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Univest Financial Corporation
UVSP
#5988
Rank
$1.00 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$35.37
Share price
1.00%
Change (1 day)
38.81%
Change (1 year)
๐Ÿฆ Insurance๐Ÿ’ณ Financial services๐Ÿ’ฐ Investment
Categories
  1. Univest Financial Corporation
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2022 Q3

Univest Financial Corporation - 10-Q quarterly report FY2022 Q3


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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 Form 10-Q
☒Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended September 30, 2022
or
☐Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from __________ to __________
Commission File Number: 0-7617

 UNIVEST FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
Pennsylvania23-1886144
(State or other jurisdiction of
incorporation or organization)		(IRS Employer
Identification No.)
14 North Main Street, Souderton, Pennsylvania 18964
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (215) 721-2400
Not applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of classTrading symbolName of exchange on which registered
Common Stock, $5 par valueUVSPThe NASDAQ Stock Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒
Accelerated filer
☐
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☒
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Common Stock, $5 par value29,242,451
(Title of Class)(Number of shares outstanding at October 27, 2022)



UNIVEST FINANCIAL CORPORATION AND SUBSIDIARIES
INDEX
 
  Page Number
Part I.
Item 1.
2
Condensed Consolidated Statements of Income for the Three and Nine Months Ended September 30, 2022 and 2021
3
Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2022 and 2021
4
Condensed Consolidated Statements of Changes in Shareholders’ Equity for the Three and Nine Months Ended September 30, 2022 and 2021
6
Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2022 and 2021
8
10
Item 2.
45
Item 3.
61
Item 4.
61
Part II.
Item 1.
61
Item 1A.
61
Item 2.
62
Item 3.
62
Item 4.
62
Item 5.
62
Item 6.
63
64

1
PART I. FINANCIAL INFORMATION
 
Item 1. Financial Statements
UNIVEST FINANCIAL CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Dollars in thousands, except share data)At September 30, 2022At December 31, 2021
ASSETS
Cash and due from banks$65,859 $49,202 
Interest-earning deposits with other banks47,451 840,948 
Cash and cash equivalents113,310 890,150 
Investment securities held-to-maturity (fair value $136,456 and $178,402 at September 30, 2022 and December 31, 2021, respectively)
159,170 176,983 
Investment securities available-for-sale (amortized cost $403,774 and $319,474, net of allowance for credit losses of $1,299 and $929 at September 30, 2022 and December 31, 2021, respectively)
347,479 317,007 
Investments in equity securities 2,994 2,999 
       Federal Home Loan Bank, Federal Reserve Bank and other stock, at cost29,475 28,186 
Loans held for sale9,087 21,600 
Loans and leases held for investment5,849,259 5,310,017 
Less: Allowance for credit losses, loans and leases(74,929)(71,924)
Net loans and leases held for investment5,774,330 5,238,093 
Premises and equipment, net50,533 56,882 
Operating lease right-of-use assets30,654 30,407 
Goodwill175,510 175,510 
Other intangibles, net of accumulated amortization11,650 11,848 
Bank owned life insurance120,035 118,699 
Accrued interest receivable and other assets83,170 54,057 
Total assets$6,907,397 $7,122,421 
LIABILITIES
Noninterest-bearing deposits$1,968,422 $2,065,423 
Interest-bearing deposits3,818,554 3,989,701 
Total deposits5,786,976 6,055,124 
Short-term borrowings80,711 20,106 
Long-term debt95,000 95,000 
Subordinated notes99,107 98,874 
Operating lease liabilities33,718 33,453 
Accrued interest payable and other liabilities57,698 46,070 
Total liabilities6,153,210 6,348,627 
SHAREHOLDERS’ EQUITY
Common stock, $5 par value: 48,000,000 shares authorized at September 30, 2022 and December 31, 2021; 31,556,799 shares issued at September 30, 2022 and December 31, 2021; 29,242,451 and 29,500,542 shares outstanding at September 30, 2022 and December 31, 2021, respectively
157,784 157,784 
Additional paid-in capital299,791 299,181 
Retained earnings410,942 375,124 
Accumulated other comprehensive loss, net of tax benefit(64,985)(16,353)
Treasury stock, at cost; 2,314,348 and 2,056,257 shares at September 30, 2022 and December 31, 2021, respectively
(49,345)(41,942)
Total shareholders’ equity754,187 773,794 
Total liabilities and shareholders’ equity$6,907,397 $7,122,421 
Note: See accompanying notes to the unaudited condensed consolidated financial statements.
2
UNIVEST FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three Months EndedNine Months Ended
 September 30,September 30,
(Dollars in thousands, except per share data)2022202120222021
Interest income
Interest and fees on loans and leases$63,162 $51,476 $164,065 $151,727 
Interest and dividends on investment securities:
Taxable3,013 1,552 8,116 4,254 
Exempt from federal income taxes15 20 44 155 
Interest on deposits with other banks252 189 1,433 291 
Interest and dividends on other earning assets435 334 1,134 1,042 
Total interest income66,877 53,571 174,792 157,469 
Interest expense
Interest on deposits6,451 3,230 12,928 9,789 
Interest on short-term borrowings524 2 537 7 
Interest on long-term debt and subordinated notes1,652 1,652 4,946 6,815 
Total interest expense8,627 4,884 18,411 16,611 
Net interest income58,250 48,687 156,381 140,858 
Provision (reversal of provision) for credit losses3,558 (182)6,782 (11,524)
Net interest income after provision for credit losses54,692 48,869 149,599 152,382 
Noninterest income
Trust fee income1,835 2,126 5,935 6,317 
Service charges on deposit accounts1,522 1,422 4,600 4,018 
Investment advisory commission and fee income4,199 4,796 14,163 14,051 
Insurance commission and fee income4,442 3,837 14,641 12,631 
Other service fee income3,124 2,576 9,189 7,516 
Bank owned life insurance income1,153 925 2,557 3,262 
Net gain on sales of investment securities— 21 30 140 
Net gain on mortgage banking activities817 3,224 3,976 12,623 
Other income867 1,625 2,336 3,474 
Total noninterest income17,959 20,552 57,427 64,032 
Noninterest expense
Salaries, benefits and commissions29,400 26,641 86,778 76,817 
Net occupancy2,504 2,525 7,642 7,920 
Equipment968 1,000 2,927 2,914 
Data processing3,901 3,274 11,176 9,388 
Professional fees2,521 2,174 7,503 5,937 
Marketing and advertising605 539 1,723 1,380 
Deposit insurance premiums662 765 2,367 2,014 
Intangible expenses309 214 992 712 
Other expense5,795 6,116 18,340 16,992 
Total noninterest expense46,665 43,248 139,448 124,074 
Income before income taxes25,986 26,173 67,578 92,340 
Income tax expense5,185 5,262 13,294 17,951 
Net income$20,801 $20,911 $54,284 $74,389 
Net income per share:
Basic$0.71 $0.71 $1.85 $2.53 
Diluted0.71 0.71 1.84 2.52 
Note: See accompanying notes to the unaudited condensed consolidated financial statements.
3
UNIVEST FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
Three Months Ended September 30,
(Dollars in thousands)20222021
Before
Tax
Amount		Tax
Expense
(Benefit)		Net of
Tax
Amount		Before
Tax
Amount		Tax
Expense
(Benefit)		Net of
Tax
Amount
Income$25,986 $5,185 $20,801 $26,173 $5,262 $20,911 
Other comprehensive (loss) income:
Net unrealized losses on available-for-sale investment securities:
Net unrealized holding losses arising during the period(18,093)(3,800)(14,293)(1,378)(292)(1,086)
(Reversal of provision) provision for credit losses(393)(82)(311)330 70 260 
Less: reclassification adjustment for net gains on sales realized in net income (1)— — — (21)(4)(17)
Total net unrealized losses on available-for-sale investment securities(18,486)(3,882)(14,604)(1,069)(226)(843)
Net unrealized (losses) gains on interest rate swaps used in cash flow hedges:
Net unrealized holding losses arising during the period(9,418)(1,978)(7,440)(7)(1)(6)
Less: reclassification adjustment for net (gains) losses realized in net income (2)(422)(89)(333)77 16 61 
Total net unrealized (losses) gains on interest rate swaps used in cash flow hedges (9,840)(2,067)(7,773)70 15 55 
Defined benefit pension plans:
Amortization of net actuarial loss included in net periodic pension costs (3)219 46 173 329 69 260 
Total defined benefit pension plans219 46 173 329 69 260 
Other comprehensive loss(28,107)(5,903)(22,204)(670)(142)(528)
Total comprehensive (loss) income$(2,121)$(718)$(1,403)$25,503 $5,120 $20,383 
(1) Included in net gain on sales of investment securities on the condensed consolidated statements of income (before tax amount).
(2) Included in interest expense on demand deposits on the condensed consolidated statements of income (before tax amount).
(3) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost (before tax amount). See Note 8, "Retirement Plans and Other Postretirement Benefits" for additional details.
Note: See accompanying notes to the unaudited condensed consolidated financial statements.
4
Nine Months Ended September 30,
(Dollars in thousands)20222021
Before
Tax
Amount		Tax
Expense
(Benefit)		Net of
Tax
Amount		Before
Tax
Amount		Tax
Expense
(Benefit)		Net of
Tax
Amount
Income$67,578 $13,294 $54,284 $92,340 $17,951 $74,389 
Other comprehensive income:
Net unrealized (losses) gains on available-for-sale investment securities:
Net unrealized holding (losses) gains arising during the period(53,798)(11,298)(42,500)1,604 336 1,268 
Provision (reversal of provision) for credit losses370 78 292 (54)(11)(43)
Less: reclassification adjustment for net gains on sales realized in net income (1)(30)(6)(24)(140)(29)(111)
Total net unrealized (losses) gains on available-for-sale investment securities(53,458)(11,226)(42,232)1,410 296 1,114 
Net unrealized (losses) gains on interest rate swaps used in cash flow hedges:
Net unrealized holding losses arising during the period(7,716)(1,621)(6,095)(5)(1)(4)
Less: reclassification adjustment for net (gains) losses realized in net income (2)(1,040)(218)(822)229 48 181 
Total net unrealized (losses) gains on interest rate swaps used in cash flow hedges (8,756)(1,839)(6,917)224 47 177 
Defined benefit pension plans:
Amortization of net actuarial loss included in net periodic pension costs (3)655 138 517 987 207 780 
Total defined benefit pension plans655 138 517 987 207 780 
Other comprehensive (loss) income(61,559)(12,927)(48,632)2,621 550 2,071 
Total comprehensive income$6,019 $367 $5,652 $94,961 $18,501 $76,460 
(1) Included in net gain on sales of investment securities on the condensed consolidated statements of income (before tax amount).
(2) Included in interest expense on demand deposits on the condensed consolidated statements of income (before tax amount).
(3) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost (before tax amount). See Note 8, "Retirement Plans and Other Postretirement Benefits" for additional details.
Note: See accompanying notes to the unaudited condensed consolidated financial statements.
5

UNIVEST FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(Unaudited)
(Dollars in thousands, except per share data)Common
Shares
Outstanding		Common
Stock		Additional
Paid-in
Capital		Retained
Earnings		Accumulated
Other
Comprehensive
Loss		Treasury
Stock		Total
Three Months Ended September 30, 2022
Balance at June 30, 202229,365,775 $157,784 $298,800 $396,295 $(42,781)$(46,173)$763,925 
Net income — — — 20,801 — — 20,801 
Other comprehensive loss, net of income tax benefit— — — — (22,204)— (22,204)
Cash dividends declared ($0.21 per share)
— — — (6,153)— — (6,153)
Stock-based compensation— — 973 (1)— — 972 
Stock issued under dividend reinvestment and employee stock purchase plans26,438 — 25 — — 634 659 
Vesting of restricted stock units, net of shares withheld to cover taxes238 — (7)— — 5 (2)
Purchases of treasury stock(150,000)— — — — (3,811)(3,811)
Balance at September 30, 202229,242,451 $157,784 $299,791 $410,942 $(64,985)$(49,345)$754,187 
(Dollars in thousands, except per share data)Common
Shares
Outstanding		Common
Stock		Additional
Paid-in
Capital		Retained
Earnings		Accumulated
Other
Comprehensive
Loss		Treasury
Stock		Total
Three Months Ended September 30, 2021
Balance at June 30, 202129,411,731 $157,784 $297,208 $348,579 $(19,545)$(44,028)$739,998 
Net income — — — 20,911 — — 20,911 
Other comprehensive loss, net of income tax benefit— — — — (528)— (528)
Cash dividends declared ($0.20 per share)
— — — (5,883)— — (5,883)
Stock-based compensation— — 852 — — 1 853 
Stock issued under dividend reinvestment and employee stock purchase plans22,327 — — — — 610 610 
Vesting of restricted stock units, net of shares withheld to cover taxes1,344 — (27)— — 27 — 
Exercise of stock options3,000 — — — — 62 62 
Balance at September 30, 202129,438,402 $157,784 $298,033 $363,607 $(20,073)$(43,328)$756,023 

6

(Dollars in thousands, except per share data)Common
Shares
Outstanding		Common
Stock		Additional
Paid-in
Capital		Retained
Earnings		Accumulated
Other
Comprehensive
Loss		Treasury
Stock		Total
Nine Months Ended September 30, 2022
Balance at December 31, 202129,500,542 $157,784 $299,181 $375,124 $(16,353)$(41,942)$773,794 
Net income — — — 54,284 — — 54,284 
Other comprehensive loss, net of income tax benefit— — — — (48,632)— (48,632)
Cash dividends declared ($0.62 per share)
— — — (18,258)— — (18,258)
Stock-based compensation— — 2,982 (208)— — 2,774 
Stock issued under dividend reinvestment and employee stock purchase plans74,055 — 129 — — 1,805 1,934 
Vesting of restricted stock units, net of shares withheld to cover taxes92,073 — (2,551)— — 1,648 (903)
Exercise of stock options25,781 — 50 — — 525 575 
Purchases of treasury stock(450,000)— — — — (11,381)(11,381)
Balance at September 30, 202229,242,451 $157,784 $299,791 $410,942 $(64,985)$(49,345)$754,187 
(Dollars in thousands, except per share data)Common
Shares
Outstanding		Common
Stock		Additional
Paid-in
Capital		Retained
Earnings		Accumulated
Other
Comprehensive
(Loss) Income		Treasury
Stock		Total
Nine Months Ended September 30, 2021
Balance at December 31, 202029,295,052 $157,784 $296,186 $306,899 $(22,144)$(46,253)$692,472 
Net income — — — 74,389 — — 74,389 
Other comprehensive income, net of income tax— — — — 2,071 — 2,071 
Cash dividends declared ($0.60 per share)
— — — (17,624)— — (17,624)
Stock-based compensation— — 2,552 (56)— — 2,496 
Stock issued under dividend reinvestment and employee stock purchase plans67,553 — 90 (1)— 1,735 1,824 
Vesting of restricted stock units, net of shares withheld to cover taxes43,963 — (1,153)— — 798 (355)
Exercise of stock options49,527 — 31 — — 1,014 1,045 
Cancellation of performance-based restricted stock awards(7,199)— 327 — — (327)— 
Purchases of treasury stock(10,494)— — — — (295)(295)
Balance at September 30, 202129,438,402 $157,784 $298,033 $363,607 $(20,073)$(43,328)$756,023 

Note: See accompanying note to the unaudited condensed consolidated financial statements.


7

UNIVEST FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 Nine Months Ended September 30,
(Dollars in thousands)20222021
Cash flows from operating activities:
Net income$54,284 $74,389 
Adjustments to reconcile net income to net cash provided by operating activities:
Provision (reversal of provision) for credit losses6,782 (11,524)
Depreciation of premises and equipment3,323 3,523 
Net amortization of investment securities premiums and discounts1,168 2,078 
Net gain on sales of investment securities(30)(140)
Net gain on mortgage banking activities(3,976)(12,623)
Bank owned life insurance income(2,557)(3,262)
Stock-based compensation2,998 2,674 
Intangible expenses992 712 
Other adjustments to reconcile net income to cash used in operating activities(2,896)(4,956)
Originations of loans held for sale(198,547)(396,418)
Proceeds from the sale of loans held for sale215,424 417,920 
Contributions to pension and other postretirement benefit plans(189)(198)
Decrease (increase) in accrued interest receivable and other assets2,252 (882)
Increase (decrease) in accrued interest payable and other liabilities4,449 (5,750)
Net cash provided by operating activities83,477 65,543 
Cash flows from investing activities:
Proceeds from sale of premises and equipment6,844 — 
Purchases of premises and equipment(3,673)(3,241)
Proceeds from maturities, calls and principal repayments of securities held-to-maturity27,700 52,121 
Proceeds from maturities, calls and principal repayments of securities available-for-sale25,132 40,088 
Proceeds from sales of securities available-for-sale1,530 4,135 
Purchases of investment securities held-to-maturity(10,427)(14,852)
Purchases of investment securities available-for-sale(111,611)(102,585)
Proceeds from sales of money market mutual funds3,506 5,818 
Purchases of money market mutual funds(3,708)(5,336)
Net increase in other investments(1,289)(496)
Proceeds from sale of loans originally held-for-investment2,500 996 
Net (increase) decrease in loans and leases(562,235)54,661 
Proceeds from sales of other real estate owned— 7,255 
Proceeds from bank owned life insurance1,221 2,302 
Net cash (used in) provided by investing activities(624,510)40,866 
Cash flows from financing activities:
Net (decrease) increase in deposits(268,171)695,414 
Net increase (decrease) in short-term borrowings60,605 (3,805)
Repayment of long-term debt— (15,000)
Repayment of subordinated debt— (85,000)
Payment of contingent consideration on acquisitions— (58)
Payment for shares withheld to cover taxes on vesting of restricted stock units— (355)
Purchases of treasury stock(12,284)(295)
Stock issued under dividend reinvestment and employee stock purchase plans1,934 1,824 
Proceeds from exercise of stock options575 1,045 
Cash dividends paid(18,466)(17,680)
Net cash (used in) provided by financing activities(235,807)576,090 
Net (decrease) increase in cash and cash equivalents(776,840)682,499 
Cash and cash equivalents at beginning of year890,150 219,858 
Cash and cash equivalents at end of period$113,310 $902,357 
8

 Nine Months Ended September 30,
(Dollars in thousands)20222021
Supplemental disclosures of cash flow information:
Cash paid for interest$20,095 $18,516 
Cash paid for income taxes, net of refunds6,629 22,327 
Non cash transactions:
Transfer of loans to other real estate owned$18,325 $126 
Transfer of loans to loans held for sale2,500 996 
Note: See accompanying notes to the unaudited condensed consolidated financial statements.
9

UNIVEST FINANCIAL CORPORATION AND SUBSIDIARIES
Notes to the Condensed Consolidated Financial Statements (Unaudited)
Note 1. Summary of Significant Accounting Policies

Principles of Consolidation and Basis of Presentation

The accompanying unaudited condensed consolidated financial statements include the accounts of Univest Financial Corporation (the Corporation) and its wholly owned subsidiaries. The Corporation’s direct subsidiary is Univest Bank and Trust Co. (the Bank). All significant intercompany balances and transactions have been eliminated in consolidation. The unaudited condensed consolidated financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the SEC). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) have been condensed or omitted pursuant to such rules and regulations for interim financial information. The accompanying unaudited consolidated financial statements reflect all adjustments, which are of a normal recurring nature and are, in the opinion of management, necessary for a fair presentation of the financial statements for the interim periods presented. Certain prior period amounts have been reclassified to conform to the current period presentation. Operating results for the three-month or nine-month periods ended September 30, 2022 are not necessarily indicative of the results that may be expected for the year ended December 31, 2022 or for any other period. These unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and the notes thereto included in the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2021, which was filed with the SEC on February 25, 2022.

Use of Estimates

The preparation of the unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant changes include the fair value measurement of investment securities available-for-sale and the calculation of the allowance for credit losses.

