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Univest Financial Corporation
UVSP
#5971
Rank
$1.01 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$35.79
Share price
1.19%
Change (1 day)
40.46%
Change (1 year)
๐Ÿฆ Insurance๐Ÿ’ณ Financial services๐Ÿ’ฐ Investment
Categories
  1. Univest Financial Corporation
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2025 Q1

Univest Financial Corporation - 10-Q quarterly report FY2025 Q1


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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 March 31, 2025
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 value28,880,154
(Title of Class)
(Number of shares outstanding at April 28, 2025)



UNIVEST FINANCIAL CORPORATION AND SUBSIDIARIES
INDEX
 
  Page Number
Part I.
Item 1.
2
Condensed Consolidated Statements of Income for the Three Months Ended March 31, 2025 and 2024
3
Condensed Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2025 and 2024
4
Condensed Consolidated Statements of Changes in Shareholders’ Equity for the Three Months Ended March 31, 2025 and 2024
5
Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2025 and 2024
6
7
Item 2.
41
Item 3.
55
Item 4.
55
Part II.
Item 1.
55
Item 1A.
55
Item 2.
56
Item 3.
56
Item 4.
56
Item 5.
56
Item 6.
57
58

1
PART I. FINANCIAL INFORMATION
 
Item 1. Financial Statements
UNIVEST FINANCIAL CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Dollars in thousands, except share data)At March 31, 2025At December 31, 2024
ASSETS
Cash and due from banks$73,319 $75,998 
Interest-earning deposits with other banks95,815 252,846 
Cash and cash equivalents169,134 328,844 
Investment securities held-to-maturity (fair value $114,427 and $115,007 at March 31, 2025 and December 31, 2024, respectively)
130,889 134,111 
Investment securities available-for-sale (amortized cost $402,633 and $402,651, net of allowance for credit losses of $746 and $839 at March 31, 2025 and December 31, 2024, respectively)
364,503 357,361 
Investments in equity securities 1,667 2,506 
       Federal Home Loan Bank, Federal Reserve Bank and other stock, at cost35,732 38,980 
Loans held for sale13,150 16,653 
Loans and leases held for investment6,833,037 6,826,583 
Less: Allowance for credit losses, loans and leases(87,790)(87,091)
Net loans and leases held for investment6,745,247 6,739,492 
Premises and equipment, net47,175 46,671 
Operating lease right-of-use assets27,182 28,531 
Goodwill175,510 175,510 
Other intangibles, net of accumulated amortization8,061 8,309 
Bank owned life insurance139,482 139,351 
Accrued interest receivable and other assets117,435 112,098 
Total assets$7,975,167 $8,128,417 
LIABILITIES
Noninterest-bearing deposits$1,433,995 $1,414,635 
Interest-bearing deposits5,224,503 5,344,624 
Total deposits6,658,498 6,759,259 
Short-term borrowings4,031 11,181 
Long-term debt175,000 225,000 
Subordinated notes149,386 149,261 
Operating lease liabilities30,062 31,485 
Accrued interest payable and other liabilities54,718 64,930 
Total liabilities7,071,695 7,241,116 
SHAREHOLDERS’ EQUITY
Common stock, $5 par value: 48,000,000 shares authorized at March 31, 2025 and December 31, 2024; 31,556,799 shares issued at March 31, 2025 and December 31, 2024; 28,962,648 and 29,045,877 shares outstanding at March 31, 2025 and December 31, 2024, respectively
157,784 157,784 
Additional paid-in capital300,634 302,829 
Retained earnings541,776 525,780 
Accumulated other comprehensive loss, net of tax benefit(37,922)(43,992)
Treasury stock, at cost; 2,594,151 and 2,510,922 shares at March 31, 2025 and December 31, 2024, respectively
(58,800)(55,100)
Total shareholders’ equity903,472 887,301 
Total liabilities and shareholders’ equity$7,975,167 $8,128,417 
Note: See accompanying notes to the unaudited condensed consolidated financial statements.
2
UNIVEST FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three Months Ended
 March 31,
(Dollars in thousands, except per share data)20252024
Interest income
Interest and fees on loans and leases$97,346 $92,617 
Interest and dividends on investment securities:
Taxable4,019 3,647 
Exempt from federal income taxes4 12 
Interest on deposits with other banks1,360 1,609 
Interest and dividends on other earning assets687 724 
Total interest income103,416 98,609 
Interest expense
Interest on deposits41,979 41,973 
Interest on short-term borrowings14 5 
Interest on long-term debt and subordinated notes4,642 5,164 
Total interest expense46,635 47,142 
