Our Franchise
Shareholder Information
145
YEARS OF BUSINESS
SUCCESS
920
EMPLOYEES
MAKING IT HAPPEN
37
FINANCIAL
CENTERS
12
COMMERCIAL &
CORPORATE OFFICES
8
WEALTH
OFFICES
5
INSURANCE
OFFICES
2021
Integrated Successes
$4.9b
ASSETS UNDER
MANAGEMENT AND
SUPERVISION
$1.4b
LOANS SERVICED
FOR OTHERS
$195m
TOTAL INSURANCE
WRITTEN PREMIUM
Shareholders’ Meeting
The Annual Shareholders’ Meeting will take place at 9:00 a.m. on Wednesday, April 27, 2022 at
Indian Valley Country Club, 650 Bergey Road, Telford, PA 18969. There will also be an option
to attend virtually.
Univest Stock Transfer Agent
For more information on Univest Financial Corporation common stock, contact Broadridge
Corporate Issuer Solutions or visit the investor relations section at www.univest.net.
Regular Mail Communications:
Broadridge Corporate Issuer Solutions, Inc.
PO Box 1342
Brentwood, NY 11717
Phone Number: 866-321-8021
Email Address: shareholder@broadridge.com
Website: https://investor.broadridge.com
Overnight Mail Communications:
Broadridge Corporate Issuer Solutions, Inc.
ATTN: IWS
1155 Long Island Avenue
Edgewood, NY 11717
Univest Shareholder Contact
For more information on Univest Financial Corporation, please call 877.723.5571.
Common Stock Information
Traded on the NASDAQ National Market, symbol: UVSP.
ESG Report
Being a responsible corporate citizen is at the core of how we operate. Environmental, social
and governance (ESG) considerations are incorporated into our culture and integrated into the
policies and principles that govern the way we do business. To view our 2021 ESG report which
provides a comprehensive view of our efforts in these areas, visit: www.univest.net/who-we-are/
corporate-responsibility.
“He gives strength to the weary and increases the power of the weak… but those
who hope in the Lord will renew their strength. They will soar on wings like
eagles; they will run and not grow weary, they will walk and not be faint.”
- Isaiah 40:29, 31
$185m
EQUIPMENT FINANCE
OUTSTANDINGS
NET INTEREST
INCOME
69% REVENUE FROM
31% REVENUE FROM
FEE INCOME
OPERATIONS
2021
ANNUAL REPORT
UNIVEST FINANCIAL CORPORATION
A letter from our Chairman
& President and CEO
To Our Family of Shareholders, Customers and Employees:
As we look back on another year navigating the challenges presented
by the ongoing pandemic, what stands out is how the Univest Family
persevered. Thanks to our growth mindset and ability to adapt, it was a
successful year for Univest Financial Corporation. We had a year with
very strong financial results, made significant progress on strategic
initiatives and provided meaningful support for the communities we
serve.
Over the course of the year, we maintained our commitment to
supporting local businesses. Our participation in the Paycheck
Protection Program (PPP) remained a priority as we facilitated loans
from the second round of funding and helped our customers navigate the
forgiveness phase. Thanks to our strategic approach to operations and
processing from the very start as well as our commitment to customer
experience and the ongoing hard work and dedication from employees
across our organization, we were a valuable resource to business owners, their employees and our communities.
Jeffrey M. Schweitzer, William S. Aichele
In addition to our impressive PPP efforts, we had a year of exceptional organic loan growth which is a testament
to the dedication of our team, the strength of our relationships with our customers and our commitment to the
communities we serve. The East Penn and NJ Commercial Banking division again closed more than $1 billion
in loan commitments in 2021 while the Ag Lending team in our Central PA division surpassed $500 million in
outstanding loans and was recognized as the second largest agricultural lender in Pennsylvania. In 2021, we also
expanded our SBA team to better meet the needs of small businesses across our markets.
Thanks to our strategic approach to our digital evolution and significant investments in technology, we continued
to see our customers embrace our online and mobile solutions. As more customers adopted these solutions, the
need for as many physical locations continued to decline and we continued to execute on our financial center
optimization plan. As planned, we consolidated or relocated eight financial centers to address this shift in
customer preference which was accelerated due to the impacts of the COVID-19 pandemic.
In 2021, we marked the five-year anniversary of two events that were key in helping accelerate our growth and
transform Univest into a regional financial institution. One was our entrance into the Lancaster market which
has since led to our further expansion into Central Pennsylvania. The second event was Univest’s acquisition of
Fox Chase Bank. In the five years since closing the acquisition, it has been a great success for both Fox Chase
and Univest shareholders. Both of these events have been a significant reason for our 10% average annual loan
growth over the past five years and brought great people to the Univest Family and people are the most valuable
asset for any organization. We thrive at Univest because of our culture and the dedication of more than 900
members of the Univest Family who work each day to move the Corporation forward and help our customers
and communities achieve their financial dreams.
An important part of our culture is our focus on becoming a more inclusive and diverse organization. We
continued our work with Diversity, Equity and Inclusion (DEI) specialists at PricewaterhouseCoopers who
conducted a DEI assessment of the organization. The resulting transparency report was shared with all
employees and is helping to guide our approach. A company-wide Town Hall meeting and monthly newsletters
were key components in our efforts to drive awareness around DEI topics. We look forward to continuing this
journey with DEI learning launching in 2022.
On June 12, 2021, we celebrated Univest’s 145th anniversary. As we reflect on our history, we are grateful to
have maintained our mission as we serve our customers, communities, employees and shareholders. As you
review the 2021 Annual Report, you will see that we were able to successfully move Univest forward despite
the uncertain times. As we navigate through 2022, there will undoubtedly be new challenges but also new
opportunities to help our customers achieve their financial dreams. We have good momentum and are confident
in our ability to strengthen our franchise and enhance shareholder value. On behalf of the entire Univest family,
thank you for your trust, support and investment.
Sincerely,
William S. Aichele
Chairman
Jeffrey M. Schweitzer
President and CEO
Our Franchise
Shareholder Information
145
YEARS OF BUSINESS
SUCCESS
920
EMPLOYEES
MAKING IT HAPPEN
37
FINANCIAL
CENTERS
12
COMMERCIAL &
CORPORATE OFFICES
8
WEALTH
OFFICES
5
INSURANCE
OFFICES
2021
Integrated Successes
$4.9b
ASSETS UNDER
MANAGEMENT AND
SUPERVISION
$1.4b
LOANS SERVICED
FOR OTHERS
$195m
TOTAL INSURANCE
WRITTEN PREMIUM
Shareholders’ Meeting
The Annual Shareholders’ Meeting will take place at 9:00 a.m. on Wednesday, April 27, 2022 at
Indian Valley Country Club, 650 Bergey Road, Telford, PA 18969. There will also be an option
to attend virtually.
Univest Stock Transfer Agent
For more information on Univest Financial Corporation common stock, contact Broadridge
Corporate Issuer Solutions or visit the investor relations section at www.univest.net.
Regular Mail Communications:
Broadridge Corporate Issuer Solutions, Inc.
PO Box 1342
Brentwood, NY 11717
Phone Number: 866-321-8021
Email Address: shareholder@broadridge.com
Website: https://investor.broadridge.com
Overnight Mail Communications:
Broadridge Corporate Issuer Solutions, Inc.
ATTN: IWS
1155 Long Island Avenue
Edgewood, NY 11717
Univest Shareholder Contact
For more information on Univest Financial Corporation, please call 877.723.5571.
Common Stock Information
Traded on the NASDAQ National Market, symbol: UVSP.
ESG Report
Being a responsible corporate citizen is at the core of how we operate. Environmental, social
and governance (ESG) considerations are incorporated into our culture and integrated into the
policies and principles that govern the way we do business. To view our 2021 ESG report which
provides a comprehensive view of our efforts in these areas, visit: www.univest.net/who-we-are/
corporate-responsibility.
“He gives strength to the weary and increases the power of the weak… but those
who hope in the Lord will renew their strength. They will soar on wings like
eagles; they will run and not grow weary, they will walk and not be faint.”
- Isaiah 40:29, 31
$185m
EQUIPMENT FINANCE
OUTSTANDINGS
NET INTEREST
INCOME
69% REVENUE FROM
31% REVENUE FROM
FEE INCOME
OPERATIONS
2021
ANNUAL REPORT
UNIVEST FINANCIAL CORPORATION
A letter from our Chairman
& President and CEO
To Our Family of Shareholders, Customers and Employees:
As we look back on another year navigating the challenges presented
by the ongoing pandemic, what stands out is how the Univest Family
persevered. Thanks to our growth mindset and ability to adapt, it was a
successful year for Univest Financial Corporation. We had a year with
very strong financial results, made significant progress on strategic
initiatives and provided meaningful support for the communities we
serve.
Over the course of the year, we maintained our commitment to
supporting local businesses. Our participation in the Paycheck
Protection Program (PPP) remained a priority as we facilitated loans
from the second round of funding and helped our customers navigate the
forgiveness phase. Thanks to our strategic approach to operations and
processing from the very start as well as our commitment to customer
experience and the ongoing hard work and dedication from employees
across our organization, we were a valuable resource to business owners, their employees and our communities.
Jeffrey M. Schweitzer, William S. Aichele
In addition to our impressive PPP efforts, we had a year of exceptional organic loan growth which is a testament
to the dedication of our team, the strength of our relationships with our customers and our commitment to the
communities we serve. The East Penn and NJ Commercial Banking division again closed more than $1 billion
in loan commitments in 2021 while the Ag Lending team in our Central PA division surpassed $500 million in
outstanding loans and was recognized as the second largest agricultural lender in Pennsylvania. In 2021, we also
expanded our SBA team to better meet the needs of small businesses across our markets.