Accounting Pronouncements Adopted in 2022

In January 2020, the FASB issued ASU No. 2020-01, "Investments—Equity Securities (Topic 321): Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions between Topic 321, Topic 323, and Topic 815." This ASU 2020-01 clarifies the interactions between ASC 321, ASC 323 and ASC 815 and addresses accounting for the transition into and out of the equity method and measuring certain purchased options and forward contracts to acquire investments. This ASU became effective on January 1, 2022 for the Corporation. The adoption of this ASU did not have a material impact on the Corporation's financial statements.

In August 2020, the FASB issued ASU No. 2020-06, "Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40)." This guidance simplifies the accounting for convertible debt and convertible preferred stock by removing the requirements to separately present certain conversion features in equity. In addition, the amendments in the ASU also simplify the guidance in ASC 815-40 by removing certain criteria that must be satisfied in order to classify a contract as equity, which is expected to decrease the number of freestanding instruments and embedded derivatives accounted for as assets or liabilities. Finally, the amendments revise the guidance on calculating earnings per share, requiring use of the if-converted method for all convertible instruments and require entities to presume share settlement for purposes of calculating diluted EPS when an instrument may be settled in cash or shares. This ASU became effective on January 1, 2022 for the Corporation. The adoption of this ASU did not have a material impact on the Corporation's financial statements.

In March 2022, the FASB issued ASU No. 2022-01, "Derivatives and Hedging (Topic 815): Fair Value Hedging - Portfolio Layer Method." ASU 2022-01 addresses and clarifies the guidance in ASC 815 on fair value hedge accounting of interest rate risk for portfolios of financial assets. This ASU amends the guidance in ASU 2017-12 that established the "last-of-layer" method for making the fair value hedge accounting for these portfolios more accessible. ASU 2022-01 renames that method the "portfolio layer" method and addresses feedback from stakeholders regarding its application. This ASU allows entities to designate multiple hedging relationships with a single closed portfolio, including both prepayable and non-prepayable financial assets, and therefore a larger portion of the interest rate risk associated with such a portfolio is eligible to be hedged.
10

This ASU is effective for fiscal years beginning after December 15, 2022 or January 1, 2023 for the Corporation, including interim periods within those fiscal years. Early adoption, however, is permitted if an entity has adopted the amendments in ASU 2017-12. The Corporation has elected to early adopt this ASU, which did not have a material impact on the Corporation's financial statements.

Recent Accounting Pronouncements Yet to Be Adopted

In March 2022, the FASB issued ASU No. 2022-02, "Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures." The amendments eliminate the accounting guidance for troubled debt restructurings by creditors that have adopted CECL and enhance the disclosure requirements for modifications of receivables made with borrowers experiencing financial difficulty. In addition, the amendments require disclosure of current period gross write-offs by year of origination for financing receivables and net investment in leases in the existing vintage disclosures. This ASU is effective for fiscal years beginning after December 15, 2022 or January 1, 2023 for the Corporation, including interim periods within those fiscal years for entities that have adopted CECL. Early adoption is permitted if an entity has adopted CECL. The Corporation is in the process of evaluating the amendments but does not expect the adoption of this ASU will have a material impact on the Corporation's financial statements.

Note 2. Earnings per Share

The following table sets forth the computation of basic and diluted earnings per share. For additional information on the calculation of basic and diluted earnings per share, see Note 1, "Summary of Significant Accounting Policies - Earnings per Share" of the Corporation's Annual Report on Form 10-K for the year ended December 31, 2021.
Three Months EndedNine Months Ended
 September 30,September 30,
(Dollars and shares in thousands, except per share data)2022202120222021
Numerator:
Net income$20,801 $20,911 $54,284 $74,389 
Net income allocated to unvested restricted stock awards— — — (28)
Net income allocated to common shares$20,801 $20,911 $54,284 $74,361 
Denominator:
Weighted average shares outstanding29,291 29,420 29,440 29,380 
Average unvested restricted stock awards— — — (10)
Denominator for basic earnings per share—weighted-average shares outstanding
29,291 29,420 29,440 29,370 
Effect of dilutive securities—employee stock options and restricted stock units141 142 148 143 
Denominator for diluted earnings per share—adjusted weighted-average shares outstanding
29,432 29,562 29,588 29,513 
Basic earnings per share$0.71 $0.71 $1.85 $2.53 
Diluted earnings per share$0.71 $0.71 $1.84 $2.52 
Average antidilutive options and restricted stock units excluded from computation of diluted earnings per share250 286 250 289 

11

Note 3. Investment Securities

The following table shows the amortized cost, the estimated fair value and the allowance for credit losses of the held-to-maturity securities and available-for-sale securities at September 30, 2022 and December 31, 2021, by contractual maturity within each type:
 At September 30, 2022
(Dollars in thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit LossesFair Value
Securities Held-to-Maturity
Residential mortgage-backed securities:
After 1 year to 5 years1,834 — (69)— 1,765 
After 5 years to 10 years5,264 — (367)— 4,897 
Over 10 years152,072 — (22,278)— 129,794 
159,170 — (22,714)— 136,456 
Total$159,170 $— $(22,714)$— $136,456 
Securities Available-for-Sale
State and political subdivisions:
After 1 year to 5 years$2,327 $— $(69)$— $2,258 
2,327 — (69)— 2,258 
Residential mortgage-backed securities:
Within 1 year2 — — — 2 
After 1 year to 5 years944 — (37)— 907 
After 5 years to 10 years3,608 — (285)— 3,323 
Over 10 years302,520 6 (46,192)— 256,334 
307,074 6 (46,514)— 260,566 
Collateralized mortgage obligations:
After 5 years to 10 years342 — (21)— 321 
Over 10 years2,348 — (218)— 2,130 
2,690 — (239)— 2,451 
Corporate bonds:
Within 1 year1,500 1 — — 1,501 
After 1 year to 5 years30,183 — (1,616)(168)28,399 
After 5 years to 10 years60,000 — (6,565)(1,131)52,304 
91,683 1 (8,181)(1,299)82,204 
Total$403,774 $7 $(55,003)$(1,299)$347,479 

12

 At December 31, 2021
(Dollars in thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit LossesFair Value
Securities Held-to-Maturity
U.S. government corporations and agencies:
Within 1 year$6,999 $34 $— $— $7,033 
6,999 34 — — 7,033 
Residential mortgage-backed securities:
After 5 years to 10 years5,208 194 — — 5,402 
Over 10 years164,776 2,175 (984)— 165,967 
169,984 2,369 (984)— 171,369 
Total$176,983 $2,403 $(984)$— $178,402 
Securities Available-for-Sale
State and political subdivisions:
After 1 year to 5 years$2,326 $7 $— $— $2,333 
2,326 7 — — 2,333 
Residential mortgage-backed securities:
Within 1 year31 — — — 31 
After 1 year to 5 years153 5 — — 158 
After 5 years to 10 years2,286 82 — — 2,368 
Over 10 years220,153 671 (2,276)— 218,548 
222,623 758 (2,276)— 221,105 
Collateralized mortgage obligations:
After 5 years to 10 years481 7 — — 488 
Over 10 years2,813 — (23)— 2,790 
3,294 7 (23)— 3,278 
Corporate bonds:
Within 1 year2,500 4 — — 2,504 
After 1 year to 5 years28,731 755 (67)(51)29,368 
After 5 years to 10 years60,000 — (703)(878)58,419 
91,231 759 (770)(929)90,291 
Total$319,474 $1,531 $(3,069)$(929)$317,007 

Expected maturities may differ from contractual maturities because debt issuers may have the right to call or prepay obligations without call or prepayment penalties and mortgage-backed securities typically prepay at a rate faster than contractually due.

Securities with a carrying value of $413.8 million and $281.7 million at September 30, 2022 and December 31, 2021, respectively, were pledged to secure public funds deposits and other contractual obligations. There were no pledged securities to secure credit derivatives and interest rate swaps at September 30, 2022. Securities of $23.0 million were pledged to secure credit derivatives and interest rate swaps at December 31, 2021. See Note 11, "Derivative Instruments and Hedging Activities" for additional information.

The following table presents information related to sales of securities available-for-sale during the nine months ended September 30, 2022 and 2021:
 Nine Months Ended September 30,
(Dollars in thousands)20222021
Securities available-for-sale:
Proceeds from sales$1,530 $4,135 
Gross realized gains on sales30 140 
Tax expense related to net realized gains on sales6 29 

At September 30, 2022 and December 31, 2021, there were no reportable investments in any single issuer representing more than 10% of shareholders’ equity.
13

The following table shows the fair value of securities that were in an unrealized loss position for which an allowance for credit losses has not been recorded at September 30, 2022 and December 31, 2021, by the length of time those securities were in a continuous loss position.
 Less than
Twelve Months		Twelve Months
or Longer		Total
(Dollars in thousands)Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses
At September 30, 2022
Securities Held-to-Maturity
Residential mortgage-backed securities$125,601 $(19,855)$10,855 $(2,859)$136,456 $(22,714)
Total$125,601 $(19,855)$10,855 $(2,859)$136,456 $(22,714)
Securities Available-for-Sale
State and political subdivisions$2,258 $(69)$— $— $2,258 $(69)
Residential mortgage-backed securities182,104 (28,113)77,457 (18,401)259,561 (46,514)
Collateralized mortgage obligations2,451 (239)— — 2,451 (239)
Corporate bonds500 (1)— — 500 (1)
Total$187,313 $(28,422)$77,457 $(18,401)$264,770 $(46,823)
At December 31, 2021
Securities Held-to-Maturity
Residential mortgage-backed securities$89,837 $(984)$— $— $89,837 $(984)
Total$89,837 $(984)$— $— $89,837 $(984)
Securities Available-for-Sale
Residential mortgage-backed securities$164,326 $(1,816)$12,097 $(460)$176,423 $(2,276)
Collateralized mortgage obligations2,790 (23)— — 2,790 (23)
Corporate bonds779 (1)— — 779 (1)
Total$167,895 $(1,840)$12,097 $(460)$179,992 $(2,300)

At September 30, 2022, the fair value of held-to-maturity securities in an unrealized loss position for which an allowance for credit losses has not been recorded was $136.5 million, including unrealized losses of $22.7 million. These holdings were comprised of 84 federal agency mortgage-backed securities, which are U.S. government entities and agencies and are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses. The Corporation did not recognize any credit losses on held-to-maturity debt securities for the nine months ended September 30, 2022. Accrued interest receivable on held-to-maturity debt securities totaled $339 thousand at September 30, 2022 and is included within Accrued interest receivable and other assets on the condensed consolidated balance sheet. This amount is excluded from the estimate of expected credit losses.

At September 30, 2022, the fair value of available-for-sale securities in an unrealized loss position for which an allowance for credit losses has not been recorded was $264.8 million, including unrealized losses of $46.8 million. These holdings were comprised of (1) 105 federal agency mortgage-backed securities, which are U.S. government entities and agencies and are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses, (2) two collateralized mortgage obligation bonds, (3) two state and political subdivisions bonds and (4) one investment grade corporate bond. The Corporation does not intend to sell the securities in an unrealized loss position and is unlikely to be required to sell these securities before a recovery of fair value, which may be maturity. The Corporation concluded that the decline in fair value of these securities was not indicative of a credit loss. Accrued interest receivable on available-for-sale debt securities totaled $1.0 million at September 30, 2022 and is included within Accrued interest receivable and other assets on the condensed consolidated balance sheet. This amount is excluded from the estimate of expected credit losses.

14

The table below presents a rollforward by major security type for the nine months ended September 30, 2022 of the allowance for credit losses on securities available-for-sale.

(Dollars in thousands)Corporate Bonds
Nine months ended September 30, 2022
Securities Available-for-Sale
Beginning balance$(929)
Additions for securities for which no previous expected credit losses were recognized(153)
Change in securities for which a previous expected credit loss was recognized(217)
Ending balance$(1,299)
Nine months ended September 30, 2021
Securities Available-for-Sale
Beginning balance$(869)
Additions for securities for which no previous expected credit losses were recognized(22)
Change in securities for which a previous expected credit loss was recognized76 
Ending balance$(815)

At September 30, 2022, the fair value of available-for-sale securities in an unrealized loss position for which an allowance for credit losses has been recorded was $82.2 million, including unrealized losses of $9.5 million, and allowance for credit losses of $1.3 million. These holdings were comprised of 39 investment grade corporate bonds which fluctuate in value based on changes in market conditions. For these securities, fluctuations were primarily due to changes in the interest rate environment. The Corporation does not have the intent to sell these securities and it is not likely that it will be required to sell the securities before their anticipated recovery. The underlying issuers continue to make timely principal and interest payments on the securities.

The Corporation recognized a $207 thousand net loss and a $164 thousand net gain on equity securities during the nine months ended September 30, 2022 and 2021, respectively, in other noninterest income. There were no sales of equity securities during the nine months ended September 30, 2022 or 2021.

Note 4. Loans and Leases

Summary of Major Loan and Lease Categories

(Dollars in thousands)At September 30, 2022At December 31, 2021
Commercial, financial and agricultural$1,052,733 $956,396 
Paycheck Protection Program2,207 31,748 
Real estate-commercial2,936,204 2,718,535 
Real estate-construction329,915 283,918 
Real estate-residential secured for business purpose443,837 409,900 
Real estate-residential secured for personal purpose685,771 540,566 
Real estate-home equity secured for personal purpose175,843 158,909 
Loans to individuals26,679 25,504 
Lease financings196,070 184,541 
Total loans and leases held for investment, net of deferred income$5,849,259 $5,310,017 
Less: Allowance for credit losses, loans and leases(74,929)(71,924)
Net loans and leases held for investment$5,774,330 $5,238,093 
Imputed interest on lease financings, included in the above table$(19,714)$(19,104)
Net deferred costs, included in the above table5,962 3,408 
Overdraft deposits included in the above table167 4,268 
15

Age Analysis of Past Due Loans and Leases

The following presents, by class of loans and leases held for investment, an aging of past due loans and leases, loans and leases which are current and nonaccrual loans and leases at September 30, 2022 and December 31, 2021:
Accruing Loans and Leases
(Dollars in thousands)30-59
Days
Past Due		60-89
Days
Past Due		90 Days
or more
Past Due		Total
Past Due		CurrentTotal Accruing Loans and LeasesNonaccrual Loans and LeasesTotal Loans
and Leases
Held for
Investment
At September 30, 2022
Commercial, financial and agricultural$3,548 $310 $— $3,858 $1,046,245 $1,050,103 $2,630 $1,052,733 
Paycheck Protection Program— 10 — 10 2,197 2,207 — 2,207 
Real estate—commercial real estate and construction:
Commercial real estate1,177 — 328 1,505 2,927,172 2,928,677 7,527 2,936,204 
Construction786 — — 786 329,129 329,915 — 329,915 
Real estate—residential and home equity:
Residential secured for business purpose861 — — 861 441,967 442,828 1,009 443,837 
Residential secured for personal purpose323 174 — 497 683,406 683,903 1,868 685,771 
Home equity secured for personal purpose369 205 — 574 174,747 175,321 522 175,843 
Loans to individuals33 49 54 136 26,543 26,679 — 26,679 
Lease financings692 420 34 1,146 194,860 196,006 64 196,070 
Total$7,789 $1,168 $416 $9,373 $5,826,266 $5,835,639 $13,620 $5,849,259 
Accruing Loans and Leases
(Dollars in thousands)30-59
Days
Past Due		60-89
Days
Past Due		90 Days
or more
Past Due		Total
Past Due		CurrentTotal Accruing Loans and LeasesNonaccrual Loans and LeasesTotal Loans
and Leases
Held for
Investment
At December 31, 2021
Commercial, financial and agricultural$3,407 $894 $— $4,301 $951,647 $955,948 $448 $956,396 
Paycheck Protection Program367 — — 367 31,381 31,748 — 31,748 
Real estate—commercial real estate and construction:
Commercial real estate234 — — 234 2,690,401 2,690,635 27,900 2,718,535 
Construction— — — — 283,918 283,918 — 283,918 
Real estate—residential and home equity:
Residential secured for business purpose542 — 216 758 406,955 407,713 2,187 409,900 
Residential secured for personal purpose2,976 162 — 3,138 535,379 538,517 2,049 540,566 
Home equity secured for personal purpose646 129 — 775 157,589 158,364 545 158,909 
Loans to individuals90 27 180 297 25,207 25,504 — 25,504 
Lease financings774 397 102 1,273 183,187 184,460 81 184,541 
Total$9,036 $1,609 $498 $11,143 $5,265,664 $5,276,807 $33,210 $5,310,017 

16

Nonperforming Loans and Leases

The following presents, by class of loans and leases, nonperforming loans and leases at September 30, 2022 and December 31, 2021.
 At September 30, 2022At December 31, 2021
(Dollars in thousands)Nonaccrual
Loans and
Leases*		Accruing
Troubled
Debt
Restructured
Loans and
Lease
Modifications		Loans and
Leases
90 Days
or more
Past Due
and
Accruing
Interest		Total Nonperforming
Loans and
Leases		Nonaccrual
Loans and
Leases*		Accruing
Troubled
Debt
Restructured
Loans and
Lease
Modifications		Loans and
Leases
90 Days
or more
Past Due
and
Accruing
Interest		Total Nonperforming
Loans and
Leases
Commercial, financial and agricultural$2,630 $— $— $2,630 $448 $— $— $448 
Real estate—commercial real estate and construction:
Commercial real estate7,527 — 328 7,855 27,900 — — 27,900 
Real estate—residential and home equity:
Residential secured for business purpose1,009 — — 1,009 2,187 — 216 2,403 
Residential secured for personal purpose1,868 — — 1,868 2,049 — — 2,049 
Home equity secured for personal purpose522 50 — 572 545 51 — 596 
Loans to individuals— — 54 54 — — 180 180 
Lease financings64 — 34 98 81 — 102 183 
Total$13,620 $50 $416 $14,086 $33,210 $51 $498 $33,759 
*Includes nonaccrual troubled debt restructured loans of $785 thousand and $758 thousand at September 30, 2022 and December 31, 2021, respectively.


17

The following table presents the amortized cost basis of loans and leases held for investment on nonaccrual status and loans and leases held for investment 90 days or more past due and still accruing as of September 30, 2022 and December 31, 2021.
(Dollars in thousands)Nonaccrual With No ACLNonaccrual With ACLTotal NonaccrualLoans and Leases 90 Days or more Past Due and Accruing Interest
At September 30, 2022
Commercial, financial and agricultural$448 $2,182 $2,630 $— 
Real estate-commercial4,559 2,968 7,527 328 
Real estate-residential secured for business purpose1,009 — 1,009 — 
Real estate-residential secured for personal purpose1,868 — 1,868 — 
Real estate-home equity secured for personal purpose522 — 522 — 
Loans to individuals— — — 54 
Lease financings— 64 64 34 
Total$8,406 $5,214 $13,620 $416 
At December 31, 2021
Commercial, financial and agricultural$448 $— $448 $— 
Real estate-commercial27,818 82 27,900 — 
Real estate-residential secured for business purpose2,187 — 2,187 216 
Real estate-residential secured for personal purpose2,049 — 2,049 — 
Real estate-home equity secured for personal purpose545 — 545 — 
Loans to individuals— — — 180 
Lease financings— 81 81 102 
Total$33,047 $163 $33,210 $498 

For the nine months ended September 30, 2022, $22 thousand of interest income was recognized on nonaccrual loans and leases.

The following table presents, by class of loans and leases, the amortized cost basis of collateral-dependent nonaccrual loans and leases and type of collateral as of September 30, 2022 and December 31, 2021.

(Dollars in thousands)Real Estate
Other (1)
None (2)
Total
At September 30, 2022
Commercial, financial and agricultural$273 $2,182 $175 $2,630 
Real estate-commercial7,527 — — 7,527 
Real estate-residential secured for business purpose1,009 — — 1,009 
Real estate-residential secured for personal purpose1,868 — — 1,868 
Real estate-home equity secured for personal purpose522 — — 522 
Lease financings— 64 — 64 
Total$11,199 $2,246 $175 $13,620 
(Dollars in thousands)Real Estate
Other (1)
None (2)
Total
At December 31, 2021
Commercial, financial and agricultural$273 $— $175 $448 
Real estate-commercial27,900 — — 27,900 
Real estate-residential secured for business purpose2,187 — — 2,187 
Real estate-residential secured for personal purpose2,049 — — 2,049 
Real estate-home equity secured for personal purpose545 — — 545 
Lease financings— 81 — 81 
Total$32,954 $81 $175 $33,210 
(1) Collateral consists of business assets, including accounts receivable, personal property and equipment.
(2) Loans fully guaranteed by the SBA.

