UNIVEST FINANCIAL CORPORATION UVSP Income Statement

Univest financial corporation (UVSP)

Income statement / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Sep'10	Jun'10
Interest income
Interest and fees on loans and leases:
Taxable
45,561	46,275	46,933	47,151	45,682	44,651	43,066	40,637	37,950	37,221	37,153	35,102	33,700	33,722	32,236	22,311	21,850	21,709	21,890	21,939	21,254	15,605	15,921	15,435	15,560	15,629	15,793	15,809	15,942	16,397	16,332	16,413	16,337	16,555	16,972	17,191	17,184	18,427	17,770
Exempt from federal income taxes
2,661	2,726	2,774	2,759	2,683	2,620	2,501	2,421	2,347	2,217	2,106	2,084	2,035	2,073	1,982	1,774	1,716	1,687	1,602	1,579	1,584	1,507	1,433	1,369	1,375	1,318	1,215	1,130	1,114	1,160	1,143	1,229	1,193	1,276	1,265	1,223	1,154	1,121	1,062
Total interest and fees on loans and leases
48,222	49,001	49,707	49,910	48,365	47,271	45,567	43,058	40,297	39,438	39,259	37,186	35,735	35,795	34,218	24,085	23,566	23,396	23,492	23,518	22,838	17,112	17,354	16,804	16,935	16,947	17,008	16,939	17,056	17,557	17,475	17,642	17,530	17,831	18,237	18,414	18,338	19,548	18,832
Interest and dividends on investment securities:
Taxable
2,705	2,721	2,581	2,645	2,713	2,583	2,348	2,268	2,189	1,967	1,855	1,833	1,688	1,435	1,483	1,188	1,274	1,329	1,204	1,104	1,034	964	963	1,011	1,051	1,237	1,391	1,432	1,372	1,363	1,354	1,481	1,753	1,795	1,856	2,166	2,246	2,356	2,855
Exempt from federal income taxes
240	273	315	401	431	437	459	477	468	549	550	576	599	599	669	710	734	840	868	880	859	887	884	893	946	968	1,033	1,044	1,026	1,025	1,103	1,097	1,110	1,119	1,119	1,112	1,119	1,136	1,172
Interest on deposits with other banks
325	860	1,178	569	269	480	397	148	76	92	133	38	17	10	14	9	28	72	21	0	2	81	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Interest and dividends on other earning assets
527	514	519	535	586	468	484	509	504	371	375	397	357	217	321	120	132	391	119	11	5	258	18	17	14	20	25	46	35	43	45	38	38	76	25	12	3	20	19
Total interest income
52,019	53,369	54,300	54,060	52,364	51,239	49,255	46,460	43,534	42,417	42,172	40,030	38,396	38,056	36,705	26,112	25,734	26,028	25,704	25,513	24,738	19,302	19,219	18,725	18,946	19,172	19,457	19,461	19,489	19,988	19,977	20,258	20,431	20,821	21,237	21,704	21,706	23,060	22,878
Interest expense
Interest on deposits
7,406	-8,115	9,434	9,111	8,203	-3,450	6,278	4,542	3,691	-3,803	3,068	2,461	2,191	-3,170	2,081	1,458	1,533	-2,931	1,543	1,445	1,417	-2,387	971	969	992	-3,036	1,119	1,155	1,240	-4,445	1,624	1,654	1,853	-5,987	2,170	2,290	2,466	3,217	3,588
Interest on short-term borrowings
106	63	94	217	638	233	584	958	645	148	169	325	262	149	276	320	3	2	10	13	10	7	7	12	6	8	8	15	17	31	33	156	106	76	96	80	80	527	653
Interest on long-term debt and subordinated notes
2,039	2,056	2,127	2,097	2,000	1,954	1,970	1,970	1,926	2,006	2,048	1,944	1,660	1,592	1,479	673	675	674	667	675	7	0	0	0	0	0	11	183	289	300	301	301	308	354	355	353	351	363	361