Thanks to our strategic approach to our digital evolution and significant investments in technology, we continued
to see our customers embrace our online and mobile solutions. As more customers adopted these solutions, the
need for as many physical locations continued to decline and we continued to execute on our financial center
optimization plan. As planned, we consolidated or relocated eight financial centers to address this shift in
customer preference which was accelerated due to the impacts of the COVID-19 pandemic.
In 2021, we marked the five-year anniversary of two events that were key in helping accelerate our growth and
transform Univest into a regional financial institution. One was our entrance into the Lancaster market which
has since led to our further expansion into Central Pennsylvania. The second event was Univest’s acquisition of
Fox Chase Bank. In the five years since closing the acquisition, it has been a great success for both Fox Chase
and Univest shareholders. Both of these events have been a significant reason for our 10% average annual loan
growth over the past five years and brought great people to the Univest Family and people are the most valuable
asset for any organization. We thrive at Univest because of our culture and the dedication of more than 900
members of the Univest Family who work each day to move the Corporation forward and help our customers
and communities achieve their financial dreams.
An important part of our culture is our focus on becoming a more inclusive and diverse organization. We
continued our work with Diversity, Equity and Inclusion (DEI) specialists at PwC who conducted a DEI
assessment of the organization. The resulting transparency report was shared with all employees and is helping
to guide our approach. A company-wide Town Hall meeting and monthly newsletters were key components in
our efforts to drive awareness around DEI topics. We look forward to continuing this journey with DEI learning
launching in 2022.
On June 12, 2021, we celebrated Univest’s 145th anniversary. As we reflect on our history, we are grateful to
have maintained our mission as we serve our customers, communities, employees and shareholders. As you
review the 2021 Annual Report, you will see that we were able to successfully move Univest forward despite
the uncertain times. As we navigate through 2022, there will undoubtedly be new challenges but also new
opportunities to help our customers achieve their financial dreams. We have good momentum and are confident
in our ability to strengthen our franchise and enhance shareholder value. On behalf of the entire Univest family,
thank you for your trust, support and investment.
Sincerely,
William S. Aichele
Chairman
Jeffrey M. Schweitzer
President and CEO
2021 Financial Performance
At December 31,
(Dollars in thousands)
2021
2020
2019
Cash and interest-earning deposits
Investment securities, net of allowance for credit losses
Net loans and leases
Other assets
Total assets
$ 890,150
496,989
5,238,093
497,189
$ 7,122,421
$ 219,858
373,176
5,223,797
519,665
$ 6,336,496
$ 125,128
441,599
4,351,505
462,692
$ 5,380,924
Deposits
Borrowings
Other liabilities
Total liabilities
Shareholders’ equity
Total liabilities and shareholders’ equity
$ 6,055,124
213,980
79,523
6,348,627
773,794
$ 7,122,421
$ 5,242,715
311,421
89,888
5,644,024
692,472
$ 6,336,496
$ 4,360,075
263,596
82,131
4,705,802
675,122
$ 5,380,924
For the years ended December 31,
(Dollars in thousands, except share and per share data)
2021
2020
2019
Interest income
Interest expense
Net-interest income
(Reversal of provision) provision for credit losses
Net interest income after provision for credit losses
Noninterest income
Noninterest expense
Income before income taxes
Income taxes
Net income
Book value per share
Net income per share:
Basic
Diluted
Diluted-core1
Dividends declared per share
$ 209,731
21,348
188,383
(10,132)
198,515
83,224
167,409
114,330
22,529
$ 91,801
$ 203,945
29,584
174,361
40,794
133,567
78,328
154,998
56,897
9,981
$ 46,916
$ 214,093
44,861
169,232
8,511
160,721
65,422
146,090
80,053
14,334
$ 65,719
$ 26.23
$ 23.64
$ 23.01
3.12
3.11
3.11
0.80
1.60
1.60
1.64
0.60
2.24
2.24
2.24
0.80
Weighted average shares outstanding
Period end shares outstanding
29,402,845
29,500,542
29,243,773
29,295,052
29,299,599
29,334,629
1Excludes restructuring charges.
$5,500,000
$5,000,000
$4,500,000
$4,000,000
$3,500,000
$3,000,000
$2,500,000
$2,000,000
$1,500,000
$1,000,000
$500,000
$-
$300,000
$250,000
$200,000
$150,000
$100,000
$50,000
$-
$100,000
$90,000
$80,000
$70,000
$60,000
$50,000
$40,000
$30,000
$3.50
$3.00
$2.50
$2.00
$1.50
Commercial Loans
Paycheck Protection
Program Loans
Consumer Loans
Residential Real Estate
Lease Financings
Non-interest income
Net-interest income
‘19
‘20
‘21
Loan and Lease Outstandings
(in Thousands)
‘19
‘20
Total Revenue
(in Thousands)
‘21
‘19
‘21
‘20
Net Income*
(in Thousands)
*EXCLUDES RESTRUCTURING CHARGES
‘11
‘20
‘19
Diluted Earnings Per Share*
*EXCLUDES RESTRUCTURING CHARGES
‘12
‘21
‘11
2021
Financial
Highlights
$7.1b
TOTAL ASSETS
8.56%
TANGIBLE COMMON EQUITY
TO TANGIBLE ASSETS
1.38%
RETURN ON
AVERAGE ASSETS
3.06%
NET INTEREST
MARGIN
16.41%
RETURN ON AVERAGE
TANGIBLE EQUITY*
Giving Back to the Communities We Serve
• The strength of Univest’s Committed To Local philanthropic program is one of the things that differentiates us in the markets we
serve. Over the course of the year, we remained steadfast in our commitment to give back to the communities we serve through
financial support with contributions for the year totaling $2.1 million.
• Giving back is about more than money. It is also paramount to serve organizations by volunteering time and expertise. While
opportunities were still limited due to the pandemic, our employees brought our Community core value to life by volunteering
10,897 hours. We also hosted 16 Connecting with Community volunteer events for our employees with organizations such as
Habitat For Humanity, Keystone Opportunity Center and ArtsQuest.
•
In lieu of hosting our traditional holiday drives due to the challenges presented by the pandemic, we hosted an online fundraising
effort for the American Red Cross Southeastern Pennsylvania Region with Univest matching donations. The fundraiser was
promoted both internally and externally via social media and raised $17,500 for the American Red Cross.
• We hosted the tenth annual Caring for Community Giveaway, a social media campaign that asks community members from the
markets we serve to nominate a local nonprofit for a $5,000 donation. We received more than 3,300 entries on behalf of 165
organizations. The randomly selected winner was Off the Streets Lancaster, an organization that helps families and individuals in
Lancaster, Pa. get into permanent housing by providing the up-front money needed for a security deposit.
• We were active in supporting our expansion markets with sponsorships of the Historical Society of Berks County’s Road Rally – a
self-driving audio tour that allowed participants to learn the history of the community as well as Habitat for Humanity of Greater
Harrisburg’s virtual art auction. In Philadelphia, we continued to support the Arden Theatre Company which was able to adapt and
bring live theater to people’s homes via digital streaming.
•
In our hometown of Souderton – where Univest was founded in 1876 – we are proud to be serving as a sponsor of the extensive,
six-year renovation and beautification project being completed at Souderton Community Park by the Souderton-Telford Rotary Club
and Souderton Borough.
• Univest partnered with two financial education innovators, EverFi and Inkwiry, to provide more than 5,400 students with access to
interactive online courses that educate on critical financial concepts. In addition, we posted informative articles and videos on our
blog and social media channels on financial topics such as budgeting, saving for retirement and tips for first-time homebuyers.
• Our giving through the Pennsylvania Educational Improvement Tax Credit program is an important aspect of our Committed To
Local philanthropic program that truly impacts the communities we serve. These funds supported 66 private schools, public schools
and educational improvement organizations across our markets to support scholarships, STEM programming, and programs that
support at-risk youth, first-generation college students and students with disabilities.
6% 1%
15%
Philanthropic Year in Review
Youth & Education
Health & Social Services
Community & Economic
Development
Arts & Culture
Other
$2.1m
TOTAL FINANCIAL
CONTRIBUTIONS
372
ORGANIZATIONS
SUPPORTED FINANCIALLY
260
ORGANIZATIONS SUPPORTED
THROUGH VOLUNTEER SERVICE
*Tangible equity represents total
shareholders’ equity less goodwill and
other intangible assets, but includes
mortgage servicing rights.
20%
58%
10,897
VOLUNTEER HOURS
5,467
STUDENTS EDUCATED
16
CONNECTING WITH COMMUNITY
VOLUNTEER EVENTS
Senior Leadership Team
Listing as of January 1, 2022
Jeffrey M. Schweitzer
President and Chief Executive Officer, Univest
Financial Corporation and Chief Executive Officer,
Univest Bank and Trust Co.
Michael S. Keim
President, Univest Bank and Trust Co. and Chief
Operating Officer, Univest Financial Corporation
Brian J. Richardson
Senior Executive Vice President and Chief Financial
Officer, Univest Financial Corporation and Univest
Bank and Trust Co.
Megan D. Santana, Esq.
Senior Executive Vice President, Chief Risk Officer,
General Counsel and Corporate Secretary,
Univest Financial Corporation and Univest Bank
and Trust Co.
Duane J. Brobst
Senior Executive Vice President and Chief Credit
Officer, Univest Bank and Trust Co.
Dana E. Brown
President, Consumer Services, Univest Bank
and Trust Co.
Eric W. Conner
Senior Executive Vice President and Chief
Information Officer, Univest Financial Corporation
Board of Directors
Listing as of January 1, 2022
William S. Aichele
Chairman, Univest Financial Corporation and Univest
Bank and Trust Co.; Retired President and Chief
Executive Officer, Univest Financial Corporation and
Univest Bank and Trust Co.
Roger H. Ballou
Former Director, President and Chief Executive Officer,
CDI Corporation; Chairman, Alliance Data Systems;
Chairman, Loyalty Ventures Inc.; Chairman, RCM
Technologies, Inc.
