# EDGAR Filing Document

**Accession Number:** 0000102212
**File Stem:** 0000102212-23-000009
**Filing Date:** 2023-2
**Character Count:** 50281
**Document Hash:** 98a1610c3cb1d4142c5a62b6608b406b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000102212-23-000009.hdr.sgml**: 20230214

**ACCESSION NUMBER**: 0000102212-23-000009

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 63

**CONFORMED PERIOD OF REPORT**: 20230214

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230214

**DATE AS OF CHANGE**: 20230214

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** UNIVEST FINANCIAL Corp
- **CENTRAL INDEX KEY:** 0000102212
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **IRS NUMBER:** 231886144
- **STATE OF INCORPORATION:** PA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-07617
- **FILM NUMBER:** 23624397

**BUSINESS ADDRESS:**
- **STREET 1:** 14 NORTH MAIN STREET
- **STREET 2:** PO BOX 197
- **CITY:** SOUDERTON
- **STATE:** PA
- **ZIP:** 18964
- **BUSINESS PHONE:** 2157212400

**MAIL ADDRESS:**
- **STREET 1:** 14 NORTH MAIN STREET
- **STREET 2:** PO BOX 197
- **CITY:** SOUDERTON
- **STATE:** PA
- **ZIP:** 18964

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** UNIVEST CORP OF PENNSYLVANIA
- **DATE OF NAME CHANGE:** 19920703

?xml version="1.0" ? uvsp-20230214

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**_______________________** 

**FORM 8-K** 

**_______________________** 

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d)**

**of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): February 14, 2023** 

**_______________________** 

**UNIVEST FINANCIAL CORPORATION**

**(Exact name of registrant as specified in its charter)**

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| | | |
|:---|:---|:---|
| **Pennsylvania** | **0-7617** | **23-1886144** |
| **(State or other jurisdiction** | **(Commission** | **(I.R.S. Employer** |
| **of incorporation)** | **File Number)** | **Identification No.)** |

---

**14 North Main Street, Souderton, Pennsylvania 18964**

**(Address of principal executive office) (Zip Code)**

**Registrant's telephone number, including area code (215) 721-2400**

**Not applicable**

**(Former name or former address, if changed since last report)**

**_______________________**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2 (b) under the Exchange Act (17 CFR 240.14d-2 (b))

☐ Pre-commencement communications pursuant to Rule 13e-4 (c) under the Exchange Act (17 CFR 240.13e-4 (c))

**Securities registered pursuant to Section 12(b) of the Act:**

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| | | |
|:---|:---|:---|
| **<u>Title of class</u>** | **<u>Trading Symbol</u>** | **<u>Name of exchange on which registered</u>** |
| Common Stock, $5 par value | UVSP | The NASDAQ Stock Market |

---

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| | |
|:---|:---|
| Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). | |
| Emerging growth company | ☐ |
| If an emerging growth company, indicated by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ◻ |

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| | |
|:---|:---|
| **<u>Item 7.01</u>** | **<u>Regulation FD Disclosure</u>** |

---

On February 14, 2023, Univest Financial Corporation (the "Corporation"), parent company of Univest Bank and Trust Co., made available and distributed to analysts and prospective investors a slide presentation. The presentation materials include information regarding the Corporation's operating and growth strategies and financial performance. The slide presentation is furnished in this Current Report on Form 8-K, pursuant to this Item 7.01, as Exhibit 99.1, and is incorporated herein by reference.

The information contained in this Item 7.01 and Exhibit 99.1 shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section, and shall not be incorporated by reference into any filings made by the Corporation under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except as expressly set forth by specific reference in such filing.

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| | |
|:---|:---|
| **<u>Item 9.01</u>** | **<u>Financial Statements and Exhibits</u>** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Not applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits

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| | |
|:---|:---|
| Exhibit No. | Description of Document |
| 99.1 | <u>[Slide presentation for Univest Financial Corporation (furnished pursuant to Item 7.01 hereof)](uvspinvestorpresentation.htm)</u> |
| 104 | The cover page from the Corporation's Form 8-K, formatted in Inline XBRL |

---

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
| Univest Financial Corporation | Univest Financial Corporation |
| By: | /s/ Brian J. Richardson |
| Name: | Brian J. Richardson |
| Title: | Senior Executive Vice President, |
|  | Chief Financial Officer |

---

February 14, 2023

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**EXHIBIT INDEX**

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| | |
|:---|:---|
| Exhibit No. | Description of Document |
| 99.1 | <u>[Slide presentation for Univest Financial Corporation (furnished pursuant to Item 7.01 hereof)](uvspinvestorpresentation.htm)</u> |
| 104 | The cover page from the Corporation's Form 8-K, formatted in Inline XBRL |

---

## Exhibit 99.1

![](uvspinvestorpresentation001.jpg)

Investor Presentation February 14, 2023

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![](uvspinvestorpresentation002.jpg)

Safe Harbor Statement Cautionary Note Regarding Forward-Looking Statements The information contained in this report may contain forward-looking statements. When used or incorporated by reference in disclosure documents, the words "believe," "anticipate," "estimate," "expect," "project," "target," "goal" and similar expressions are intended to identify forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements may include, but are not limited to: statements of our goals, intentions and expectations; statements regarding our business plans, prospects, growth and operating strategies; statements regarding the quality of our loan and investment portfolios; and estimates of our risks and future costs and benefits. These forward-looking statements are based on current beliefs and expectations of our management and are subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Certain of these risks, uncertainties and assumptions are set forth below as well as the risk factors described in Item 1A. "Risk Factors": • Operating, legal and regulatory risks; • Economic, political and competitive forces; • General economic conditions, either nationally or in our market areas, that are worse than expected included as a result of employment levels and labor shortages, and the effect of inflation, a potential recession or slowed economic growth caused by supply chain disruptions or otherwise; • Legislative, regulatory and accounting changes; • Monetary and fiscal policies of the U.S. government, including policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System; • Demand for our financial products and services in our market area; • Major catastrophes such as earthquakes, floods or other natural or human disasters and infectious disease outbreaks, including the current coronavirus (COVID-19) pandemic, the related disruption to local, regional and global economic activity and financial markets, and the impact that any of the foregoing may have on us and our customers and other constituencies; • Inflation or volatility in interest rates that reduce our margins and yields, the fair value of financial instruments or our level of loan originations or prepayments on loans we have made and make; • Fluctuations in real estate values in our market area; • The composition and credit quality of our loan and investment portfolios; • Changes in the level and direction of loan delinquencies, classified and criticized loans and charge-offs and changes in estimates of the adequacy of the allowance for credit losses; • Changes in the economic assumptions utilized to calculate the allowance for credit losses; • Our ability to access cost-effective funding; • Our ability to implement our business strategies; • Our ability to manage market risk, credit risk and operational risk; • Timing and amount of revenue and expenditures; • Adverse changes in the securities markets; • The impact of any military conduct, terrorist act or other geopolitical acts; • Our ability to enter new markets successfully and capitalize on growth opportunities; • Competition for loans, deposits and employees; 2