18

Credit Quality Indicators

The Corporation categorizes risk based on relevant information about the ability of the borrower to service their debt. Loans with a relationship balance of less than $1 million are reviewed when necessary based on their performance, primarily when such loans are delinquent. Loans with relationships greater than $1 million are reviewed at least annually. Loan relationships with a higher risk profile or classified as special mention or substandard are reviewed at least quarterly. The Corporation reviews credit quality key risk indicators on at least an annual basis and last completed this review in conjunction with the period ended December 31, 2021. The following is a description of the internal risk ratings and the likelihood of loss related to the credit quality of Commercial, financial and agricultural loans, Paycheck Protection Program loans, Real estate-commercial loans, Real estate-construction loans and Real estate-residential secured for a business purpose loans.

1.Pass—Loans considered satisfactory with no indications of deterioration
2.Special Mention—Potential weakness that deserves management's close attention
3.Substandard—Well-defined weakness or weaknesses that jeopardize the liquidation of the debt
4.Doubtful—Collection or liquidation in-full, on the basis of current existing facts, conditions and values, highly questionable and improbable

19

Based on the most recent analysis performed, the following table presents the recorded investment in loans and leases held for investment for commercial, financial and agricultural loans, Paycheck Protection Program loans, real estate-commercial loans, real estate-construction loans and real estate-residential secured for a business purpose loans by credit quality indicator at September 30, 2022 and December 31, 2021.

Term Loans Amortized Cost Basis by Origination Year
(Dollars in thousands)20222021202020192018PriorRevolving Loans Amortized Cost BasisTotal
At September 30, 2022
Commercial, Financial and Agricultural
Risk Rating
1. Pass$162,754 $180,554 $52,412 $30,664 $38,118 $52,369 $481,029 $997,900 
2. Special Mention7,988 914 2,896 8,394 57 3 27,164 47,416 
3. Substandard— — — — — 372 7,045 7,417 
Total$170,742 $181,468 $55,308 $39,058 $38,175 $52,744 $515,238 $1,052,733 
Paycheck Protection Program
Risk Rating
1. Pass$362 $1,845 $— $— $— $— $— $2,207 
2. Special Mention— — — — — — — — 
3. Substandard— — — — — — — — 
Total$362 $1,845 $— $— $— $— $— $2,207 
Real Estate-Commercial
Risk Rating
1. Pass$646,974 $728,560 $761,966 $339,223 $124,503 $245,060 $54,213 $2,900,499 
2. Special Mention883 2,491 6,970 1,018 8,620 5,214 2,683 27,879 
3. Substandard— — 1,773 — 5,196 807 50 7,826 
Total$647,857 $731,051 $770,709 $340,241 $138,319 $251,081 $56,946 $2,936,204 
Real Estate-Construction
Risk Rating
1. Pass$153,587 $76,317 $27,078 $34,577 $191 $405 $26,279 $318,434 
2. Special Mention— 5,806 — 5,675 — — — 11,481 
3. Substandard— — — — — — — — 
Total$153,587 $82,123 $27,078 $40,252 $191 $405 $26,279 $329,915 
Real Estate-Residential Secured for Business Purpose
Risk Rating
1. Pass$114,459 $130,033 $71,518 $40,721 $25,894 $30,149 $28,855 $441,629 
2. Special Mention— — 249 — — 948 — 1,197 
3. Substandard— 211 27 — 41 585 147 1,011 
Total$114,459 $130,244 $71,794 $40,721 $25,935 $31,682 $29,002 $443,837 
Totals By Risk Rating
1. Pass$1,078,136 $1,117,309 $912,974 $445,185 $188,706 $327,983 $590,376 $4,660,669 
2. Special Mention8,871 9,211 10,115 15,087 8,677 6,165 29,847 87,973 
3. Substandard— 211 1,800 — 5,237 1,764 7,242 16,254 
Total$1,087,007 $1,126,731 $924,889 $460,272 $202,620 $335,912 $627,465 $4,764,896 

20

Term Loans Amortized Cost Basis by Origination Year
(Dollars in thousands)20212020201920182017PriorRevolving Loans Amortized Cost BasisTotal
At December 31, 2021
Commercial, Financial and Agricultural
Risk Rating
1. Pass$215,197 $79,739 $69,618 $52,507 $23,253 $49,827 $442,288 $932,429 
2. Special Mention1,001 3,459 2,389 394 428 1,231 10,162 19,064 
3. Substandard— — — — 16 200 4,687 4,903 
Total$216,198 $83,198 $72,007 $52,901 $23,697 $51,258 $457,137 $956,396 
Paycheck Protection Program
Risk Rating
1. Pass$31,554 $194 $— $— $— $— $— $31,748 
2. Special Mention— — — — — — — — 
3. Substandard— — — — — — — — 
Total$31,554 $194 $— $— $— $— $— $31,748 
Real Estate-Commercial
Risk Rating
1. Pass$802,878 $858,426 $407,944 $155,892 $195,756 $172,702 $48,354 $2,641,952 
2. Special Mention2,567 14,338 23,134 — 916 5,630 98 46,683 
3. Substandard— 22,055 3,405 1,995 1,110 1,335 — 29,900 
Total$805,445 $894,819 $434,483 $157,887 $197,782 $179,667 $48,452 $2,718,535 
Real Estate-Construction
Risk Rating
1. Pass$137,622 $59,952 $38,592 $9,995 $198 $— $8,543 $254,902 
2. Special Mention4,684 500 3,832 20,000 — — — 29,016 
3. Substandard— — — — — — — — 
Total$142,306 $60,452 $42,424 $29,995 $198 $— $8,543 $283,918 
Real Estate-Residential Secured for Business Purpose
Risk Rating
1. Pass$154,423 $84,982 $51,970 $34,373 $28,852 $25,819 $25,564 $405,983 
2. Special Mention210 352 — — 73 1,093 — 1,728 
3. Substandard— — — 45 24 1,549 571 2,189 
Total$154,633 $85,334 $51,970 $34,418 $28,949 $28,461 $26,135 $409,900 
Totals By Risk Rating
1. Pass$1,341,674 $1,083,293 $568,124 $252,767 $248,059 $248,348 $524,749 $4,267,014 
2. Special Mention8,462 18,649 29,355 20,394 1,417 7,954 10,260 96,491 
3. Substandard— 22,055 3,405 2,040 1,150 3,084 5,258 36,992 
Total$1,350,136 $1,123,997 $600,884 $275,201 $250,626 $259,386 $540,267 $4,400,497 

The Corporation had no revolving loans which were converted to term loans included within recorded investment in loans and leases held for investment at September 30, 2022 or December 31, 2021. The Corporation had no loans with a risk rating of Doubtful included within recorded investment in loans and leases held for investment at September 30, 2022 or December 31, 2021.

21

The Corporation monitors the credit risk profile by payment activity for the following classifications of loans and leases: real estate-residential secured for personal purpose loans, real estate-home equity secured for personal purpose loans, loans to individuals and lease financings. The Corporation reviews credit quality indicators on at least an annual basis and last completed this review in conjunction with the period ended December 31, 2021. Loans and leases past due 90 days or more, loans and leases on nonaccrual status and troubled debt restructured loans and lease modifications are considered nonperforming. Nonperforming loans and leases are reviewed monthly. Performing loans and leases are reviewed only if the loan becomes 60 days or more past due.

Based on the most recent analysis performed, the following table presents the recorded investment in loans and leases held for investment for real estate-residential secured for personal purpose loans, real estate-home equity secured for personal purpose loans, loans to individuals and lease financings by credit quality indicator at September 30, 2022 and December 31, 2021.
Term Loans Amortized Cost Basis by Origination Year
(Dollars in thousands)20222021202020192018PriorRevolving Loans Amortized Cost BasisTotal
At September 30, 2022
Real Estate-Residential Secured for Personal Purpose
Payment Performance
1. Performing$202,952 $212,985 $144,901 $26,023 $18,458 $78,557 $27 $683,903 
2. Nonperforming— 49 475 — 341 1,003 — 1,868 
Total$202,952 $213,034 $145,376 $26,023 $18,799 $79,560 $27 $685,771 
Real Estate-Home Equity Secured for Personal Purpose
Payment Performance
1. Performing$2,476 $689 $557 $199 $270 $1,771 $169,309 $175,271 
2. Nonperforming— — — — 162 3 407 572 
Total$2,476 $689 $557 $199 $432 $1,774 $169,716 $175,843 
Loans to Individuals
Payment Performance
1. Performing$1,514 $961 $636 $338 $195 $1,455 $21,526 $26,625 
2. Nonperforming— — — — — 54 — 54 
Total$1,514 $961 $636 $338 $195 $1,509 $21,526 $26,679 
Lease Financings
Payment Performance
1. Performing$64,471 $66,735 $37,717 $18,102 $7,846 $1,101 $— $195,972 
2. Nonperforming— 23 12 37 12 14 — 98 
Total$64,471 $66,758 $37,729 $18,139 $7,858 $1,115 $— $196,070 
Totals by Payment Performance
1. Performing$271,413 $281,370 $183,811 $44,662 $26,769 $82,884 $190,862 $1,081,771 
2. Nonperforming— 72 487 37 515 1,074 407 2,592 
Total$271,413 $281,442 $184,298 $44,699 $27,284 $83,958 $191,269 $1,084,363 
22

Term Loans Amortized Cost Basis by Origination Year
(Dollars in thousands)20212020201920182017PriorRevolving Loans Amortized Cost BasisTotal
At December 31, 2021
Real Estate-Residential Secured for Personal Purpose
Payment Performance
1. Performing$219,680 $162,609 $34,102 $23,065 $19,912 $78,960 $189 $538,517 
2. Nonperforming53 634 — 371 — 991 — 2,049 
Total$219,733 $163,243 $34,102 $23,436 $19,912 $79,951 $189 $540,566 
Real Estate-Home Equity Secured for Personal Purpose
Payment Performance
1. Performing$961 $876 $370 $415 $704 $1,655 $153,332 $158,313 
2. Nonperforming— — — 173 — 60 363 596 
Total$961 $876 $370 $588 $704 $1,715 $153,695 $158,909 
Loans to Individuals
Payment Performance
1. Performing$1,376 $893 $722 $466 $100 $1,673 $20,094 $25,324 
2. Nonperforming— — — — — 180 — 180 
Total$1,376 $893 $722 $466 $100 $1,853 $20,094 $25,504 
Lease Financings
Payment Performance
1. Performing$83,161 $51,808 $28,405 $16,389 $4,204 $391 $— $184,358 
2. Nonperforming— 14 64 58 7 40 — 183 
Total$83,161 $51,822 $28,469 $16,447 $4,211 $431 $— $184,541 
Totals by Payment Performance
1. Performing$305,178 $216,186 $63,599 $40,335 $24,920 $82,679 $173,615 $906,512 
2. Nonperforming53 648 64 602 7 1,271 363 3,008 
Total$305,231 $216,834 $63,663 $40,937 $24,927 $83,950 $173,978 $909,520 

The Corporation had no revolving loans which were converted to term loans included within recorded investment in loans and leases held for investment at September 30, 2022 or December 31, 2021.

23

Allowance for Credit Losses on Loans and Leases and Recorded Investment in Loans and Leases

The following presents, by portfolio segment, a summary of the activity in the allowance for credit losses, loans and leases, for the three and nine months ended September 30, 2022 and 2021. There were no changes to the reasonable and supportable forecast period, the reversion period, or any significant methodology changes during the three and nine months ended September 30, 2022.
(Dollars in thousands)Beginning balanceProvision (reversal of provision) for credit lossesCharge-offsRecoveriesEnding balance
Three Months Ended September 30, 2022
Allowance for credit losses, loans and leases:
Commercial, financial and agricultural$13,004 $2,109 $(310)$181 $14,984 
Paycheck Protection Program— 1 — — 1 
Real estate-commercial41,678 1,286 (999)3 41,968 
Real estate-construction4,223 (376)— — 3,847 
Real estate-residential secured for business purpose6,420 433 — 2 6,855 
Real estate-residential secured for personal purpose2,937 419 — — 3,356 
Real estate-home equity secured for personal purpose1,074 73 — 49 1,196 
Loans to individuals376 54 (79)21 372 
Lease financings2,299 115 (70)6 2,350 
Unallocated— — N/AN/A— 
Total$72,011 $4,114 $(1,458)$262 $74,929 
Three Months Ended September 30, 2021
Allowance for credit losses, loans and leases:
Commercial, financial and agricultural$11,734 $450 $(787)$789 $12,186 
Paycheck Protection Program3 (1)— — 2 
Real estate-commercial43,194 (1,809)(72)193 41,506 
Real estate-construction3,649 205 — — 3,854 
Real estate-residential secured for business purpose6,747 (218)— 2 6,531 
Real estate-residential secured for personal purpose2,620 (129)— — 2,491 
Real estate-home equity secured for personal purpose1,124 (49)— 1 1,076 
Loans to individuals319 76 (59)18 354 
Lease financings1,815 204 (34)24 2,009 
Unallocated150 (13)N/AN/A137 
Total$71,355 $(1,284)$(952)$1,027 $70,146 
N/A – Not applicable
24

(Dollars in thousands)Beginning balanceProvision (reversal of provision) for credit lossesCharge-offsRecoveriesEnding balance
Nine Months Ended September 30, 2022
Allowance for credit losses, loans and leases:
Commercial, financial and agricultural$13,536 $1,561 $(524)$411 $14,984 
Paycheck Protection Program2 (1)— — 1 
Real estate-commercial41,095 3,559 (2,689)3 41,968 
Real estate-construction4,575 (728)— — 3,847 
Real estate-residential secured for business purpose6,482 320 — 53 6,855 
Real estate-residential secured for personal purpose2,403 953 — — 3,356 
Real estate-home equity secured for personal purpose1,028 130 — 38 1,196 
Loans to individuals363 125 (181)65 372 
Lease financings2,290 223 (187)24 2,350 
Unallocated150 (150)N/AN/A— 
Total$71,924 $5,992 $(3,581)$594 $74,929 
Nine Months Ended September 30, 2021
Allowance for credit losses, loans and leases:
Commercial, financial and agricultural$13,584 $(939)$(1,475)$1,016 $12,186 
Paycheck Protection Program— 2 — — 2 
Real estate-commercial52,230 (10,927)(595)798 41,506 
Real estate-construction3,298 556 — — 3,854 
Real estate-residential secured for business purpose7,317 (637)(227)78 6,531 
Real estate-residential secured for personal purpose3,055 (564)— — 2,491 
Real estate-home equity secured for personal purpose1,176 (125)— 25 1,076 
Loans to individuals533 (127)(138)86 354 
Lease financings1,701 332 (143)119 2,009 
Unallocated150 (13)N/AN/A137 
Total$83,044 $(12,442)$(2,578)$2,122 $70,146 
N/A – Not applicable
25

The following presents, by portfolio segment, the balance in the ACL on loans and leases, disaggregated on the basis of whether the loan or lease was measured for credit loss as a pooled loan or lease or if it was individually analyzed for a reserve at September 30, 2022 and 2021:
Allowance for credit losses, loans and leasesLoans and leases held for investment
(Dollars in thousands)Ending balance: individually analyzedEnding balance: pooledTotal ending balanceEnding balance: individually analyzedEnding balance: pooledLoans measured at fair valueTotal ending balance
At September 30, 2022
Commercial, financial and agricultural$1,407 $13,577 $14,984 $2,630 $1,050,103 $— $1,052,733 
Paycheck Protection Program— 1 1 — 2,207 — 2,207 
Real estate-commercial250 41,718 41,968 7,527 2,928,677 — 2,936,204 
Real estate-construction— 3,847 3,847 — 329,915 — 329,915 
Real estate-residential secured for business purpose— 6,855 6,855 1,009 442,828 — 443,837 
Real estate-residential secured for personal purpose— 3,356 3,356 1,868 683,903 — 685,771 
Real estate-home equity secured for personal purpose— 1,196 1,196 522 175,321 — 175,843 
Loans to individuals— 372 372 — 26,679 — 26,679 
Lease financings— 2,350 2,350 — 196,070 — 196,070 
UnallocatedN/A— — N/AN/AN/AN/A
Total$1,657 $73,272 $74,929 $13,556 $5,835,703 $— $5,849,259 
At September 30, 2021
Commercial, financial and agricultural$— $12,186 $12,186 $933 $926,082 $— $927,015 
Paycheck Protection Program— 2 2 — 85,601 — 85,601 
Real estate-commercial15 41,491 41,506 28,296 2,641,520 82 2,669,898 
Real estate-construction— 3,854 3,854 — 260,874 — 260,874 
Real estate-residential secured for business purpose— 6,531 6,531 2,469 409,532 — 412,001 
Real estate-residential secured for personal purpose— 2,491 2,491 2,079 533,626 — 535,705 
Real estate-home equity secured for personal purpose— 1,076 1,076 721 158,308 — 159,029 
Loans to individuals— 354 354 — 26,458 — 26,458 
Lease financings— 2,009 2,009 — 175,464 — 175,464 
UnallocatedN/A137 137 N/AN/AN/AN/A
Total$15 $70,131 $70,146 $34,498 $5,217,465 $82 $5,252,045 
N/A – Not applicable

Troubled Debt Restructured Loans

The following presents, by class of loans, information regarding troubled debt restructurings of accruing and nonaccrual loans.
 Three Months Ended September 30, 2022Three Months Ended September 30, 2021
(Dollars in thousands)Number
of
Loans		Pre-
Restructuring
Outstanding
Recorded
Investment		Post-
Restructuring
Outstanding
Recorded
Investment		Number
of
Loans		Pre-
Restructuring
Outstanding
Recorded
Investment		Post-
Restructuring
Outstanding
Recorded
Investment
Accruing Troubled Debt Restructured Loans:
Total— $— $— — $— $— 
Nonaccrual Troubled Debt Restructured Loans:
Real estate—commercial real estate— $— $— 3 $200 $198 
Total— $— $— 3 $200 $198 
26

 Nine Months Ended September 30, 2022Nine Months Ended September 30, 2021
(Dollars in thousands)Number
of
Loans		Pre-
Restructuring
Outstanding
Recorded
Investment		Post-
Restructuring
Outstanding
Recorded
Investment		Number
of
Loans		Pre-
Restructuring
Outstanding
Recorded
Investment		Post-
Restructuring
Outstanding
Recorded
Investment
Accruing Troubled Debt Restructured Loans:
Total— $— $— — $— $— 
Nonaccrual Troubled Debt Restructured Loans:
Real estate—commercial real estate— $— $— 3 $200 $198 
Real estate—residential secured for business purpose1 $87 $87 — $— $— 
Total1 $87 $87 3 $200 $198 

The following presents, by class of loans, information regarding the types of concessions granted on accruing and nonaccrual loans that were restructured during the three and nine months ended September 30, 2022 and 2021.

