Univest Financial (UVSP) 8-K Univest Financial Corporation Announces Pricing of $100.0 Million

Exhibit 99.1

CONTACT:	Brian J. Richardson
	UNIVEST FINANCIAL CORPORATION
	Chief Financial Officer
	215-721-2446, richardsonb@univest.net

FOR IMMEDIATE RELEASE

UNIVEST FINANCIAL CORPORATION ANNOUNCES PRICING OF $100.0 MILLION

SUBORDINATED NOTES OFFERING

SOUDERTON, Pa., July 29, 2020 — Univest Financial Corporation (“Univest”) (NASDAQ: UVSP), parent company of Univest Bank and Trust Co. and its insurance, investments and equipment financing subsidiaries, today announced that it has priced an underwritten public offering of $100.0 million aggregate principal amount of its 5.000% Fixed-to-Floating Rate Subordinated Notes due 2030 (the “Notes”).

The Notes shall bear interest at an initial rate of 5.000% per annum, payable semi-annually in arrears on February 15 and August 15 of each year, commencing on February 15, 2021. The last interest payment date for the fixed rate period will be August 15, 2025. From and including August 15, 2025 to, but excluding, August 15, 2030 or the date of earlier redemption, the Notes will bear interest at a floating rate per annum equal to the Benchmark rate (which is expected to be Three-Month Term SOFR), each as defined in and subject to the provisions of the First Supplemental Indenture, plus 495.2 basis points, payable quarterly in arrears on February 15, May 15, August 15 and November 15 of each year, commencing on November 15, 2025. Notwithstanding the foregoing, if the Benchmark rate is less than zero, the Benchmark rate will be deemed to be zero.

U.S. Bancorp Investments, Inc. is acting as the sole book-running manager and PNC Capital Markets LLC is acting as co-manager for the offering.

Univest expects to close the transaction, subject to customary closing conditions, on or about August 5, 2020. Univest estimates that the net proceeds from this offering will be approximately $98.3 million, after deducting the underwriting discount and estimated offering expenses, and expects to use the net proceeds for general corporate purposes.

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Additional Information Regarding the Offering

This press release does not constitute an offer to sell or a solicitation of an offer to buy the Notes, nor shall there be any sale of the securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The Notes being offered have not been approved or disapproved by any regulatory authority, nor has any such authority passed upon the accuracy or adequacy of the prospectus supplement or the shelf registration statement or prospectus relating thereto.

The offering will be made only by means of a prospectus supplement and accompanying base prospectus. Univest Financial Corporation has filed a registration statement (File No. 333-221508) and a preliminary prospectus supplement to the prospectus contained in the registration statement with the U.S. Securities and Exchange Commission (the “SEC”) for the Notes to which this communication relates and will file a final prospectus supplement relating to the Notes. Prospective investors should read the prospectus supplement and base prospectus in the registration statement and other documents Univest Financial Corporation has filed or will file with the SEC for more complete information about Univest Financial Corporation and the offering. You may obtain these documents for free by visiting EDGAR on the SEC’s website at http://www.sec.gov. Electronic copies of the preliminary prospectus supplement and the accompanying base prospectus may be obtained by contacting U.S. Bancorp Investments, Inc. by telephone at 1-877-558-2607.

About Univest Financial Corporation

Univest Financial Corporation (UVSP), including its wholly-owned subsidiary Univest Bank and Trust Co., Member FDIC, has approximately $6.1 billion in assets and $3.6 billion in assets under management and supervision through its Wealth Management lines of business at June 30, 2020. Headquartered in Souderton, Pa. and founded in 1876, Univest and its subsidiaries provide a full range of financial solutions for individuals, businesses, municipalities and nonprofit organizations primarily in the Mid-Atlantic Region. Univest delivers these services through a network of more than 50 offices in southeastern Pennsylvania extending to the Lehigh Valley and Lancaster, as well as in New Jersey and Maryland and online at www.univest.net.

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Forward-Looking Statements

This press release of Univest and the reports Univest files with the SEC 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 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 inherently 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. Such forward-looking statements are subject to certain risks, uncertainties and assumptions, including but not limited to those set forth below:

• Operating, legal and regulatory risks;

• Economic, political and competitive forces impacting various lines of business;

• Legislative, regulatory and accounting changes;

• 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;

• Volatility in interest rates;

• Fluctuations in real estate values in our market area;

• The composition and credit quality of our loan and investment portfolios;

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• Changes in the level and direction of loan delinquencies and charge-offs and changes in estimates of the adequacy of the allowance for credit losses;

• Our ability to access cost-effective funding;

• Our ability to continue to implement our business strategies;

• Our ability to manage market risk, credit risk and operational risk;

• Timing of revenue and expenditures;

• Adverse changes in the securities markets;

• Our ability to enter new markets successfully and capitalize on growth opportunities;

• Return on investment decisions;

• System failures or cyber-security breaches of our information technology infrastructure and those of our third-party service providers;

• 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.

The COVID-19 pandemic has caused significant economic dislocation in the United States as many state and local governments ordered non-essential businesses to close and residents to shelter in place at home. While jurisdictions in which we operate have gradually allowed the reopening of businesses and other organizations and removed the sheltering restrictions, it is premature to assess whether doing so will result in a meaningful increase in economic activity and the impact of such actions on further COVID-19 cases. Given its ongoing and dynamic nature, it is difficult to predict the full impact of the COVID-19 outbreak on our business. The extent of such impact will depend on future developments, which are highly uncertain, including when the coronavirus can be controlled and abated. As a result of the COVID-19 pandemic and the related adverse local and national economic consequences, our forward-looking statements are subject to the following risks, uncertainties and assumptions:

• Demand for our products and services may decline;

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• If the economy is unable to substantially and successfully reopen, and high levels of unemployment continue for an extended period of time, loan delinquencies, problem assets, and foreclosures may increase;

• Collateral for loans, especially real estate, may decline in value;

• Our allowance for credit losses on loans and leases may increase if borrowers experience financial difficulties;

• The net worth and liquidity of loan guarantors may decline;

• A further and sustained decline in our stock price or the occurrence of what management would deem to be a triggering event that could, under certain circumstances, cause management to perform impairment testing on its goodwill or core deposit and customer relationships intangibles that could result in an impairment charge being recorded for that period, that would adversely impact our results of operations and the ability of the Bank to pay dividends to us;

• As a result of the decline in the Federal Reserve’s target federal funds rate to near 0%, the yield on our assets may decline to a greater extent than the decline in our cost of interest-bearing liabilities;

• A material decrease in net income or a net loss over several quarters could result in the elimination of or a decrease in the rate of our quarterly cash dividend;

• Our wealth management revenues may decline with continuing market turmoil;

• Our cyber security risks are increased as a result of an increase in the number of employees working remotely;

• FDIC premiums may increase if the agency experience additional resolution costs; and

• We face litigation, regulatory enforcement and reputation risk as a result of our participation in the Paycheck Protection Program (“PPP”) and the risk that the Small Business Administration may not fund some or all PPP loan guaranties.

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 and other risk factors are more fully described in the Univest Annual Report on Form 10-K for the year ended December 31, 2019 under the section entitled “Item 1A - Risk Factors,” and from time to time in other filings made by Univest with the SEC. These forward-looking statements speak only at the date of this press release. Univest

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expressly disclaims any obligation to publicly release any updates or revisions to reflect any change in Univest’s expectations with regard to any change in events, conditions or circumstances on which any such statement is based.

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