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![](uvspinvestorpresentation003.jpg)

Safe Harbor Statement (cont'd) Cautionary Note Regarding Forward-Looking Statements • System failures or cyber-security breaches of our information technology infrastructure and those of our third-party service providers; • The failure to maintain current technologies and/or to successfully implement future information technology enhancements; • Our ability to retain key employees; • Other risks and uncertainties, including those occurring in the U.S. and world financial systems; and • The risk that our analysis of these risks and forces could be incorrect and/or that the strategies developed to address them could be unsuccessful. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated, expected or projected. These forward-looking statements speak only as of the date of the report. Univest Financial Corporation (the Corporation) expressly disclaims any obligation to publicly release any updates or revisions to reflect any change in the Corporation's expectations with regard to any change in events, conditions or circumstances on which any such statement is based. 3

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![](uvspinvestorpresentation004.jpg)

Non-GAAP Financial Measures This presentation contains financial information determined by methods other than in accordance with accounting principles generally accepted in the United States of America ("GAAP"). These non-GAAP measures include tangible common equity, core net interest income excluding PPP, core noninterest expense excluding purchase accounting ("PA"), core tax equivalent revenue, core pre-tax pre- provision income less net charge-offs ("PTPP-NCO"), average assets excluding PPP, and average interest earning assets excluding excess liquidity and PPP. Management uses these "non-GAAP" measures in its analysis of the Corporation's performance. Management believes these non-GAAP financial measures allow for better comparability of period to period operating performance. Additionally, the Corporation believes this information is utilized by regulators and market analysts to evaluate a company's financial condition and therefore, such information is useful to investors. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. A reconciliation of the non-GAAP measures used in this presentation to the most directly comparable GAAP measures is provided in the Appendix to this presentation. 4

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![](uvspinvestorpresentation005.jpg)

COMPANY OVERVIEW

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![](uvspinvestorpresentation006.jpg)

Univest Company Overview • Headquartered in Souderton, Pennsylvania (Montgomery County) • Bank founded in 1876, holding company formed in 1973 • Engaged in financial services business, providing full range of banking, insurance and wealth management services ◦ Comprehensive financial solutions delivered locally • Experienced management team with proven performance track record • Primarily serving thirteen counties in the Southeastern and Central regions of Pennsylvania and three counties in Southern New Jersey; recently expanded into Western PA and Maryland • Operating leverage and scale with $7.2 billion of assets, $4.2 billion of assets under management and supervision and agent for $208 million of underwritten insurance premiums as of 12/31/22 6

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![](uvspinvestorpresentation007.jpg)

UVSP by the Numbers 7 7th Largest Diversified Financial Institution Headquartered in PA 10% Core EPS < 5-year CAGRs > 7.2% TBV/Share Conservatively Managed Organic Growth Engine ~25% - 30% High Margin Fee Income Business Revenue/Total 11.1% 5-yr CAGR Organic Loan Growth w/ Exceptional Asset Quality 10.7% 5-yr CAGR Organic Core Deposit Growth 2nd Largest Bank-owned Insurance Agency in PA 3rd Largest Bank-owned Wealth Management business in PA

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![](uvspinvestorpresentation008.jpg)

Executive Leadership Team 8 Name Age Tenure (yrs) with Univest Title Jeffrey M. Schweitzer 49 15 President and CEO, Univest Financial Corporation Michael S. Keim 55 14 Chief Operating Officer, Univest Financial Corporation and President, Univest Bank and Trust Co. Brian J. Richardson 40 6 Senior Executive Vice President, Chief Financial Officer Megan D. Santana 47 6 Senior Executive Vice President, Chief Risk Officer and General Counsel Patrick C. McCormick 45 0 Executive Vice President, Chief Credit Officer (joined Univest in April 2022) John Haurin 57 6 President, Commercial Banking, East Penn and NJ Division Thomas J. Jordan 55 6 President, Commercial Banking, Central PA Division Christopher M. Trombetta 53 0 President, Commercial Banking, Western PA Division (joined Univest in April 2022) Matthew L. Cohen 40 0 President, Commercial Banking, Maryland Division (joined Univest in April 2022) Ronald R. Flaherty 55 14 President, Univest Insurance, Inc. David W. Geibel 50 9 President, Girard (Univest Wealth Management Division) William J. Clark 58 16 President, Univest Capital, Inc. Brian E. Grzebin 51 4 President, Mortgage Banking Division Dana E. Brown 55 6 President, Consumer Services Eric W. Conner 51 16 Senior Executive Vice President and Chief Information Officer M. Theresa Fosko 52 19 Executive Vice President and Director of Human Resources Briana J. Dona 42 22 Executive Vice President and Managing Director of Innovation Joseph A. Pensabene 56 0 Executive Vice President and Managing Director of Operations (joined Univest August 2022) 8

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![](uvspinvestorpresentation009.jpg)

Univest Primary Physical Service Area 9 Expansion Markets Western PA Maryland KEY Headquarters Financial Center Regional Center Regional Center (Deposit Taking) Insurance

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![](uvspinvestorpresentation010.jpg)

• Univest is one of the two largest community focused financial institutions remaining headquartered in the Philadelphia market (WSFS being the other) • Univest Bank and Trust Co. primarily operates in thirteen counties in Pennsylvania including: Berks, Bucks, Chester, Cumberland, Dauphin, Delaware, Lancaster, Lebanon, Lehigh, Montgomery, Northampton, Philadelphia and York • The current Univest financial center network is predominantly concentrated in Bucks, Lancaster, Montgomery and Philadelphia counties Market Opportunity Source: FDIC Market Share Data 10 Market Share (6/30/22) Market Market Rank # of Branches Deposits 6/2022 Share % 6/2021 Share % Montgomery County 5th 12 $3.0B 7.2% 7.1% Bucks County 7th 9 $1.4B 5.4% 5.3% Philadelphia County 13th 6 $500M 0.7% 0.7% Lancaster County 10th 5 $467M 2.9% 2.8%

