UNIVEST FINANCIAL Corp
For the period ended Sep 30, 2024. Filed Oct 29, 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.
Sep 30, 2024 · Filed Oct 29, 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 September 30, | ||||||
|---|---|---|---|---|---|---|
| (Dollars in thousands) · 2024 · 2023 | ||||||
| BeforeTaxAmount · TaxExpense(Benefit) · Net ofTaxAmount · BeforeTaxAmount · TaxExpense(Benefit) · Net ofTaxAmount | ||||||
| Income | $23,388 | $4,810 | $18,578 | $21,269 | $4,253 | $17,016 |
| Other comprehensive income (loss): | ||||||
| Net unrealized gains (losses) on available-for-sale investment securities: | ||||||
| Net unrealized holding gains (losses) arising during the period | 11,791 | 2,476 | 9,315 | (12,622) | (2,651) | (9,971) |
| Reversal of provision for credit losses | (139) | (29) | (110) | — | — | — |
| Less: reclassification adjustment for net gains on sales realized in net income | (18) | (4) | (14) | — | — | — |
| Total net unrealized gains (losses) on available-for-sale investment securities | 11,634 | 2,443 | 9,191 | (12,622) | (2,651) | (9,971) |
| Net unrealized gains (losses) on interest rate swaps used in cash flow hedges: | ||||||
| Net unrealized holding gains (losses) arising during the period | 3,098 | 650 | 2,448 | (2,541) | (534) | (2,007) |
| Less: reclassification adjustment for net losses realized in net income | 575 | 121 | 454 | 1,558 | 327 | 1,231 |
| Reclassification adjustment recorded in earnings (1) | 370 | 78 | 292 | — | — | — |
| Total net unrealized gains (losses) on interest rate swaps used in cash flow hedges | 4,043 | 849 | 3,194 | (983) | (207) | (776) |
| Defined benefit pension plans: | ||||||
| Amortization of net actuarial gains included in net periodic pension costs (2) | 147 | 31 | 116 | 247 | 52 | 195 |
| Total defined benefit pension plans | 147 | 31 | 116 | 247 | 52 | 195 |
| Other comprehensive income (loss) | 15,824 | 3,323 | 12,501 | (13,358) | (2,806) | (10,552) |
| Total comprehensive income | $39,212 | $8,133 | $31,079 | $7,911 | $1,447 | $6,464 |
(1) Represents reclassification to earnings as a reduction to interest income of amounts included in accumulated other comprehensive income on the condensed consolidated balance sheet related to the interest rate swap terminated on August 2, 2024.
(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.
| Nine Months Ended September 30, | ||||||
|---|---|---|---|---|---|---|
| (Dollars in thousands) · 2024 · 2023 | ||||||
| BeforeTaxAmount · TaxExpense(Benefit) · Net ofTaxAmount · BeforeTaxAmount · TaxExpense(Benefit) · Net ofTaxAmount | ||||||
| Income | $71,536 | $14,546 | $56,990 | $68,286 | $13,436 | $54,850 |
| Other comprehensive income (loss): | ||||||
| Net unrealized gains (losses) on available-for-sale investment securities: | ||||||
| Net unrealized holding gains (losses) arising during the period | 8,950 | 1,880 | 7,070 | (10,411) | (2,186) | (8,225) |
| (Reversal of provision) provision for credit losses | (89) | (19) | (70) | 397 | 83 | 314 |
| Less: reclassification adjustment for net gains on sales realized in net income | (18) | (4) | (14) | — | — | — |
| Total net unrealized gains (losses) on available-for-sale investment securities | 8,843 | 1,857 | 6,986 | (10,014) | (2,103) | (7,911) |
| Net unrealized gains (losses) on interest rate swaps used in cash flow hedges: | ||||||
| Net unrealized holding losses arising during the period | (1,979) | (416) | (1,563) | (6,716) | (1,411) | (5,305) |
| Less: reclassification adjustment for net losses realized in net income | 3,747 | 787 | 2,960 | 3,989 | 838 | 3,151 |
| Reclassification adjustment recorded in earnings (1) | 370 | 78 | 292 | — | — | — |
| Total net unrealized gains (losses) on interest rate swaps used in cash flow hedges | 2,138 | 449 | 1,689 | (2,727) | (573) | (2,154) |
| Defined benefit pension plans: | ||||||
| Amortization of net actuarial gains included in net periodic pension costs (2) | 441 | 93 | 348 | 739 | 156 | 583 |
| Total defined benefit pension plans | 441 | 93 | 348 | 739 | 156 | 583 |
| Other comprehensive income (loss) | 11,422 | 2,399 | 9,023 | (12,002) | (2,520) | (9,482) |
| Total comprehensive income | $82,958 | $16,945 | $66,013 | $56,284 | $10,916 | $45,368 |
(1) Represents reclassification to earnings as a reduction to interest income of amounts included in accumulated other comprehensive income on the condensed consolidated balance sheet related to the interest rate swap terminated on August 2, 2024.
(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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