 Maturity Date
Extension		Amortization Period ExtensionTotal Concessions
Granted
(Dollars in thousands)No. of
Loans		AmountNo. of
Loans		AmountNo. of
Loans		Amount
Three Months Ended September 30, 2022
Accruing Troubled Debt Restructured Loans:
Total— $— — $— — $— 
Nonaccrual Troubled Debt Restructured Loans:
Total— $— — $— — $— 
Three Months Ended September 30, 2021
Accruing Troubled Debt Restructured Loans:
Total— $— — $— — $— 
Nonaccrual Troubled Debt Restructured Loans:
Real estate—commercial real estate— — 3 198 3 198 
Total— $— 3 $198 3 $198 
Nine Months Ended September 30, 2022
Accruing Troubled Debt Restructured Loans:
Total— $— — $— — $— 
Nonaccrual Troubled Debt Restructured Loans:
Real estate—residential secured for business purpose1 $87 — — 1 87 
Total1 $87 — $— 1 $87 
Nine Months Ended September 30, 2021
Accruing Troubled Debt Restructured Loans:
Total— $— — $— — $— 
Nonaccrual Troubled Debt Restructured Loans:
Real estate—commercial real estate— — 3 198 3 198 
Total— $— 3 $198 3 $198 

There were no accruing or nonaccrual troubled debt restructured loans for which there were payment defaults within twelve months of the restructuring date for the three and nine months ended September 30, 2022 or September 30, 2021.
There were no consumer mortgages collateralized by residential real estate property that were in the process of foreclosure at September 30, 2022 or December 31, 2021.
There was no foreclosed residential real estate property included in other real estate owned at September 30, 2022 or December 31, 2021.
27

Lease Financings

The following presents the schedule of minimum lease payments receivable:
(Dollars in thousands)At September 30, 2022At December 31, 2021
2022 (excluding the nine months ended September 30, 2022)$18,994 $67,458 
202369,280 54,859 
202453,866 39,019 
202538,197 24,426 
202623,081 11,039 
Thereafter8,257 2,951 
Total future minimum lease payments receivable211,675 199,752 
Plus: Unguaranteed residual1,372 1,186 
Plus: Initial direct costs2,737 2,707 
Less: Imputed interest(19,714)(19,104)
Lease financings$196,070 $184,541 

Note 5. Goodwill and Other Intangible Assets

The Corporation has goodwill from acquisitions which is deemed to be an indefinite intangible asset and is not amortized. Changes in the carrying amount of the Corporation's goodwill by business segment for the nine months ended September 30, 2022 were as follows:
(Dollars in thousands)BankingWealth ManagementInsuranceConsolidated
Balance at December 31, 2021$138,476 $15,434 $21,600 $175,510 
Addition to goodwill from acquisitions— — — — 
Balance at September 30, 2022$138,476 $15,434 $21,600 $175,510 

The Corporation also has core deposit and customer-related intangibles, which are not deemed to have an indefinite life and therefore will continue to be amortized over their useful life using the present value of projected cash flows. The following table reflects the components of intangible assets at the dates indicated:
At September 30, 2022At December 31, 2021
(Dollars in thousands)Gross Carrying Amount
Accumulated Amortization (1)
Net Carrying AmountGross Carrying Amount
Accumulated Amortization (1)
Net Carrying Amount
Amortized intangible assets:
Core deposit intangibles$6,788 $5,822 $966 $6,788 $5,425 $1,363 
Customer related intangibles8,493 6,378 2,115 8,493 5,886 2,607 
Servicing rights28,529 19,960 8,569 26,560 18,682 7,878 
Total amortized intangible assets$43,810 $32,160 $11,650 $41,841 $29,993 $11,848 
(1) Included within accumulated amortization is a valuation allowance of $1 thousand and $13 thousand on servicing rights at September 30, 2022 and December 31, 2021, respectively.

28

The estimated aggregate amortization expense for core deposit and customer-related intangibles for the remainder of 2022 and the succeeding fiscal years is as follows:
Year(Dollars in thousands)Amount
Remainder of 2022$268 
2023845 
2024648 
2025469 
2026319 
Thereafter532 
Total$3,081 
The aggregate fair value of servicing rights was $18.5 million and $11.3 million at September 30, 2022 and December 31, 2021, respectively. The fair value of these rights was determined using a discount rate of 10.3% at September 30, 2022 and 10.2% at December 31, 2021.
Changes in the servicing rights balance are summarized as follows:
 Three Months Ended September 30,Nine Months Ended September 30,
(Dollars in thousands)2022202120222021
Beginning of period$8,372 $7,433 $7,878 $6,408 
Servicing rights capitalized578 872 1,969 3,325 
Amortization of servicing rights(383)(678)(1,290)(2,192)
Changes in valuation allowance2 (17)12 69 
End of period$8,569 $7,610 $8,569 $7,610 
Loans serviced for others$1,484,738 $1,326,364 $1,484,738 $1,326,364 

Activity in the valuation allowance for servicing rights was as follows:
 Three Months Ended September 30,Nine Months Ended September 30,
(Dollars in thousands)2022202120222021
Valuation allowance, beginning of period$(3)$(1)$(13)$(87)
Additions— (17)— — 
Reductions2 — 12 69 
Valuation allowance, end of period$(1)$(18)$(1)$(18)

The estimated amortization expense of servicing rights for the remainder of 2022 and the succeeding fiscal years is as follows:
Year(Dollars in thousands)Amount
Remainder of 2022$1,058 
2023951 
2024850 
2025760 
2026676 
Thereafter4,274 
Total$8,569 

29

Note 6. Deposits

Deposits and their respective weighted average interest rate at September 30, 2022 and December 31, 2021 consisted of the following:
At September 30, 2022At December 31, 2021
Weighted Average Interest RateAmountWeighted Average Interest RateAmount
(Dollars in thousands)
Noninterest-bearing deposits— %$1,968,422 — %$2,065,423 
Demand deposits1.32 2,339,413 0.17 2,493,604 
Savings deposits0.17 1,073,223 0.04 1,011,931 
Time deposits1.15 405,918 1.06 484,166 
Total0.65 %$5,786,976 0.16 %$6,055,124 

Deposits are insured up to applicable limits by the Deposit Insurance Fund of the FDIC, which is currently up to $250 thousand per account owner. The aggregate amount of time deposits in denominations over $250 thousand was $71.1 million at September 30, 2022 and $119.9 million at December 31, 2021.

At September 30, 2022, the scheduled maturities of time deposits were as follows:
Year(Dollars in thousands)Amount
Remainder of 2022$61,601 
2023239,787 
202459,841 
202521,540 
20263,305 
Thereafter19,844 
Total$405,918 

Note 7. Borrowings

The following is a summary of borrowings by type. Short-term borrowings consist of overnight borrowings and term borrowings with an original maturity of one year or less.
At September 30, 2022At December 31, 2021
(Dollars in thousands)Balance at End of PeriodWeighted Average Interest Rate at End of PeriodBalance at End of PeriodWeighted Average Interest Rate at End of Period
Short-term borrowings:
FHLB borrowings$28,750 3.11 %$— — %
Federal funds purchased$40,000 3.25 %— — 
Customer repurchase agreements$11,961 0.05 %$20,106 0.05 %
Long-term debt:
FHLB advances$95,000 1.34 %$95,000 1.34 %
Subordinated notes$99,107 5.31 %$98,874 5.31 %

The Corporation, through the Bank, has a credit facility with the Federal Home Loan Bank (the FHLB) with a maximum borrowing capacity of approximately $2.7 billion. All borrowings and letters of credit from the FHLB are secured by qualifying commercial real estate and residential mortgage loans, investments and other assets. At September 30, 2022 and December 31, 2021, the Bank had outstanding short-term letters of credit with the FHLB totaling $751.0 million and $831.8 million, respectively, which were utilized to collateralize public funds deposits and other secured deposits. The maximum borrowing capacity with the FHLB changes as a function of the Bank’s qualifying collateral assets as well as the FHLB’s internal credit rating of the Bank. The available borrowing capacity from the FHLB totaled $1.9 billion at September 30, 2022.    

30

The Corporation, through the Bank, holds collateral at the Federal Reserve Bank of Philadelphia to provide access to the Discount Window Lending program. The collateral, consisting of investment securities, was valued at $89.4 million and $28.8 million at September 30, 2022 and December 31, 2021, respectively. At September 30, 2022 and December 31, 2021, the Corporation had no outstanding borrowings under the Discount Window Lending program.

The Corporation has a $10.0 million committed line of credit with a correspondent bank. At September 30, 2022 and December 31, 2021, the Corporation had no outstanding borrowings under this line.

The Corporation and the Bank had $2.8 billion and $2.5 billion of committed borrowing capacity at September 30, 2022 and December 31, 2021, respectively, of which $2.0 billion and $1.6 billion was available as of September 30, 2022 and December 31, 2021, respectively. The Corporation, through the Bank, also maintained uncommitted funding sources from correspondent banks of $410.0 million and $400.0 million at September 30, 2022 and December 31, 2021, respectively, of which $370.0 million and $400.0 million was available at September 30, 2022 and December 31, 2021, respectively. Future availability under these lines is subject to the prerogatives of the granting banks and may be withdrawn at will.
Long-term advances with the FHLB of Pittsburgh mature as follows:
(Dollars in thousands)As of September 30, 2022Weighted Average Rate
Remainder of 2022$— — %
202335,000 1.94 
202460,000 0.98 
2025— — 
2026— — 
Thereafter— — 
Total$95,000 1.34 %

Note 8. Retirement Plans and Other Postretirement Benefits

Information with respect to the Retirement Plans and Other Postretirement Benefits follows: 
 Three Months Ended September 30,
 2022202120222021
(Dollars in thousands)Retirement PlansOther Post Retirement
Benefits
Service cost$140 $164 $30 $36 
Interest cost393 366 25 21 
Expected loss on plan assets(940)(946)— — 
Amortization of net actuarial loss205 318 14 11 
Net periodic benefit (income) cost$(202)$(98)$69 $68 
 Nine Months Ended September 30,
 2022202120222021
(Dollars in thousands)Retirement PlansOther Post Retirement
Benefits
Service cost$419 $425 $92 $107 
Interest cost1,180 1,073 73 64 
Expected loss on plan assets(2,818)(2,739)— — 
Amortization of net actuarial loss614 952 41 35 
Net periodic benefit (income) cost$(605)$(289)$206 $206 

The components of net periodic benefit cost other than the service cost component are included in other noninterest expense in the condensed consolidated statements of income.

31

The Corporation expects to make contributions of $156 thousand to the retirement plans and $96 thousand to other postretirement benefit plans in 2022. During the nine months ended September 30, 2022, the Corporation contributed $117 thousand to its non-qualified retirement benefit plans and $72 thousand to its other postretirement plans. During the nine months ended September 30, 2022, $2.1 million was paid to participants from the retirement plans and $72 thousand was paid to participants from the other postretirement benefit plans.

Note 9. Stock-Based Incentive Plan

The Corporation maintains the 2013 Long-Term Incentive Plan, which replaced the expired 2003 Long-Term Incentive Plan. In December 2018, the Corporation's Board of Directors approved an Amended and Restated Univest 2013 Long-Term Incentive Plan (the Plan) to permit the issuance of restricted stock units.

The following is a summary of the Corporation's stock option activity and related information for the nine months ended September 30, 2022:
(Dollars in thousands, except per share data)Shares Under OptionWeighted Average Exercise Price Per ShareWeighted Average Remaining Contractual Life (Years)Aggregate Intrinsic Value at September 30, 2022
Outstanding at December 31, 2021351,252 $25.74 
Expired(1,500)14.80 
Forfeited(22,707)28.33 
Exercised(25,781)22.33 
Outstanding at September 30, 2022301,264 25.90 4.3$353 
Exercisable at September 30, 2022301,264 $25.90 4.3$353 
The Corporation did not issue stock options during the nine months ended September 30, 2022 or September 30, 2021.
The following is a summary of nonvested restricted stock units at September 30, 2022 including changes during the nine months then ended:
(Dollars in thousands, except per share data) Nonvested Stock Units Weighted Average Grant Date Fair Value
Nonvested stock units at December 31, 2021358,134 $23.61 
Granted184,863 28.07 
Cancelled by performance factor(555)23.18 
Vested(124,167)23.53 
Forfeited(10,927)25.54 
Nonvested stock units at September 30, 2022407,348 $25.57 

Certain information regarding restricted stock units is summarized below for the periods indicated:
Nine Months Ended September 30,
(Dollars in thousands, except per share data)20222021
Restricted stock units granted184,863 155,607 
Weighted average grant date fair value$28.07 $27.81 
Intrinsic value of units granted$5,189 $4,328 
Restricted stock units vested124,167 87,075 
Weighted average grant date fair value$23.53 $22.71 
Intrinsic value of units vested$3,519 $2,391 

32

The total unrecognized compensation expense and the weighted average period over which unrecognized compensation expense is expected to be recognized related to nonvested restricted stock units at September 30, 2022 is presented below:
(Dollars in thousands)Unrecognized Compensation CostWeighted-Average Period Remaining (Years)
Restricted stock units$6,492 2.0

The following table presents information related to the Corporation’s compensation expense related to stock incentive plans recognized for the periods indicated:
Nine Months Ended September 30,
(Dollars in thousands)20222021
Stock-based compensation expense:
Stock options$— $62 
Restricted stock units2,998 2,612 
Employee stock purchase plan78 72 
Total$3,076 $2,746 
Tax benefit on nonqualified stock option expense and disqualifying dispositions of incentive stock options$436 $389 

Note 10. Accumulated Other Comprehensive (Loss) Income

The following table shows the components of accumulated other comprehensive (loss) income, net of taxes, for the periods presented:
(Dollars in thousands)Net Unrealized
(Losses) Gains on
Available-for-Sale
Investment
Securities		Net Change
Related to
Derivatives Used for Cash Flow Hedges		Net Change
Related to
Defined Benefit
Pension Plans		Accumulated
Other
Comprehensive
(Loss) Income
Balance, December 31, 2021$(1,216)$(159)$(14,978)$(16,353)
Other comprehensive income(42,232)(6,917)517 (48,632)
Balance, September 30, 2022$(43,448)$(7,076)$(14,461)$(64,985)
Balance, December 31, 2020$(1,379)$(421)$(20,344)$(22,144)
Other comprehensive income1,114 177 780 2,071 
Balance, September 30, 2021$(265)$(244)$(19,564)$(20,073)

Note 11. Derivative Instruments and Hedging Activities

Interest Rate Swaps

The Corporation periodically uses interest rate swap agreements to modify interest rate characteristics from variable to fixed or fixed to variable in order to reduce the impact of interest rate changes on future net interest income. The Corporation’s credit exposure on interest rate swaps includes changes in fair value and any collateral that is held by a third party.

In 2014, the Corporation entered into an amortizing interest rate swap classified as a cash flow hedge with a notional amount of $20.0 million to hedge a portion of the debt financing of a pool of 10-year fixed rate loans that were originated in 2013 with balances totaling $29.1 million at the time of the hedge. A brokered money market demand account with a balance exceeding the amortizing interest rate swap balance is being used for the cash flow hedge. Under the terms of the swap agreement, the Corporation pays a fixed rate of 2.10% and receives a floating rate of one-month LIBOR. The swap matures in November 2022. The Corporation performed an assessment of the hedge for effectiveness at the inception of the hedge and performs an assessment on a recurring basis to determine that the derivative has been and is expected to continue to be highly effective in offsetting changes in cash flows of the hedged item. At September 30, 2022, the notional amount of the interest rate swap was $13.9 million and the fair value was an asset of $15 thousand.

In May 2022, the Corporation entered into an interest rate swap classified as a cash flow hedge with a notional amount of $250.0 million to hedge the interest payments received on a pool of variable rate loans. Under the terms of the swap agreement, the Corporation pays a variable rate equal to the Prime Rate and receives a fixed rate of 5.99%. The swap matures in May 2026.
33

The Corporation performed an assessment of the hedge for effectiveness at the inception of the hedge and performs an assessment on a recurring basis and determined that the derivative is expected to be highly effective in offsetting changes in cash flows of the hedged item. At September 30, 2022, the notional amount of the interest rate swap was $250.0 million and the fair value was a liability of $9.0 million.

At September 30, 2022, approximately $3.4 million, net of tax, which is recorded in accumulated other comprehensive loss is expected to be reclassified into earnings during the next twelve months. This amount could differ from amounts actually recognized due to changes in interest rates, hedge de-designations, and the addition of other hedges subsequent to September 30, 2022.

Credit Derivatives

The Corporation has agreements with third-party financial institutions whereby the third-party financial institution enters into interest rate derivative contracts with loan customers referred to them by the Corporation. By the terms of the agreements, the third-party financial institution has recourse to the Corporation for any exposure created under each swap contract in the event the customer defaults on the swap agreement and the agreement is in a paying position to the third-party financial institution. These transactions represent credit derivatives and are a customary arrangement that allows the Corporation to provide access to interest rate swap transactions for customers without issuing the swap.

At September 30, 2022, the Corporation had exposure to 127 variable-rate to fixed-rate interest rate swap transactions between the third-party financial institution and customers with a current notional amount of $795.0 million and remaining maturities ranging from 1 year to 12 years. At September 30, 2022, the fair value of the Corporation's interest rate swap credit derivatives was a liability of $358 thousand.

The maximum potential payments by the Corporation to the third-party financial institution under these credit derivatives are not estimable as they are contingent on future interest rates and the agreement does not provide for a limitation of the maximum potential payment amount.

Mortgage Banking Derivatives

Derivative loan commitments represent agreements for delayed delivery of financial instruments in which the buyer agrees to purchase and the seller agrees to deliver, at a specified future date, a specified instrument at a specified price or yield. The Corporation’s derivative loan commitments are commitments to sell loans secured by 1-to 4-family residential properties whose predominant risk characteristic is interest rate risk.

Derivatives Tables

The following table presents the notional amounts and fair values of derivatives designated as hedging instruments recorded on the condensed consolidated balance sheets at September 30, 2022 and December 31, 2021. The Corporation pledges cash or securities to cover the negative fair value of derivative instruments. Cash collateral associated with derivative instruments are not added to or netted against the fair value amounts.
  Derivative AssetsDerivative Liabilities
(Dollars in thousands)Notional
Amount		Balance Sheet
Classification		Fair
Value		Balance Sheet
Classification		Fair
Value
At September 30, 2022
Interest rate swaps - cash flow hedge $263,949  $— Other liabilities$8,958 
Total$263,949 $— $8,958 
At December 31, 2021
Interest rate swap - cash flow hedge $14,611  $— Other liabilities$202 
Total$14,611 $— $202 
34

The following table presents the notional amounts and fair values of derivatives not designated as hedging instruments recorded on the condensed consolidated balance sheets at September 30, 2022 and December 31, 2021:
  Derivative AssetsDerivative Liabilities
(Dollars in thousands)Notional
Amount		Balance Sheet
Classification		Fair
Value		Balance Sheet
Classification		Fair
Value
At September 30, 2022
Credit derivatives$795,022  $— Other liabilities$358 
Interest rate locks with customers19,316  — Other liabilities424 
Forward loan sale commitments28,402 Other assets671  — 
Total$842,740 $671 $782 
At December 31, 2021
Interest rate swap$46 $— Other liabilities$2 
Credit derivatives755,576 — Other liabilities381 
Interest rate locks with customers33,876 Other assets765  — 
Forward loan sale commitments55,476 Other assets87  — 
Total$844,974 $852 $383 

The following table presents amounts included in the condensed consolidated statements of income for derivatives designated as hedging instruments for the periods indicated:
Statement of Income
Classification		Three Months EndedNine Months Ended
September 30,September 30,
(Dollars in thousands)2022202120222021
Interest rate swap—cash flow hedge—net interest paymentsInterest (income) expense $(422)$77 $(1,040)$229 
Total net gain (loss)$422 $(77)$1,040 $(229)

The following table presents amounts included in the condensed consolidated statements of income for derivatives not designated as hedging instruments for the periods indicated:
Statement of Income ClassificationThree Months EndedNine Months Ended
September 30,September 30,
(Dollars in thousands)2022202120222021
Credit derivativesOther noninterest income$316 $487 $1,355 $1,866 
Interest rate locks with customersNet loss on mortgage banking activities(862)(406)(1,189)(1,637)
Forward loan sale commitmentsNet gain on mortgage banking activities640 434 584 919 
Total net gain$94 $515 $750 $1,148 

The following table presents amounts included in accumulated other comprehensive (loss) income for derivatives designated as hedging instruments at September 30, 2022 and December 31, 2021:
(Dollars in thousands)Accumulated Other
Comprehensive (Loss) Income		At September 30, 2022At December 31, 2021
Interest rate swap—cash flow hedgeFair value, net of taxes$(7,076)$(159)
Total$(7,076)$(159)

35

Note 12. Fair Value Disclosures

Fair value is the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. The Corporation determines the fair value of financial instruments based on the fair value hierarchy. The Corporation maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Corporation. Unobservable inputs are inputs that reflect the Corporation’s assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances, including assumptions about risk. Three levels of inputs are used to measure fair value. A financial instrument’s level within the fair value hierarchy is based on the lowest level of input significant to the fair value measurement.
Level 1: Valuations are based on quoted prices in active markets for identical assets or liabilities that the Corporation can access at the measurement date. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these products does not entail a significant degree of judgment.
Level 2: Valuations are based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.
Level 3: Valuations are based on inputs that are unobservable and significant to the overall fair value measurement. Assets and liabilities utilizing Level 3 inputs include: financial instruments whose value is determined using pricing models, discounted cash-flow methodologies, or similar techniques, as well as instruments for which the fair value calculation requires significant management judgment or estimation.
Following is a description of the valuation methodologies used for instruments measured at fair value on a recurring basis, as well as the general classification of such instruments pursuant to the valuation hierarchy.