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![](uvspinvestorpresentation011.jpg)

2023 Strategy 11 Grow Fee Revenue: ■ Continue to grow non-interest income and pre-tax income in the Mortgage Banking, Wealth Management and Insurance lines of business Improve Operating Leverage: ■ Maximize the potential of digital capabilities to create operating leverage and reduce our efficiency ratio Balance Sheet Optimization: ■ Maintain net interest margin in 2023 with peer competitive metrics ■ Execute a diversified deposit sourcing strategy Digital Transformation: ■ Leverage our previous technology investments and further enhance our ability to deliver our financial solutions digitally with a human touch; Focus on data analytics and personalization to increase capture from existing customers ■ Achieve the hub and spoke operating model when entering new markets without sacrificing on customer service ESG Initiatives and Reporting: ■ Continue to enhance ESG reporting to comply with evolving SEC requirements ■ Execute on third year of three-year Strategic Roadmap related to diversity, equity and inclusion

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![](uvspinvestorpresentation012.jpg)

Our Digital Transformation Continues 12 Exceptional people deliver a relationship- based approach that customers appreciate Strengths Larger competitors are more advanced in leveraging customer data to deliver personalized, omnichannel experiences Need a support and prioritization model that scales to meet the customer's needs when/how they desire Weaknesses COVID-19 intensified the need for digital transformation with required shifts in ways of working Threats Over the last several years, we have been focused on our digital transformation and took several necessary steps to prepare, such as the adoption of Office 365, transitioning to the cloud and the deployment of nCino and Salesforce. The next step of the process is developing a new way of working and thinking to advance and accelerate this transformational journey. A competitive and comparative analysis helped us better understand customer expectations, including • the ability to self serve or access 24/7 support, • the desire for companies to know customers and personalize experiences, and • the importance of simple and sleek visual experiences. We have made great strides over the last several years and will continue to focus our efforts on select initiatives that directly align with our customer-centric strategy and drive our multi- year transformational journey forward. Opportunities HURTFULHELPFUL IN TE R N A L E X TE R N A L S W O T

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![](uvspinvestorpresentation013.jpg)

Delivering on a customer-centric transformation 13 Data modernization lays the foundation to better know customers and personalize their experiences Benefit to Customers Benefit to Univest Digital scheduler capabilities and enhanced chat enable Univest to continue delivering its human touch over digital channels Customers and small business will be able to open accounts and apply for loans online 24/7 Website redesign delivers a simple, clean web experience for existing and prospective small business customers Authenticated experiences provide sense of security while thought leadership and personalized content build trust Personalized experiences enhance lead generation with improved quality of leads while also increasing penetration per household Digital account opening affords efficiencies and supports ability to scale Enhanced security protects Univest and its customers and maintains customer trust, which improves customer retention rates Continuing to deliver Univest's human touch, over digital channels, fosters customer retention and encourages increased share of walletHuman Touch Degree of Personalization Conveniently Connected Simplicity Trust

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![](uvspinvestorpresentation014.jpg)

Attractive Investment Opportunity 14 1. This is a non-GAAP financial measure. Refer to the Appendix for reconciliation. 2. Based on price of $28.28 (represents average closing price 2/6/23-2/10/23). 3. Based on analyst average consensus of $3.01 EPS for 2023 (KBW projection of $3.02, Piper Sandler projection of $2.99 and Stephens projection of $3.01). 15.77% 18.53% 1.37% 1.56% 11.88% 14.05% Core PTPP-NCO ROATE Core PTPP-NCO ROAA Core PTPP-NCO ROAE 2021 2022 —% 10.00% 20.00% 30.00% Strong Earnings Performance1 Dividend Yield 2.97% (2) 9.4x Projected 2023 EPS (2)(3) 1.38x Tangible Book Value per Share (1)(2) Attractive Valuation Super-Community Bank Headquartered in attractive Southeastern Pennsylvania market Opportunity and ability to scale and obtain operating leverage Diversified lines of business and revenue streams (i.e. Noninterest Income represents ~25% - 30% of total revenue)

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![](uvspinvestorpresentation015.jpg)

SUMMARY FINANCIAL HIGHLIGHTS

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2022 Results 1. This is a non-GAAP financial measure. Refer to the Appendix for reconciliation. 2. Includes PA capital stock tax expense - increases efficiency ratio by approximately 170 bps 16 Earnings Loans & Deposits Key Ratios Reported Earnings: $78.1 million $2.64 per Share Core PTPP-NCO1: $108.4 million Reported ROAA: 1.12% Core PTPP-NCO ROAA1: 1.56% Reported ROATE 1: 13.36% Core PTPP-NCO ROATE 1: 18.53% Loan Growth excl. PPP 1: 16.0% Deposit Growth: (2.3)% Average Loan to Deposit Ratio: 96.7% Net Interest Margin1 of 3.52% (tax-equivalent excluding purchase accounting, PPP loans and excess liquidity) Reported Efficiency Ratio2 of 62.4%; Core Efficiency Ratio1,2 of 61.3% Non-Performing Assets to Total Assets of 0.46% Tangible Equity1 to Tangible Assets of 8.5% and Tangible Book Value Per Share of $20.42 at 12/31/22

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![](uvspinvestorpresentation017.jpg)

$64,978 $68,620 $84,911 $85,340 $87,236 $108,434 2017 2018 2019 2020 2021 2022 $— $20,000 $40,000 $60,000 $80,000 $100,000 $120,000 Core Pre-Tax Pre-Provision Income less Net Charge-Offs1 1. This is a non-GAAP financial measure. Refer to the Appendix for reconciliation. 17

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![](uvspinvestorpresentation018.jpg)

