municipal loans and leases	247,396		10,147		4.10		283,495		11,857		4.18
Lease financings	115,189		7,363		6.39		95,194		6,498		6.83
Gross loans and leases	5,322,475		203,439		3.82		4,888,801		195,425		4.00
Total interest-earning assets	6,232,133		211,859		3.40		5,594,910		206,412		3.69
Cash and due from banks	55,724						52,000
Allowance for credit losses, loans and leases	(74,943)						(73,459)
Premises and equipment, net	55,875						55,888
Operating lease right-of-use assets	32,758						34,277
Other assets	353,896						343,261
Total assets	$	6,655,443					$	6,006,877
Liabilities:
Interest-bearing checking deposits	$	850,713	$	2,007	0.24	%	$	692,049	$	2,173	0.31	%
Money market savings	1,366,762		3,574		0.26		1,113,039		5,551		0.50
Regular savings	983,752		1,114		0.11		874,366		2,057		0.24
Time deposits	498,638		6,178		1.24		572,103		9,835		1.72
Total time and interest-bearing deposits	3,699,865		12,873		0.35		3,251,557		19,616		0.60
Short-term borrowings	16,552		8		0.05		86,658		327		0.38
Long-term debt	96,562		1,318		1.36		189,410		2,879		1.52
Subordinated notes	137,896		7,149		5.18		134,949		6,762		5.01
Total borrowings	251,010		8,475		3.38		411,017		9,968		2.43
Total interest-bearing liabilities	3,950,875		21,348		0.54		3,662,574		29,584		0.81
Noninterest-bearing deposits	1,891,330						1,599,333
Operating lease liabilities	36,001						37,557
Accrued expenses and other liabilities	42,781						39,212
Total liabilities	5,920,987						5,338,676
Shareholders' Equity:
Common stock	157,784						157,784
Additional paid-in capital	297,189						296,023
Retained earnings and other equity	279,483						214,394
Total shareholders' equity	734,456						668,201
Total liabilities and shareholders' equity	$	6,655,443					$	6,006,877
Net interest income			$	190,511					$	176,828
Net interest spread					2.86						2.88
Effect of net interest-free funding sources					0.20						0.28
Net interest margin					3.06	%					3.16	%
Ratio of average interest-earning assets to average interest-bearing liabilities	157.74		%				152.76		%
Note 1: 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 twelve months ended December 31, 2021 and 2020 have been calculated using the Corporation’s federal applicable rate of 21.0%.

Univest Financial Corporation
Loan Portfolio Overview (Unaudited)
(Dollars in thousands)	As of December 31, 2021
Industry Description	Total Outstanding Balance (excl PPP)		% of Commercial Loan Portfolio		$ Balance of Modified Loans (1)		Modified Loans as a % of Portfolio (excl PPP) (1)
CRE - Retail	$	350,373	8.0	%	$	—	—	%
Animal Production	304,487		7.0		—		—
CRE - 1-4 Family Residential Investment	255,397		5.8		—		—
CRE - Office	235,078		5.4		—		—
CRE - Multi-family	222,488		5.1		—		—
Nursing and Residential Care Facilities	169,708		3.9		—		—
Hotels & Motels (Accommodation)	169,397		3.9		1,437		0.8
CRE - Industrial / Warehouse	169,329		3.9		—		—
Education	162,776		3.7		—		—
Specialty Trade Contractors	130,418		3.0		—		—
CRE - Mixed-Use - Residential	121,019		2.8		3,405		2.8
Merchant Wholesalers, Durable Goods	110,675		2.5		—		—
CRE - Medical Office	106,348		2.4		—		—
Homebuilding (tract developers, remodelers)	93,469		2.1		—		—
Real Estate Lenders, Secondary Market Financing	87,389		2.0		—		—
Crop Production	81,704		1.9		—		—
Motor Vehicle and Parts Dealers	78,292		1.8		—		—
Food Manufacturing	75,587		1.7		—		—
Wood Product Manufacturing	70,769		1.6		—		—
Rental and Leasing Services	69,048		1.6		—		—
Administrative and Support Services	66,529		1.5		—		—
Personal and Laundry Services	62,051		1.4		—		—
Food Services and Drinking Places	59,636		1.4		—		—
Fabricated Metal Product Manufacturing	58,924		1.3		—		—
Merchant Wholesalers, Nondurable Goods	57,114		1.3		—		—
Repair and Maintenance	53,820		1.2		—		—
Miniwarehouse / Self-Storage	51,987		1.2		—		—
Religious Organizations, Advocacy Groups	50,432		1.2		—		—
Industries with >$50 million in outstandings	$	3,524,244	80.7	%	$	4,842	0.1	%
Industries with <$50 million in outstandings	$	844,505	19.3	%	$	981	0.1	%
Total Commercial Loans	$	4,368,749	100.0	%	$	5,823	0.1	%
Consumer Loans and Lease Financings	Total Outstanding Balance				$ Balance of Modified Loans (1)		Modified Loans as a % of Portfolio (excl PPP) (1)
Real Estate-Residential Secured for Personal Purpose	$	540,566			$	338	0.1	%
Real Estate-Home Equity Secured for Personal Purpose	158,909				—		—
Loans to Individuals	25,504				14		0.1
Lease Financings	184,541				33		—
Total Consumer Loans and Lease Financings	$	909,520			$	385	—	%
Total	$	5,278,269			$	6,208	0.1	%

(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 December 31, 2021.

