UNIVEST FINANCIAL CORPORATION UVSP Income Statement

Univest financial corporation (UVSP)

Income statement / Yearly

Dec'19	Dec'18	Dec'17	Dec'16	Dec'15	Dec'14	Dec'13	Dec'12	Dec'11	Dec'10	Dec'09
Interest income
Interest and fees on loans and leases:
Taxable
186,041	166,304	143,176	110,119	86,792	62,521	63,173	65,479	67,902	71,822	74,086
Exempt from federal income taxes
10,942	9,889	8,442	7,545	6,452	5,684	4,777	4,725	4,918	4,178	3,731
Total interest and fees on loans and leases
196,983	176,193	151,618	117,664	93,244	68,205	67,950	70,204	72,820	76,000	77,817
Interest and dividends on investment securities:
Taxable
10,660	9,388	7,343	5,380	4,671	3,989	5,432	5,951	8,063	10,377	14,014
Exempt from federal income taxes
1,420	1,841	2,274	2,712	3,447	3,610	4,071	4,335	4,469	4,554	4,512
Interest on deposits with other banks
2,876	1,101	280	61	95	81	0	-	-	-	-
Interest and dividends on other earning assets
2,154	1,965	1,500	790	526	307	126	164	116	72	16
Total interest income
214,093	190,488	163,015	126,607	101,983	76,192	77,579	80,654	85,468	91,003	96,359
Interest expense
Interest on savings deposits
3,660	2,357	2,089	1,052	533	317	313	790	1,468	2,555	2,955
Interest on time deposits
13,276	8,768	5,271	4,261	4,000	3,102	3,795	5,162	6,576	10,054	17,371
Interest on deposits
18,633	11,061	3,917	1,902	1,474	545	478	686	939	1,302	1,981
Interest on short-term borrowings
1,012	2,420	904	748	35	32	48	326	332	2,116	3,481
Interest on long-term debt and subordinated notes
8,280	7,820	7,658	4,419	2,023	0	483	1,210	1,413	1,442	2,935
Total interest expense
44,861	32,426	19,839	12,382	8,065	3,996	5,117	8,174	10,728	17,469	28,723
Net interest income
169,232	158,062	143,176	114,225	93,918	72,196	72,462	72,480	74,740	73,534	67,636
Provision for credit losses
8,518	20,310	9,892	4,821	3,802	3,607	11,228	10,035	17,479	21,565	20,886
Net interest income after provision for credit losses
160,714	137,752	133,284	109,404	90,116	68,589	61,234	62,445	57,261	51,969	46,750
Insurance commission and fee income
16,571	15,658	14,788	14,603	13,885	11,543	9,395	7,766	7,733	7,694	7,081
Bank owned life insurance income
3,179	3,174	3,988	2,931	1,295	1,628	2,968	2,670	1,668	1,270	1,321
Net gain on sales of investment securities
54	10	48	518	1,265	635	3,389	305	1,417	432	1,150
Other-than-temporary impairment on equity securities
-	-	-	-	-	-	-	13	16	62	1,708
Other-than-temporary impairment on other long lived assets
-	-	-	-	-	-	-	-	-	-	500
Net gain on mortgage banking activities
3,946	3,125	4,023	6,027	4,838	2,182	4,523	6,088	1,868	2,960	2,378
Net gain (loss) on sales and dispositions of fixed assets
-	-	-	-	-	-	-	1,257	-12	-11	-144
Net gain on sales and write-downs of other real estate owned
-	-	-	-	-	-	626	-1,904	-798	-377	-207
Loss on termination of interest rate swap
-	-	-	-	-	-	-1,866	0	-	-1,072	641
Other income
2,619	262	746	192	852	1,198	963	902	533	1,139	496
Total noninterest income
65,422	60,173	59,240	55,963	52,425	48,344	46,784	40,260	34,407	34,418	29,917
Noninterest expense
Salaries, benefits and commissions
88,289	80,488	75,890	69,244	58,106	42,245	39,522	37,306	33,124	38,034	37,422
Commissions
-	-	-	-	-	7,637	8,512	6,981	5,106	-	-
Net occupancy
10,221	10,260	10,433	9,638	8,430	7,023	5,869	5,716	5,782	5,476	5,274
Equipment
4,170	4,146	4,118	3,489	3,159	2,379	4,865	4,486	4,002	3,811	3,438
Data processing
10,450	9,014	8,500	6,981	4,660	3,791	-	-	-	-	-
Professional fees
5,563	5,391	5,325	4,547	3,839	3,164	3,471	2,702	-	-	-
Marketing and advertising
2,594	2,642	2,205	2,015	2,253	1,880	1,948	1,725	1,760	2,318	1,840
Deposit insurance premiums
780	1,836	1,636	1,713	1,730	1,561	1,553	1,689	2,039	2,670	3,185
Intangible expenses
1,595	2,166	2,582	5,528	2,567	2,167	157	899	-	-	-
Acquisition-related costs
-	-	-	10,257	1,047	1,270	87	36	-	-	-
Integration costs
-	-	-	5,667	1,490	8	0	-	-	-	-
Restructuring charges
0	571	0	1,731	1,642	0	534	0	-	-	-
Other expense
22,421	20,725	20,024	21,171	16,592	14,129	14,615	14,742	16,197	15,040	14,165
Total noninterest expense
146,083	137,239	130,713	141,981	105,515	87,254	81,133	76,282	68,010	67,349	65,324
Income before income taxes
80,053	60,686	61,811	23,386	37,026	29,679	26,885	26,423	23,658	19,038	11,343
Income tax (benefit) expense
14,334	10,143	17,717	3,881	9,758	7,448	5,696	5,551	4,776	3,282	563
Net income
65,719	50,543	44,094	19,505	27,268	22,231	21,189	20,872	18,882	15,756	10,780
Net income per share:
Basic (in dollars per share)
2.24	1.72	1.64	0.85	1.39	1.37	1.28	1.25	1.13	0.95	0.75
Diluted (in dollars per share)
2.24	1.72	1.64	0.84	1.39	1.37	1.28	1.24	1.13	0.95	0.75
Dividends declared (in dollars per share)
-	-	-	0.80	0.80	0.80	0.80	0.80	0.80	0.80	0.80
Trust fee income
Noninterest income
7,826	7,882	8,055	7,741	7,908	7,835	7,303	6,777	6,344	6,080	5,536
Service charges on deposit accounts
Noninterest income
5,946	5,632	5,482	4,691	4,230	4,230	4,451	4,429	5,057	6,693	7,036
Investment advisory commission and fee income
Noninterest income
15,940	15,098	13,454	11,424	10,817	11,904	7,642	6,128	5,373	4,626	3,427
Other service fee income
Noninterest income
9,341	9,332	8,656	7,836	7,335	7,189	7,390	5,855	5,240	5,046	3,410