$14.44 $15.24 $17.01 $17.66 $20.14 $20.42 2017 2018 2019 2020 2021 2022 $— $5.00 $10.00 $15.00 $20.00 $25.00 Tangible Book Value Per Share1 1. This is a non-GAAP financial measure. Refer to the Appendix for reconciliation. 2. Assumes no Wealth Management or Insurance acquisitions. Target 8-10% Annual Growth 2 2017 - 2022 CAGR = 7.2% 18 $13.23 Benefit of 12/2017 Capital Raise = $1.21 $20.14 $2.70 $(0.86) $(1.56) $20.42 12/31/21 Core Earnings Buybacks & Dividends AOCI 12/31/2022 $— $5.00 $10.00 $15.00 $20.00 $25.00 $30.00 1

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![](uvspinvestorpresentation019.jpg)

Core PTPP- NCO ROAA & ROTE 1. This is a non-GAAP financial measure. Refer to the Appendix for reconciliation. 1.49% 1.45% 1.63% 1.51% 1.37% 1.56% 2017 2018 2019 2020 2021 2022 1.00% 1.10% 1.20% 1.30% 1.40% 1.50% 1.60% 1.70% 1.80% 1.90% 2.00% 19.54% 16.33% 18.20% 17.58% 15.77% 18.53% 2017 2018 2019 2020 2021 2022 12.00% 13.00% 14.00% 15.00% 16.00% 17.00% 18.00% 19.00% 20.00% 21.00% 22.00% 19 Core PTPP-NCO ROAA1 Core PTPP-NCO ROTE1

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Net Interest Income (Slightly Asset Sensitive) 1. This is a non-GAAP financial measure. Refer to the Appendix for reconciliation. 2. Pro forma tax equivalent margin calculation excludes purchase accounting accretion and is based upon a pro forma 21% tax rate for all periods presented 20 3.78% 3.72% 3.67% 3.37% 3.18% 3.52% 3.78% 3.72% 3.59% 3.16% 3.06% 3.38% 0.08% 0.21% 0.12% 0.14% Reported NIM (2) PPP & Excess Liquidity Core Net Interest Income excluding PPP (1) 2017 2018 2019 2020 2021 2022 2.60% 2.80% 3.00% 3.20% 3.40% 3.60% 3.80% 4.00% $130,000 $140,000 $150,000 $160,000 $170,000 $180,000 $190,000 $200,000 $210,000 $220,000 Core Net Interest Margin

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![](uvspinvestorpresentation021.jpg)

Interest Rate Sensitivity 21 Net Interest Income Simulations Flat Rate as of 12/31/22 BS (millions) 251 252 259 237 227 Base-FLAT 100+0 200+0 -100+0 -200+0 0 50 100 150 200 250 300 As of 12/31/22 Flat Curve 3.2% 0.5% (5.4)% (9.7)% 200+0 100+0 -100+0 -200+0 (15.0)% (10.0)% (5.0)% —% 5.0% 10.0% 15.0% 20.0% Change in NII % Loan Growth $1.7B Cumulative Annual Growth Rate 11.8% Variable Loans 36% (34% of total portfolio as of 12/31/22) Loan Growth (Q4 2019 to Q4 2022) 1 1. Excludes PPP Loans

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![](uvspinvestorpresentation022.jpg)

62.5% 61.9% 61.4% 60.6% 60.9% 62.4% 60.8% 60.1% 60.2% 60.7% 63.2% 59.7% Reported Efficiency Ratio (Noninterest Expense/Tax Equivalent Revenue) Efficiency Ratio (Core Noninterest Expense Excluding PA Shares Tax/Core Tax Equivalent Revenue) (1),(2) 2017 2018 2019 2020 2021 2022 50.0% 52.5% 55.0% 57.5% 60.0% 62.5% 65.0% 67.5% 70.0% 72.5% 75.0% Efficiency Ratio 1. This is a non-GAAP financial measure. Refer to the Appendix for reconciliation. 2. Based upon a pro forma 21% tax rate for all periods presented. UVSP's effective tax rate would be approximately 400 bps higher if the Bank Shares Tax was included in income tax expense. 22 UVSP pays a Bank Share Tax rather than Bank Income Tax to the Commonwealth of Pennsylvania as a result of our type of charter. This amount is included in noninterest expense and increases our efficiency ratio by approximately 170 bps compared to other banks that do not have this tax. UVSP's effective tax rate would be approximately 400 bps higher if the Bank Shares Tax was included in income tax expense.

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Revenue (excluding PPP impact) 1. This is a non-GAAP financial measure. Refer to the Appendix for reconciliation. 2. 2022 is a pro forma annualized figure - (YTD Q3/3x4) Revenue = Net Interest Income + Noninterest Income $(0 00) N on-Interest Incom e % of Total R evenue Net Interest Income (excl PPP) Non-Interest Income Non-Interest Income % of Total revenue 2016 2017 2018 2019 2020 (1) 2021 (1) 2022 (1) — 50,000 100,000 150,000 200,000 250,000 300,000 350,000 —% 10% 20% 30% 40% 50% 23 Commercial, 63.1% Consumer, 3.2% Mortgage, 10.1% Univest Capital, 2.9% Wealth, 8.9% Insurance, 6.7% Other, 5.0% Revenue Revenue by Line of Business (2022) 1

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Fee Income 24 $55,963 $59,240 $60,173 $65,422 $78,328 $83,224 $77,885 33% 29% 28% 28% 32% 32% 26% Trust / Wealth Fee Income Insurance Fee Income Mortgage Banking Service Charges on Deposit Accounts Other Service Fee Income BOLI Other % of Total Revenue 2016 2017 2018 2019 2020 2021 2022 $— $12,000 $24,000 $36,000 $48,000 $60,000 $72,000 $84,000 $96,000 —% 10% 20% 30% 40% 50%

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![](uvspinvestorpresentation025.jpg)

Assets and Loans Chart data as of December 31 Assets Excluding PPP Loans: 2020 = $5.9B, 2021 = $7.1B and 2022 = $7.2B $(0 00) $4.2B $4.6B $5.0B $5.4B $6.3B $7.1B $7.2B Net Loans & Leases Total Investment Securities Other Assets Cash and Due From Banks 2016 2017 2018 2019 2020 2021 2022 $0 $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 $6,000,000 $7,000,000 $8,000,000 25 Assets Loans by Segment (excluding PPP) $3.3B $3.6B $4.0B $4.4B $4.8B $5.3B $6.1B Commercial Real Estate Commercial, financial and agricultural Real Estate - Residential Loans to Individuals Lease Financings 2016 2017 2018 2019 2020 2021 2022 $0 $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 $6,000,000 $7,000,000 CAGR = 10.9%