Investment Securities

Where quoted prices are available in an active market for identical instruments, investment securities are classified within Level 1 of the valuation hierarchy. Level 1 investment securities include U.S. Treasury securities, most equity securities and money market mutual funds. Mutual funds are registered investment companies which are valued at net asset value of shares on a market exchange at the end of each trading day. Level 2 of the valuation hierarchy includes securities issued by U.S. Government sponsored enterprises, mortgage-backed securities, collateralized mortgage obligations, corporate and municipal bonds and certain equity securities. If quoted market prices are not available, then fair values are estimated by using pricing models, quoted prices of securities with similar characteristics or discounted cash flows. In cases where there is limited activity or less transparency around inputs to the valuation, investment securities are classified within Level 3 of the valuation hierarchy.

Fair values for securities are determined using independent pricing services and market-participating brokers. The Corporation’s independent pricing service utilizes evaluated pricing models that vary by asset class and incorporate available trade, bid and other market information for structured securities, cash flow and, when available, loan performance data. Because many fixed income securities do not trade on a daily basis, the pricing service’s evaluated pricing applications apply information as applicable through processes, such as benchmarking of like securities, sector groupings, and matrix pricing, to prepare evaluations. If at any time, the pricing service determines that it does not have sufficient verifiable information to value a particular security, the Corporation will utilize valuations from another pricing service. Management has a sufficient understanding of the third-party service’s valuation models, assumptions and inputs used in determining the fair value of securities to enable management to maintain an appropriate system of internal control.

On a quarterly basis, the Corporation reviews changes, as submitted by the pricing service, in the market value of its security portfolio. Individual changes in valuations are reviewed for consistency with general interest rate movements and any known credit concerns for specific securities. If, upon the Corporation’s review or in comparing with another service, a material difference between pricing evaluations were to exist, the Corporation may submit an inquiry to the current pricing service regarding the data used to determine the valuation of a particular security. If the Corporation determines there is market information that would support a different valuation than from the current pricing service’s evaluation, the Corporation may utilize and change the security's valuation. There were no material differences in valuations noted at September 30, 2022.

36

Loans Held for Sale

The fair value of our loans held for sale is based on estimates using Level 2 inputs. These inputs are based on pricing information obtained from wholesale mortgage banks and brokers and applied to loans with similar interest rates and maturities.

Derivative Financial Instruments

The fair values of derivative financial instruments are based upon the estimated amount the Corporation would receive or pay to terminate the contracts or agreements, taking into account current interest rates and, when appropriate, the current creditworthiness of the counterparties. Interest rate swaps and mortgage banking derivative financial instruments are classified within Level 2 of the valuation hierarchy. Credit derivatives are valued based on credit worthiness of the underlying borrower which is a significant unobservable input and therefore classified in Level 3 of the valuation hierarchy.

Contingent Consideration Liability

The Corporation estimates the fair value of the contingent consideration liability by using a discounted cash flow model of future contingent payments based on projected revenue related to the acquired business. The estimated fair value of the contingent consideration liability is reviewed on a quarterly basis and any valuation adjustments resulting from a change of estimated future contingent payments based on projected revenue of the acquired business affecting the contingent consideration liability will be recorded through noninterest expense. Due to the significant unobservable input related to the projected revenue, the contingent consideration liability is classified within Level 3 of the valuation hierarchy. An increase in the projected revenue may result in a higher fair value of the contingent consideration liability. Alternatively, a decrease in the projected revenue may result in a lower estimated fair value of the contingent consideration liability.
The following table presents the assets and liabilities measured at fair value on a recurring basis at September 30, 2022 and December 31, 2021, classified using the fair value hierarchy:
 At September 30, 2022
(Dollars in thousands)Level 1Level 2Level 3Assets/
Liabilities at
Fair Value
Assets:
Available-for-sale securities:
State and political subdivisions$— $2,258 $— $2,258 
Residential mortgage-backed securities— 260,566 — 260,566 
Collateralized mortgage obligations— 2,451 — 2,451 
Corporate bonds— 82,204 — 82,204 
Total available-for-sale securities— 347,479 — 347,479 
Equity securities:
Equity securities - financial services industry771 — — 771 
Money market mutual funds2,223 — — 2,223 
Total equity securities2,994 — — 2,994 
Loans held for sale— 9,087 — 9,087 
Forward loan sale commitments*— 671 — 671 
Total assets$2,994 $357,237 $— $360,231 
Liabilities:
Contingent consideration liability$— $— $1,734 $1,734 
Interest rate swaps*— 8,958 — 8,958 
Credit derivatives*— — 358 358 
Interest rate locks with customers*— 424 — 424 
Total liabilities$— $9,382 $2,092 $11,474 
* Such financial instruments are recorded at fair value as further described in Note 11, "Derivative Instruments and Hedging Activities."

37

The $358 thousand of credit derivatives liability represented the Credit Valuation Adjustment (CVA), which was obtained from real-time financial market data, of 127 interest rate swaps with a notional amount of $795.0 million. The September 30, 2022 CVA assumed a zero-deal recovery percentage based on the most recent index credit curve.

The contingent consideration liability resulting from the Sheaffer acquisition was $1.6 million, which was calculated using a discount rate of 8.3%. The potential cash payments that could result from the contingent consideration arrangement for the acquisition ranged from $0 to a maximum of $1.9 million over the three-year period ending November 30, 2024.

 At December 31, 2021
(Dollars in thousands)Level 1Level 2Level 3Assets/
Liabilities at
Fair Value
Assets:
Available-for-sale securities:
State and political subdivisions$— $2,333 $— $2,333 
Residential mortgage-backed securities— 221,105 — 221,105 
Collateralized mortgage obligations— 3,278 — 3,278 
Corporate bonds— 90,291 — 90,291 
Total available-for-sale securities— 317,007 — 317,007 
Equity securities:
Equity securities - financial services industry979 — — 979 
Money market mutual funds2,020 — — 2,020 
Total equity securities2,999 — — 2,999 
Loans*— — 48 48 
Loans held for sale— 21,600 — 21,600 
Interest rate locks with customers*— 765 — 765 
Forward loan sale commitments*— 87 — 87 
Total assets$2,999 $339,459 $48 $342,506 
Liabilities:
Contingent consideration liability$— $— $1,629 $1,629 
Interest rate swaps*— 204 — 204 
Credit derivatives*— — 381 381 
Total liabilities$— $204 $2,010 $2,214 
* Such financial instruments are recorded at fair value as further described in Note 11, "Derivative Instruments and Hedging Activities."
The $381 thousand of credit derivatives liability represented the Credit Valuation Adjustment (CVA), which was obtained from real-time financial market data, of 125 interest rate swaps with a notional amount of $755.6 million. The December 31, 2021 CVA assumed a zero-deal recovery percentage based on the most recent index credit curve.

The contingent consideration liability resulting from the Sheaffer acquisition was $1.6 million, which was calculated using a discount rate of 8.3%. The potential cash payments that could result from the contingent consideration arrangement for the acquisition ranged from $0 to a maximum of $1.9 million over the three-year period ending November 30, 2024.
38

The following table includes a roll forward of corporate bonds, loans and credit derivatives for which the Corporation utilized Level 3 inputs to determine fair value on a recurring basis for the nine months ended September 30, 2022 and 2021:
 Nine Months Ended September 30, 2022
(Dollars in thousands)Balance at
December 31,
2021		AdditionsPayments receivedIncrease in valueBalance at September 30, 2022
Loans$48 $— $(48)$— $— 
Credit derivatives(381)(1,332)— 1,355 (358)
Net total $(333)$(1,332)$(48)$1,355 $(358)
 Nine Months Ended September 30, 2021
(Dollars in thousands)Balance at
December 31,
2020		AdditionsPayments receivedIncrease (decrease) in valueBalance at September 30, 2021
Corporate bonds$9,600 $— $— $25 $9,625 
Loans187 — (100)(5)82 
Credit derivatives(535)(1,681)— 1,866 (350)
Net total$9,252 $(1,681)$(100)$1,886 $9,357 

The following table presents the change in the balance of the contingent consideration liability related to acquisitions for which the Corporation utilized Level 3 inputs to determine fair value on a recurring basis for the nine months ended September 30, 2022 and 2021:
 Nine Months Ended September 30, 2022
(Dollars in thousands)Balance at
December 31,
2021		Payment of
Contingent
Consideration		Adjustment
of Contingent
Consideration		Balance at September 30, 2022
Paul I. Sheaffer Insurance Agency$1,629 $— $105 $1,734 
Total contingent consideration liability$1,629 $— $105 $1,734 
 Nine Months Ended September 30, 2021
(Dollars in thousands)Balance at
December 31,
2020		Payment of
Contingent
Consideration		Adjustment
of Contingent
Consideration		Balance at September 30, 2021
Girard Partners$55 $58 $3 $— 
Total contingent consideration liability$55 $58 $3 $— 

The Corporation may be required to periodically measure certain assets and liabilities at fair value on a non-recurring basis in accordance with GAAP. These adjustments to fair value usually result from the application of lower of cost or market accounting or changes in the value of loans held for investment analyzed on an individual basis. The following table represents assets measured at fair value on a non-recurring basis at September 30, 2022 and December 31, 2021:
 At September 30, 2022
(Dollars in thousands)Level 1Level 2Level 3Assets at
Fair Value
Individually analyzed loans held for investment$— $— $11,899 $11,899 
Other real estate owned— — 18,960 18,960 
Total$— $— $30,859 $30,859 
39

 At December 31, 2021
(Dollars in thousands)Level 1Level 2Level 3Assets at
Fair Value
Individually analyzed loans held for investment$— $— $33,118 $33,118 
Other real estate owned— — 279 279 
Total$— $— $33,397 $33,397 

The following table presents assets and liabilities not measured at fair value on a recurring or non-recurring basis in the Corporation’s condensed consolidated balance sheets but for which the fair value is required to be disclosed at September 30, 2022 and December 31, 2021. The disclosed fair values are classified using the fair value hierarchy.
 At September 30, 2022
(Dollars in thousands)Level 1Level 2Level 3Fair
Value		Carrying
Amount
Assets:
Cash and short-term interest-earning assets$113,310 $— $— $113,310 $113,310 
Held-to-maturity securities— 136,456 — 136,456 159,170 
Federal Home Loan Bank, Federal Reserve Bank and other stockNANANANA29,475 
Net loans and leases held for investment— — 5,697,612 5,697,612 5,762,431 
Servicing rights— — 18,505 18,505 8,569 
Total assets$113,310 $136,456 $5,716,117 $5,965,883 $6,072,955 
Liabilities:
Deposits:
Demand and savings deposits, non-maturity$5,381,058 $— $— $5,381,058 $5,381,058 
Time deposits— 390,579 — 390,579 405,918 
Total deposits5,381,058 390,579 — 5,771,637 5,786,976 
Short-term borrowings— 80,711 — 80,711 80,711 
Long-term debt— 91,629 — 91,629 95,000 
Subordinated notes— 97,000 — 97,000 99,107 
Total liabilities$5,381,058 $659,919 $— $6,040,977 $6,061,794 

 At December 31, 2021
(Dollars in thousands)Level 1Level 2Level 3Fair
Value		Carrying
Amount
Assets:
Cash and short-term interest-earning assets$890,150 $— $— $890,150 $890,150 
Held-to-maturity securities— 178,402 — 178,402 176,983 
Federal Home Loan Bank, Federal Reserve Bank and other stockNANANANA28,186 
Net loans and leases held for investment— — 5,244,504 5,244,504 5,204,927 
Servicing rights— — 11,331 11,331 7,878 
Total assets$890,150 $178,402 $5,255,835 $6,324,387 $6,308,124 
Liabilities:
Deposits:
Demand and savings deposits, non-maturity$5,570,958 $— $— $5,570,958 $5,570,958 
Time deposits— 487,874 — 487,874 484,166 
Total deposits5,570,958 487,874 — 6,058,832 6,055,124 
Short-term borrowings— 20,106 — 20,106 20,106 
Long-term debt— 95,707 — 95,707 95,000 
Subordinated notes— 107,000 — 107,000 98,874 
Total liabilities$5,570,958 $710,687 $— $6,281,645 $6,269,104 
40

The following valuation methods and assumptions were used by the Corporation in estimating the fair value for financial instruments measured at fair value on a non-recurring basis and financial instruments not measured at fair value on a recurring or non-recurring basis in the Corporation’s condensed consolidated balance sheets but for which the fair value is required to be disclosed:

Cash and short-term interest-earning assets: The carrying amounts reported in the balance sheet for cash and due from banks, interest-earning deposits with other banks and other short-term investments is their stated value. Cash and short-term interest-earning assets are classified within Level 1 in the fair value hierarchy.

Held-to-maturity securities: Fair values for the held-to-maturity investment securities are estimated by using pricing models or quoted prices of securities with similar characteristics and are classified in Level 2 in the fair value hierarchy.

Federal Home Loan Bank, Federal Reserve Bank and other stock: It is not practical to determine the fair values of Federal Home Loan Bank, Federal Reserve Bank and other stock, due to restrictions placed on their transferability.

Loans held for sale: Loans held for sale are carried at the lower of cost or estimated fair value. The fair value of the Corporation’s mortgage loans held for sale are generally determined using a pricing model based on current market information obtained from external sources, including interest rates, bids or indications provided by market participants on specific loans that are actively marketed for sale. These loans are primarily residential mortgage loans and are generally classified in Level 2 due to the observable pricing data.

Loans and leases held for investment: The fair values for loans and leases held for investment are estimated using discounted cash flow analyses, using a discount rate based on current interest rates at which similar loans with similar terms would be made to borrowers, adjusted as appropriate to consider credit, liquidity and marketability factors to arrive at a fair value that represents the Corporation's exit price at which these instruments would be sold or transferred. Loans and leases are classified within Level 3 in the fair value hierarchy since credit risk is not an observable input.

Individually analyzed loans and leases held for investment: For individually analyzed loans and leases, the Corporation uses a variety of techniques to measure fair value, such as using the current appraised value of the collateral, agreements of sale, discounting the contractual cash flows, and analyzing market data that the Corporation may adjust due to specific characteristics of the loan/lease or collateral. At September 30, 2022, individually analyzed loans held for investment had a carrying amount of $13.6 million with a valuation allowance of $1.7 million. At December 31, 2021, individually analyzed loans held for investment had a carrying amount of $33.1 million with a valuation allowance of $11 thousand. The Corporation had no individually analyzed leases at September 30, 2022 or December 31, 2021.

Servicing rights: The Corporation estimates the fair value of servicing rights using discounted cash flow models that calculate the present value of estimated future net servicing income. The model uses readily available prepayment speed assumptions for the interest rates of the portfolios serviced. Servicing rights are classified within Level 3 in the fair value hierarchy based upon management's assessment of the inputs. The Corporation reviews the servicing rights portfolio on a quarterly basis for impairment and the servicing rights are carried at the lower of amortized cost or estimated fair value. At September 30, 2022, servicing rights had a net carrying amount of $8.6 million, which included a valuation allowance of $1 thousand. At December 31, 2021, servicing rights had a net carrying amount of $7.9 million, which included a valuation allowance of $13 thousand.

Goodwill and other identifiable assets: Certain non-financial assets subject to measurement at fair value on a non-recurring basis include goodwill and other identifiable intangible assets. During the nine months ended September 30, 2022, there were no required valuation adjustments of goodwill and other identifiable intangible assets.

Other real estate owned: Other real estate owned (OREO) represents properties that the Corporation has acquired through foreclosure by either accepting a deed in lieu of foreclosure, or by taking possession of assets that were used as loan collateral. The Corporation reports OREO at the lower of cost or fair value less cost to sell, adjusted periodically based on a current appraisal or an executed agreement of sale. Capital improvement expenses associated with the construction or repair of the property are capitalized as part of the cost of the OREO asset. Write-downs and any gain or loss upon the sale of OREO is recorded in other noninterest income. OREO is reported in other assets on the condensed consolidated balance sheet. At September 30, 2022 and December 31, 2021, OREO had a carrying amount of $19.0 million and $279 thousand, respectively. During the nine months ended September 30, 2022, one property was transferred to OREO with a carrying value of $18.3 million. Other real estate owned is classified within Level 3 in the fair value hierarchy based on appraisals received from third parties.

41

Deposit liabilities: The fair values for demand and savings accounts, with no stated maturities, is the amount payable on demand at the reporting date (carrying value) and are classified within Level 1 in the fair value hierarchy. The fair values for time deposits with fixed maturities are estimated by discounting the final maturity using interest rates currently offered for deposits with similar remaining maturities. Time deposits are classified within Level 2 in the fair value hierarchy.

Short-term borrowings: The fair value of short-term borrowings are estimated using current market rates for similar borrowings and are classified within Level 2 in the fair value hierarchy.

Long-term debt: The fair value of long-term debt is estimated by using discounted cash flow analysis, based on current market rates for debt with similar terms and remaining maturities. Long-term debt is classified within Level 2 in the fair value hierarchy.

Subordinated notes: The fair value of the subordinated notes are estimated by discounting the principal balance using the treasury yield curve for the term to the call date as the Corporation has the option to call the subordinated notes. The subordinated notes are classified within Level 2 in the fair value hierarchy.

