Segment Reporting

12 Months Ended

Dec. 31, 2014

Segment Reporting [Abstract]

Segment Reporting

Segment Reporting

At December 31, 2014, the Corporation has three reportable business segments: Banking, Wealth Management and Insurance. The Corporation determines its segments based primarily upon product and service offerings, through the types of income generated and the regulatory environment. This is strategically how the Corporation operates and has positioned itself in the marketplace. Accordingly, significant operating decisions are based upon analysis of each of these segments. At December 31, 2014, these segments meet the quantitative thresholds for separate disclosure as a business segment. Non-reportable segments include Univest Delaware, the parent holding company and intercompany eliminations, and are included in the "Other" segment. Prior to 2014, the Corporation had only one reportable segment, Community Banking. During 2014, the Corporation acquired Girard Partners and Sterner Insurance and realigned its investment and trust operations into its Wealth Management Reporting unit; this resulted in the three reportable segments of Banking, Wealth Management and Insurance.

The Corporation's Banking segment consists of commercial and retail banking. The Wealth Management segment consists of investment advisory services, retirement plan services, trust, municipal pension services and broker/dealer services. The Insurance segment consists of commercial lines, personal lines, benefits and human resources consulting.

Each segment generates revenue from a variety of products and services it provides. Examples of products and services provided for each reportable segment are indicated below.

Ÿ	The Banking segment provides financial services to consumers, businesses and governmental units. These services include a full range of banking services such as deposit taking, loan origination and servicing, mortgage banking, other general banking services and equipment lease financing.
Ÿ	The Wealth Management segment offers trust and investment advisory services, guardian and custodian of employee benefits and other trust and brokerage services, as well as a registered investment advisory managing private investment accounts for both individuals and institutions.
Ÿ	The Insurance segment includes a full-service insurance brokerage agency offering commercial property and casualty insurance, group life and health coverage, employee benefit solutions and personal insurance lines.

The accounting policies, used in the disclosure of the operating segments, are the same as those described in Note 1, “Summary of Significant Accounting Policies".

The following tables provide reportable segment-specific information and reconciliations to consolidated financial information for the years ended December 31, 2014, 2013 and 2012. Prior period information is shown for comparative purposes as if the realignment of Wealth Management occurred at the beginning of each period.

(Dollars in thousands)	Banking		Wealth Management		Insurance		Other			Consolidated
For the Year Ended December 31, 2014
Interest income	$	75,850	$	1	$	—	$	34		$	75,885
Interest expense	3,998		—		—		(2		)	3,996
Net interest income	71,852		1		—		36			71,889
Provision for loan and lease losses	3,607		—		—		—			3,607
Noninterest income	16,170		19,918		12,038		525			48,651
Noninterest expense*	63,120		13,855		11,435		(1,156		)	87,254
Income before income taxes	21,295		6,064		603		1,717			29,679
Income taxes	4,043		2,269		256		880			7,448
Net income	$	17,252	$	3,795	$	347	$	837		$	22,231
Total assets	$	2,154,485	$	34,195	$	22,930	$	23,711		$	2,235,321
Capital expenditures	$	2,824	$	100	$	593	$	169		$	3,686
For the Year Ended December 31, 2013
Interest income	$	77,517	$	1	$	—	$	61		$	77,579
Interest expense	4,641		—		—		476			5,117
Net interest income	72,876		1		—		(415		)	72,462
Provision for loan and lease losses	11,228		—		—		—			11,228
Noninterest income	22,053		14,938		9,959		(166		)	46,784
Noninterest expense*	60,759		10,079		8,749		1,546			81,133
Income (expense) before income taxes	22,942		4,860		1,210		(2,127		)	26,885
Income tax expense (benefit)	4,255		1,850		497		(906		)	5,696
Net income	$	18,687	$	3,010	$	713	$	(1,221	)	$	21,189
Total assets	$	2,129,314	$	22,737	$	19,524	$	19,984		$	2,191,559
Capital expenditures	$	2,679	$	13	$	46	$	692		$	3,430
For the Year Ended December 31, 2012
Interest income	$	80,568	$	3	$	3	$	80		$	80,654
Interest expense	6,983		—		—		1,191			8,174
Net interest income	73,585		3		3		(1,111		)	72,480
Provision for loan and lease losses	10,035		—		—		—			10,035
Noninterest income	18,018		12,906		8,079		1,257			40,260
Noninterest expense*	57,917		9,626		7,782		957			76,282
Income (expense) before income taxes	23,651		3,283		300		(811		)	26,423
Income tax expense (benefit)	4,318		1,266		113		(146		)	5,551
Net income	$	19,333	$	2,017	$	187	$	(665	)	$	20,872
Capital expenditures	$	2,950	$	53	$	37	$	190		$	3,230

*Includes an allocation of general and administrative expenses from both the parent holding company and the Bank. Generally speaking, these expenses are allocated based upon number of employees and square footage usage.