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![](uvspinvestorpresentation026.jpg)

Liabilities and Deposits Chart data as of December 31 $(0 00) $3.7B $4.0B $4.4B $4.7B $5.6B $6.3B $6.4B Interest-Bearing Deposits Noninterest-Bearing Deposits Borrowings Other Liabilities 2016 2017 2018 2019 2020 2021 2022 $— $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 $6,000,000 $7,000,000 $(0 00) $3.3B $3.6B $3.9B $4.4B $5.2B $6.1B $5.9B DD, Noninterest-Bearing DD, Interest-Bearing Regular Savings Time Deposits 2016 2017 2018 2019 2020 2021 2022 $0 $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 $6,000,000 $7,000,000 26 CAGR = 10.4% Liabilities Deposits

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Stable Asset Quality Chart data as of December 31 $(0 00) A C L / non-accrual Loans and Leases Nonaccrual Loans and Leases ACL/nonaccrual loans and leases 2016 2017 2018 2019 2020 2021 2022 $— $10,000 $20,000 $30,000 $40,000 $50,000 100.0% 200.0% 300.0% 400.0% 500.0% 600.0% $(0 00) N et C harge-offs / A verage Loans and Leases Nonaccrual & 90+ Past Due Loans and Leases Troubled Debt Restructured Loans and Leases Other Real Estate Owned Ratio of Net Charge-offs to Avg Loans and Leases Nonperforming Assets to Total Assets 2016 2017 2018 2019 2020 2021 2022 $— $10,000 $20,000 $30,000 $40,000 $50,000 (0.25)% —% 0.25% 0.50% 0.75% 1.00% 1.25% 1.50% 1.75% 2.00% 2.25% 2.50% 27 Nonperforming Assets Nonaccrual Loans & Leases

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Current Expected Credit Loss (CECL)1 28 $(00 0) $35.3 $12.9 $36.3 $3.1 $(4.6) $83.0 $(10.5) $(0.4) $(0.2) $71.9 $4.3 $6.7 $(3.9) $79.0 2019 CECL Adoption Loan growth and changes in economic related assumptions Specific Reserves Net Charge- Offs 2020 Loan growth and changes in economic related assumptions Specific Reserves Net Charge- Offs 2021 Loan growth and changes in economic related assumptions Specific Reserves Net Charge- Offs 2022 $— $25.0 $50.0 $75.0 $100.0 1.72% 1.36% 1.29% Coverage Ratio 0.85% 1.10% 1. Reflects the current expected credit loss for loans and leases only; excludes the current expected credit loss for investment securities and unfunded commitments

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LIQUIDITY AND CAPITAL

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Liquidity and Capital All data in millions, as of 12/31/22 Balance Remaining Capacity FHLB - Pittsburgh $220.0 $1,947.5 Federal Fund Lines (10 Lenders)\* 60.0 350.0 FRB - Philadelphia — 98.1 Univest Financial Corp. LOC 1 — 10.0 Total $280.0 $2,405.6 \*Uncommitted lines ranging from $20mm to $150mm 1 Holding Company Line of Credit with 3rd Party Financial Institution Period Amount 2023 $35.2 2024 80.2 2025 15.1 Total $130.5 30 Liabilities & Shareholders' Equity Borrowing Sources – as of 12/31/22 Wholesale Term Funding Maturities – as of 12/31/22 Business Deposits, 34.9% Public Funds Deposits, 12.7% Consumer Deposits, 32.9% Brokered Deposits, 1.4% Other Borrowings, 4.0% Subordinated debt, 2.0% Other Liabilities, 1.3% Shareholders' Equity, 10.8% $7.2 Billion at 12/31/22

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Strong Capital Ratios Provide for Operating Flexibility 31 Tier 1 (Leverage) 8.84% 10.48% 10.13% 10.02% 9.08% 9.13% 9.81% 5.00% Required Capital Ratio with full Basel III phase-in Univest Financial Corp (12/31/22) 2016 2017 2018 2019 2020 2021 2022 —% 5.00% 10.00% 15.00% Tier 1 (Common/RBC) 9.42% 11.11% 10.88% 11.03% 10.76% 11.08% 10.37% 8.50% Required Capital Ratio with full Basel III phase-in Univest Financial Corp (12/31/22) 2016 2017 2018 2019 2020 2021 2022 —% 5.00% 10.00% 15.00% Total (RBC) 12.44% 14.00% 13.70% 13.78% 15.31% 13.77% 13.67% 10.50% Required Capital Ratio with full Basel III phase-in Univest Financial Corp (12/31/22) 2016 2017 2018 2019 2020 2021 2022 —% 5.00% 10.00% 15.00% 20.00% Parent Cash Position $2.0 $73.8 $79.0 $82.9 $154.6 $99.9 $130.2 2016 2017 2018 2019 2020 2021 12/31/22 $— $50.0 $100.0 $150.0 $200.0 Tier 1 and Common Equity Tier 1 Capital Ratios are the same.

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Largest Deposit Relationships 1 – As of 12/31/22 32 Deposits Balance Weighted Rank Type (000s) Avg Rate 1 Public Funds 187,662 4.45% 2 Bus / Corp 69,144 0.00% 3 Public Funds 54,598 3.72% 4 Public Funds 40,539 4.00% 5 Public Funds 34,661 4.50% 6 Public Funds 34,550 4.49% 7 Public Funds 34,401 4.41% 8 Public Funds 34,366 4.50% 9 Public Funds 33,138 4.50% 10 Bus / Corp 26,325 0.00% 11 Bus / Corp 25,051 0.26% 12 Public Funds 24,320 4.50% 13 Bus / Corp 23,791 4.50% 14 Public Funds 22,523 4.50% 15 Bus / Corp 21,168 0.03% 16 Personal 20,041 3.99% 17 Bus / Corp 19,961 0.00% 18 Bus / Corp 19,780 0.18% 19 Bus / Corp 19,721 0.00% 20 Public Funds 19,693 0.20% 1. Excludes Brokered Deposits and CD's