Joseph P. Beebe
Former Managing Director and Co-Head of the
Insurance and Asset Management Group of Keefe
Bruyette and Woods, Inc.; member of the President’s
Advisory Council and Institute for Creativity and
Entrepreneurship Advisory Board at Villanova University
Todd S. Benning
Principal, DunlapSLK, PC
Suzanne Keenan
Member of the Board of Trustees of North American
Electric Reliability Corporation
Glenn E. Moyer
Chief Executive Officer, Live Oak Strategies, LLC
Michael S. Fitzgerald
Market President, East Penn & NJ, Univest Bank and
Trust Co.
Ronald R. Flaherty
President, Univest Insurance, LLC
David Geibel
President, Girard, a Univest Wealth Division
Brian Grzebin
President, Mortgage Banking, Univest Bank
and Trust Co.
Thomas J. Jordan, IV
Market President, Central PA, Univest Bank
and Trust Co.
Briana J. Doña
Executive Vice President and Chief Bank Operations
Officer, Univest Bank and Trust Co.
M. Theresa Fosko
Executive Vice President and Director of Human
Resources, Univest Financial Corporation
Annette D. Szygiel
Executive Vice President and Chief Experience Officer,
Univest Financial Corporation
Natalye Paquin, Esq.
President and Chief Executive Officer, Points of Light
Foundation; Member of the Board of Directors of Bloomerang
Thomas M. Petro
Managing Partner of 1867 Capital Partners, LLC; Former
President and Chief Executive Officer of Fox Chase Bancorp;
Chairman, OrthogenRx, Inc.; Member of the Board of
Directors of Genpro, LLC
Jeffrey M. Schweitzer
President and Chief Executive Officer, Univest Financial
Corporation and Chief Executive Officer, Univest Bank and
Trust Co.
Michael L. Turner, Esq.
Partner, Marshall, Dennehey, Warner, Coleman & Goggin
Robert C. Wonderling
President and Chief Executive Officer, Chamber of Commerce
for Greater Philadelphia
Charles H. Zimmerman
Senior Leadership, Calvary Church of Souderton; Lead
Director, Clemens Family Corporation
Wholly-Owned Subsidiaries
Univest Bank and Trust Co.
Univest Capital, Inc.
Univest Insurance, LLC
Girard Advisory Services, LLC
Girard Benefits Group, LLC
Girard Investment Services, LLC
Girard Pension Services, LLC
104 S. Oakland Ave., LLC
Please visit univest.net for a complete list of locations for Univest Financial Corporation and our subsidiaries.
Our Franchise
Shareholder Information
145
YEARS OF BUSINESS
SUCCESS
920
EMPLOYEES
MAKING IT HAPPEN
37
FINANCIAL
CENTERS
12
COMMERCIAL &
CORPORATE OFFICES
8
WEALTH
OFFICES
5
INSURANCE
OFFICES
2021
Integrated Successes
$4.9b
ASSETS UNDER
MANAGEMENT AND
SUPERVISION
$1.4b
LOANS SERVICED
FOR OTHERS
$195m
TOTAL INSURANCE
WRITTEN PREMIUM
Shareholders’ Meeting
The Annual Shareholders’ Meeting will take place at 9:00 a.m. on Wednesday, April 27, 2022 at
Indian Valley Country Club, 650 Bergey Road, Telford, PA 18969. There will also be an option
to attend virtually.
Univest Stock Transfer Agent
For more information on Univest Financial Corporation common stock, contact Broadridge
Corporate Issuer Solutions or visit the investor relations section at www.univest.net.
Regular Mail Communications:
Broadridge Corporate Issuer Solutions, Inc.
PO Box 1342
Brentwood, NY 11717
Phone Number: 866-321-8021
Email Address: shareholder@broadridge.com
Website: https://investor.broadridge.com
Overnight Mail Communications:
Broadridge Corporate Issuer Solutions, Inc.
ATTN: IWS
1155 Long Island Avenue
Edgewood, NY 11717
Univest Shareholder Contact
For more information on Univest Financial Corporation, please call 877.723.5571.
Common Stock Information
Traded on the NASDAQ National Market, symbol: UVSP.
ESG Report
Being a responsible corporate citizen is at the core of how we operate. Environmental, social
and governance (ESG) considerations are incorporated into our culture and integrated into the
policies and principles that govern the way we do business. To view our 2021 ESG report which
provides a comprehensive view of our efforts in these areas, visit: www.univest.net/who-we-are/
corporate-responsibility.
“He gives strength to the weary and increases the power of the weak… but those
who hope in the Lord will renew their strength. They will soar on wings like
eagles; they will run and not grow weary, they will walk and not be faint.”
- Isaiah 40:29, 31
$185m
EQUIPMENT FINANCE
OUTSTANDINGS
NET INTEREST
INCOME
69% REVENUE FROM
31% REVENUE FROM
FEE INCOME
OPERATIONS
2021
ANNUAL REPORT
UNIVEST FINANCIAL CORPORATION
A letter from our Chairman
& President and CEO
To Our Family of Shareholders, Customers and Employees:
As we look back on another year navigating the challenges presented
by the ongoing pandemic, what stands out is how the Univest Family
persevered. Thanks to our growth mindset and ability to adapt, it was a
successful year for Univest Financial Corporation. We had a year with
very strong financial results, made significant progress on strategic
initiatives and provided meaningful support for the communities we
serve.
Over the course of the year, we maintained our commitment to
supporting local businesses. Our participation in the Paycheck
Protection Program (PPP) remained a priority as we facilitated loans
from the second round of funding and helped our customers navigate the
forgiveness phase. Thanks to our strategic approach to operations and
processing from the very start as well as our commitment to customer
experience and the ongoing hard work and dedication from employees
across our organization, we were a valuable resource to business owners, their employees and our communities.
Jeffrey M. Schweitzer, William S. Aichele
In addition to our impressive PPP efforts, we had a year of exceptional organic loan growth which is a testament
to the dedication of our team, the strength of our relationships with our customers and our commitment to the
communities we serve. The East Penn and NJ Commercial Banking division again closed more than $1 billion
in loan commitments in 2021 while the Ag Lending team in our Central PA division surpassed $500 million in
outstanding loans and was recognized as the second largest agricultural lender in Pennsylvania. In 2021, we also
expanded our SBA team to better meet the needs of small businesses across our markets.
Thanks to our strategic approach to our digital evolution and significant investments in technology, we continued
to see our customers embrace our online and mobile solutions. As more customers adopted these solutions, the
need for as many physical locations continued to decline and we continued to execute on our financial center
optimization plan. As planned, we consolidated or relocated eight financial centers to address this shift in
customer preference which was accelerated due to the impacts of the COVID-19 pandemic.
In 2021, we marked the five-year anniversary of two events that were key in helping accelerate our growth and
transform Univest into a regional financial institution. One was our entrance into the Lancaster market which
has since led to our further expansion into Central Pennsylvania. The second event was Univest’s acquisition of
Fox Chase Bank. In the five years since closing the acquisition, it has been a great success for both Fox Chase
and Univest shareholders. Both of these events have been a significant reason for our 10% average annual loan
growth over the past five years and brought great people to the Univest Family and people are the most valuable
asset for any organization. We thrive at Univest because of our culture and the dedication of more than 900
members of the Univest Family who work each day to move the Corporation forward and help our customers
and communities achieve their financial dreams.
An important part of our culture is our focus on becoming a more inclusive and diverse organization. We
continued our work with Diversity, Equity and Inclusion (DEI) specialists at PwC who conducted a DEI
assessment of the organization. The resulting transparency report was shared with all employees and is helping
to guide our approach. A company-wide Town Hall meeting and monthly newsletters were key components in
our efforts to drive awareness around DEI topics. We look forward to continuing this journey with DEI learning
launching in 2022.
On June 12, 2021, we celebrated Univest’s 145th anniversary. As we reflect on our history, we are grateful to
have maintained our mission as we serve our customers, communities, employees and shareholders. As you
review the 2021 Annual Report, you will see that we were able to successfully move Univest forward despite
the uncertain times. As we navigate through 2022, there will undoubtedly be new challenges but also new
opportunities to help our customers achieve their financial dreams. We have good momentum and are confident
in our ability to strengthen our franchise and enhance shareholder value. On behalf of the entire Univest family,
thank you for your trust, support and investment.
Sincerely,
William S. Aichele
Chairman
Jeffrey M. Schweitzer
President and CEO
2021 Highlights
2021 Highlights
See What’s Possible with Univest
• Over the course of 2021, our marketing and communications efforts engaged and educated our customers and communities while
raising brand awareness and sharing Univest’s culture and commitment to community. Through advertising, thought leadership blog
articles and videos, media coverage and educational webinars, we maintained our visibility while deepening relationships.
• Our See What’s Possible advertising campaign for the Commercial Bank featured client testimonials showcasing how Univest helps
support their business success. We took a multi-channel approach that utilized mass media print and billboards as well as targeted
digital advertising. The campaign aimed to raise awareness of Univest in expansion markets and reinforce our relationship-focused
approach in core markets. On our social media pages, we were purposeful in creating content that supported the See What’s Possible
advertising campaign such as articles spotlighting client relationships and posts that highlighted recently closed commercial lending
deals across all the markets we serve.
• Additional advertising and content marketing was employed to continue to build awareness of Girard, our wealth division, Univest
Insurance, SBA lending and Univest Home Loans.
• We continued to promote thought leadership from our team of financial professionals through informative blog articles, videos,
emails and webinars. Through our social channels we strive to be an educational resource that customers and community members
can turn to for insight and guidance on financial topics. One key focus for the year was building awareness around fraud for
both consumers and businesses. A webinar from our Corporate Security Officer highlighted the trending fraud schemes targeting
businesses. On the consumer side, we participated in the ABA’s social media campaign, Banks Never Ask That, to educate
consumers about phishing scams.