Net interest income56,781 51,467 
Provision for credit losses2,311 1,432 
Net interest income after provision for credit losses54,470 50,035 
Noninterest income
Trust fee income2,161 2,108 
Service charges on deposit accounts2,194 1,871 
Investment advisory commission and fee income5,613 5,194 
Insurance commission and fee income6,889 7,201 
Other service fee income2,707 6,415 
Bank owned life insurance income1,959 842 
Net gain on mortgage banking activities647 939 
Other income245 1,025 
Total noninterest income22,415 25,595 
Noninterest expense
Salaries, benefits and commissions30,826 31,338 
Net occupancy2,853 2,872 
Equipment1,122 1,111 
Data processing4,364 4,495 
Professional fees1,797 1,688 
Marketing and advertising353 416 
Deposit insurance premiums1,151 1,135 
Intangible expenses130 187 
Other expense6,732 6,832 
Total noninterest expense49,328 50,074 
Income before income taxes27,557 25,556 
Income tax expense5,162 5,251 
Net income$22,395 $20,305 
Net income per share:
Basic$0.77 $0.69 
Diluted0.77 0.69 
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 March 31,
(Dollars in thousands)20252024
Before
Tax
Amount		Tax
Expense
(Benefit)		Net of
Tax
Amount		Before
Tax
Amount		Tax
Expense
(Benefit)		Net of
Tax
Amount
Income$27,557 $5,162 $22,395 $25,556 $5,251 $20,305 
Other comprehensive income (loss):
Net unrealized gains (losses) on available-for-sale investment securities:
Net unrealized holding gains (losses) arising during the period7,160 1,504 5,656 (2,989)(628)(2,361)
(Reversal of provision) provision for credit losses(93)(20)(73)86 18 68 
Total net unrealized gains (losses) on available-for-sale investment securities7,067 1,484 5,583 (2,903)(610)(2,293)
Net unrealized gains (losses) on interest rate swaps used in cash flow hedges:
Net unrealized holding losses arising during the period— — — (4,013)(843)(3,170)
Less: reclassification adjustment for net losses realized in net income— — — 1,586 333 1,253 
Reclassification adjustment recorded in earnings (1)565 119 446 — — — 
Total net unrealized gains (losses) on interest rate swaps used in cash flow hedges 565 119 446 (2,427)(510)(1,917)
Defined benefit pension plans:
Amortization of net actuarial gains included in net periodic pension costs (2)52 11 41 147 31 116 
Total defined benefit pension plans52 11 41 147 31 116 
Other comprehensive income (loss)7,684 1,614 6,070 (5,183)(1,089)(4,094)
Total comprehensive income$35,241 $6,776 $28,465 $20,373 $4,162 $16,211 
(1) Represents reclassification to earnings as a reduction to interest income of amounts included in accumulated other comprehensive income on the condensed consolidated balance sheet related to the interest rate swap terminated on August 2, 2024.
(2) 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
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 March 31, 2025
Balance at December 31, 202429,045,877 $157,784 $302,829 $525,780 $(43,992)$(55,100)$887,301 
Net income — — — 22,395 — — 22,395 
Other comprehensive income, net of income tax— — — — 6,070 — 6,070 
Cash dividends declared ($0.21 per share)
— — — (6,088)— — (6,088)
Stock-based compensation— — 1,370 (311)— — 1,059 
Stock issued under dividend reinvestment and employee stock purchase plans19,136 — 50 — — 524 574 
Vesting of restricted stock units, net of shares withheld to cover taxes107,895 — (3,641)— — 2,066 (1,575)
Exercise of stock options11,500 — 26 — — 254 280 
Purchases of treasury stock(221,760)— — — — (6,544)(6,544)
Balance at March 31, 202528,962,648 $157,784 $300,634 $541,776 $(37,922)$(58,800)$903,472 
(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 March 31, 2024
Balance at December 31, 202329,511,721 $157,784 $301,066 $474,691 $(50,646)$(43,687)$839,208 
Net income — — — 20,305 — — 20,305 
Other comprehensive loss, net of income tax benefit— — — — (4,094)— (4,094)
Cash dividends declared ($0.21 per share)
— — — (6,189)— — (6,189)
Stock-based compensation— — 970 (17)— — 953 
Stock issued under dividend reinvestment and employee stock purchase plans31,906 — (5)— — 653 648 
Vesting of restricted stock units, net of shares withheld to cover taxes103,169 — (3,101)— — 2,267 (834)
Exercise of stock options7,788 — (16)— — 166 150 
Purchases of treasury stock(316,665)— — — — (6,478)(6,478)
Balance at March 31, 202429,337,919 $157,784 $298,914 $488,790 $(54,740)$(47,079)$843,669 
Note: See accompanying notes to the unaudited condensed consolidated financial statements.