Note 13. Segment Reporting

At September 30, 2022, the Corporation had three reportable business segments: Banking, Wealth Management and Insurance. The Corporation determines the 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. The parent holding company and intercompany eliminations are included in the "Other" segment.
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 as follows:
●The Banking segment provides financial services to individuals, businesses, municipalities and nonprofit organizations. 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.
●The Wealth Management segment offers investment advisory, financial planning, trust and brokerage services. The Wealth Management segment serves a diverse client base of private families and individuals, municipal pension plans, retirement plans, trusts and guardianships.
●The Insurance segment includes a full-service insurance brokerage agency offering commercial property and casualty insurance, employee benefit solutions, personal insurance lines and human resources consulting.
The following table provides total assets by reportable business segment as of the dates indicated.
(Dollars in thousands)At September 30, 2022At December 31, 2021At September 30, 2021
Banking$6,793,567 $7,005,952 $6,868,525 
Wealth Management55,771 54,076 51,280 
Insurance43,547 40,649 38,118 
Other14,512 21,744 21,929 
Consolidated assets$6,907,397 $7,122,421 $6,979,852 
42

The following tables provide reportable segment-specific information and reconciliations to consolidated financial information for the three and nine months ended September 30, 2022 and 2021.
Three Months Ended
September 30, 2022
(Dollars in thousands)BankingWealth ManagementInsuranceOtherConsolidated
Interest income$66,860 $8 $— $9 $66,877 
Interest expense6,925 374 — 1,328 8,627 
Net interest income (expense)59,935 (366)— (1,319)58,250 
Provision for credit losses3,558 — — — 3,558 
Noninterest income7,216 6,082 4,642 19 17,959 
Noninterest expense37,452 4,298 3,879 1,036 46,665 
Intersegment (revenue) expense*(432)210 222 — — 
Income (loss) before income taxes26,573 1,208 541 (2,336)25,986 
Income tax expense (benefit)5,407 241 108 (571)5,185 
Net income (loss)$21,166 $967 $433 $(1,765)$20,801 
Net capital expenditures$1,128 $269 $15 $171 $1,583 

Three Months Ended
September 30, 2021
(Dollars in thousands)BankingWealth ManagementInsuranceOtherConsolidated
Interest income$53,562 $— $— $9 $53,571 
Interest expense3,556 — — 1,328 4,884 
Net interest income (expense)50,006 — — (1,319)48,687 
Reversal of provision for credit losses(182)— — — (182)
Noninterest income9,548 6,963 3,988 53 20,552 
Noninterest expense34,378 4,922 3,232 716 43,248 
Intersegment (revenue) expense*(323)164 159 — — 
Income (loss) before income taxes25,681 1,877 597 (1,982)26,173 
Income tax expense (benefit)5,196 391 123 (448)5,262 
Net income (loss)$20,485 $1,486 $474 $(1,534)$20,911 
Net capital expenditures$431 $4 $5 $15 $455 

Nine Months Ended
September 30, 2022
(Dollars in thousands)BankingWealth ManagementInsuranceOtherConsolidated
Interest income$174,755 $11 $— $26 $174,792 
Interest expense13,921 507 — 3,983 18,411 
Net interest income (expense)160,834 (496)— (3,957)156,381 
Provision for credit losses6,782 — — — 6,782 
Noninterest income22,066 20,249 15,234 (122)57,427 
Noninterest expense112,119 13,398 11,626 2,305 139,448 
Intersegment (revenue) expense*(1,299)632 667 — — 
Income (loss) before income taxes65,298 5,723 2,941 (6,384)67,578 
Income tax expense (benefit)13,038 1,169 612 (1,525)13,294 
Net income (loss)$52,260 $4,554 $2,329 $(4,859)$54,284 
Net capital expenditures$(3,944)$495 $53 $225 $(3,171)
43

Nine Months Ended
September 30, 2021
(Dollars in thousands)BankingWealth ManagementInsuranceOtherConsolidated
Interest income$157,443 $1 $— $25 $157,469 
Interest expense10,789 — — 5,822 16,611 
Net interest income (expense)146,654 1 — (5,797)140,858 
Reversal of provision for credit losses(11,524)— — — (11,524)
Noninterest income30,211 20,492 13,083 246 64,032 
Noninterest expense97,977 13,499 9,686 2,912 124,074 
Intersegment (revenue) expense*(969)492 477 — — 
Income (loss) before income taxes91,381 6,502 2,920 (8,463)92,340 
Income tax expense (benefit)18,373 1,347 613 (2,382)17,951 
Net income (loss)$73,008 $5,155 $2,307 $(6,081)$74,389 
Net capital expenditures$3,121 $16 $18 $86 $3,241 
*Includes an allocation of general and administrative expenses from both the parent holding company and the Bank. These expenses are generally allocated based upon number of employees and square footage utilized.

Note 14. Contingencies

The Corporation is periodically subject to various pending and threatened legal actions, which involve claims for monetary relief. Based upon information presently available to the Corporation, it is the Corporation's opinion that any legal and financial responsibility arising from such claims will not have a material adverse effect on the Corporation's results of operations, financial position or cash flows.

44

Item 2.     Management’s Discussion and Analysis of Financial Condition and Results of Operations

(All dollar amounts presented in tables are in thousands, except per share data. “BP” equates to “basis points”; "NM" equates to “not meaningful”; “—” equates to “zero” or “doesn’t round to a reportable number”; and “N/A” equates to “not applicable.” Certain prior period amounts have been reclassified to conform to the current-year presentation.)

Forward-Looking Statements

The information contained in this report may contain forward-looking statements. When used or incorporated by reference in disclosure documents, the words "believe" "anticipate," "estimate," "expect," "project," "target," "goal" and similar expressions are intended to identify forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements may include but are not limited to: statements of our goals, intentions and expectations; statements regarding our business plans, prospects, growth and operating strategies; statements regarding the quality of our loan and investment portfolios; and estimates of our risks and future costs and benefits. These forward-looking statements are based on current beliefs and expectations of our management and are subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to certain risks, uncertainties and assumptions, including but not limited to those set forth below:
 
•Operating, legal and regulatory risks;
•Economic, political and competitive forces;
•General economic conditions, either nationally or in our market areas, that are worse than expected including as a result of employment levels and labor shortages, and the effect of inflation, a potential recession or slowed economic growth caused by supply chain disruptions or otherwise;
•Legislative, regulatory and accounting changes;
•Demand for our financial products and services in our market area;
•Major catastrophes such as earthquakes, floods or other natural or human disasters and infectious disease outbreaks, including the current coronavirus (COVID-19) pandemic, the related disruption to local, regional and global economic activity and financial markets, and the impact that any of the foregoing may have on us and our customers and other constituencies;
•Inflation or volatility in interest rates that reduce our margins and yields, the fair value of financial instruments or our level of loan originations or prepayments on loans we have made and make;
•Fluctuations in real estate values in our market area;
•The composition and credit quality of our loan and investment portfolios;
•Changes in the level and direction of loan delinquencies, classified and criticized loans and charge-offs and changes in estimates of the adequacy of the allowance for credit losses;
•Changes in the economic assumptions utilized to calculate the allowance for credit losses;
•Our ability to access cost-effective funding;
•Our ability to implement our business strategies;
•Our ability to manage market risk, credit risk and operational risk;
•Timing and amount of revenue and expenditures;
•Adverse changes in the securities markets;
•The impact of any military conflict, terrorist act or other geopolitical acts;
•Our ability to enter new markets successfully and capitalize on growth opportunities;
•Competition for loans, deposits and employees;
•System failures or cyber-security breaches of our information technology infrastructure and those of our third-party service providers;
•The failure to maintain current technologies and/or to successfully implement future information technology enhancements;
•Our ability to retain key employees;
•Other risks and uncertainties, including those occurring in the U.S. and world financial systems; and
•The risk that our analysis of these risks and forces could be incorrect and/or that the strategies developed to address them could be unsuccessful.

Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated, expected or projected. These and other risk factors are more fully described in this report and in the Univest Financial Corporation Annual Report on Form 10-K for the year ended December 31, 2021 under the section entitled "Item 1A - Risk Factors," and from time to time in other filings made by the Corporation with the SEC.
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These forward-looking statements speak only at the date of the report. The Corporation expressly disclaims any obligation to publicly release any updates or revisions to reflect any change in the Corporation’s expectations with regard to any change in events, conditions or circumstances on which any such statement is based.

Critical Accounting Policies

Management, in order to prepare the Corporation’s financial statements in conformity with U.S. generally accepted accounting principles, is required to make estimates and assumptions that affect the amounts reported in the Corporation’s financial statements. There are uncertainties inherent in making these estimates and assumptions. Certain critical accounting policies could materially affect the results of operations and financial position of the Corporation should changes in circumstances require a change in related estimates or assumptions. The Corporation has identified the fair value measurement of investment securities available-for-sale and the calculation of the allowance for credit losses on loans and leases as critical accounting policies. For more information on these critical accounting policies, please refer to the Corporation’s 2021 Annual Report on Form 10-K.

General

The Corporation is a Pennsylvania corporation, organized in 1973, and registered as a bank holding company pursuant to the Bank Holding Company Act of 1956. The Corporation owns all of the capital stock of Univest Bank and Trust Co. The consolidated financial statements include the accounts of the Corporation, the Bank and its subsidiaries.

The Bank is engaged in domestic banking services for individuals, businesses, municipalities and non-profit organizations. Through its wholly-owned subsidiaries, the Bank provides a variety of financial services throughout its markets of operation. The Bank is the parent company of Girard Investment Services, LLC, a full-service registered introducing broker-dealer and a licensed insurance agency, Girard Advisory Services, LLC, a registered investment advisory firm, and Girard Pension Services, LLC, a registered investment advisor, which provides investment consulting and management services to municipal entities. The Bank is also the parent company of Univest Insurance, LLC, an independent insurance agency and Univest Capital, Inc., an equipment financing business.

The Corporation earns revenue primarily from the margins and fees generated from lending and depository services as well as fee-based income from trust, insurance, mortgage banking and investment services. The Corporation seeks to achieve adequate and reliable earnings through business growth while maintaining adequate levels of capital and liquidity and limiting exposure to credit and interest rate risk.

Executive Overview

The Corporation’s consolidated net income, earnings per share and return on average assets and average equity were as follows:
Three Months EndedNine Months Ended
 September 30,ChangeSeptember 30,Change
(Dollars in thousands, except per share data)20222021AmountPercent20222021AmountPercent
Net income$20,801 $20,911 $(110)(0.5)%$54,284 $74,389 $(20,105)(27.0)%
Net income per share:
Basic$0.71 $0.71 $— — $1.85 $2.53 $(0.68)(26.9)
Diluted0.71 0.71 — — 1.84 2.52 (0.68)(27.0)
Return on average assets1.21 %1.24 %(3 BP)(2.4)1.05 %1.53 %(48 BP)(31.4)
Return on average equity10.67 %11.12 %(45 BP)(4.0)9.39 %13.72 %(433 BP)(31.6)

Results of Operations

Net Interest Income

Net interest income is the difference between interest earned primarily on loans and leases and investment securities and interest paid on deposits, borrowings, long-term debt and subordinated notes. Net interest income is the principal source of the Corporation’s revenue. Table 1 presents the Corporation’s average balances, tax-equivalent interest income, interest expense, tax-equivalent yields earned on average assets, cost of average liabilities, and shareholders’ equity on a tax-equivalent basis for
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the three and nine months ended September 30, 2022 and 2021. The tax-equivalent net interest margin is tax-equivalent net interest income as a percentage of average interest-earning assets. The tax-equivalent net interest spread represents the weighted average tax-equivalent yield on interest-earning assets less the weighted average cost of interest-bearing liabilities. The effect of net interest-free funding sources represents the effect on the net interest margin of net funding provided by noninterest-earning assets, noninterest-bearing liabilities and shareholders’ equity. Table 2 analyzes the changes in the tax-equivalent net interest income for the periods broken down by their rate and volume components.

Three and nine months ended September 30, 2022 versus 2021

Net interest income on a tax-equivalent basis for the three months ended September 30, 2022 was $58.7 million, an increase of $9.5 million, or 19.3%, compared to $49.2 million for the three months ended September 30, 2021. The increase in tax-equivalent net interest income for the three months ended September 30, 2022 compared to the comparable period in the prior year was largely due to significant loan growth, the rapid increase in interest rates and the asset sensitivity position of the Corporation's balance sheet.

Net interest income on a tax-equivalent basis for the nine months ended September 30, 2022 was $157.9 million, an increase of $15.4 million, or 10.8%, compared to the same period in 2021. The increase in tax-equivalent net interest income for the nine months ended September 30, 2022 compared to the comparable period in the prior year was largely due to significant loan growth, the rapid increase in interest rates and the asset sensitivity position of the Corporation's balance sheet.

The net interest margin, on a tax-equivalent basis, was 3.67% and 3.25% for the three and nine months ended September 30, 2022, respectively, compared to 3.11% and 3.13% for the three and nine months ended September 30, 2021, respectively. Excess liquidity reduced the net interest margin by approximately one and 20 basis points for the three and nine months ended September 30, 2022, respectively, compared to 27 and 16 basis points for the three and nine months ended September 30, 2021. PPP loans had no impact on net interest margin for the three months ended September 30, 2022 and a favorable impact on net interest margin of two basis points for the nine months ended September 30, 2022, compared to a favorable impact on net interest margin of 20 and 12 basis points for the three and nine months ended September 30, 2021, respectively.

Excluding the impact of excess liquidity and PPP loans, the net interest margin, on a tax-equivalent basis, was 3.68% and 3.43% for the three and nine months ended September 30, 2022, respectively, compared to 3.18% and 3.17% for the three and nine months ended September 30, 2021, respectively.
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Table 1—Average Balances and Interest Rates—Tax-Equivalent Basis
 Three Months Ended September 30,
 20222021
(Dollars in thousands)Average
Balance		Income/
Expense		Average
Rate		Average
Balance		Income/
Expense		Average
Rate
Assets:
Interest-earning deposits with other banks$49,476 $252 2.02 %$530,191 $189 0.14 %
U.S. government obligations565 3 2.11 6,999 36 2.04 
Obligations of states and political subdivisions*2,308 18 3.09 2,992 24 3.18 
Other debt and equity securities514,462 3,010 2.32 385,289 1,516 1.56 
Federal Home Loan Bank, Federal Reserve Bank and other stock28,368 435 6.08 26,713 334 4.96 
Total interest-earning deposits, investments and other interest-earning assets595,179 3,718 2.48 952,184 2,099 0.87 
Commercial, financial and agricultural loans977,549 11,996 4.87 880,986 7,412 3.34 
Paycheck Protection Program loans3,754 40 4.23 162,611 4,162 10.15 
Real estate—commercial and construction loans3,105,821 34,100 4.36 2,784,398 25,634 3.65 
Real estate—residential loans1,256,509 12,492 3.94 1,100,799 10,171 3.67 
Loans to individuals27,197 381 5.56 26,048 253 3.85 
Municipal loans and leases*235,433 2,432 4.10 247,603 2,504 4.01 
Lease financings145,856 2,195 5.97 117,966 1,856 6.24 
Gross loans and leases5,752,119 63,636 4.39 5,320,411 51,992 3.88 
Total interest-earning assets6,347,298 67,354 4.21 6,272,595 54,091 3.42 
Cash and due from banks62,930 59,642 
Allowance for credit losses, loans and leases(72,355)(72,606)
Premises and equipment, net50,476 55,685 
Operating lease right-of-use assets30,740 31,998 
Other assets378,377 350,863 
Total assets$6,797,466 $6,698,177 
Liabilities:
Interest-bearing checking deposits$881,395 $1,251 0.56 %$857,098 $537 0.25 %
Money market savings1,246,795 3,709 1.18 1,382,832 922 0.26 
Regular savings1,086,191 302 0.11 998,568 281 0.11 
Time deposits416,539 1,189 1.13 496,702 1,490 1.19 
     Total time and interest-bearing deposits3,630,920 6,451 0.70 3,735,200 3,230 0.34 
Short-term borrowings104,453 524 1.99 15,116 2 0.05 
Long-term debt95,000 324 1.35 95,000 324 1.35 
Subordinated notes99,065 1,328 5.32 98,754 1,328 5.34 
Total borrowings298,518 2,176 2.89 208,870 1,654 3.14 
Total interest-bearing liabilities3,929,438 8,627 0.87 3,944,070 4,884 0.49 
Noninterest-bearing deposits2,014,371 1,931,525 
Operating lease liabilities33,786 35,094 
Accrued expenses and other liabilities46,772 41,303 
Total liabilities6,024,367 5,951,992 
Shareholders’ Equity:
Common stock157,784 157,784 
Additional paid-in capital299,135 297,482 
Retained earnings and other equity316,180 290,919 
Total shareholders’ equity773,099 746,185 
Total liabilities and shareholders’ equity$6,797,466 $6,698,177 
Net interest income$58,727 $49,207 
Net interest spread3.34 2.93 
Effect of net interest-free funding sources0.33 0.18 
Net interest margin3.67 %3.11 %
Ratio of average interest-earning assets to average interest-bearing liabilities161.53 %159.04 %
*Obligations of states and political subdivisions and municipal loans and leases are tax-exempt earning assets.
Notes: For rate calculation purposes, average loan and lease categories include deferred fees and costs and purchase accounting adjustments.
Net interest income includes net deferred (costs) fees of $(498) thousand and $3.0 million for the three months ended September 30, 2022 and 2021, respectively.
Nonaccrual loans and leases have been included in the average loan and lease balances. Loans held for sale have been included in the average loan balances. Tax-equivalent amounts for the three months ended September 30, 2022 and 2021 have been calculated using the Corporation's federal applicable rate of 21%.
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 Nine Months Ended September 30,
 20222021
(Dollars in thousands)Average
Balance		Income/
Expense		Average
Rate		Average
Balance		Income/
Expense		Average
Rate
Assets:
Interest-earning deposits with other banks$416,466 $1,433 0.46 %$328,768 $291 0.12 %
U.S. government obligations2,578 40 2.07 6,999 107 2.04 
Obligations of states and political subdivisions*2,314 54 3.12 6,838 187 3.66 
Other debt and equity securities513,491 8,076 2.10 371,355 4,147 1.49 
Federal Home Loan Bank, Federal Reserve Bank and other stock27,239 1,134 5.57 26,319 1,042 5.29 
Total interest-earning deposits, investments and other interest-earning assets962,088 10,737 1.49 740,279 5,774 1.04 
Commercial, financial and agricultural loans939,261 28,604 4.07 830,248 21,120 3.40 
Paycheck Protection Program loans9,880 786 10.64 358,231 13,464 5.03 
Real estate—commercial and construction loans3,005,714 88,447 3.93 2,703,100 75,023 3.71 
Real estate—residential loans1,180,202 33,132 3.75 1,067,855 29,880 3.74 
Loans to individuals26,598 924 4.64 25,925 769 3.97 
Municipal loans and leases*237,928 7,270 4.09 248,191 7,632 4.11 
Lease financings141,041 6,375 6.04 111,569 5,412 6.49 
Gross loans and leases5,540,624 165,538 3.99 5,345,119 153,300 3.83 
Total interest-earning assets6,502,712 176,275 3.62 6,085,398 159,074 3.49 
Cash and due from banks57,455 55,983 
Allowance for credit losses, loans and leases(70,950)(76,265)
Premises and equipment, net51,551 55,803 
Operating lease right-of-use assets30,453 33,334 
Other assets363,810 355,323 
Total assets$6,935,031 $6,509,576 
Liabilities:
Interest-bearing checking deposits$871,393 $2,264 0.35 %$820,800 $1,514 0.25 %
Money market savings1,397,220 6,165 0.59 1,282,470 2,606 0.27 
Regular savings1,059,644 777 0.10 979,013 861 0.12 
Time deposits447,497 3,722 1.11 502,414 4,808 1.28 
     Total time and interest-bearing deposits3,775,754 12,928 0.46 3,584,697 9,789 0.37 
Short-term borrowings46,765 537 1.54 17,363 7 0.05 
Long-term debt 95,000 962 1.35 97,088 993 1.37 
Subordinated notes98,989 3,984 5.38 151,060 5,822 5.15 
Total borrowings240,754 5,483 3.04 265,511 6,822 3.44 
Total interest-bearing liabilities4,016,508 18,411 0.61 3,850,208 16,611 0.58 
Noninterest-bearing deposits2,067,428 1,854,648 
Operating lease liabilities33,514 36,636 
Accrued expenses and other liabilities44,630 43,023 
Total liabilities6,162,080 5,784,515 
Shareholders’ Equity:
Common stock157,784 157,784 
Additional paid-in capital298,784 296,744 
Retained earnings and other equity316,383 270,533 
Total shareholders’ equity772,951 725,061 
Total liabilities and shareholders’ equity$6,935,031 $6,509,576 
Net interest income$157,864 $142,463 
Net interest spread3.01 2.91 
Effect of net interest-free funding sources0.24 0.22 
Net interest margin3.25 %3.13 %
Ratio of average interest-earning assets to average interest-bearing liabilities161.90 %158.05 %
*Obligations of states and political subdivisions and municipal loans and leases are tax-exempt earning assets.
Notes: For rate calculation purposes, average loan and lease categories include deferred fees and costs and purchase accounting adjustments.
Net interest income includes net deferred (costs) fees of $(1.3) million and $8.0 million for the nine months ended September 30, 2022 and 2021, respectively.
Nonaccrual loans and leases have been included in the average loan and lease balances. Loans held for sale have been included in the average loan balances. Tax-equivalent amounts for the nine months ended September 30, 2022 and 2021 have been calculated using the Corporation's federal applicable rate of 21%.
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Table 2—Analysis of Changes in Net Interest Income

The rate-volume variance analysis set forth in the table below compares changes in tax-equivalent net interest income for the periods indicated by their rate and volume components. The change in interest income/expense due to both volume and rate has been allocated proportionately.
Three Months EndedNine Months Ended
 September 30, 2022 Versus 2021September 30, 2022 Versus 2021
(Dollars in thousands)Volume
Change		Rate
Change		TotalVolume
Change		Rate
Change		Total
Interest income:
Interest-earning deposits with other banks$(314)$377 $63 $99 $1,043 $1,142 
U.S. government obligations(34)1 (33)(69)2 (67)
Obligations of states and political subdivisions(5)(1)(6)(109)(25)(133)
Other debt and equity securities609 885 1,494 1,899 2,030 3,929 
Federal Home Loan Bank, Federal Reserve Bank and other stock22 79 101 36 56 92 
Interest on deposits, investments and other earning assets278 1,341 1,619 1,856 3,106 4,963 
Commercial, financial and agricultural loans885 3,699 4,584 2,992 4,492 7,484 
Paycheck Protection Program loans(2,581)(1,541)(4,122)(19,908)7,230 (12,678)
Real estate—commercial and construction loans3,153 5,313 8,466 8,776 4,648 13,424 
Real estate—residential loans1,527 794 2,321 3,171 81 3,252 
Loans to individuals11 117 128 21 134 155 
Municipal loans and leases(126)54 (72)(324)(38)(362)
Lease financings422 (83)339 1,358 (395)963 
Interest and fees on loans and leases3,291 8,353 11,644 (3,914)16,152 12,238 
Total interest income3,569 9,694 13,263 (2,058)19,258 17,201 
Interest expense:
Interest-bearing checking deposits16 698 714 100 650 750 
Money market savings(98)2,885 2,787 250 3,309 3,559 
Regular savings21 — 21 69 (153)(84)
Time deposits(229)(72)(301)(490)(596)(1,086)
     Total time and interest-bearing deposits(290)3,511 3,221 (71)3,210 3,139 
Short-term borrowings68 454 522 29 501 530 
Long-term debt— — — (18)(13)(31)
Subordinated notes — — — (2,087)249 (1,838)
Interest on borrowings68 454 522 (2,076)737 (1,339)
Total interest expense(222)3,965 3,743 (2,147)3,947 1,800 
Net interest income$3,791 $5,729 $9,520 $89 $15,311 $15,401 

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Provision for Credit Losses

The provision for credit losses for the three months ended September 30, 2022 was $3.6 million compared to a reversal of provision for credit losses of $182 thousand for the three months ended September 30, 2021. The provision for credit losses for the nine months ended September 30, 2022 was $6.8 million compared to a reversal of provision for credit losses of $11.5 million for the nine months ended September 30, 2021. The following table details information pertaining to the Corporation’s allowance for credit losses on loans and leases as a percentage of loans and leases held for investment at the dates indicated.