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Investments Municipal Bonds Corporate Bonds (in millions) (in millions) Moody's Rating State Moody's Rating Aaa 1.0 PA 1.3 Aa3 1.0 Aa3 — TN 1.0 Aa2 1.5 Aa2 — Total 2.3 Aa1 — A1 — Aaa 0.5 A2 — A3 13.9 N/A 1.3 A2 25.8 Total 2.3 A1 39.0 Baa2 — S&P Rating Type Baa1 — AAA 1.0 GO 2.3 WR — AA 1.3 REV — N/A 10.0 NR — Total 2.3 Total 91.7 N/A — Total 2.3 33 MBS/ CMO 82.8% Money Market 0.4% Equities 0.2% Corporate Bonds 16.2% Municipal Bonds 0.5% $508 Million at 12/31/22 Investment Portfolio Investment Portfolio Details

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LOAN PORTFOLIO DETAIL AND CREDIT OVERVIEW

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Loan & Lease Detail (excluding PPP) Chart Data is as of December 31 ($6.1 billion at 12/31/22 excluding PPP) 35 1,375 1,542 1,741 2,040 2,459 2,719 3,028 823 896 938 947 893 956 1,087 175 176 216 233 243 284 382 294 342 363 374 381 410 478 30 28 33 30 27 26 28 291 322 388 439 488 541 730 163 184 186 174 167 159 177 135 130 142 149 165 185 211 Real estate-commercial Commercial, Financial and Agricultural Real estate-construction Real estate-residential secured for business purpose Loans to individuals Real estate-residential secured for personal purpose Real estate-home equity secured for personal purpose Lease financings 2016 2017 2018 2019 2020 2021 2022 $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 $4,000 $4,500 $5,000 $5,500 $6,000 $6,500

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Largest Loan Exposures – As of 12/31/22 36 Commercial Real Estate and Residential Real Estate Secured for Business Purposes Commercial & Industrial $3,888M \| Avg Loan Size $612K $1,087M \| Avg Loan Size $362K Risk Exposure Risk Exposure Rank Loan Type/Industry Rating (000s) Geography Rank Loan Type/Industry Rating (000s) Geography 1 CRE - Retail/RE Development Pass $40,570 New Jersey 1 Private Equity & Special Purpose Entities Pass $45,000 Southeastern PA 2 New Car Dealers Pass $40,030 Southeastern PA 2 Motor Vehicle and Parts Dealers Pass $45,000 Southeastern PA 3 CRE - Mixed Use Pass $39,500 Southeastern PA 3 Rental and Leasing Services Pass $45,000 New Jersey 4 Real Estate Development Pass $39,064 Southeastern PA 4 Poultry Farms Pass $35,845 Central PA 5 Hotels & Motels Pass $37,332 Central PA 5 Private Equity & Special Purpose Entities Pass $35,000 Southeastern PA 6 CRE - Various Pass $35,189 Central PA 6 Credit Intermediation Pass $35,000 New Jersey 7 Hotels & Motels Pass $34,624 New Jersey 7 Credit Intermediation Pass $32,581 Southeastern PA 8 CRE - Industrial/Warehouse Pass $32,475 Southeastern PA 8 Merchant Wholesalers, Durable Goods Pass $31,086 Southeastern PA 9 CRE - Office Pass $31,252 Southeastern PA 9 Health Care & Home Care Products Pass $30,825 New York 10 CRE - Office Pass $31,174 Southeastern PA 10 Truck Transportation Pass $30,635 New Jersey Equipment Finance Consumer Loans $211M \| Avg Balance per Account $41K $1M \| Avg Loan Size $369K (Res Mtg) / $56K (HE) / $25K (Cons) Risk Exposure Risk Exposure Rank Loan Type/Industry Rating (000s) Geography Rank Loan Type/Industry Rating (000s) Geography 1 Storage Facility '---N/A--- $2,951 New Jersey 1 1-4 Family Residential '---N/A--- $6,472 Florida 2 Regional Police $2,626 Pennsylvania 2 1-4 Family Residential $3,184 Florida 3 Fire Department $1,315 New Jersey 3 1-4 Family Residential $3,088 New Jersey 4 School District $1,179 New Jersey 4 1-4 Family Residential $2,827 New Jersey 5 School District $1,145 New Jersey 5 1-4 Family Residential $2,795 New Jersey 6 School District $1,062 New Jersey 6 1-4 Family Residential $2,694 Pennsylvania 7 Regional Police $1,026 Pennsylvania 7 1-4 Family Residential $2,685 New Jersey 8 Medical $833 New Jersey 8 1-4 Family Residential $2,542 Pennsylvania 9 Livery $823 Pennsylvania 9 1-4 Family Residential $2,480 New Jersey 10 Landscaping $763 New Hampshire 10 1-4 Family Residential $2,475 Pennsylvania

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Loan Portfolio Overview – As of 12/31/22 37 Industry Description Total Outstanding Balance (excl PPP) % of Commercial Loan Portfolio CRE - Retail $440,112 8.8 % Animal Production 340,877 6.9 CRE - Office 292,740 5.9 CRE - Multi-family 277,157 5.6 CRE - 1-4 Family Residential Investment 266,423 5.3 Hotels & Motels (Accommodation) 191,735 3.9 CRE - Industrial / Warehouse 174,357 3.5 Nursing and Residential Care Facilities 169,443 3.4 Education 163,310 3.3 Specialty Trade Contractors 153,422 3.1 Homebuilding (tract developers, remodelers) 149,935 3.0 Merchant Wholesalers, Durable Goods 136,707 2.7 Motor Vehicle and Parts Dealers 122,291 2.5 Credit Intermediation and Other Related Activities 114,124 2.3 CRE - Mixed-Use - Residential 109,812 2.2 Crop Production 91,597 1.8 Administrative and Support Services 79,600 1.6 CRE - Mixed-Use - Commercial 77,790 1.6 Religious Organizations, Advocacy Groups 74,980 1.5 Wood Product Manufacturing 74,913 1.5 Rental and Leasing Services 74,158 1.5 Food Manufacturing 73,755 1.5 Food Services and Drinking Places 68,056 1.4 Merchant Wholesalers, Nondurable Goods 63,539 1.3 Personal and Laundry Services 59,796 1.2 Repair and Maintenance 56,870 1.1 Fabricated Metal Product Manufacturing 55,546 1.1 Miniwarehouse / Self-Storage 55,543 1.1 Amusement, Gambling, and Recreation Industries 55,248 1.1 Private Equity & Special Purpose Entities 53,818 1.1 Truck Transportation 50,182 1.0 Industries with >$50 million in outstandings $4,167,836 83.8 % Industries with <$50 million in outstandings $806,965 16.2 % Total Commercial Loans $4,974,801 100.0 % Consumer Loans and Lease Financings Total Outstanding Balance Real Estate-Residential Secured for Personal Purpose $730,395 Real Estate-Home Equity Secured for Personal Purpose 176,699 Loans to Individuals 27,873 Lease Financings 211,315 Total Consumer Loans and Lease Financings $1,146,282 Total $6,121,083