Total interest expense
9,551	10,940	11,655	11,425	10,841	9,862	8,832	7,470	6,262	5,711	5,285	4,730	4,113	3,884	3,836	2,451	2,211	2,278	2,220	2,133	1,434	1,039	978	981	998	1,080	1,138	1,353	1,546	1,838	1,958	2,111	2,267	2,487	2,621	2,723	2,897	4,107	4,602
Net interest income
42,468	42,429	42,645	42,635	41,523	41,377	40,423	38,990	37,272	36,706	36,887	35,300	34,283	34,172	32,869	23,661	23,523	23,750	23,484	23,380	23,304	18,263	18,241	17,744	17,948	18,092	18,319	18,108	17,943	18,150	18,019	18,147	18,164	18,334	18,616	18,981	18,809	18,953	18,276
Provision for credit losses
20,452	2,227	1,530	2,076	2,685	103	2,745	15,409	2,053	1,992	2,689	2,766	2,445	2,250	1,415	830	326	917	670	1,141	1,074	648	233	1,251	1,475	1,614	4,094	3,446	2,074	2,382	2,210	1,343	4,100	3,140	3,649	5,556	5,134	5,529	4,865
Provision for credit losses
21,049	-	-	-	2,685	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net interest income after provision for credit losses
21,419	40,202	41,115	40,559	38,838	41,274	37,678	23,581	35,219	34,714	34,198	32,534	31,838	31,922	31,454	22,831	23,197	22,833	22,814	22,239	22,230	17,615	18,008	16,493	16,473	16,478	14,225	14,662	15,869	15,768	15,809	16,804	14,064	15,194	14,967	13,425	13,675	13,424	13,411
Insurance commission and fee income
4,732	3,609	3,877	3,941	5,144	3,415	3,643	3,712	4,888	3,258	3,492	3,628	4,410	3,275	3,267	3,503	4,558	3,073	3,232	3,434	4,146	2,896	2,881	2,434	3,332	2,172	2,309	2,391	2,523	1,313	2,129	2,057	2,267	1,674	1,787	2,072	2,200	1,815	1,896
Bank owned life insurance income
734	741	743	743	952	430	865	1,210	669	841	742	1,622	783	1,215	711	535	470	425	306	211	353	461	346	443	378	496	1,555	413	504	365	463	336	1,506	502	554	268	344	326	202
Net gain on sales of investment securities
695	13	33	7	1	0	0	0	10	5	7	21	15	31	30	413	44	697	296	181	91	78	0	415	142	439	1,426	1,339	185	14	9	24	258	-	848	569	-	339	38
Other-than-temporary impairment on equity securities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	4	6	3	5	1	3	7	12	42
Net gain on mortgage banking activities
2,744	1,038	1,629	796	483	713	754	942	716	465	908	1,537	1,113	1,092	2,006	1,711	1,218	1,090	1,123	1,367	1,258	698	616	519	349	476	935	1,416	1,696	1,571	2,171	1,074	1,272	652	913	328	-25	1,246	475
Net gain (loss) on sales and dispositions of fixed assets
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,321	-10	-	-	-3	-9	-	-	-5
Net gain on sales and write-downs of other real estate owned
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	195	-	-	-	198	252	-	-181	-621	-1,071	-31	-40	-141	-265	-352	-5	-16
Loss on termination of interest rate swap
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-1,866	-	-	-	-	-	-	-	-	-	-246	-516
Other income
67	1,013	544	723	339	160	116	-138	124	34	87	294	331	-14	-49	79	176	-42	163	392	339	114	684	229	171	261	225	324	153	236	243	174	249	167	121	124	121	149	88