(Dollars in thousands)September 30, 2022June 30, 2022March 31, 2022December 31, 2021September 30, 2021June 30, 2021
Allowance for credit losses, loans and leases$74,929 $72,011 $68,286 $71,924 $70,146 $71,355 
Loans and leases held for investment5,849,259 5,661,777 5,400,786 5,310,017 5,252,045 5,327,313 
Allowance for credit losses, loans and leases / loans and leases held for investment1.28 %1.27 %1.26 %1.35 %1.34 %1.34 %

Noninterest Income

The following table presents noninterest income for the three and nine months ended September 30, 2022 and 2021:
Three Months EndedNine Months Ended
 September 30,ChangeSeptember 30,Change
(Dollars in thousands)20222021AmountPercent20222021AmountPercent
Trust fee income$1,835 $2,126 $(291)(13.7 %)$5,935 $6,317 $(382)(6.0 %)
Service charges on deposit accounts1,522 1,422 100 7.0 4,600 4,018 582 14.5 
Investment advisory commission and fee income4,199 4,796 (597)(12.4)14,163 14,051 112 0.8 
Insurance commission and fee income4,442 3,837 605 15.8 14,641 12,631 2,010 15.9 
Other service fee income3,124 2,576 548 21.3 9,189 7,516 1,673 22.3 
Bank owned life insurance income1,153 925 228 24.6 2,557 3,262 (705)(21.6)
Net gain on sales of investment securities— 21 (21)N/M30 140 (110)(78.6)
Net gain on mortgage banking activities817 3,224 (2,407)(74.7)3,976 12,623 (8,647)(68.5)
Other income867 1,625 (758)(46.6)2,336 3,474 (1,138)(32.8)
Total noninterest income$17,959 $20,552 $(2,593)(12.6 %)$57,427 $64,032 $(6,605)(10.3 %)

Three and nine months ended September 30, 2022 versus 2021

Noninterest income for the three months ended September 30, 2022 was $18.0 million, a decrease of $2.6 million, or 12.6%, from the three months ended September 30, 2021. Noninterest income for the nine months ended September 30, 2022 was $57.4 million, a decrease of $6.6 million, or 10.3%, from the nine months ended September 30, 2021.

The net gain on mortgage banking activities decreased $2.4 million, or 74.7%, for the three months ended September 30, 2022 and $8.6 million, or 68.5%, for the nine months ended September 30, 2022 from the comparable periods in the prior year, primarily due to a decrease in loan sales and a contraction of margins. Investment advisory commission and fee income decreased $597 thousand, or 12.4%, for the three months ended September 30, 2022 from the comparable period in the prior year, primarily due to reduced assets under management, which was driven by market performance.

Other income decreased $758 thousand, or 46.6%, for the three months ended September 30, 2022 and $1.1 million, or 32.8%, for the nine months ended September 30, 2022 from the comparable periods in the prior year. Gains on the sale of Small Business Administration loans deceased $520 thousand for the three months ended September 30, 2022 and $270 thousand for the nine months ended September 30, 2022 from the comparable periods in the prior year due to decreased sale activity. Fees on risk participation agreements for interest rate swaps deceased $171 thousand for the three months ended September 30, 2022 and $511 thousand for the nine months ended September 30, 2022 from the comparable periods in the prior year driven by a decrease in customer demand due to the current interest rate environment. Other income also deceased $371 thousand for the
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nine months ended September 30, 2022 from the comparable period in the prior year driven by a decrease in the fair value of equity securities during the three and nine months ended September 30, 2022.

Insurance commission and fee income increased $605 thousand, or 15.8%, for the three months ended September 30, 2022 and $2.0 million, or 15.9%, for the nine months ended September 30, 2022 from the comparable periods in the prior year, primarily due to incremental revenue attributable to the insurance agency the Corporation acquired in the fourth quarter of 2021. Bank owned life insurance ("BOLI") increased $228 thousand, or 24.6%, for the three months ended September 30, 2022 from the comparable period in the prior year, primarily due to death benefit claims of $446 thousand in the third quarter of 2022. BOLI decreased $705 thousand, or 21.6%, for the nine months ended September 30, 2022 from the comparable period in the prior year, primarily due to death benefit claims of $1.1 million during the nine months ended September 30, 2021.

Other service fee income increased $548 thousand, or 21.3%, for the three months ended September 30, 2022 and $1.7 million, or 22.3%, for the nine months ended September 30, 2022 from the comparable periods in the prior year. Mortgage servicing fees increased $336 thousand for the three months ended September 30, 2022 and $955 thousand for the nine months ended September 30, 2022 from the comparable periods in the prior year driven by reduced amortization as a result of a decrease in prepayment speeds. Interchange fee income increased $313 thousand for the nine months ended September 30, 2022 from the comparable period in the prior year due to increased customer activity.

Noninterest Expense

The following table presents noninterest expense for the three and nine months ended September 30, 2022 and 2021:
Three Months EndedNine Months Ended
 September 30,ChangeSeptember 30,Change
(Dollars in thousands)20222021AmountPercent20222021AmountPercent
Salaries, benefits and commissions$29,400 $26,641 $2,759 10.4 %$86,778 $76,817 $9,961 13.0 %
Net occupancy2,504 2,525 (21)(0.8)7,642 7,920 (278)(3.5)
Equipment968 1,000 (32)(3.2)2,927 2,914 13 0.4 
Data processing3,901 3,274 627 19.2 11,176 9,388 1,788 19.0 
Professional fees2,521 2,174 347 16.0 7,503 5,937 1,566 26.4 
Marketing and advertising605 539 66 12.2 1,723 1,380 343 24.9 
Deposit insurance premiums662 765 (103)(13.5)2,367 2,014 353 17.5
Intangible expenses309 214 95 44.4 992 712 280 39.3 
Other expense5,795 6,116 (321)(5.2)18,340 16,992 1,348 7.9 
Total noninterest expense$46,665 $43,248 $3,417 7.9 %$139,448 $124,074 $15,374 12.4 %
Three and nine months ended September 30, 2022 versus 2021

Noninterest expense for the three months ended September 30, 2022 was $46.7 million, an increase of $3.4 million, or 7.9%, from the three months ended September 30, 2021. Noninterest expense for the nine months ended September 30, 2022 was $139.4 million, an increase of $15.4 million, or 12.4%, from the nine months ended September 30, 2021. The results for the three and nine months ended September 30, 2022 included approximately $1.2 million and $3.4 million, respectively, in expenses related to our digital transformation initiative, a comprehensive digital platform which will blend our core operating systems together and allow Univest to seamlessly sell existing products and services, digitally, across an expanded footprint.

Salaries, benefits and commissions increased $2.8 million, or 10.4%, for the three months ended September 30, 2022 and $10.0 million, or 13.0%, for the nine months ended September 30, 2022 from the comparable periods in the prior year. These increases reflect the acquisition of the Paul I. Sheaffer insurance agency, our expansion into Maryland and Western PA, and annual merit increases. Additionally, during the nine months ended September 30, 2022, we incurred $815 thousand of short-term incremental guaranties related to the hiring of new producers in our mortgage banking line of business. Finally, during the nine months ended September 30, 2021, salaries, benefits and commissions expense was benefited by $616 thousand of incremental capitalized compensation related to the origination of PPP loans.

Professional fees increased $347 thousand, or 16.0%, for the three months ended September 30, 2022 and $1.6 million, or 26.4%, for the nine months ended September 30, 2022 from the comparable periods in the prior year. The increase for the three months ended September 30, 2022 was primarily due to $1.0 million in consultant fees attributable to the previously discussed
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digital transformation initiative, as compared to our $585 thousand investment in our Diversity, Equity and Inclusion program, training initiatives and treasury management product enhancements for the three months ended September 30, 2021. The increase for the nine months ended September 30, 2022 was primarily attributable to $2.9 million of consultant fees spent related to the digital transformation initiative, as compared to our $1.4 million investment in our Diversity, Equity and Inclusion program, training initiatives and treasury management product enhancements for the nine months ended September 30, 2022.

Deposit insurance premiums increased $353 thousand, or 17.5%, for the nine months ended September 30, 2022 from the comparable period in the prior year driven by an increased assessment base.

Data processing expenses increased $627 thousand, or 19.2%, for the three months ended September 30, 2022 and $1.8 million, or 19.0%, for the nine months ended September 30, 2022 from the comparable periods in the prior year, primarily due to continued investments in technology, and $180 thousand and $437 thousand related to the digital transformation initiative for the respective periods.

Other expense increased $1.3 million, or 7.9%, for the nine months ended September 30, 2022 from the comparable period in the prior year. Recruiting costs increased $205 thousand for the nine months ended September 30, 2022 due to increased hiring activity, including the entry into our two new expansion markets. Travel and entertainment expenses increased $679 thousand for the nine months ended September 30, 2022 as related activities returned to pre-pandemic levels. Additionally, the nine months ended September 30, 2022 included incurred costs of $330 thousand as a result of a customer who was defrauded.

Tax Provision

The Corporation recognized a tax expense of $5.2 million and $5.3 million for the three months ended September 30, 2022 and 2021, respectively, resulting in an effective rate of 20.0% and 20.1%, respectively. The Corporation recognized a tax expense of $13.3 million and $18.0 million for the nine months ended September 30, 2022 and 2021, respectively, resulting in an effective rate of 19.7% and 19.4%, respectively. The effective tax rates for the three and nine months ended September 30, 2022 and 2021 reflected the benefits of tax-exempt income from investments in municipal securities and loans and leases. Additionally, the effective income tax rate for the nine months ended September 30, 2022 was favorably impacted by discrete tax benefits and proceeds from BOLI death benefits.

Financial Condition

Assets

The following table presents assets at the dates indicated:
 At September 30, 2022At December 31, 2021Change
(Dollars in thousands)AmountPercent
Cash and cash equivalents$113,310 $890,150 $(776,840)(87.3 %)
Investment securities, net of allowance for credit losses509,643 496,989 12,654 2.5 
Federal Home Loan Bank, Federal Reserve Bank and other stock, at cost29,475 28,186 1,289 4.6 
Loans held for sale9,087 21,600 (12,513)(57.9)
Loans and leases held for investment5,849,259 5,310,017 539,242 10.2 
Allowance for credit losses, loans and leases(74,929)(71,924)(3,005)4.2 
Premises and equipment, net50,533 56,882 (6,349)(11.2)
Operating lease right-of-use assets30,654 30,407 247 0.8 
Goodwill and other intangibles, net187,160 187,358 (198)(0.1)
Bank owned life insurance120,035 118,699 1,336 1.1 
Accrued interest receivable and other assets83,170 54,057 29,113 53.9 
Total assets$6,907,397 $7,122,421 $(215,024)(3.0 %)
Cash and Interest-Earning Deposits

Cash and interest-earning deposits decreased $776.8 million, or 87.3%, from December 31, 2021, primarily due to decreased interest earning deposits at the Federal Reserve Bank of $797.9 million as the Corporation used excess liquidity to
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fund loan growth and purchase investment securities. Additionally, cash decreased due to decreases in commercial and consumer deposits.

Investment Securities

Total investment securities at September 30, 2022 increased $12.7 million, or 2.5%, from December 31, 2021. Purchases of $125.7 million, primarily residential mortgage-backed securities, were partially offset by maturities and pay-downs of $52.8 million, decreases in the fair value of available-for-sale investment securities of $53.5 million, sales of $5.0 million, net amortization of purchased premiums and discounts of $1.2 million and a provision for credit losses of $370 thousand.

Loans and Leases

Gross loans and leases held for investment increased $539.2 million, or 10.2%, from December 31, 2021. Gross loans and leases held for investment, excluding PPP loans, at September 30, 2022 increased $568.8 million or 10.8% from December 31, 2021. The growth in gross loans and leases held for investment, excluding PPP loans, was primarily due to increases in commercial, commercial real estate, construction, residential mortgage loans, and lease financings.

Asset Quality

The Bank's strategy for credit risk management focuses on having well-defined credit policies and uniform underwriting criteria and providing prompt attention to potential problem loans and leases. Performance of the loan and lease portfolio is monitored on a regular basis by Bank management and lending officers.

Nonaccrual loans and leases and accruing troubled debt restructured loans are loans or leases for which it is probable that not all principal and interest payments due will be collectible in accordance with the original contractual terms. Factors considered by management in determining accrual status include payment status, borrower cash flows, collateral value and the probability of collecting scheduled principal and interest payments when due.

At September 30, 2022, nonaccrual loans and leases and accruing troubled debt restructured loans were $13.7 million and had a related allowance for credit losses on loans and leases of $1.7 million. At December 31, 2021, nonaccrual loans and leases and accruing troubled debt restructured loans were $33.3 million and had a related allowance for credit losses on loans and leases of $11 thousand. During the second quarter, a nonaccrual commercial real estate loan was transferred to other real estate owned with a carrying value of $18.3 million. Individual reserves have been established based on current facts and management's judgements about the ultimate outcome of these credits, including the most recent known data available on any related underlying collateral and the borrower's cash flows. The amount of individual reserve needed for these credits could change in future periods subject to changes in facts and judgements related to these credits.

Net loan and lease charge-offs for the three months ended September 30, 2022 were $1.2 million compared to net loan and lease recoveries of $75 thousand for the same period in the prior year. Net loan and lease charge-offs for the nine months ended September 30, 2022 were $3.0 million compared to $456 thousand for the same period in the prior year.

Other real estate owned was $19.0 million at September 30, 2022 and $279 thousand at December 31, 2021 due to the transfer of a nonaccrual commercial real estate loan to other real estate owned noted above.

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Table 3—Nonaccrual and Past Due Loans and Leases; Troubled Debt Restructured Loans and Lease Modifications; Other Real Estate Owned; and Related Ratios

The following table details information pertaining to the Corporation’s nonperforming assets at the dates indicated.
(Dollars in thousands)At September 30, 2022At December 31, 2021
Nonaccrual loans and leases, including nonaccrual troubled debt restructured loans and lease modifications*$13,620 $33,210 
Accruing troubled debt restructured loans and lease modifications not included in the above50 51 
Accruing loans and leases, 90 days or more past due416 498 
Total nonperforming loans and leases$14,086 $33,759 
Other real estate owned18,960 279 
Total nonperforming assets$33,046 $34,038 
*Nonaccrual troubled debt restructured loans and lease modifications in nonaccrual loans and leases in the above table$785 $758 
Loans and leases held for investment$5,849,259 $5,310,017 
Allowance for credit losses, loans and leases74,929 71,924 
Allowance for credit losses, loans and leases / loans and leases held for investment1.28 %1.35 %
Nonaccrual loans and leases (including nonaccrual troubled debt restructured loans and lease modifications) / loans and leases held for investment0.23 %0.63 %
Allowance for credit losses, loans and leases / nonaccrual loans and leases550.14 %216.57 %

The following table provides additional information on the Corporation’s nonaccrual loans held for investment:
(Dollars in thousands)At September 30, 2022At December 31, 2021
Total nonaccrual loans and leases, including nonaccrual troubled debt restructured loans and lease modifications$13,620 $33,210 
Nonaccrual loans and leases with partial charge-offs4,217 1,429 
Life-to-date partial charge-offs on nonaccrual loans and leases2,171 536 
Specific reserves on individually analyzed loans1,657 11 

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Table 4—Loan Concentration

The following table provides summarized detail related to outstanding commercial loan balances, excluding PPP loans, segmented by industry description as of September 30, 2022:
(Dollars in thousands)September 30, 2022
Industry DescriptionTotal Outstanding Balance (excl PPP)% of Commercial Loan Portfolio
CRE - Retail$378,087 7.9 %
Animal Production332,130 7.0 
CRE - Multi-family263,698 5.5 
CRE - 1-4 Family Residential Investment249,149 5.2 
CRE - Office201,659 4.2 
CRE - Industrial / Warehouse185,952 3.9 
Hotels & Motels (Accommodation)170,627 3.6 
Nursing and Residential Care Facilities168,576 3.5 
Education155,122 3.3 
Specialty Trade Contractors147,227 3.1 
Homebuilding (tract developers, remodelers)133,902 2.8 
Motor Vehicle and Parts Dealers113,639 2.4 
Merchant Wholesalers, Durable Goods108,825 2.3 
CRE - Medical Office105,744 2.2 
CRE - Mixed-Use - Residential105,702 2.2 
Crop Production91,597 1.9 
CRE - Mixed-Use - Commercial85,172 1.8 
Food Manufacturing84,131 1.8 
Wood Product Manufacturing75,768 1.6 
Rental and Leasing Services74,514 1.6 
Administrative and Support Services73,558 1.5 
Religious Organizations, Advocacy Groups73,091 1.5 
Merchant Wholesalers, Nondurable Goods70,679 1.5 
Food Services and Drinking Places70,498 1.5 
Personal and Laundry Services60,651 1.3 
Fabricated Metal Product Manufacturing56,640 1.2 
Repair and Maintenance56,623 1.2 
Miniwarehouse / Self-Storage56,279 1.2 
Truck Transportation50,969 1.1 
Industries with >$50 million in outstandings$3,800,209 79.8 %
Industries with <$50 million in outstandings$962,480 20.2 %
Total Commercial Loans$4,762,689 100.0 %
Consumer Loans and Lease FinancingsTotal Outstanding Balance
Real Estate-Residential Secured for Personal Purpose$685,771 
Real Estate-Home Equity Secured for Personal Purpose175,843 
Loans to Individuals26,679 
Lease Financings196,070 
Total Consumer Loans and Lease Financings$1,084,363 
Total$5,847,052 

Goodwill and Other Intangible Assets

Goodwill and other intangible assets have been recorded on the books of the Corporation in connection with acquisitions. The Corporation has core deposit and customer-related intangibles, which are not deemed to have an indefinite life and therefore will continue to be amortized over their useful life using the present value of projected cash flows. The amortization of core deposit and customer-related intangibles was $274 thousand and $214 thousand for the three months ended September 30, 2022 and 2021, respectively. The amortization of core deposit and customer-related intangibles was $888 thousand and $709 thousand for the nine months ended September 30, 2022 and 2021, respectively. See Note 5 to the Condensed Unaudited Consolidated Financial Statements, "Goodwill and Other Intangible Assets," for a summary of intangible assets at September 30, 2022 and December 31, 2021.