5
UNIVEST FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 Three Months Ended March 31,
(Dollars in thousands)20252024
Cash flows from operating activities:
Net income$22,395 $20,305 
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses2,311 1,432 
Depreciation of premises and equipment1,351 1,341 
Net amortization of investment securities premiums and discounts229 262 
Amortization, fair market value adjustments and capitalization of servicing rights118 3,302 
Net gain on mortgage banking activities(647)(939)
Bank owned life insurance income(1,959)(842)
Stock-based compensation1,067 1,025 
Intangible expenses130 187 
Other adjustments to reconcile net income to cash used in operating activities(480)(710)
Originations of loans held for sale(37,126)(48,450)
Proceeds from the sale of loans held for sale41,441 47,981 
Contributions to pension and other postretirement benefit plans(62)(63)
Increase in accrued interest receivable and other assets(4,472)(6,998)
Decrease in accrued interest payable and other liabilities(8,693)(6,265)
Net cash provided by operating activities15,603 11,568 
Cash flows from investing activities:
Proceeds from sale of premises and equipment83 2,440 
Purchases of premises and equipment(1,948)(1,040)
Proceeds from maturities, calls and principal repayments of securities held-to-maturity3,140 3,308 
Proceeds from maturities, calls and principal repayments of securities available-for-sale11,429 8,628 
Purchases of investment securities held-to-maturity— (1,100)
Purchases of investment securities available-for-sale(11,565)(11,059)
Proceeds from sales of equity securities1,981 616 
Purchases of money market mutual funds(1,142)(714)
Net decrease in other investments3,248 3,105 
Net increase in loans and leases(10,393)(12,965)
Proceeds from sales of foreclosed / repossessed assets239 — 
Purchases of bank owned life insurance— (5,710)
Proceeds from bank owned life insurance1,828 — 
Net cash used in investing activities(3,100)(14,491)
Cash flows from financing activities:
Net (decrease) increase in deposits(100,764)29,571 
Net decrease in short-term borrowings(7,150)(1,490)
Repayment of long-term debt(50,000)(60,000)
Payment of contingent consideration on acquisitions(635)(635)
Payment for shares withheld to cover taxes on vesting of restricted stock units(1,575)(830)
Purchases of treasury stock(6,544)(6,478)
Stock issued under dividend reinvestment and employee stock purchase plans574 648 
Proceeds from exercise of stock options280 150 
Cash dividends paid(6,399)(6,206)
Net cash used in financing activities(172,213)(45,270)
Net decrease in cash and cash equivalents(159,710)(48,193)
Cash and cash equivalents at beginning of year328,844 249,799 
Cash and cash equivalents at end of period$169,134 $201,606 
Supplemental disclosures of cash flow information:
Cash paid for interest$49,547 $45,292 
Cash paid for income taxes, net of refunds70 122 
Non cash transactions:
Transfer of loans to other real estate owned$2,526 $— 
Transfer of leases to repossessed assets17 167 
Note: See accompanying notes to the unaudited condensed consolidated financial statements.
6
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 the rules and regulations for interim financial information. The accompanying unaudited condensed 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 period ended March 31, 2025 are not necessarily indicative of the results that may be expected for the year ended December 31, 2025 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, 2024, which was filed with the SEC on February 24, 2025.

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 determination of the allowance for credit losses on loans and leases.