• An active media relations campaign featured subject matter experts from Univest and Girard, our wealth division. Secured media
coverage for the Commercial Bank featured local and regional publications such as the Philadelphia Business Journal, Lehigh
Valley Business, ABC27 based in Harrisburg and New Jersey Business. Our Wealth team maintained a consistent presence with
national outlets including Yahoo! Finance, Barron’s, and Money.
• Significant progress was made to optimize our use of Salesforce Marketing Cloud including the use of automation to engage
with new customers and cross-sell our products. In early 2021, a consumer checking onboarding journey launched that utilizes
a combination of email communications, customer surveys and calling efforts. This journey allows us to stay in front of new
consumer checking account customers and build upon our relationship through educational and promotional emails that focus on
various products and services across all lines of business. Since inception, the onboarding journey has reached 3,870 customers
with a unique open rate of 35.9% and a unique click rate of 3.0%, both of which are above financial services industry averages.
In addition, customer satisfaction survey results for new consumer checking customers within the journey are trending at a 94%
satisfaction rating.
• Consumer cross-sell journeys launched in October with the objective to reach existing customers to increase engagement, awareness
and product adoption across each consumer line of business. These data-informed journeys raise awareness of our integrated
platform of financial solutions through a series of touches containing relevant, informative content. The journeys reached more than
48,000 customers resulting in consistent engagement and product conversions for savings accounts, credit cards and home equity
loans and lines of credit.
• As the pandemic continued to limit our ability to host in-person events, we continued with virtual events to stay in front of clients
and prospects through eleven informative webinars that garnered 850 attendees over the course of the year. Topics included market
performance and outlook from Girard, our wealth division, and various HR and business considerations in light of the ongoing
effects of COVID-19 from the team at Univest Insurance. To further the impact of these webinars, they were recorded and the video
was repurposed for targeted emails and social posts.
Making
DIGITAL CONNECTIONS
128
EBLASTS
DEPLOYED
1.8m
EMAILS
SENT
87.8m
DIGITAL ADVERTISING
IMPRESSIONS
11
WEBINARS
HOSTED
850
VIRTUAL
ATTENDEES
67k
BLOG PAGE
VIEWS
2:01
AVERAGE TIME SPENT
ON BLOG PAGES
Growing the Business
Univest Financial had a great year with strong earnings and growth across the Company as we continued to move Univest forward. Our
ability to grow loans continued to be a differentiator and we made significant progress in using technology to support our lending efforts.
We also achieved strong noninterest income growth led by wealth management, mortgage banking and our new SBA team. This is an
impressive accomplishment during normal times but is even more impressive as we continue to navigate the challenges presented by the
pandemic. Together, we achieved the following highlights:
• With a focus on building relationships and understanding the unique needs of our customers, our loan portfolio grew by $455.2
million, or 9.4%, excluding Paycheck Protection Program loans. This was driven by increases in commercial, construction,
commercial real estate, residential mortgage loans and lease financings.
• Deposits increased $812.4 million, or 15.5%. Commercial, consumer and public fund deposit balances continued to be favorably
impacted by COVID-related stimulus programs.
• We maintained our commitment to supporting local businesses through our continued participation in the Paycheck Protection
Program (PPP). We processed more than 1,300 applications during the second round of PPP with fundings totaling more than
$171.0 million. We also helped our customers navigate the forgiveness phase. More than 3,600 applications for forgiveness have
been submitted and approved by the SBA totaling more than $655.0 million. Thanks to the ongoing hard work and dedication from
employees across the organization, we continue to be a valuable resource to business owners, their employees and our communities.
• Another way we supported local businesses was by enhancing our focus on Small Business Administration (SBA) lending. On the
heels of our success with PPP, it was clear that there was an opportunity to make SBA lending a viable and significant part of what
we do. To better meet the needs of businesses across our markets and grow our SBA lending efforts, the department was expanded
to include a Managing Director and additional experienced SBA lenders and underwriting professionals. In just eight months, the
SBA team achieved tremendous success, generating more than $1.3 million in fees and earning Univest recognition as one of the top
ten producers in the SBA’s Eastern PA District.
• The East Penn and NJ Commercial Banking Division maintained its success from the previous year and closed more than $1 billion
in loan commitments in 2021. The division looks to focus on growing the asset-based lending (ABL) portfolio and will strive for
significant growth in this area in 2022. One ABL highlight for 2021 was securing financing for one of the oldest companies in the
United States. The addition of relationship managers experienced in both commercial real estate and commercial and industrial
lending fueled growth in our core markets as well as our emerging markets including the Lehigh Valley, South Jersey, Chester
County and Philadelphia. Further growth for the division in 2022 will be supported with new lenders in Berks County and the
Lehigh Valley.
•
In 2021, we marked the five-year anniversary of Univest’s entrance into the Lancaster market which included completing a team lift-
out and opening Univest’s first financial center in Lancaster. Since then, Univest has opened four additional financial centers in the
Lancaster market and surpassed $1 billion in total loans outstanding. The Agricultural Lending team reached $500 million in loans
outstanding and was recognized as the 42nd largest Ag Lending team in the nation and second largest in Pennsylvania according to
the American Bankers Association.
• We continued to make progress in our commitment to expand into markets contiguous to our current footprint. Since December
2020, we opened three regional offices. New locations in York County and Cumberland County support our growing Central
Pennsylvania market and a new office in Berks County creates continuity between our Lehigh Valley and Central Pennsylvania
markets. These regional offices serve commercial and consumer customers with integrated teams that create comprehensive
solutions for their financial needs. Univest’s primary physical service area now includes 12 counties in Southeastern and Central
Pennsylvania and three counties in Southern New Jersey.
• While the majority of Univest employees continued to work from home to help mitigate the spread of COVID-19, the employees
in our financial centers persevered through the pandemic amid staffing shortages in order to serve our customers when they needed
us most. We transitioned from drive-up only access in April and customers were able to access our Financial Center lobbies for the
remainder of the year with additional safety protocols in place.
Strong Organic Banking Growth
$812.4m
9.4%
$455.2m
LOAN GROWTH FOR THE YEAR
ENDED DECEMBER 31, 2021*
LOAN GROWTH FOR THE YEAR
ENDED DECEMBER 31, 2021*
DEPOSIT GROWTH FOR THE YEAR
ENDED DECEMBER 31, 2021
15.5%
DEPOSIT GROWTH FOR THE YEAR
ENDED DECEMBER 31, 2021
*EXCLUDING PAYCHECK PROTECTION PROGRAM LOANS
2021 Highlights
2021 Highlights
• Our banking customers continued to embrace our digital solutions. As more people adopted our online and mobile solutions,
traffic to our physical locations continued to decline. Over the course of the year, we executed our financial center optimization
plan. As planned, we consolidated or relocated eight financial centers to address this shift in customer preference which was
accelerated due to the impacts of the COVID-19 pandemic. Since the closures in January and June of 2021, we have seen very
minimal customer attrition which speaks to the exceptional service from the Consumer Services team as well as to the success of
our investments in digital solutions that allow our customers to do their banking anytime and anywhere.
• Continued focus on our Treasury Management solutions and client experience is vital as payments is an area in which we need to
excel. These services are a key element to being relevant, driving fee income and deepening relationships. In 2021, the Treasury
Management team focused on providing solutions aimed at protecting against fraud, enhanced the merchant services program
and invested in a new account analysis platform that provides enhanced reporting and a more comprehensive account statement.
Progress continued on a new online platform that will serve as a central place for all of a customer’s Treasury Management needs.
• Univest Capital, our equipment finance division, had a very successful year which is a testament to our highly skilled and
dedicated team. Year-over-year, originations were up 16%, net assets grew by 12% to $185.2 million and profitability increased
63%. Leasing in the commercial and industrial space was a new vertical supported by the addition of a high-performing sales
professional who specializes in this area. Further growth in this vertical is a focus for 2022.
• The Mortgage Banking division had a record-breaking year closing nearly $760 million of residential mortgages and $77 million
in consumer loans. On the residential side, closings were up by more than 8% year-over-year and consumer loans increased 22%.
Interest rates remained at historically low levels during the first half of the year due to the impact of COVID-19 and remained low
throughout the year. The low rates increased refinance activity to record levels which was met with strong execution by the entire
mortgage banking team who effectively met the increased demand. Purchase mortgage closings were also strong as there was
robust demand for single family homes. With home values reaching new highs, the demand for home equity lines of credit also
increased.
• Girard, our wealth division, had a year of strong growth reaching $4.9 billion in assets under management and supervision while
increasing noninterest income by 15.5%. The Girard team continued to foster its client-centric culture and achieved a 97% client
retention rate – the best in five years. During 2021, Charles Schwab was integrated as a new custodian and Girard was accepted
into the Schwab Advisor Network which will put Girard Advisory Services in 50 branches across seven states in 2022.
•
In December 2021, Univest Insurance completed the acquisition of the Paul I. Sheaffer Insurance Agency, a full-service firm
providing insurance solutions to businesses and individuals in Central Pennsylvania. This acquisition aligns with our continued
expansion in Central Pennsylvania bringing us greater market share as well as the opportunity to provide our full suite of
integrated financial solutions to the agency’s clients. When considering an acquisition, ensuring it will be a good fit culturally is
one of our top priorities. The Paul I. Sheaffer Insurance Agency built its success on a commitment to lasting relationships and
serving their clients with professionalism, dedication and trust. We are excited to welcome an experienced team of professionals
who are committed to serving the local community.
Improving Efficiency with Technology
• We have been purposeful in our digital evolution and have been making strategic investments in technology for years to help
us better serve our customers, solve business challenges and move Univest forward. In 2021, we made significant progress on
the technology solutions that support small business and commercial lending as we continued to expand our use of nCino to
create a streamlined loan origination system. The positive impact of our investment in nCino continues to increase. Additional
functionality that went live in 2021 included the Business Banking Scorecard which saved nearly 1,200 hours of manual work
over the course of the year. nCino Credit Reviews also went live which streamlined the credit review process, incorporated
automation, enhanced transparency and maximized the analytical power of Salesforce.