Total noninterest income
18,384	16,170	16,599	16,356	16,297	14,416	14,861	15,314	15,582	14,152	14,109	16,009	14,970	13,994	14,137	14,001	13,831	12,907	12,736	13,351	13,431	11,769	12,510	11,924	12,141	11,116	13,202	10,991	11,475	10,378	10,861	8,000	11,021	8,978	8,974	8,696	7,759	8,884	8,059
Noninterest expense
Salaries, benefits and commissions
23,836	21,869	22,785	22,089	21,546	19,455	20,321	20,065	20,647	21,615	19,185	16,353	18,737	24,272	16,710	14,080	14,182	20,865	11,970	11,957	13,314	10,297	11,035	10,242	10,671	10,542	9,761	9,359	9,860	9,121	8,944	9,100	10,141	4,619	9,888	9,634	8,983	9,775	9,469
Commissions
-	-	-	-	-	-	-	-	-	-	-	2,374	-	-	2,485	2,363	1,895	-	2,174	2,155	1,814	2,052	2,200	1,795	1,590	1,983	2,026	2,388	2,115	2,042	1,884	1,633	1,422	-	-	-	-	-	-
Net occupancy
2,574	2,534	2,475	2,601	2,611	2,455	2,515	2,533	2,757	2,561	2,523	2,684	2,665	2,908	2,534	2,096	2,100	1,944	2,093	2,035	2,358	1,893	1,689	1,687	1,754	1,590	1,472	1,408	1,399	1,475	1,445	1,402	1,394	1,510	1,361	1,361	1,550	1,384	1,309
Equipment
995	1,027	1,088	1,065	990	1,014	1,042	1,067	1,023	1,075	1,019	1,031	993	1,021	942	750	776	-1,025	787	1,708	1,689	-1,791	1,426	1,410	1,334	1,246	1,225	1,212	1,182	1,189	1,152	1,111	1,034	1,034	1,026	965	977	1,051	900
Data processing
2,760	2,685	2,624	2,627	2,514	2,352	2,339	2,091	2,232	2,243	2,118	2,081	2,058	2,001	2,169	1,530	1,281	-	1,214	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Professional fees
1,317	1,475	1,517	1,307	1,264	1,335	1,370	1,331	1,355	1,391	1,447	1,248	1,239	1,258	1,322	947	1,020	870	1,096	1,066	807	765	744	846	809	1,131	764	809	767	-	-	-	-	-	-	-	-	-	-
Marketing and advertising
402	874	558	622	540	1,089	646	526	381	1,080	271	475	379	619	345	513	538	759	583	551	360	547	391	581	361	516	570	497	365	482	340	584	319	473	305	393	589	365	917
Deposit insurance premiums
504	342	-444	430	452	449	544	452	391	374	409	451	402	521	327	418	447	463	433	422	412	399	386	397	379	380	381	400	392	410	406	429	444	457	442	427	713	698	663
Intangible expenses
330	374	378	417	426	481	479	594	612	687	690	446	759	2,917	854	991	766	178	710	893	786	405	352	650	760	356	275	-683	209	-	-	-	-	-	-	-	-	-	-
Acquisition-related costs
-	-	-	-	-	-	-	-	-	-	-	0	-	101	8,784	1,158	214	540	0	41	466	531	180	516	43	-	7	27	-	-	-	-	-	-	-	-	-	-	-
Integration costs
-	-	-	-	-	-	-	-	-	-	-	0	-	269	5,365	27	6	6	0	110	1,374	0	8	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Restructuring charges
-	-	0	0	-	0	0	0	571	-	0	-	0	-	-85	-	-	-	0	1,642	-	-	0	0	-	0	-5	0	539	-	-	-	-	-	-	-	-	-	-
Other expense
6,853	6,298	5,289	5,620	5,214	4,766	5,115	5,688	5,156	4,788	5,033	5,405	4,798	7,470	5,314	4,673	3,714	4,126	4,183	4,252	4,031	3,673	3,608	3,666	3,182	3,826	3,512	3,869	3,408	1,356	4,887	4,377	4,122	4,364	4,273	3,626	3,934	3,898	3,651
Total noninterest expense
