UNIVEST FINANCIAL Corp
For the period ended Dec 31, 2024. Filed Feb 24, 2025.
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FY2024 · Filed Feb 24, 2025
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Consolidated Statements of Comprehensive Income
| For the Years Ended December 31, | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| (Dollars in thousands) · 2024 · 2023 · 2022 | |||||||||
| BeforeTaxAmount · TaxExpense(Benefit) · Net ofTaxAmount · BeforeTaxAmount · TaxExpense(Benefit) · Net ofTaxAmount · BeforeTaxAmount · TaxExpense(Benefit) · Net ofTaxAmount | |||||||||
| Income | $95,300 | $19,369 | $75,931 | $88,689 | $17,585 | $71,104 | $97,210 | $19,090 | $78,120 |
| Other comprehensive (loss) income: | |||||||||
| Net unrealized (losses) gains on available-for-sale investment securities: | |||||||||
| Net unrealized holding (losses) gains arising during the period | (1,098) | (231) | (867) | 7,681 | 1,613 | 6,068 | (49,358) | (10,365) | (38,993) |
| Provision (reversal of provision) for credit losses | 108 | 23 | 85 | (409) | (86) | (323) | 211 | 44 | 167 |
| Less: reclassification adjustment for net gains on sales realized in net income (1) | (18) | (4) | (14) | — | — | — | (30) | (6) | (24) |
| Total net unrealized (losses) gains on available-for-sale investment securities | (1,008) | (212) | (796) | 7,272 | 1,527 | 5,745 | (49,177) | (10,327) | (38,850) |
| 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) | (2,726) | (573) | (2,153) | (7,925) | (1,665) | (6,260) |
| Less: reclassification adjustment for net losses (gains) realized in net income | 3,747 | 787 | 2,960 | 5,593 | 1,175 | 4,418 | (521) | (109) | (412) |
| Reclassification adjustment recorded in earnings (2) | 946 | 199 | 747 | — | — | — | — | — | — |
| Total net unrealized gains (losses) on interest rate swaps used in cash flow hedges | 2,714 | 570 | 2,144 | 2,867 | 602 | 2,265 | (8,446) | (1,774) | (6,672) |
| Defined benefit pension plans: | |||||||||
| Net unrealized gains (losses) arising during the period | 6,129 | 1,287 | 4,842 | 3,380 | 710 | 2,670 | (1,162) | (244) | (918) |
| Less: amortization of net actuarial loss included in net periodic pension costs (3) | 587 | 123 | 464 | 985 | 207 | 778 | 873 | 184 | 689 |
| Total defined benefit pension plans | 6,716 | 1,410 | 5,306 | 4,365 | 917 | 3,448 | (289) | (60) | (229) |
| Other comprehensive income (loss) | 8,422 | 1,768 | 6,654 | 14,504 | 3,046 | 11,458 | (57,912) | (12,161) | (45,751) |
| Total comprehensive income | $103,722 | $21,137 | $82,585 | $103,193 | $20,631 | $82,562 | $39,298 | $6,929 | $32,369 |
(1) Included in net gain on sales of investment securities on the consolidated statements of income (before tax amount).
(2) Represents reclassification to earnings as a reduction to interest income of amounts included in accumulated other comprehensive income on the consolidated balance sheet related to the interest rate swap terminated August 2, 2024.
(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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