• Utilizing nCino allowed us to efficiently process loan applications resulting in faster decisions for customers. Over the course of
2021, the Consumer Services team processed 281 Univest Business Banking Express applications and booked $6.3 million in new
business. Our Business Banking groups in both markets processed more than 1,350 applications resulting in $143.0 million in new
business booked in 2021.
• Additional functionality is being developed including auto booking loans as well as the ability to automatically generate
commercial loan documents which will provide significant time savings for the Loan Operations team as these enhancements
reduce the need for manual data entry and onboarding. Also underway is a client portal for secure document exchange and an
online application for our small business customers. The successful completion of these projects will bring the vision of creating
an end-to-end digital platform for small business loan processing to life.
• On the consumer side, we launched a new portal for home-secured lending. This portal allows customers to apply for first
mortgages or home equity products digitally creating a more consistent, consumer-friendly and compliant online offering that also
brought efficiency to the back-office fulfillment process.
• OpenAnywhere, our digital account opening system that allows for consumer checking and savings accounts to be opened in
less than 10 minutes either online or on a mobile device, continued to perform well. There was also steady monthly growth
in adoption of our digital tools including Secure Chat and our appointment scheduling tool. In addition, the percentage of
consumer accounts receiving eStatements grew from 29% to 37%. This increased use of our digital solutions coupled with our
strong digital usage retention rate of 94% shows an engaged customer base.
Supporting the Univest Family
• Our ability to continue to move Univest forward despite the ongoing challenges due to the pandemic is a testament to more
than 900 members of the Univest Family. Continued flexibility, hard work and dedication allowed us to serve our customers,
communities and each other. What we have accomplished together over nearly two years navigating COVID-19 is thanks to
the dedication of the entire Univest Family. Our success says a lot about Univest’s culture as a whole as well as each member
individually. Our people are the reason Univest will exit this pandemic a strong and trusted financial institution.
• Despite what is being termed as “The Great Resignation,” Univest’s annual turnover rate of 16% continued to be well below
the industry average of 25.6%. Our success is a result of increased participation in recruiting efforts across lines of business as
well as increased marketing and social media support. Recruitment via text messaging is a new initiative used to communicate
with the segment of the workforce that lives by their phone. Incentives including signing bonuses, flexible hybrid work
schedules and a comprehensive benefits package including wellness initiatives help Univest attract and retain talent.
• The health and safety of the Univest Family remained a priority and resulted in remote work continuing for much of the
Univest Family. This made it imperative that we were proactive in our efforts to cultivate our culture. From offering wellness
options like free access to the CALM app and online yoga classes to hosting fun photo contests and ticket giveaways, we were
committed to supporting our employees and keeping the Univest Family connected.
• Employee training and development continued with a focus on customer service. Each Consumer Services team member
received more than 20 hours of training and instruction over the course of 2021. This included training on relationship
building and business development.
• An important part of our culture is our focus on becoming a more inclusive and diverse organization. In fact, developing and
executing a strategic plan around diversity, equity and inclusion is one of our strategic initiatives.
• The Diversity, Equity and Inclusion (DEI) Committee, established in 2020, spent the year working with DEI specialists at
PwC. An assessment of Univest was completed and the resulting transparency report was shared with all employees and
discussed at a company-wide Town Hall meeting allowing for conversation on what is working well and where there is room
for improvement in the area of DEI. Regular employee communications, including a DEI newsletter, Univest United, were
shared throughout the year to help drive awareness.
• A Learning & Development Committee worked throughout the year to develop and test learning sessions that will serve
as a foundation for increasing awareness on diversity, equity and inclusion topics. The sessions will be facilitated by team
members from throughout our organization and are planned to launch in the first half of 2022.
• A DEI roadmap was created and will guide our journey. Plans have begun that focus on recruiting, mentoring and retaining
Univest team members.
Celebrate Success
For 145 years, Univest has been grounded as a company guided by our core values of Tradition, Integrity, Excellence,
Community and Spirituality and, more recently, the 18 fundamentals of the Univest Way - one of which is Celebrate Success.
Throughout our history, we have been blessed with strong, servant leaders who have strategically guided us through both good
and challenging times. Two of those leaders hit impressive milestones in 2021.
William Aichele, current Chairman of the Board and former CEO of Univest Financial Corporation, celebrated 50 years in
banking since starting his career with Univest on December 17, 1971.
Leon Moyer, former President and CEO of Univest Bank and Trust Co., celebrated a combined 50 years with Univest in
January 2021 – first as an employee and then as a Board member. Later in 2021, Leon retired from our Board of Directors.
Bill and Leon have been integral in building the strong foundation upon which Univest sits today. We could not be the
organization we are today without their efforts and guidance throughout the past 50 years of service to Univest.
Congratulations and thank you, Bill and Leon!
2021 Highlights
2021 Highlights
See What’s Possible with Univest
• Over the course of 2021, our marketing and communications efforts engaged and educated our customers and communities while
raising brand awareness and sharing Univest’s culture and commitment to community. Through advertising, thought leadership blog
articles and videos, media coverage and educational webinars, we maintained our visibility while deepening relationships.
• Our See What’s Possible advertising campaign for the Commercial Bank featured client testimonials showcasing how Univest helps
support their business success. We took a multi-channel approach that utilized mass media print and billboards as well as targeted
digital advertising. The campaign aimed to raise awareness of Univest in expansion markets and reinforce our relationship-focused
approach in core markets. On our social media pages, we were purposeful in creating content that supported the See What’s Possible
advertising campaign such as articles spotlighting client relationships and posts that highlighted recently closed commercial lending
deals across all the markets we serve.
• Additional advertising and content marketing was employed to continue to build awareness of Girard, our wealth division, Univest
Insurance, SBA lending and Univest Home Loans.
• We continued to promote thought leadership from our team of financial professionals through informative blog articles, videos,
emails and webinars. Through our social channels we strive to be an educational resource that customers and community members
can turn to for insight and guidance on financial topics. One key focus for the year was building awareness around fraud for
both consumers and businesses. A webinar from our Corporate Security Officer highlighted the trending fraud schemes targeting
businesses. On the consumer side, we participated in the ABA’s social media campaign, Banks Never Ask That, to educate
consumers about phishing scams.
• An active media relations campaign featured subject matter experts from Univest and Girard, our wealth division. Secured media
coverage for the Commercial Bank featured local and regional publications such as the Philadelphia Business Journal, Lehigh
Valley Business, ABC27 based in Harrisburg and New Jersey Business. Our Wealth team maintained a consistent presence with
national outlets including Yahoo! Finance, Barron’s, and Money.
• Significant progress was made to optimize our use of Salesforce Marketing Cloud including the use of automation to engage
with new customers and cross-sell our products. In early 2021, a consumer checking onboarding journey launched that utilizes
a combination of email communications, customer surveys and calling efforts. This journey allows us to stay in front of new
consumer checking account customers and build upon our relationship through educational and promotional emails that focus on
various products and services across all lines of business. Since inception, the onboarding journey has reached 3,870 customers
with a unique open rate of 35.9% and a unique click rate of 3.0%, both of which are above financial services industry averages.
In addition, customer satisfaction survey results for new consumer checking customers within the journey are trending at a 94%
satisfaction rating.
• Consumer cross-sell journeys launched in October with the objective to reach existing customers to increase engagement, awareness
and product adoption across each consumer line of business. These data-informed journeys raise awareness of our integrated
platform of financial solutions through a series of touches containing relevant, informative content. The journeys reached more than
48,000 customers resulting in consistent engagement and product conversions for savings accounts, credit cards and home equity
loans and lines of credit.
• As the pandemic continued to limit our ability to host in-person events, we continued with virtual events to stay in front of clients
and prospects through eleven informative webinars that garnered 850 attendees over the course of the year. Topics included market
performance and outlook from Girard, our wealth division, and various HR and business considerations in light of the ongoing
effects of COVID-19 from the team at Univest Insurance. To further the impact of these webinars, they were recorded and the video
was repurposed for targeted emails and social posts.
Making
DIGITAL CONNECTIONS
128
EBLASTS
DEPLOYED
1.8m
EMAILS
SENT
87.8m
DIGITAL ADVERTISING
IMPRESSIONS
11
WEBINARS
HOSTED
850
VIRTUAL
ATTENDEES
67k
BLOG PAGE
VIEWS
2:01
AVERAGE TIME SPENT
ON BLOG PAGES
Growing the Business
Univest Financial had a great year with strong earnings and growth across the Company as we continued to move Univest forward. Our
ability to grow loans continued to be a differentiator and we made significant progress in using technology to support our lending efforts.
We also achieved strong noninterest income growth led by wealth management, mortgage banking and our new SBA team. This is an
impressive accomplishment during normal times but is even more impressive as we continue to navigate the challenges presented by the
pandemic. Together, we achieved the following highlights:
• With a focus on building relationships and understanding the unique needs of our customers, our loan portfolio grew by $455.2
million, or 9.4%, excluding Paycheck Protection Program loans. This was driven by increases in commercial, construction,
commercial real estate, residential mortgage loans and lease financings.
• Deposits increased $812.4 million, or 15.5%. Commercial, consumer and public fund deposit balances continued to be favorably
impacted by COVID-related stimulus programs.
• We maintained our commitment to supporting local businesses through our continued participation in the Paycheck Protection
Program (PPP). We processed more than 1,300 applications during the second round of PPP with fundings totaling more than
$171.0 million. We also helped our customers navigate the forgiveness phase. More than 3,600 applications for forgiveness have
been submitted and approved by the SBA totaling more than $655.0 million. Thanks to the ongoing hard work and dedication from
employees across the organization, we continue to be a valuable resource to business owners, their employees and our communities.