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Credit Infrastructure 38 Approval Process Credit / Risk Owns Borrower Risk Risk Assessment/Analysis Portfolio Risk Assessment Credit Risk Structure Underwriting Process Approval Sign-Off Independent Loan Review Line of Business Owns Borrower Relationship Business/Industry Expertise or Analysis Transaction Structure Negotiations Term Sheet Shared Approval Process RISK Management Process Experienced credit team Conservative credit culture Centralized credit underwriting process Significant Management oversight via committee approvals for $5 million or greater

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• Limited single signature lending authority. Joint signature up to $5.0MM, then management level loan committee for the largest exposures. ◦ Itemized report of all closed loans of $500K or more reported weekly to Officers Loan Committee. • Robust independent loan review process, using team based audits with risk based scope. • Generally, lending is in Pennsylvania, Delaware, New Jersey and Maryland. • Management of risk appetite through quarterly reporting to Enterprise Risk Management Committee of the Board ("ERM"). ◦ In-House commercial concentrations levels vs. policy limits, out of market lending report, largest commercial borrowers, regulatory concentrations vs. risk based capital, CRE regulatory guidance report. • CRE portfolio trends and market analysis, with stress testing, presented annually to ERM Committee, meeting regulatory expectations for portfolio stress testing. • Independent departments for appraisal and environmental report ordering, construction loan disbursement and monitoring. • Chief Risk Officer (Megan Santana) reports directly to the Board of Directors. Credit Overview 39

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LINE OF BUSINESS OVERVIEW

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Commercial Banking • 109 lenders, relationship managers and portfolio managers operating in two divisions established by geography (serving clients primarily in Pennsylvania, New Jersey, Delaware and Maryland) ◦ East Penn and New Jersey: Bucks, Montgomery, Chester, Delaware, Berks, Philadelphia, Lehigh and Northampton counties in Pennsylvania and Cape May, Atlantic and Burlington counties in New Jersey ◦ Central PA: Lancaster, York, Cumberland, Lebanon and Dauphin counties • Expansion markets established Q2 2022 ◦ Western PA ◦ Maryland • Average loan size ◦ Commercial real estate - $612K ◦ C&I - $362K ◦ Tax-exempt - $1.4M • Commercial customer base provides large opportunity for cross-sell of cash management (deposits), wealth management and insurance products and services Tax-Exempt, 3.7% C&I, 20.4% Commercial Real Estate, 75.9% $5.0 billion, represents 81.3% of loans (excluding PPP) \*includes $478 million of Residential Real Estate secured for Business Purpose 41 Commercial Banking Commercial Loan Detail as of 12/31/22

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Consumer Banking • 28 financial service centers located in Bucks, Lancaster, Lehigh, Montgomery, Northampton and Philadelphia counties in PA; also operating 14 retirement centers in Bucks and Montgomery counties and 9 Regional Centers (Deposit Taking) • Proactively addressed continued reduction in transactional volume by closing 21 financial centers since September 2015; Reinvesting savings in our digital solutions and expanded operating footprint • Financial centers staffed by combination of personal bankers and tellers, providing both transaction and consultative services augmented by technology • Focused on creating seamless customer experience between in-person and digital • Growth strategy focused on obtaining consumer business from commercial customers and their employee base 42

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Mortgage Banking • 51 Loan Officers predominately operating in Bank's core footprint • Primarily agency lender: FNMA, FHLMC, FHA, VA and USDA ◦ FNMA and FHLMC eligible loans sold with servicing retained ◦ GNMA issuer ◦ FHA, VA and USDA loans currently sold primarily to correspondents with servicing released; we will be ramping up in-house securitization with servicing retained ◦ Portfolio primarily non-conforming (size) hybrid ARMs • $1.5 billion in loans serviced for others as of 12/31/22; $8.1 million in mortgage servicing rights • Residential mortgages (includes home equity loans) on balance sheet of $907 million or 14.8% of total loans (excl. PPP) as of 12/31/22 Chart data for the year ended December 31 43 $(0 00) M SR A sset V alue ($000) Agency Correspondent Portfolio MSR Asset 2016 2017 2018 2019 2020 2021 2022 $0 $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000 $800,000 $5,000 $5,500 $6,000 $6,500 $7,000 $7,500 $8,000 $8,500 $9,000 Mortgage Banking Residential Mortgage Originations

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Univest Capital, Inc. • Equipment financing business with $211 million in lease receivables as of 12/31/22 • Average lease size $41,000 typically with four-year term • Primary industries served: health care, education/office, automotive, golf/turf, technology and energy • Manage residual risk by primarily using $1 buyout leases and equipment finance agreements (~$1.4 million of residuals as of 12/31/22) Chart data as of December 31 44 $(0 00) Y ield Commercial Government Yield 2016 2017 2018 2019 2020 2021 2022 — 40,000 80,000 120,000 160,000 200,000 240,000 280,000 —% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 8.00% 9.00% 10.00% Univest Capital Lease Financing

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Wealth Management • Comprehensive wealth management platform including broker / dealer, municipal pension services, registered investment advisor, retirement plan services and trust • The wealth management division operates under the Girard brand (i.e. Girard Advisory Services, LLC, Girard Benefits Group, LLC, Girard Pension Services, LLC, Girard Investment Services, LLC) • Organic growth supplemented by acquisition ◦ Trust powers obtained in 1928 ◦ Broker / Dealer acquired in 1999 ◦ Municipal pension operation acquired in 2008 ◦ Registered investment advisor, Girard Partners, acquired in 2014 • $4.2 billion in assets under management/ supervision at 12/31/22 Chart data as of December 31 $(0 00) RIA & Pension Services Broker/Dealer Trust 2016 2017 2018 2019 2020 2021 2022 — 500,000 1,000,000 1,500,000 2,000,000 2,500,000 3,000,000 3,500,000 4,000,000 4,500,000 5,000,000 45 Wealth Management Assets Under Management