Recent Accounting Pronouncements Yet to Be Adopted

In October 2023, the FASB issued ASU No. 2023-06, "Disclosure Improvements: Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative". This ASU amends the disclosure or presentation requirements related to various subtopics in the FASB Accounting Standards Codification. The amendments in this ASU are expected to clarify or improve disclosure and presentation requirements of a variety of Codification Topics, allow users to more easily compare entities subject to the SEC's existing disclosures with those entities that were not previously subject to the requirements, and align the requirements in the Codification with the SEC's regulations. For entities subject to the SEC's existing disclosure requirements and for entities required to file or furnish financial statements with or to the SEC in preparation for the sale of or for purposes of issuing securities that are not subject to contractual restrictions on transfer, the effective date for each amendment will be the date on which the SEC removes that related disclosure from its rules. For all other entities, the amendments will be effective two years later. However, if by June 30, 2027, the SEC has not removed the related disclosure from its regulations, the amendments will be removed from the Codification and not become effective for any entity. The Corporation does not expect the adoption of this ASU will have a material impact on the Corporation's financial statements

In December 2023, the FASB issued ASU No. 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures". This ASU enhances annual income tax disclosures to address investor requests for more transparency about income tax information through improvements to income tax disclosures, primarily related to the rate reconciliation and income taxes paid information. This ASU also includes certain other amendments to improve the effectiveness of income tax disclosures. For public business entities, the amendments in this ASU are effective for annual periods beginning after December 15, 2024. For all other business entities, the amendments will be effective for annual periods beginning after December 15, 2025. Early adoption is permitted. The Corporation does not expect the adoption of this ASU will have a material impact on the Corporation's financial statements.

In November 2024, the FASB issued ASU No. 2024-03, "Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses". This ASU requires new financial statement disclosures in tabular format, disaggregating information about prescribed categories underlying any relevant income statement expense caption. This ASU is effective for public business entities for annual reporting periods
7
beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Early adoption is permitted. This ASU applies on a prospective basis for periods beginning after the effective date. However, retrospective application to any or all prior periods presented is permitted. In January 2025, the FASB issued ASU No. 2025-01 to amend the effective date of ASU No. 2024-03 to clarify that all public business entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. The Corporation does not expect the adoption of this ASU will have a material impact on the Corporation's financial statements.

In November 2024, the FASB issued ASU No. 2024-04, "Debt—Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments". This ASU clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion. This ASU is effective for all entities for annual and interim periods in fiscal years beginning after December 15, 2025. Early adoption is permitted for all entities that have adopted the amendments in ASU 2020-06. The Corporation 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.
Three Months Ended
 March 31,
(Dollars and shares in thousands, except per share data)20252024
Numerator for basic and diluted earnings per share—net income available to common shareholders
$22,395 $20,305 
Denominator for basic earnings per share—weighted-average shares outstanding
29,001 29,414 
Effect of dilutive securities—stock options and restricted stock units270 150 
Denominator for diluted earnings per share—adjusted weighted-average shares outstanding
29,271 29,564 
Basic earnings per share$0.77 $0.69 
Diluted earnings per share$0.77 $0.69 
Average antidilutive options and restricted stock units excluded from computation of diluted earnings per share115 263 

8
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 March 31, 2025 and December 31, 2024, by contractual maturity within each type:
 At March 31, 2025
(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 years$949 $— $(17)$— $932 
After 5 years to 10 years10,842 — (344)— 10,498 
Over 10 years119,098 — (16,101)— 102,997 
130,889 — (16,462)— 114,427 
Total$130,889 $— $(16,462)$— $114,427 
Securities Available-for-Sale
Residential mortgage-backed securities:
Within 1 year$13 $— $— $— $13 
After 1 year to 5 years249 — (5)— 244 
After 5 years to 10 years10,690 — (616)— 10,074 
Over 10 years312,130 521 (32,816)— 279,835 
323,082 521 (33,437)— 290,166 
Collateralized mortgage obligations:
After 1 year to 5 years138 — (3)— 135 
Over 10 years1,606 — (111)— 1,495 
1,744 — (114)— 1,630 
Corporate bonds:
Within 1 year7,884 6 (87)(10)7,793 
After 1 year to 5 years9,923 42 (175)(17)9,773 
After 5 years to 10 years60,000 — (4,140)(719)55,141 
77,807 48 (4,402)(746)72,707 
Total$402,633 $569 $(37,953)$(746)$364,503 