• Another way we supported local businesses was by enhancing our focus on Small Business Administration (SBA) lending. On the
heels of our success with PPP, it was clear that there was an opportunity to make SBA lending a viable and significant part of what
we do. To better meet the needs of businesses across our markets and grow our SBA lending efforts, the department was expanded
to include a Managing Director and additional experienced SBA lenders and underwriting professionals. In just eight months, the
SBA team achieved tremendous success, generating more than $1.3 million in fees and earning Univest recognition as one of the top
ten producers in the SBA’s Eastern PA District.
• The East Penn and NJ Commercial Banking Division maintained its success from the previous year and closed more than $1 billion
in loan commitments in 2021. The division looks to focus on growing the asset-based lending (ABL) portfolio and will strive for
significant growth in this area in 2022. One ABL highlight for 2021 was securing financing for one of the oldest companies in the
United States. The addition of relationship managers experienced in both commercial real estate and commercial and industrial
lending fueled growth in our core markets as well as our emerging markets including the Lehigh Valley, South Jersey, Chester
County and Philadelphia. Further growth for the division in 2022 will be supported with new lenders in Berks County and the
Lehigh Valley.
•
In 2021, we marked the five-year anniversary of Univest’s entrance into the Lancaster market which included completing a team lift-
out and opening Univest’s first financial center in Lancaster. Since then, Univest has opened four additional financial centers in the
Lancaster market and surpassed $1 billion in total loans outstanding. The Agricultural Lending team reached $500 million in loans
outstanding and was recognized as the 42nd largest Ag Lending team in the nation and second largest in Pennsylvania according to
the American Bankers Association.
• We continued to make progress in our commitment to expand into markets contiguous to our current footprint. Since December
2020, we opened three regional offices. New locations in York County and Cumberland County support our growing Central
Pennsylvania market and a new office in Berks County creates continuity between our Lehigh Valley and Central Pennsylvania
markets. These regional offices serve commercial and consumer customers with integrated teams that create comprehensive
solutions for their financial needs. Univest’s primary physical service area now includes 12 counties in Southeastern and Central
Pennsylvania and three counties in Southern New Jersey.
• While the majority of Univest employees continued to work from home to help mitigate the spread of COVID-19, the employees
in our financial centers persevered through the pandemic amid staffing shortages in order to serve our customers when they needed
us most. We transitioned from drive-up only access in April and customers were able to access our Financial Center lobbies for the
remainder of the year with additional safety protocols in place.
Strong Organic Banking Growth
$812.4m
9.4%
$455.2m
LOAN GROWTH FOR THE YEAR
ENDED DECEMBER 31, 2021*
LOAN GROWTH FOR THE YEAR
ENDED DECEMBER 31, 2021*
DEPOSIT GROWTH FOR THE YEAR
ENDED DECEMBER 31, 2021
15.5%
DEPOSIT GROWTH FOR THE YEAR
ENDED DECEMBER 31, 2021
*EXCLUDING PAYCHECK PROTECTION PROGRAM LOANS
2021 Financial Performance
At December 31,
(Dollars in thousands)
2021
2020
2019
Cash and interest-earning deposits
Investment securities, net of allowance for credit losses
Net loans and leases
Other assets
Total assets
$ 890,150
496,989
5,238,093
497,189
$ 7,122,421
$ 219,858
373,176
5,223,797
519,665
$ 6,336,496
$ 125,128
441,599
4,351,505
462,692
$ 5,380,924
Deposits
Borrowings
Other liabilities
Total liabilities
Shareholders’ equity
Total liabilities and shareholders’ equity
$ 6,055,124
213,980
79,523
6,348,627
773,794
$ 7,122,421
$ 5,242,715
311,421
89,888
5,644,024
692,472
$ 6,336,496
$ 4,360,075
263,596
82,131
4,705,802
675,122
$ 5,380,924
For the years ended December 31,
(Dollars in thousands, except share and per share data)
2021
2020
2019
Interest income
Interest expense
Net-interest income
(Reversal of provision) provision for credit losses
Net interest income after provision for credit losses
Noninterest income
Noninterest expense
Income before income taxes
Income taxes
Net income
Book value per share
Net income per share:
Basic
Diluted
Diluted-core1
Dividends declared per share
$ 209,731
21,348
188,383
(10,132)
198,515
83,224
167,409
114,330
22,529
$ 91,801
$ 203,945
29,584
174,361
40,794
133,567
78,328
154,998
56,897
9,981
$ 46,916
$ 214,093
44,861
169,232
8,511
160,721
65,422
146,090
80,053
14,334
$ 65,719
$ 26.23
$ 23.64
$ 23.01
3.12
3.11
3.11
0.80
1.60
1.60
1.64
0.60
2.24
2.24
2.24
0.80
Weighted average shares outstanding
Period end shares outstanding
29,402,845
29,500,542
29,243,773
29,295,052
29,299,599
29,334,629
1Excludes restructuring charges.
$5,500,000
$5,000,000
$4,500,000
$4,000,000
$3,500,000
$3,000,000
$2,500,000
$2,000,000
$1,500,000
$1,000,000
$500,000
$-
$300,000
$250,000
$200,000
$150,000
$100,000
$50,000
$-
$100,000
$90,000
$80,000
$70,000
$60,000
$50,000
$40,000
$30,000
$3.50
$3.00
$2.50
$2.00
$1.50
Commercial Loans
Paycheck Protection
Program Loans
Consumer Loans
Residential Real Estate
Lease Financings
Non-interest income
Net-interest income
‘19
‘20
‘21
Loan and Lease Outstandings
(in Thousands)
‘19
‘20
Total Revenue
(in Thousands)
‘21
‘19
‘21
‘20
Net Income*
(in Thousands)
*EXCLUDES RESTRUCTURING CHARGES
‘11
‘20
‘19
Diluted Earnings Per Share*
*EXCLUDES RESTRUCTURING CHARGES
‘21
‘11
‘12
2021
Financial
Highlights
$7.1b
TOTAL ASSETS
8.56%
TANGIBLE COMMON EQUITY
TO TANGIBLE ASSETS
1.38%
RETURN ON
AVERAGE ASSETS
3.06%
NET INTEREST
MARGIN
16.41%
RETURN ON AVERAGE
TANGIBLE EQUITY*
Giving Back to the Communities We Serve
• The strength of Univest’s Committed To Local philanthropic program is one of the things that differentiates us in the markets we
serve. Over the course of the year, we remained steadfast in our commitment to give back to the communities we serve through
financial support with contributions for the year totaling $2.1 million.
• Giving back is about more than money. It is also paramount to serve organizations by volunteering time and expertise. While
opportunities were still limited due to the pandemic, our employees brought our Community core value to life by volunteering
10,897 hours. We also hosted 16 Connecting with Community volunteer events for our employees with organizations such as
Habitat For Humanity, Keystone Opportunity Center and ArtsQuest.
•
In lieu of hosting our traditional holiday drives due to the challenges presented by the pandemic, we hosted an online fundraising
effort for the American Red Cross Southeastern Pennsylvania Region with Univest matching donations. The fundraiser was
promoted both internally and externally via social media and raised $17,500 for the American Red Cross.
• We hosted the tenth annual Caring for Community Giveaway, a social media campaign that asks community members from the
markets we serve to nominate a local nonprofit for a $5,000 donation. We received more than 3,300 entries on behalf of 165
organizations. The randomly selected winner was Off the Streets Lancaster, an organization that helps families and individuals in
Lancaster, Pa. get into permanent housing by providing the up-front money needed for a security deposit.
• We were active in supporting our expansion markets with sponsorships of the Historical Society of Berks County’s Road Rally – a
self-driving audio tour that allowed participants to learn the history of the community as well as Habitat for Humanity of Greater
Harrisburg’s virtual art auction. In Philadelphia, we continued to support the Arden Theatre Company which was able to adapt and
bring live theater to people’s homes via digital streaming.
•
In our hometown of Souderton – where Univest was founded in 1876 – we are proud to be serving as a sponsor of the extensive,
six-year renovation and beautification project being completed at Souderton Community Park by the Souderton-Telford Rotary Club
and Souderton Borough.
• Univest partnered with two financial education innovators, EverFi and Inkwiry, to provide more than 5,400 students with access to
interactive online courses that educate on critical financial concepts. In addition, we posted informative articles and videos on our
blog and social media channels on financial topics such as budgeting, saving for retirement and tips for first-time homebuyers.
• Our giving through the Pennsylvania Educational Improvement Tax Credit program is an important aspect of our Committed To
Local philanthropic program that truly impacts the communities we serve. These funds supported 66 private schools, public schools
and educational improvement organizations across our markets to support scholarships, STEM programming, and programs that
support at-risk youth, first-generation college students and students with disabilities.
6% 1%
15%
Philanthropic Year in Review
Youth & Education
Health & Social Services
Community & Economic
Development
Arts & Culture
Other
$2.1m
TOTAL FINANCIAL
CONTRIBUTIONS
372
ORGANIZATIONS
SUPPORTED FINANCIALLY
260
ORGANIZATIONS SUPPORTED
THROUGH VOLUNTEER SERVICE
*Tangible equity represents total
shareholders’ equity less goodwill and
other intangible assets, but includes
mortgage servicing rights.
20%
58%
10,897
VOLUNTEER HOURS
5,467
STUDENTS EDUCATED
16
CONNECTING WITH COMMUNITY
VOLUNTEER EVENTS
Senior Leadership Team
Listing as of January 1, 2022
Jeffrey M. Schweitzer
President and Chief Executive Officer, Univest
Financial Corporation and Chief Executive Officer,
Univest Bank and Trust Co.
Michael S. Keim
President, Univest Bank and Trust Co. and Chief
Operating Officer, Univest Financial Corporation
Brian J. Richardson
Senior Executive Vice President and Chief Financial
Officer, Univest Financial Corporation and Univest
Bank and Trust Co.
