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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.
Revenue by Segment
Forward Guidance
Univest Financial Corporation did not provide specific forward guidance in this earnings report.
Revenue & Expenses
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Historical Earnings Impact
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Avg. Return Before/After Earnings
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