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Insurance • Independent insurance agency with more than 60 carrier relationships • Full service agency providing commercial and personal lines, employee benefits and HR consulting solutions • Built via a series of eight acquisitions beginning in 2000 ◦ On December 1, 2021, Univest acquired certain assets of the Paul I. Sheaffer Insurance Agency located in Central PA. • Agent for written premiums of $208 million as of 12/31/22. Chart data as of December 31 $(0 00) Commercial Personal Employee Benefits 2016 2017 2018 2019 2020 2021 2022 — 25,000 50,000 75,000 100,000 125,000 150,000 175,000 200,000 225,000 46 Insurance Agent Written Premiums

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APPENDIX (Non-GAAP Reconciliations)

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Appendix – Non-GAAP Reconciliations 1. Amount does not include mortgage servicing rights 2. Based upon a pro forma 21% tax rate for all periods presented. $s in millions 2017 2018 2019 2020 2021 2022 1. Tangible Common Equity Shareholders' Equity $603,374 $624,133 $675,122 $692,472 $773,794 $776,500 Less: Goodwill 172,559 172,559 172,559 172,559 175,510 175,510 Less: Other Intangibles 1 7,357 5,264 3,815 2,580 4,210 3,251 Tangible Common Equity $423,458 $446,310 $498,748 $517,333 $594,074 $597,739 2. Average Tangible Common Equity Average Shareholders' Equity $527,087 $612,197 $652,453 $668,201 $734,456 $771,499 Less: Average Goodwill 172,559 172,559 172,559 172,559 172,810 175,510 Less: Average Other Intangibles 1 8,751 6,258 4,548 3,181 2,338 3,694 Average Tangible Common Equity $345,777 $433,380 $475,346 $492,461 $559,308 $592,295 3. Core Net Interest Income excluding PPP Net Interest Income $143,176 $158,062 $169,232 $174,361 $188,383 $218,297 Tax Equivalent Interest Income 2 5,637 2,649 2,594 2,466 2,128 1,915 Net Interest Income Tax Equivalent $148,813 $160,711 $171,826 $176,827 $190,511 $220,212 Less: PPP Net Interest Income — — — 7,862 15,032 797 Core Net Interest Income excluding PPP $148,813 $160,711 $171,826 $168,965 $175,479 $219,415 4. Core Noninterest Expense & Core Noninterest Expense, excluding PA shares tax Noninterest expense $130,713 $137,239 $146,090 $154,998 $167,409 $186,774 Less: Restructuring costs — 571 — 1,439 — 184 Plus: FDIC Small Bank Assessment Credit — — 1,102 — — — Plus: Capitalized compensation for PPP Loans — — — 1,280 616 — Less: Digital transformation — — — — — 3,806 Less: Market Expansions $— $— $— $— $— $705 Core Noninterest Expense $130,713 $136,668 $147,192 $154,839 $168,025 $182,079 Less: Bank Capital Stock Tax Expense 3,644 3,857 3,895 4,376 4,728 4,833 Core Noninterest Expense, excl PA shares tax $127,069 $132,811 $143,297 $150,463 $163,297 $177,246 48

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Appendix – Non-GAAP Reconciliations (cont.) 1. Based upon a pro forma 21% tax rate for all periods presented. 2. Excess liquidity is defined by Management as Interest Earning Deposits with Other Banks greater than $40 million 49 $s in millions 2017 2018 2019 2020 2021 2022 5. Core Tax Equivalent Revenue Total Revenue $202,416 $218,235 $234,654 $252,689 $271,607 $296,182 Plus: Tax Equivalent Adjustment 6,697 3,493 3,439 3,248 3,186 2,922 Tax Equivalent Revenue 1 $209,113 $221,728 $238,093 $255,937 $274,793 $299,104 Less: BOLI Death Benefits (Tax Equivalent) — 715 — — 1,392 1,237 Less: PPP Net Interest Income — — — 7,862 15,032 797 Core Tax Equivalent Revenue $209,113 $221,013 $238,093 $248,075 $258,369 $297,070 6. Core Pre-Tax Pre-Provision Income less Net Charge-offs ("PTPP-NCO") Pre-Tax Income $61,811 $60,686 $80,053 $56,897 $114,330 $97,210 Plus: Provision for Credit Losses 9,892 20,310 8,511 40,794 (10,132) 12,198 Less: BOLI Death Benefits 889 446 — — 1,101 977 Plus: Restructuring Charges — 571 — 1,439 — 184 Less: Net Charge-offs 5,836 12,501 2,551 4,648 213 3,895 Less: FDIC Small Bank Assessment Credit — — 1,102 — — — Less: PPP Activity — — — 9,142 15,648 797 Plus: Digital transformation $— $— $— $— $— $3,806 Plus: Market Expansions $— $— $— $— $— $705 Core PTPP-NCO $64,978 $68,620 $84,911 $85,340 $87,236 $108,434 Plus: Intangible expense 2,582 2,166 1,595 1,216 979 1,293 Core PTPP-NCO excluding intangible expense $67,560 $70,786 $86,506 $86,556 $88,215 $109,727 7. Average Interest Earning Assets excluding Excess Liquidity and PPP Loans Average Interest Earning Assets $3,938,520 $4,321,322 $4,783,680 $5,594,910 $6,232,133 $6,520,116 Less: Average PPP Loans — — — 342,920 281,484 7,939 Less: Average Excess Liquidity 2 — 94,669 101,760 234,372 436,351 285,875 Avg Int Earning Assets excl. Excess Liq. & PPP $3,938,520 $4,226,653 $4,681,920 $5,017,618 $5,514,298 $6,226,302 8. Average Assets Excluding PPP Average Assets $4,356,540 $4,737,772 $5,224,583 $6,006,877 $6,655,443 $6,956,292 Less: Average PPP Loans — — — 342,920 281,484 7,939 Average Assets Excluding PPP $4,356,540 $4,737,772 $5,224,583 $5,663,957 $6,373,959 $6,948,353 9. Total Loans excluding PPP Total Loans $3,620,067 $4,006,574 $4,386,836 $5,306,841 $5,310,017 $6,123,230 Less: PPP Loans — — — 483,773 31,748 2,147 Total Loans excluding PPP $3,620,067 $4,006,574 $4,386,836 $4,823,068 $5,278,269 $6,121,083

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