Megan D. Santana, Esq.
Senior Executive Vice President, Chief Risk Officer,
General Counsel and Corporate Secretary,
Univest Financial Corporation and Univest Bank
and Trust Co.
Duane J. Brobst
Senior Executive Vice President and Chief Credit
Officer, Univest Bank and Trust Co.
Dana E. Brown
President, Consumer Services, Univest Bank
and Trust Co.
Eric W. Conner
Senior Executive Vice President and Chief
Information Officer, Univest Financial Corporation
Board of Directors
Listing as of January 1, 2022
William S. Aichele
Chairman, Univest Financial Corporation and Univest
Bank and Trust Co.; Retired President and Chief
Executive Officer, Univest Financial Corporation and
Univest Bank and Trust Co.
Roger H. Ballou
Former Director, President and Chief Executive Officer,
CDI Corporation; Chairman, Alliance Data Systems;
Chairman, Loyalty Ventures Inc.; Chairman, RCM
Technologies, Inc.
Joseph P. Beebe
Former Managing Director and Co-Head of the
Insurance and Asset Management Group of Keefe
Bruyette and Woods, Inc.; member of the President’s
Advisory Council and Institute for Creativity and
Entrepreneurship Advisory Board at Villanova University
Todd S. Benning
Principal, DunlapSLK, PC
Suzanne Keenan
Member of the Board of Trustees of North American
Electric Reliability Corporation
Glenn E. Moyer
Chief Executive Officer, Live Oak Strategies, LLC
Michael S. Fitzgerald
Market President, East Penn & NJ, Univest Bank and
Trust Co.
Ronald R. Flaherty
President, Univest Insurance, LLC
David Geibel
President, Girard, a Univest Wealth Division
Brian Grzebin
President, Mortgage Banking, Univest Bank
and Trust Co.
Thomas J. Jordan, IV
Market President, Central PA, Univest Bank
and Trust Co.
Briana J. Doña
Executive Vice President and Chief Bank Operations
Officer, Univest Bank and Trust Co.
M. Theresa Fosko
Executive Vice President and Director of Human
Resources, Univest Financial Corporation
Annette D. Szygiel
Executive Vice President and Chief Experience Officer,
Univest Financial Corporation
Natalye Paquin, Esq.
President and Chief Executive Officer, Points of Light
Foundation; Member of the Board of Directors of Bloomerang
Thomas M. Petro
Managing Partner of 1867 Capital Partners, LLC; Former
President and Chief Executive Officer of Fox Chase Bancorp;
Chairman, OrthogenRx, Inc.; Member of the Board of
Directors of Genpro, LLC
Jeffrey M. Schweitzer
President and Chief Executive Officer, Univest Financial
Corporation and Chief Executive Officer, Univest Bank and
Trust Co.
Michael L. Turner, Esq.
Partner, Marshall, Dennehey, Warner, Coleman & Goggin
Robert C. Wonderling
President and Chief Executive Officer, Chamber of Commerce
for Greater Philadelphia
Charles H. Zimmerman
Senior Leadership, Calvary Church of Souderton; Lead
Director, Clemens Family Corporation
Wholly-Owned Subsidiaries
Univest Bank and Trust Co.
Univest Capital, Inc.
Univest Insurance, LLC
Girard Advisory Services, LLC
Girard Benefits Group, LLC
Girard Investment Services, LLC
Girard Pension Services, LLC
104 S. Oakland Ave., LLC
Please visit univest.net for a complete list of locations for Univest Financial Corporation and our subsidiaries.
2021 Financial Performance
At December 31,
(Dollars in thousands)
2021
2020
2019
Cash and interest-earning deposits
Investment securities, net of allowance for credit losses
Net loans and leases
Other assets
Total assets
$ 890,150
496,989
5,238,093
497,189
$ 7,122,421
$ 219,858
373,176
5,223,797
519,665
$ 6,336,496
$ 125,128
441,599
4,351,505
462,692
$ 5,380,924
Deposits
Borrowings
Other liabilities
Total liabilities
Shareholders’ equity
Total liabilities and shareholders’ equity
$ 6,055,124
213,980
79,523
6,348,627
773,794
$ 7,122,421
$ 5,242,715
311,421
89,888
5,644,024
692,472
$ 6,336,496
$ 4,360,075
263,596
82,131
4,705,802
675,122
$ 5,380,924
For the years ended December 31,
(Dollars in thousands, except share and per share data)
2021
2020
2019
Interest income
Interest expense
Net-interest income
(Reversal of provision) provision for credit losses
Net interest income after provision for credit losses
Noninterest income
Noninterest expense
Income before income taxes
Income taxes
Net income
Book value per share
Net income per share:
Basic
Diluted
Diluted-core1
Dividends declared per share
$ 209,731
21,348
188,383
(10,132)
198,515
83,224
167,409
114,330
22,529
$ 91,801
$ 203,945
29,584
174,361
40,794
133,567
78,328
154,998
56,897
9,981
$ 46,916
$ 214,093
44,861
169,232
8,511
160,721
65,422
146,090
80,053
14,334
$ 65,719
$ 26.23
$ 23.64
$ 23.01
3.12
3.11
3.11
0.80
1.60
1.60
1.64
0.60
2.24
2.24
2.24
0.80
Weighted average shares outstanding
Period end shares outstanding
29,402,845
29,500,542
29,243,773
29,295,052
29,299,599
29,334,629
1Excludes restructuring charges.
$5,500,000
$5,000,000
$4,500,000
$4,000,000
$3,500,000
$3,000,000
$2,500,000
$2,000,000
$1,500,000
$1,000,000
$500,000
$-
$300,000
$250,000
$200,000
$150,000
$100,000
$50,000
$-
$100,000
$90,000
$80,000
$70,000
$60,000
$50,000
$40,000
$30,000
$3.50
$3.00
$2.50
$2.00
$1.50
Commercial Loans
Paycheck Protection
Program Loans
Consumer Loans
Residential Real Estate
Lease Financings
Non-interest income
Net-interest income
‘19
‘20
‘21
Loan and Lease Outstandings
(in Thousands)
‘19
‘20
Total Revenue
(in Thousands)
‘21
‘19
‘21
‘20
Net Income*
(in Thousands)
*EXCLUDES RESTRUCTURING CHARGES
‘11
‘20
‘19
Diluted Earnings Per Share*
*EXCLUDES RESTRUCTURING CHARGES
‘21
‘11
‘12
2021
Financial
Highlights
$7.1b
TOTAL ASSETS
8.56%
TANGIBLE COMMON EQUITY
TO TANGIBLE ASSETS
1.38%
RETURN ON
AVERAGE ASSETS
3.06%
NET INTEREST
MARGIN
16.41%
RETURN ON AVERAGE
TANGIBLE EQUITY*
Giving Back to the Communities We Serve
• The strength of Univest’s Committed To Local philanthropic program is one of the things that differentiates us in the markets we
serve. Over the course of the year, we remained steadfast in our commitment to give back to the communities we serve through
financial support with contributions for the year totaling $2.1 million.
• Giving back is about more than money. It is also paramount to serve organizations by volunteering time and expertise. While
opportunities were still limited due to the pandemic, our employees brought our Community core value to life by volunteering
10,897 hours. We also hosted 16 Connecting with Community volunteer events for our employees with organizations such as
Habitat For Humanity, Keystone Opportunity Center and ArtsQuest.
•
In lieu of hosting our traditional holiday drives due to the challenges presented by the pandemic, we hosted an online fundraising
effort for the American Red Cross Southeastern Pennsylvania Region with Univest matching donations. The fundraiser was
promoted both internally and externally via social media and raised $17,500 for the American Red Cross.
• We hosted the tenth annual Caring for Community Giveaway, a social media campaign that asks community members from the
markets we serve to nominate a local nonprofit for a $5,000 donation. We received more than 3,300 entries on behalf of 165
organizations. The randomly selected winner was Off the Streets Lancaster, an organization that helps families and individuals in
Lancaster, Pa. get into permanent housing by providing the up-front money needed for a security deposit.
• We were active in supporting our expansion markets with sponsorships of the Historical Society of Berks County’s Road Rally – a
self-driving audio tour that allowed participants to learn the history of the community as well as Habitat for Humanity of Greater
Harrisburg’s virtual art auction. In Philadelphia, we continued to support the Arden Theatre Company which was able to adapt and
bring live theater to people’s homes via digital streaming.
•
In our hometown of Souderton – where Univest was founded in 1876 – we are proud to be serving as a sponsor of the extensive,
six-year renovation and beautification project being completed at Souderton Community Park by the Souderton-Telford Rotary Club
and Souderton Borough.
• Univest partnered with two financial education innovators, EverFi and Inkwiry, to provide more than 5,400 students with access to
interactive online courses that educate on critical financial concepts. In addition, we posted informative articles and videos on our
blog and social media channels on financial topics such as budgeting, saving for retirement and tips for first-time homebuyers.
• Our giving through the Pennsylvania Educational Improvement Tax Credit program is an important aspect of our Committed To
Local philanthropic program that truly impacts the communities we serve. These funds supported 66 private schools, public schools
and educational improvement organizations across our markets to support scholarships, STEM programming, and programs that
support at-risk youth, first-generation college students and students with disabilities.
6% 1%
15%
Philanthropic Year in Review
Youth & Education
Health & Social Services
Community & Economic
Development
Arts & Culture
Other
$2.1m
TOTAL FINANCIAL
CONTRIBUTIONS
372
ORGANIZATIONS
SUPPORTED FINANCIALLY
260
ORGANIZATIONS SUPPORTED
THROUGH VOLUNTEER SERVICE
*Tangible equity represents total
shareholders’ equity less goodwill and
other intangible assets, but includes
mortgage servicing rights.