9
 At December 31, 2024
(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 years$1,114 $— $(24)$— $1,090 
After 5 years to 10 years10,208 — (450)— 9,758 
Over 10 years122,789 — (18,630)— 104,159 
134,111 — (19,104)— 115,007 
Total$134,111 $— $(19,104)$— $115,007 
Securities Available-for-Sale
State and political subdivisions:
Within 1 year$1,300 $— $(5)$— $1,295 
1,300 — (5)— 1,295 
Residential mortgage-backed securities:
Within 1 year20 — — — 20 
After 1 year to 5 years298 — (6)— 292 
After 5 years to 10 years11,260 — (791)— 10,469 
Over 10 years311,126 119 (38,645)— 272,600 
322,704 119 (39,442)— 283,381 
Collateralized mortgage obligations:
After 1 year to 5 years155 — (4)— 151 
Over 10 years1,663 — (129)— 1,534 
1,818 — (133)— 1,685 
Corporate bonds:
Within 1 year5,905 5 (58)(6)5,846 
After 1 year to 5 years10,924 16 (303)(31)10,606 
After 5 years to 10 years60,000 — (4,650)(802)54,548 
76,829 21 (5,011)(839)71,000 
Total$402,651 $140 $(44,591)$(839)$357,361 

Gross unrealized gains and losses on available-for-sale securities are recognized in accumulated other comprehensive income (loss) and changes in the allowance for credit loss are recorded in provision for credit loss expense. 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 $419.3 million and $424.8 million at March 31, 2025 and December 31, 2024, respectively, were pledged to secure public funds deposits and contingency funding. There were no pledged securities to secure credit derivatives and interest rate swaps at March 31, 2025 or December 31, 2024.

There were no sales of securities available-for-sale during the three months ended March 31, 2025 or 2024.
At March 31, 2025 and December 31, 2024, there were no reportable investments in any single issuer representing more than 10% of shareholders’ equity.
10
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 March 31, 2025 and December 31, 2024, 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 March 31, 2025
Securities Held-to-Maturity
Residential mortgage-backed securities$2,585 $(18)$111,842 $(16,444)$114,427 $(16,462)
Total$2,585 $(18)$111,842 $(16,444)$114,427 $(16,462)
Securities Available-for-Sale
Residential mortgage-backed securities$35,342 $(323)$205,109 $(33,114)$240,451 $(33,437)
Collateralized mortgage obligations— — 1,630 (114)1,630 (114)
Corporate bonds994 (1)— — 994 (1)
Total$36,336 $(324)$206,739 $(33,228)$243,075 $(33,552)
At December 31, 2024
Securities Held-to-Maturity
Residential mortgage-backed securities$2,566 $(50)$112,441 $(19,054)$115,007 $(19,104)
Total$2,566 $(50)$112,441 $(19,054)$115,007 $(19,104)
Securities Available-for-Sale
Residential mortgage-backed securities$65,044 $(905)$205,071 $(38,537)$270,115 $(39,442)
Collateralized mortgage obligations— — 1,685 (133)1,685 (133)
Total$65,044 $(905)$206,756 $(38,670)$271,800 $(39,575)

At March 31, 2025, 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 $114.4 million, including unrealized losses of $16.5 million. These holdings were comprised of 90 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 three months ended March 31, 2025.

At March 31, 2025, 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 $243.1 million, including unrealized losses of $33.6 million. These holdings were comprised of: (1) 108 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, and (3) two investment grade corporate bonds. 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 negative fair value of these securities was not indicative of a credit loss. Accrued interest receivable on available-for-sale debt securities totaled $1.2 million at March 31, 2025 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.

11
The table below presents a rollforward by major security type for the three months ended March 31, 2025 and March 31, 2024 of the allowance for credit losses on securities available-for-sale.

(Dollars in thousands)Corporate Bonds
Three months ended March 31, 2025
Securities Available-for-Sale
Beginning balance$(839)
Change in securities for which a previous expected credit loss was recognized93 
Ending balance$(746)
Three months ended March 31, 2024
Securities Available-for-Sale
Beginning balance$(731)
Change in securities for which a previous expected credit loss was recognized(86)
Ending balance$(817)

At March 31, 2025, the fair value of available-for-sale securities in an unrealized loss position for which an allowance for credit losses has been recorded was $132.5 million, including unrealized losses of $10.3 million, and allowance for credit losses of $746 thousand. These holdings were comprised of 27 investment grade corporate bonds, all of 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 intend 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 $36 thousand net loss on equity securities during the three months ended March 31, 2024 in other noninterest income. There were no sales of equity securities during the three months ended March 31, 2025 or 2024.
Note 4. Loans and Leases