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The Corporation also has goodwill with a net carrying value of $175.5 million at September 30, 2022 and December 31, 2021, which is deemed to be an indefinite intangible asset and is not amortized. The Corporation completes a goodwill impairment analysis on an annual basis, or more often if events and circumstances indicate that there may be impairment. The Corporation also completes an impairment test for other identifiable intangible assets on an annual basis or more often if events and circumstances indicate there may be impairment. There was no impairment of goodwill or identifiable intangibles during the nine months ended September 30, 2022 and 2021. There can be no assurance that future impairment assessments or tests will not result in a charge to earnings.

Liabilities
The following table presents liabilities at the dates indicated:
(Dollars in thousands)At September 30, 2022At December 31, 2021Change
AmountPercent
Deposits$5,786,976 $6,055,124 $(268,148)(4.4 %)
Short-term borrowings80,711 20,106 60,605 301.4 
Long-term debt95,000 95,000 — — 
Subordinated notes99,107 98,874 233 0.2 
Operating lease liabilities33,718 33,453 265 0.8 
Accrued interest payable and other liabilities57,698 46,070 11,628 25.2 
Total liabilities$6,153,210 $6,348,627 $(195,417)(3.1 %)

Deposits

Total deposits decreased $268.1 million, or 4.4%, from December 31, 2021, primarily due to decreases in commercial and consumer deposits.

Borrowings

Total borrowings increased $60.8 million, or 28.4%, from December 31, 2021, due to an increase of $40.0 million in federal funds purchased and $28.8 million in short-term FHLB overnight borrowings, partially offset by a decrease of $8.1 million in short-term customer repurchase agreements.

Shareholders’ Equity

The following table presents total shareholders’ equity at the dates indicated:
(Dollars in thousands)At September 30, 2022At December 31, 2021Change
AmountPercent
Common stock$157,784 $157,784 $— — %
Additional paid-in capital299,791 299,181 610 0.2 
Retained earnings410,942 375,124 35,818 9.5 
Accumulated other comprehensive loss(64,985)(16,353)(48,632)297.4 
Treasury stock(49,345)(41,942)(7,403)17.7 
Total shareholders’ equity$754,187 $773,794 $(19,607)(2.5 %)

Total shareholders' equity decreased $19.6 million, or 2.5%, from December 31, 2021. Retained earnings at September 30, 2022 increased by $35.8 million primarily due to net income of $54.3 million offset by $18.3 million in cash dividends paid for the nine months ended September 30, 2022. Accumulated other comprehensive loss increased by $48.6 million, primarily attributable to decreases in the fair value of available-for-sale investment securities of $42.2 million, net of tax and a decrease in the fair value of derivatives of $6.9 million, net of tax. Treasury stock increased $7.4 million from December 31, 2021 primarily related to purchases of $11.4 million under the Corporation's share repurchase program offset by $4.0 million of stock issued under the dividend reinvestment and employee stock purchase plans and stock-based incentive plan activity.

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Discussion of Segments

The Corporation has three operating segments: Banking, Wealth Management and Insurance. Detailed segment information appears in Note 13, "Segment Reporting" included in the Notes to the Condensed Unaudited Consolidated Financial Statements under Item 1 of this Quarterly Report on Form 10-Q.

The Banking segment reported pre-tax income of $26.6 million and $25.7 million for the three months ended September 30, 2022 and 2021, respectively, and pre-tax income of $65.3 million and $91.4 million for the nine months ended September 30, 2022 and 2021, respectively. See the section of this MD&A under the headings "Results of Operations" and "Financial Condition" for a discussion of key items impacting the Banking Segment.

The Wealth Management segment reported pre-tax income of $1.2 million and $1.9 million for the three months ended September 30, 2022 and 2021, and $5.7 million and $6.5 million for the nine months ended September 30, 2022 and 2021, respectively. Noninterest income was $6.1 million and $7.0 million for the three months ended September 30, 2022 and 2021, respectively, and $20.2 million and $20.5 million for the nine months ended September 30, 2022 and 2021, respectively. The decrease in pre-tax income and noninterest income for the three and nine months ended September 30, 2022 compared to the three and nine months ended September 30, 2021 was primarily due to reduced assets under management and supervision as a majority of investment advisory fees are billed based on the prior quarter-end assets under management and supervision balance. Assets under management and supervision were $4.0 billion as of September 30, 2022, $4.1 billion as of June 30, 2022, $4.6 billion as of September 30, 2021 and $4.5 billion as of June 30, 2021.

The Insurance segment reported pre-tax income of $541 thousand and $597 thousand for the three months ended September 30, 2022 and 2021, respectively, and $2.9 million for the nine months ended September 30, 2022 and 2021. Noninterest income was $4.6 million and $4.0 million for the three months ended September 30, 2022 and 2021, respectively, and $15.2 million and $13.1 million for the nine months ended September 30, 2022 and 2021, respectively. The increase in noninterest income for the three and nine months ended September 30, 2022 was primarily due to incremental revenue attributable to the insurance agency the Corporation acquired in the fourth quarter of 2021.

Capital Adequacy

Quantitative measures established by regulation to ensure capital adequacy require the Corporation and the Bank to maintain minimum capital amounts and ratios as set forth in the following table. To comply with the regulatory definition of well capitalized, a depository institution must maintain minimum capital amounts and ratios as set forth in the following table.

Under current rules, in order to avoid limitations on capital distributions (including dividend payments and certain discretionary bonus payments to executive officers), a banking organization must hold a capital conservation buffer comprised of common equity Tier 1 capital above its minimum risk-based capital requirements in an amount greater than 2.50% of total risk-weighted assets. The Corporation's and Bank's intent is to maintain capital levels in excess of the capital conservation buffer, which requires Tier 1 Capital to Risk Weighted Assets to exceed 8.50% and Total Capital to Risk Weighted Assets to exceed 10.50%. The Corporation and the Bank were in compliance with these requirements at September 30, 2022.
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Table 5—Regulatory Capital

The Corporation's and Bank's actual and required capital ratios as of September 30, 2022 and December 31, 2021 under regulatory capital rules were as follows.
 ActualFor Capital Adequacy
Purposes		To Be Well-Capitalized
Under Prompt
Corrective Action
Provisions
(Dollars in thousands)AmountRatioAmountRatioAmount  Ratio  
At September 30, 2022
Total Capital (to Risk-Weighted Assets):
Corporation$820,652 13.10 %$501,306 8.00 %$626,633 10.00 %
Bank711,371 11.38 500,162 8.00 625,203 10.00 
Tier 1 Capital (to Risk-Weighted Assets):
Corporation658,533 10.51 375,980 6.00 501,306 8.00 
Bank648,359 10.37 375,122 6.00 500,162 8.00 
Tier 1 Common Capital (to Risk-Weighted Assets):
Corporation658,533 10.51 281,985 4.50 407,311 6.50 
Bank648,359 10.37 281,341 4.50 406,382 6.50 
Tier 1 Capital (to Average Assets):
Corporation658,533 9.87 266,906 4.00 333,633 5.00 
Bank648,359 9.74 266,213 4.00 332,767 5.00 
At December 31, 2021
Total Capital (to Risk-Weighted Assets):
Corporation$786,300 13.77 %$456,902 8.00 %$571,128 10.00 %
Bank660,436 11.61 455,178 8.00 568,973 10.00 
Tier 1 Capital (to Risk-Weighted Assets):
Corporation633,023 11.08 342,677 6.00 456,902 8.00 
Bank606,033 10.65 341,384 6.00 455,178 8.00 
Tier 1 Common Capital (to Risk-Weighted Assets):
Corporation633,023 11.08 257,008 4.50 371,233 6.50 
Bank606,033 10.65 256,038 4.50 369,832 6.50 
Tier 1 Capital (to Average Assets):
Corporation633,023 9.13 277,297 4.00 346,622 5.00 
Bank606,033 8.77 276,471 4.00 345,588 5.00 
At September 30, 2022 and December 31, 2021, the Corporation and the Bank continued to meet all capital adequacy requirements to which they are subject. At September 30, 2022, the Bank was categorized as "well capitalized" under the regulatory framework for prompt corrective action. There are no conditions or events since that management believes have changed the Bank’s category.

In December 2018, the Federal Reserve announced that a banking organization that experiences a reduction in retained earnings due to the CECL adoption as of the beginning of the fiscal year in which CECL was adopted may elect to phase in the regulatory capital impact of adopting CECL. Transitional amounts are calculated for the following items: retained earnings, temporary difference deferred tax assets and credit loss allowances eligible for inclusion in regulatory capital. When calculating regulatory capital ratios, 25% of the transitional amounts are phased in during the first year. An additional 25% of the transitional amounts are phased in over each of the next two years and at the beginning of the fourth year, the day-one effects of CECL are completely reflected in regulatory capital.
Additionally, in March 2020, the Office of the Comptroller of the Currency, the U.S. Department of the Treasury, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation announced the 2020 CECL interim final rule (IFR) designed to allow eligible firms to better focus on supporting lending to creditworthy households and businesses in light of the then-recent strains on the U.S. economy as a result of the coronavirus (COVID-19). The 2020 CECL IFR allows corporations that adopt CECL before December 31, 2020 to defer 100 percent of the day-one transitional amounts
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described above through December 31, 2021 for regulatory capital purposes. Additionally, the 2020 CECL IFR allows electing firms to defer through December 31, 2021 the approximate portion of the post day-one allowance attributable to CECL relative to the incurred loss methodology. This is calculated by applying a 25% scaling factor to the CECL provision.
The Corporation adopted the transition guidance and the 2020 CECL IFR relief and applied these effects to regulatory capital.

Asset/Liability Management

The primary functions of Asset/Liability Management are to ensure adequate earnings, capital and liquidity while maintaining an appropriate balance between interest-earning assets and interest-bearing liabilities. Management's objective with regard to interest rate risk is to understand the Corporation's sensitivity to changes in interest rates and develop and implement strategies to minimize volatility while maximizing net interest income.

The Corporation uses gap analysis and earnings at risk simulation modeling to quantify exposure to interest rate risk. The Corporation uses the gap analysis to identify and monitor long-term rate exposure and uses a simulation model to measure short-term rate exposure. The Corporation runs various earnings simulation scenarios to quantify the impact of declining or rising interest rates on net interest income over a one-year and two-year horizon. The simulation uses expected cash flows and repricing characteristics for all financial instruments at a point in time and incorporates company-developed, market-based assumptions regarding growth, pricing, and optionality such as prepayment speeds. As interest rates increase, fixed-rate assets tend to decrease in value; conversely, as interest rates decline, fixed-rate assets tend to increase in value.

Liquidity

The Corporation, in its role as a financial intermediary, is exposed to certain liquidity risks. Liquidity refers to the Corporation’s ability to ensure that sufficient cash flows and liquid assets are available to satisfy demand for loans, deposit withdrawals, repayment of borrowings, certificates of deposit at maturity, operating expenses and capital expenditures. The Corporation manages liquidity risk by measuring and monitoring liquidity sources and estimated funding needs on a daily basis. The Corporation has a contingency funding plan in place to address liquidity needs in the event of an institution-specific or a systemic financial crisis.

Sources of Funds

Core deposits continue to be the largest significant funding source for the Corporation. These deposits are primarily generated from individuals, businesses, municipalities and non-profit customers located in our primary service areas. The Corporation faces increased competition for these deposits from a large array of financial market participants, including banks, credit unions, savings institutions, mutual funds, security dealers and others.

As part of its diversified funding strategy, the Corporation also utilizes a mix of short-term and long-term wholesale funding providers. Wholesale funding includes federal funds purchases from correspondent banks, secured borrowing lines from the Federal Home Loan Bank of Pittsburgh, the Federal Reserve Bank of Philadelphia and, at times, brokered deposits and other similar sources.

Cash Requirements

The Corporation has cash requirements for various financial obligations, including contractual obligations and commitments that require cash payments. The most significant contractual obligations, in both the under and over one-year time period, are for the Bank to repay certificates of deposit and long-term borrowings. The Bank anticipates meeting these obligations by utilizing on-balance sheet liquidity and continuing to provide convenient depository and cash management services through its financial center network, thereby replacing these contractual obligations with similar fund sources at rates that are competitive in our market. The Bank will also use borrowings and brokered deposits to meet its obligations.

Commitments to extend credit are the Bank’s most significant commitment in both the under and over one-year time periods. These commitments do not necessarily represent future cash requirements in that these commitments often expire without being drawn upon.

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Recent Accounting Pronouncements

For information regarding recent accounting pronouncements, refer to Note 1 to the Condensed Consolidated Financial Statements, "Summary of Significant Accounting Policies."

Item 3.    Quantitative and Qualitative Disclosures About Market Risk

No material changes in the Corporation’s market risk occurred during the period ended September 30, 2022. A detailed discussion of market risk is provided in the Corporation's Annual Report on Form 10-K for the year ended December 31, 2021.

Item 4.    Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Management is responsible for the disclosure controls and procedures of the Corporation. Disclosure controls and procedures are controls and other procedures of an issuer that are designed to ensure that information required to be disclosed by the issuer in the reports that it files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods required by the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be so disclosed by an issuer is accumulated and communicated to the issuer’s management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. As of the end of the period covered by this report, an evaluation was performed under the supervision and with the participation of the Corporation’s management, including the Chief Executive Officer (Principal Executive Officer) and Chief Financial Officer (Principal Financial and Accounting Officer), of the effectiveness of the design and operation of the Corporation’s disclosure controls and procedures. Based on that evaluation, the Corporation’s Chief Executive Officer and Chief Financial Officer concluded that the disclosure controls and procedures were effective as of September 30, 2022.

Changes in Internal Control over Financial Reporting

There were no changes in the Corporation's internal control over financial reporting (as defined in Rule 13a-15(f)) during the quarter ended September 30, 2022 that materially affected, or are reasonably likely to materially affect, the Corporation’s internal control over financial reporting.

PART II. OTHER INFORMATION
 
Item 1.    Legal Proceedings

The Corporation is periodically subject to various pending and threatened legal actions that involve claims for monetary relief. Based upon information presently available to the Corporation, it is the Corporation's opinion that any legal and financial responsibility arising from such claims will not have a material adverse effect on the Corporation's results of operations, financial position or cash flows.

Item 1A. Risk Factors

There have been no material changes in risk factors applicable to the Corporation from those disclosed in "Risk Factors" in Item 1A of the Corporation's Annual Report on Form 10-K for the year ended December 31, 2021.

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Item 2.    Unregistered Sales of Equity Securities and Use of Proceeds

The following table provides information on repurchases by the Corporation of its common stock under the Corporation's Board approved program.
ISSUER PURCHASES OF EQUITY SECURITIES
PeriodTotal Number
of Shares
Purchased		Average
Price Paid
per Share		Total Number of
Shares Purchased as
Part of Publicly
Announced Plans or
Programs		Maximum Number of
Shares that May Yet Be
Purchased Under the
Plans or Programs
July 1 – 31, 202212,992 $24.94 12,992 366,182 
August 1 – 31, 2022137,008 25.45 137,008 229,174 
September 1 – 30, 2022— — — 229,174 
Total150,000 $25.41 150,000 

1.On May 27, 2015, the Corporation's Board of Directors approved the repurchase of 1,000,000 shares, or approximately 5% of the Corporation's common stock outstanding as of May 27, 2015. On October 26, 2022, the Corporation's Board of Directors approved the repurchase of 1,000,000 shares, or approximately 3.4% of the Corporation's common stock outstanding as of September 30, 2022. The stock repurchase plan does not include normal treasury activity such as purchases to fund the dividend reinvestment, employee stock purchase and equity compensation plans. The program has no scheduled expiration date and the Board of Directors has the right to suspend or discontinue the program at any time.

In addition to the repurchases disclosed above, participants in the Corporation's stock-based incentive plans may have shares withheld to cover income taxes upon the vesting of restricted stock awards and may use a stock swap to exercise stock options. Shares withheld to cover income taxes upon the vesting of restricted stock awards and stock swaps to exercise stock options are repurchased pursuant to the terms of the applicable plan and not under the Corporation's share repurchase program. Shares repurchased pursuant to these plans during the three months ended September 30, 2022 were as follows:

PeriodTotal Number of Shares PurchasedAverage Price Paid per Share
July 1 – 31, 2022— $— 
August 1 – 31, 2022— — 
September 1 – 30, 2022— — 
Total— $— 

Item 3.    Defaults Upon Senior Securities
None.

Item 4.    Mine Safety Disclosures
Not Applicable.

 Item 5.    Other Information
None.
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Item 6.    Exhibits
 
a.Exhibits
Exhibit 3.1
Amended and Restated Articles of Incorporation are incorporated by reference to Exhibit 3.1 of Form 10-K, filed with the SEC on February 28, 2019.
Exhibit 3.2
Amended By-Laws are incorporated by reference to Exhibit 3.2 of Form 8-K, filed with the SEC on April 27, 2022.
Exhibit 10.1
Form of Change in Control Agreement, dated October 26, 2022, entered into between Univest Financial Corporation, Univest Bank and Trust Co. and each of Jeffrey M. Schweitzer, Michael S. Sam, Brian J. Richardson and Megan D. Santana, is incorporated by reference to Exhibit 10.1 of Form 8-K, filed with the SEC on October 27, 2022.
Exhibit 31.1
Certification of Jeffrey M. Schweitzer, President and Chief Executive Officer of the Corporation, pursuant to Rule 13a-14(a) of the Exchange Act, as enacted by Section 302 of the Sarbanes-Oxley Act of 2002.
Exhibit 31.2
Certification of Brian J. Richardson, Senior Executive Vice President and Chief Financial Officer of the Corporation, pursuant to Rule 13a-14(a) of the Exchange Act, as enacted by Section 302 of the Sarbanes-Oxley Act of 2002.
Exhibit 32.1
Certification of Jeffrey M. Schweitzer, President and Chief Executive Officer of the Corporation, pursuant to 18 United States Code Section 1350, as enacted by Section 906 of the Sarbanes-Oxley Act of 2002.
Exhibit 32.2
Certification of Brian J. Richardson, Senior Executive Vice President and Chief Financial Officer of the Corporation, pursuant to 18 United States Code Section 1350, as enacted by Section 906 of the Sarbanes-Oxley Act of 2002.
Exhibit 101
The following financial statements from the Corporation's Quarterly Report on Form 10-Q for the quarter ended September 30, 2022, formatted in Inline XBRL: (i) Condensed Consolidated Balance Sheets, (ii) Condensed Consolidated Statements of Income, (iii) Condensed Consolidated Statements of Comprehensive Income, (iv) Condensed Consolidated Statements of Changes in Shareholders' Equity, (v) Condensed Consolidated Statements of Cash Flows, and (vi) Notes to the Condensed Unaudited Consolidated Financial Statements, tagged as blocks of text and including detailed tags.
Exhibit 104
The cover page from the Corporation's Quarterly Report on Form 10-Q for the quarter ended September 30, 2022, formatted in Inline XBRL.

63

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
Univest Financial Corporation
(Registrant)
Date: October 28, 2022/s/ Jeffrey M. Schweitzer
Jeffrey M. Schweitzer
President and Chief Executive Officer
(Principal Executive Officer)
Date: October 28, 2022/s/ Brian J. Richardson
Brian J. Richardson
Senior Executive Vice President and Chief Financial Officer
(Principal Financial and Accounting Officer)

64

What is the market capitalization of a company?

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