20%
58%
10,897
VOLUNTEER HOURS
5,467
STUDENTS EDUCATED
16
CONNECTING WITH COMMUNITY
VOLUNTEER EVENTS
Senior Leadership Team
Listing as of January 1, 2022
Jeffrey M. Schweitzer
President and Chief Executive Officer, Univest
Financial Corporation and Chief Executive Officer,
Univest Bank and Trust Co.
Michael S. Keim
President, Univest Bank and Trust Co. and Chief
Operating Officer, Univest Financial Corporation
Brian J. Richardson
Senior Executive Vice President and Chief Financial
Officer, Univest Financial Corporation and Univest
Bank and Trust Co.
Megan D. Santana, Esq.
Senior Executive Vice President, Chief Risk Officer,
General Counsel and Corporate Secretary,
Univest Financial Corporation and Univest Bank
and Trust Co.
Duane J. Brobst
Senior Executive Vice President and Chief Credit
Officer, Univest Bank and Trust Co.
Dana E. Brown
President, Consumer Services, Univest Bank
and Trust Co.
Eric W. Conner
Senior Executive Vice President and Chief
Information Officer, Univest Financial Corporation
Board of Directors
Listing as of January 1, 2022
William S. Aichele
Chairman, Univest Financial Corporation and Univest
Bank and Trust Co.; Retired President and Chief
Executive Officer, Univest Financial Corporation and
Univest Bank and Trust Co.
Roger H. Ballou
Former Director, President and Chief Executive Officer,
CDI Corporation; Chairman, Alliance Data Systems;
Chairman, Loyalty Ventures Inc.; Chairman, RCM
Technologies, Inc.
Joseph P. Beebe
Former Managing Director and Co-Head of the
Insurance and Asset Management Group of Keefe
Bruyette and Woods, Inc.; member of the President’s
Advisory Council and Institute for Creativity and
Entrepreneurship Advisory Board at Villanova University
Todd S. Benning
Principal, DunlapSLK, PC
Suzanne Keenan
Member of the Board of Trustees of North American
Electric Reliability Corporation
Glenn E. Moyer
Chief Executive Officer, Live Oak Strategies, LLC
Michael S. Fitzgerald
Market President, East Penn & NJ, Univest Bank and
Trust Co.
Ronald R. Flaherty
President, Univest Insurance, LLC
David Geibel
President, Girard, a Univest Wealth Division
Brian Grzebin
President, Mortgage Banking, Univest Bank
and Trust Co.
Thomas J. Jordan, IV
Market President, Central PA, Univest Bank
and Trust Co.
Briana J. Doña
Executive Vice President and Chief Bank Operations
Officer, Univest Bank and Trust Co.
M. Theresa Fosko
Executive Vice President and Director of Human
Resources, Univest Financial Corporation
Annette D. Szygiel
Executive Vice President and Chief Experience Officer,
Univest Financial Corporation
Natalye Paquin, Esq.
President and Chief Executive Officer, Points of Light
Foundation; Member of the Board of Directors of Bloomerang
Thomas M. Petro
Managing Partner of 1867 Capital Partners, LLC; Former
President and Chief Executive Officer of Fox Chase Bancorp;
Chairman, OrthogenRx, Inc.; Member of the Board of
Directors of Genpro, LLC
Jeffrey M. Schweitzer
President and Chief Executive Officer, Univest Financial
Corporation and Chief Executive Officer, Univest Bank and
Trust Co.
Michael L. Turner, Esq.
Partner, Marshall, Dennehey, Warner, Coleman & Goggin
Robert C. Wonderling
President and Chief Executive Officer, Chamber of Commerce
for Greater Philadelphia
Charles H. Zimmerman
Senior Leadership, Calvary Church of Souderton; Lead
Director, Clemens Family Corporation
Wholly-Owned Subsidiaries
Univest Bank and Trust Co.
Univest Capital, Inc.
Univest Insurance, LLC
Girard Advisory Services, LLC
Girard Benefits Group, LLC
Girard Investment Services, LLC
Girard Pension Services, LLC
104 S. Oakland Ave., LLC
Please visit univest.net for a complete list of locations for Univest Financial Corporation and our subsidiaries.
Our Franchise
Shareholder Information
145
YEARS OF BUSINESS
SUCCESS
920
EMPLOYEES
MAKING IT HAPPEN
37
FINANCIAL
CENTERS
12
COMMERCIAL &
CORPORATE OFFICES
8
WEALTH
OFFICES
5
INSURANCE
OFFICES
2021
Integrated Successes
$4.9b
ASSETS UNDER
MANAGEMENT AND
SUPERVISION
$1.4b
LOANS SERVICED
FOR OTHERS
$195m
TOTAL INSURANCE
WRITTEN PREMIUM
Shareholders’ Meeting
The Annual Shareholders’ Meeting will take place at 9:00 a.m. on Wednesday, April 27, 2022 at
Indian Valley Country Club, 650 Bergey Road, Telford, PA 18969. There will also be an option
to attend virtually.
Univest Stock Transfer Agent
For more information on Univest Financial Corporation common stock, contact Broadridge
Corporate Issuer Solutions or visit the investor relations section at www.univest.net.
Regular Mail Communications:
Broadridge Corporate Issuer Solutions, Inc.
PO Box 1342
Brentwood, NY 11717
Phone Number: 866-321-8021
Email Address: shareholder@broadridge.com
Website: https://investor.broadridge.com
Overnight Mail Communications:
Broadridge Corporate Issuer Solutions, Inc.
ATTN: IWS
1155 Long Island Avenue
Edgewood, NY 11717
Univest Shareholder Contact
For more information on Univest Financial Corporation, please call 877.723.5571.
Common Stock Information
Traded on the NASDAQ National Market, symbol: UVSP.
ESG Report
Being a responsible corporate citizen is at the core of how we operate. Environmental, social
and governance (ESG) considerations are incorporated into our culture and integrated into the
policies and principles that govern the way we do business. To view our 2021 ESG report which
provides a comprehensive view of our efforts in these areas, visit: www.univest.net/who-we-are/
corporate-responsibility.
“He gives strength to the weary and increases the power of the weak… but those
who hope in the Lord will renew their strength. They will soar on wings like
eagles; they will run and not grow weary, they will walk and not be faint.”
- Isaiah 40:29, 31
$185m
EQUIPMENT FINANCE
OUTSTANDINGS
NET INTEREST
INCOME
69% REVENUE FROM
31% REVENUE FROM
FEE INCOME
OPERATIONS
2021
ANNUAL REPORT
UNIVEST FINANCIAL CORPORATION
A letter from our Chairman
& President and CEO
To Our Family of Shareholders, Customers and Employees:
As we look back on another year navigating the challenges presented
by the ongoing pandemic, what stands out is how the Univest Family
persevered. Thanks to our growth mindset and ability to adapt, it was a
successful year for Univest Financial Corporation. We had a year with
very strong financial results, made significant progress on strategic
initiatives and provided meaningful support for the communities we
serve.
Over the course of the year, we maintained our commitment to
supporting local businesses. Our participation in the Paycheck
Protection Program (PPP) remained a priority as we facilitated loans
from the second round of funding and helped our customers navigate the
forgiveness phase. Thanks to our strategic approach to operations and
processing from the very start as well as our commitment to customer
experience and the ongoing hard work and dedication from employees
across our organization, we were a valuable resource to business owners, their employees and our communities.
Jeffrey M. Schweitzer, William S. Aichele
In addition to our impressive PPP efforts, we had a year of exceptional organic loan growth which is a testament
to the dedication of our team, the strength of our relationships with our customers and our commitment to the
communities we serve. The East Penn and NJ Commercial Banking division again closed more than $1 billion
in loan commitments in 2021 while the Ag Lending team in our Central PA division surpassed $500 million in
outstanding loans and was recognized as the second largest agricultural lender in Pennsylvania. In 2021, we also
expanded our SBA team to better meet the needs of small businesses across our markets.
Thanks to our strategic approach to our digital evolution and significant investments in technology, we continued
to see our customers embrace our online and mobile solutions. As more customers adopted these solutions, the
need for as many physical locations continued to decline and we continued to execute on our financial center
optimization plan. As planned, we consolidated or relocated eight financial centers to address this shift in
customer preference which was accelerated due to the impacts of the COVID-19 pandemic.
In 2021, we marked the five-year anniversary of two events that were key in helping accelerate our growth and
transform Univest into a regional financial institution. One was our entrance into the Lancaster market which
has since led to our further expansion into Central Pennsylvania. The second event was Univest’s acquisition of
Fox Chase Bank. In the five years since closing the acquisition, it has been a great success for both Fox Chase
and Univest shareholders. Both of these events have been a significant reason for our 10% average annual loan
growth over the past five years and brought great people to the Univest Family and people are the most valuable
asset for any organization. We thrive at Univest because of our culture and the dedication of more than 900
members of the Univest Family who work each day to move the Corporation forward and help our customers
and communities achieve their financial dreams.
An important part of our culture is our focus on becoming a more inclusive and diverse organization. We
continued our work with Diversity, Equity and Inclusion (DEI) specialists at PwC who conducted a DEI
assessment of the organization. The resulting transparency report was shared with all employees and is helping
to guide our approach. A company-wide Town Hall meeting and monthly newsletters were key components in
our efforts to drive awareness around DEI topics. We look forward to continuing this journey with DEI learning
launching in 2022.
On June 12, 2021, we celebrated Univest’s 145th anniversary. As we reflect on our history, we are grateful to
have maintained our mission as we serve our customers, communities, employees and shareholders. As you
review the 2021 Annual Report, you will see that we were able to successfully move Univest forward despite
the uncertain times. As we navigate through 2022, there will undoubtedly be new challenges but also new
opportunities to help our customers achieve their financial dreams. We have good momentum and are confident
in our ability to strengthen our franchise and enhance shareholder value. On behalf of the entire Univest family,
thank you for your trust, support and investment.
Sincerely,
William S. Aichele
Chairman
Jeffrey M. Schweitzer
President and CEO