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Mar 31, 2020
Univest Q1 2020 Earnings Report
Reported a decrease in net income due to CECL related charges and the impact of COVID-19.
Key Takeaways
Univest Financial Corporation reported net income of $838 thousand, or $0.03 diluted earnings per share, for the quarter ended March 31, 2020. The results were impacted by CECL related charges and expenses related to COVID-19.
Net income for the quarter ended March 31, 2020 was $838 thousand, or $0.03 diluted earnings per share.
The Corporation adopted Accounting Standard Update No. 2016-13 (“CECL”) effective January 1, 2020, resulting in an after-tax retained earnings adjustment of $11.3 million.
The financial results for the quarter ended March 31, 2020, included $20.3 million (after-tax charge of $16.1 million), or $0.55 diluted earnings per share, of expense related to COVID-19.
Gross loans and leases increased $62.0 million, or 5.7% (annualized), from December 31, 2019 and $380.9 million, or 9.4%, from March 31, 2019.
Univest
Univest
Univest Revenue by Segment
Revenue by Segment
Trust Fee Income Revenue
CapyFin.comService Charges on Deposit Accounts Revenue
CapyFin.comInvestment Advisory Commission and Fee Income Revenue
CapyFin.comInsurance Commission and Fee Income Revenue
CapyFin.comOther Service Fee Income Revenue
CapyFin.comBank Owned Life Insurance Income Revenue
CapyFin.comNet Gain on Sales of Investment Securities Revenue
CapyFin.comNet Gain on Mortgage Banking Activities Revenue
CapyFin.comOther Income Revenue
CapyFin.com Forward Guidance
Univest Financial Corporation did not provide specific forward guidance in this earnings report.
Revenue & Expenses
Visualization of income flow from segment revenue to net income