39,571	37,478	36,270	36,778	35,557	33,396	34,371	34,347	35,125	33,440	32,695	32,548	32,030	38,430	47,066	29,546	26,939	26,029	25,243	26,832	27,411	22,562	22,019	21,790	20,883	21,623	19,988	19,286	20,236	19,712	19,058	18,636	18,876	17,563	17,295	16,406	16,746	17,171	16,909
Income before income taxes
232	18,894	21,444	20,137	19,578	22,294	18,168	4,548	15,676	15,426	15,612	15,995	14,778	7,486	-1,475	7,286	10,089	9,711	10,307	8,758	8,250	6,822	8,499	6,627	7,731	5,971	7,439	6,367	7,108	6,434	7,612	6,168	6,209	6,609	6,646	5,715	4,688	5,137	4,561
Income tax (benefit) expense
-606	3,384	3,782	3,669	3,499	3,922	3,204	191	2,826	5,162	4,416	4,217	3,922	568	-1,533	2,046	2,800	2,553	2,779	2,292	2,134	1,632	2,264	1,547	2,005	1,049	1,400	1,537	1,710	1,358	1,842	1,405	946	1,349	1,402	1,199	826	990	831
Net income
838	15,510	17,662	16,468	16,079	18,372	14,964	4,357	12,850	10,264	11,196	11,778	10,856	6,918	58	5,240	7,289	7,158	7,528	6,466	6,116	5,190	6,235	5,080	5,726	4,922	6,039	4,830	5,398	5,076	5,770	4,763	5,263	5,260	5,244	4,516	3,862	4,147	3,730
Net income per share:
Basic (in dollars per share)
0.03	0.53	0.60	0.56	0.55	0.62	0.51	0.15	0.44	0.37	0.42	0.44	0.41	0.21	0.00	0.27	0.37	0.36	0.39	0.33	0.31	0.33	0.38	0.31	0.35	0.31	0.36	0.29	0.32	0.32	0.34	0.28	0.31	0.32	0.31	0.27	0.23	0.25	0.23
Diluted (in dollars per share)
0.03	0.53	0.60	0.56	0.55	0.62	0.51	0.15	0.44	0.37	0.42	0.44	0.41	0.20	0.00	0.27	0.37	0.36	0.39	0.33	0.31	0.33	0.38	0.31	0.35	0.31	0.36	0.29	0.32	0.31	0.34	0.28	0.31	0.32	0.31	0.27	0.23	0.25	0.23
Dividends declared (in dollars per share)
-	-	-	-	-	-	-	-	0.20	-	0.20	0.20	0.20	0.20	0.20	0.20	0.20	0.20	0.20	0.20	0.20	0.20	0.20	0.20	0.20	0.20	0.20	0.20	0.20	0.20	0.20	0.20	0.20	0.20	0.20	0.20	0.20	0.20	0.20
Trust fee income
Noninterest income
1,890	1,912	1,973	2,054	1,887	1,882	1,960	2,044	1,996	2,208	1,924	2,016	1,907	1,921	1,958	1,997	1,865	2,030	1,904	2,154	1,820	2,143	1,862	1,931	1,899	2,054	1,736	1,779	1,734	1,902	1,625	1,625	1,625	1,469	1,625	1,625	1,625	1,450	1,500
Service charges on deposit accounts
Noninterest income
1,397	1,551	1,513	1,447	1,435	1,516	1,454	1,335	1,327	1,555	1,371	1,313	1,243	1,293	1,344	1,056	998	1,059	1,069	1,039	1,063	1,096	1,073	1,047	1,014	1,118	1,149	1,098	1,086	1,128	1,122	1,079	1,100	1,147	1,218	1,356	1,336	1,633	1,812
Investment advisory commission and fee income
Noninterest income
4,255	4,064	4,032	4,055	3,789	3,852	3,785	3,778	3,683	3,485	3,455	3,333	3,181	3,072	2,905	2,776	2,671	2,627	2,687	2,740	2,763	2,760	3,086	3,009	3,049	1,988	1,740	2,018	1,896	2,172	1,350	1,350	1,256	1,778	1,239	1,194	1,162	1,227	1,152
Other service fee income
Noninterest income
1,870	2,229	2,255	2,590	2,267	2,448	2,284	2,431	2,169	2,301	2,123	2,245	1,987	2,109	1,965	1,931	1,831	1,948	1,956	1,833	1,598	1,718	1,767	1,897	1,807	1,936	1,929	1,827	1,698	1,912	1,053	1,368	1,522	1,634	814	1,437	1,355	962	1,475