UNIVEST FINANCIAL Corp
For the period ended Jun 30, 2024. Filed Jul 30, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Jul 30, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Comprehensive Income for the Three
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
| Three Months Ended June 30, | ||||||
|---|---|---|---|---|---|---|
| (Dollars in thousands) · 2024 · 2023 | ||||||
| BeforeTaxAmount · TaxExpense(Benefit) · Net ofTaxAmount · BeforeTaxAmount · TaxExpense(Benefit) · Net ofTaxAmount | ||||||
| Income | $22,592 | $4,485 | $18,107 | $20,936 | $4,136 | $16,800 |
| Other comprehensive income (loss): | ||||||
| Net unrealized gains (losses) on available-for-sale investment securities: | ||||||
| Net unrealized holding gains (losses) arising during the period | 148 | 32 | 116 | (3,182) | (668) | (2,514) |
| (Reversal of provision) provision for credit losses | (36) | (8) | (28) | 105 | 22 | 83 |
| Total net unrealized gains (losses) on available-for-sale investment securities | 112 | 24 | 88 | (3,077) | (646) | (2,431) |
| Net unrealized gains (losses) on interest rate swaps used in cash flow hedges: | ||||||
| Net unrealized holding losses arising during the period | (1,064) | (223) | (841) | (5,481) | (1,151) | (4,330) |
| Less: reclassification adjustment for net losses realized in net income (1) | 1,586 | 333 | 1,253 | 1,371 | 288 | 1,083 |
| Total net unrealized gains (losses) on interest rate swaps used in cash flow hedges | 522 | 110 | 412 | (4,110) | (863) | (3,247) |
| Defined benefit pension plans: | ||||||
| Amortization of net actuarial gains included in net periodic pension costs (2) | 147 | 31 | 116 | 246 | 52 | 194 |
| Total defined benefit pension plans | 147 | 31 | 116 | 246 | 52 | 194 |
| Other comprehensive income (loss) | 781 | 165 | 616 | (6,941) | (1,457) | (5,484) |
| Total comprehensive income | $23,373 | $4,650 | $18,723 | $13,995 | $2,679 | $11,316 |
(1) Included in interest expense on demand deposits on the condensed consolidated statements of income (before tax amount).
(2) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost (before tax amount). See Note 8, "Retirement Plans and Other Postretirement Benefits" for additional details.
| Six Months Ended June 30, | ||||||
|---|---|---|---|---|---|---|
| (Dollars in thousands) · 2024 · 2023 | ||||||
| BeforeTaxAmount · TaxExpense(Benefit) · Net ofTaxAmount · BeforeTaxAmount · TaxExpense(Benefit) · Net ofTaxAmount | ||||||
| Income | $48,148 | $9,736 | $38,412 | $47,017 | $9,183 | $37,834 |
| Other comprehensive (loss) income: | ||||||
| Net unrealized (losses) gains on available-for-sale investment securities: | ||||||
| Net unrealized holding (losses) gains arising during the period | (2,841) | (596) | (2,245) | 2,211 | 465 | 1,746 |
| Provision for credit losses | 50 | 10 | 40 | 397 | 83 | 314 |
| Total net unrealized (losses) gains on available-for-sale investment securities | (2,791) | (586) | (2,205) | 2,608 | 548 | 2,060 |
| Net unrealized losses on interest rate swaps used in cash flow hedges: | ||||||
| Net unrealized holding losses arising during the period | (5,077) | (1,066) | (4,011) | (4,175) | (877) | (3,298) |
| Less: reclassification adjustment for net losses realized in net income (1) | 3,172 | 666 | 2,506 | 2,431 | 511 | 1,920 |
| Total net unrealized losses on interest rate swaps used in cash flow hedges | (1,905) | (400) | (1,505) | (1,744) | (366) | (1,378) |
| Defined benefit pension plans: | ||||||
| Amortization of net actuarial gains included in net periodic pension costs (2) | 294 | 62 | 232 | 492 | 104 | 388 |
| Total defined benefit pension plans | 294 | 62 | 232 | 492 | 104 | 388 |
| Other comprehensive (loss) income | (4,402) | (924) | (3,478) | 1,356 | 286 | 1,070 |
| Total comprehensive income | $43,746 | $8,812 | $34,934 | $48,373 | $9,469 | $38,904 |
(1) Included in interest expense on demand deposits on the condensed consolidated statements of income (before tax amount).
(2) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost (before tax amount). See Note 8, "Retirement Plans and Other Postretirement Benefits" for additional details.
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