Univest Financial Corporation
Non-GAAP Reconciliation
December 31, 2021
Management uses non-GAAP measures in its analysis of the Corporation's performance. These measures should not be considered a substitute for GAAP basis measures nor should they be viewed as a substitute for operating results determined in accordance with GAAP. Management believes the presentation of the non-GAAP financial measures, which exclude the impact of the specified items, provides useful supplemental information that is essential to a proper understanding of the financial results of the Corporation. See the table below for additional information on non-GAAP measures used throughout this earnings release.
	As of or for the three months ended,															As of or for the twelve months ended,
(Dollars in thousands)	12/31/2021			9/30/2021			6/30/2021			3/31/2021			12/31/2020			12/31/2021			12/31/2020
Restructuring charges (a)	$	—		$	—		$	—		$	—		$	1,439		$	—		$	1,439
Tax effect of restructuring charges	—			—			—			—			(302)			—			(302)
Restructuring charges, net of tax	$	—		$	—		$	—		$	—		$	1,137		$	—		$	1,137
Shareholders' equity	$	773,794		$	756,023		$	739,998		$	722,455		$	692,472		$	773,794		$	692,472
Goodwill	(175,510)			(172,559)			(172,559)			(172,559)			(172,559)			(175,510)			(172,559)
Other intangibles (b)	(4,210)			(1,922)			(2,073)			(2,326)			(2,580)			(4,210)			(2,580)
Tangible common equity	$	594,074		$	581,542		$	565,366		$	547,570		$	517,333		$	594,074		$	517,333
Total assets	$	7,122,421		$	6,979,852		$	6,356,305		$	6,416,665		$	6,336,496		$	7,122,421		$	6,336,496
Goodwill	(175,510)			(172,559)			(172,559)			(172,559)			(172,559)			(175,510)			(172,559)
Other intangibles (b)	(4,210)			(1,922)			(2,073)			(2,326)			(2,580)			(4,210)			(2,580)
Tangible assets	$	6,942,701		$	6,805,371		$	6,181,673		$	6,241,780		$	6,161,357		$	6,942,701		$	6,161,357
Average shareholders' equity	$	762,334		$	746,185		$	728,750		$	699,736		$	676,426		$	734,456		$	668,201
Average goodwill	(173,553)			(172,559)			(172,559)			(172,559)			(172,559)			(172,810)			(172,559)
Average other intangibles (b)	(2,696)			(1,983)			(2,209)			(2,464)			(2,734)			(2,338)			(3,181)
Average tangible common equity	$	586,085		$	571,643		$	553,982		$	524,713		$	501,133		$	559,308		$	492,461
Net income before taxes	$	21,990		$	26,173		$	25,760		$	40,407		$	31,647		$	114,330		$	56,897
Provision for credit losses	1,392			(182)			(59)			(11,283)			(8,721)			(10,132)			40,794
Pre-tax pre-provision income	$	23,382		$	25,991		$	25,701		$	29,124		$	22,926		$	104,198		$	97,691
Loans and leases held for investment, gross	$	5,310,017		$	5,252,045		$	5,327,313		$	5,415,006		$	5,306,841		$	5,310,017		$	5,306,841
Paycheck Protection Program ("PPP") loans	(31,748)			(85,601)			(252,849)			(528,452)			(483,773)			(31,748)			(483,773)
Gross loans and leases, excluding PPP loans	$	5,278,269		$	5,166,444		$	5,074,464		$	4,886,554		$	4,823,068		$	5,278,269		$	4,823,068
Allowance for credit losses, loans and leases	$	71,924		$	70,146		$	71,355		$	71,497		$	83,044		$	71,924		$	83,044
Gross loans and leases, excluding PPP loans	5,278,269			5,166,444			5,074,464			4,886,554			4,823,068			5,278,269			4,823,068
Allowance for credit losses, loans and leases as a percentage of gross loans and leases excluding PPP loans	1.36		%	1.36		%	1.41		%	1.46		%	1.72		%	1.36		%	1.72		%
(a) Associated with financial center optimization plan
(b) Amount does not include mortgage servicing rights