UNIVEST FINANCIAL Corp
For the period ended Dec 31, 2023. Filed Feb 26, 2024.
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FY2023 · Filed Feb 26, 2024
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Consolidated Statements of Comprehensive Income
| For the Years Ended December 31, | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| (Dollars in thousands) · 2023 · 2022 · 2021 | |||||||||
| BeforeTaxAmount · TaxExpense(Benefit) · Net ofTaxAmount · BeforeTaxAmount · TaxExpense(Benefit) · Net ofTaxAmount · BeforeTaxAmount · TaxExpense(Benefit) · Net ofTaxAmount | |||||||||
| Income | $88,689 | $17,585 | $71,104 | $97,210 | $19,090 | $78,120 | $114,330 | $22,529 | $91,801 |
| Other comprehensive income (loss): | |||||||||
| Net unrealized gains (losses) on available-for-sale investment securities: | |||||||||
| Net unrealized holding gains (losses) arising during the period | 7,681 | 1,613 | 6,068 | (49,358) | (10,365) | (38,993) | 292 | 61 | 231 |
| (Reversal of provision) provision for credit losses | (409) | (86) | (323) | 211 | 44 | 167 | 60 | 13 | 47 |
| Less: reclassification adjustment for net gains on sales realized in net income (1) | — | — | — | (30) | (6) | (24) | (145) | (30) | (115) |
| Total net unrealized gains (losses) on available-for-sale investment securities | 7,272 | 1,527 | 5,745 | (49,177) | (10,327) | (38,850) | 207 | 44 | 163 |
| Net unrealized gains (losses) on interest rate swaps used in cash flow hedges: | |||||||||
| Net unrealized holding (losses) gains arising during the period | (2,726) | (573) | (2,153) | (7,925) | (1,665) | (6,260) | 28 | 6 | 22 |
| Less: reclassification adjustment for net losses (gains) realized in net income (2) | 5,593 | 1,175 | 4,418 | (521) | (109) | (412) | 304 | 64 | 240 |
| Total net unrealized gains (losses) on interest rate swaps used in cash flow hedges | 2,867 | 602 | 2,265 | (8,446) | (1,774) | (6,672) | 332 | 70 | 262 |
| Defined benefit pension plans: | |||||||||
| Net unrealized gains (losses) arising during the period | 3,380 | 710 | 2,670 | (1,162) | (244) | (918) | 5,476 | 1,150 | 4,326 |
| Less: amortization of net actuarial loss included in net periodic pension costs (3) | 985 | 207 | 778 | 873 | 184 | 689 | 1,316 | 276 | 1,040 |
| Total defined benefit pension plans | 4,365 | 917 | 3,448 | (289) | (60) | (229) | 6,792 | 1,426 | 5,366 |
| Other comprehensive income (loss) | 14,504 | 3,046 | 11,458 | (57,912) | (12,161) | (45,751) | 7,331 | 1,540 | 5,791 |
| Total comprehensive income | $103,193 | $20,631 | $82,562 | $39,298 | $6,929 | $32,369 | $121,661 | $24,069 | $97,592 |
(1) Included in net gain on sales of investment securities on the consolidated statements of income (before tax amount).
(2) Included in interest expense on demand deposits on the consolidated statements of income (before tax amount).
(3) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost (before tax amount). See Note 13, "Retirement Plans and Other Postretirement Benefits" for additional details.
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