Summary of Major Loan and Lease Categories

(Dollars in thousands)At March 31, 2025At December 31, 2024
Commercial, financial and agricultural$1,034,361 $1,037,835 
Real estate-commercial3,546,402 3,530,451 
Real estate-construction281,785 274,483 
Real estate-residential secured for business purpose536,082 536,095 
Real estate-residential secured for personal purpose992,767 994,972 
Real estate-home equity secured for personal purpose189,119 186,836 
Loans to individuals16,930 21,250 
Lease financings235,591 244,661 
Total loans and leases held for investment, net of deferred income$6,833,037 $6,826,583 
Less: Allowance for credit losses, loans and leases(87,790)(87,091)
Net loans and leases held for investment$6,745,247 $6,739,492 
Imputed interest on lease financings, included in the above table$(30,318)$(31,927)
Net deferred costs, included in the above table6,839 6,992 
Overdraft deposits included in the above table81 104 
12
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 March 31, 2025 and December 31, 2024:
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 March 31, 2025
Commercial, financial and agricultural$2,588 $1,321 $— $3,909 $1,026,208 $1,030,117 $4,244 $1,034,361 
Real estate—commercial real estate and construction:
Commercial real estate11,424 — — 11,424 3,531,452 3,542,876 3,526 3,546,402 
Construction715 — — 715 281,070 281,785 — 281,785 
Real estate—residential and home equity:
Residential secured for business purpose825 263 — 1,088 534,545 535,633 449 536,082 
Residential secured for personal purpose4,409 — — 4,409 987,126 991,535 1,232 992,767 
Home equity secured for personal purpose873 863 — 1,736 186,295 188,031 1,088 189,119 
Loans to individuals214 96 10 320 16,610 16,930 — 16,930 
Lease financings1,018 559 312 1,889 233,115 235,004 587 235,591 
Total$22,066 $3,102 $322 $25,490 $6,796,421 $6,821,911 $11,126 $6,833,037 
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, 2024
Commercial, financial and agricultural$1,750 $723 $— $2,473 $1,031,567 $1,034,040 $3,795 $1,037,835 
Real estate—commercial real estate and construction:
Commercial real estate415 2,919 — 3,334 3,524,438 3,527,772 2,679 3,530,451 
Construction3,659 — — 3,659 270,824 274,483 — 274,483 
Real estate—residential and home equity:
Residential secured for business purpose1,077 — — 1,077 534,432 535,509 586 536,095 
Residential secured for personal purpose3,040 — — 3,040 988,127 991,167 3,805 994,972 
Home equity secured for personal purpose1,063 309 — 1,372 184,273 185,645 1,191 186,836 
Loans to individuals187 59 24 270 20,980 21,250 — 21,250 
Lease financings1,026 502 297 1,825 242,225 244,050 611 244,661 
Total$12,217 $4,512 $321 $17,050 $6,796,866 $6,813,916 $12,667 $6,826,583 

13
Nonperforming Loans and Leases

The following presents, by class of loans and leases, nonperforming loans and leases at March 31, 2025 and December 31, 2024.
 At March 31, 2025At December 31, 2024
(Dollars in thousands)Nonaccrual
Loans and
Leases		Loans and
Leases
90 Days
or more
Past Due
and
Accruing
Interest		Total Nonperforming
Loans and
Leases		Nonaccrual
Loans and
Leases		Loans and
Leases
90 Days
or more
Past Due
and
Accruing
Interest		Total Nonperforming
Loans and
Leases
Loans and leases held for investment:
Commercial, financial and agricultural$4,244 $— $4,244 $3,795 $— $3,795 
Real estate—commercial real estate and construction:
Commercial real estate3,526 — 3,526 2,679 — 2,679 
Real estate—residential and home equity:
Residential secured for business purpose449 — 449 586 — 586 
Residential secured for personal purpose1,232 — 1,232 3,805 — 3,805 
Home equity secured for personal purpose1,088 — 1,088 1,191 — 1,191 
Loans to individuals— 10 10 — 24 24 
Lease financings587 312 899 611 297 908 
Total$11,126 $322 $11,448 $12,667 $321 $12,988 

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 March 31, 2025 and December 31, 2024.
(Dollars in thousands)Nonaccrual With No Allowance for Credit LossesNonaccrual With Allowance for Credit LossesTotal NonaccrualLoans and Leases 90 Days or more Past Due and Accruing Interest
At March 31, 2025
Commercial, financial and agricultural$154 $4,090 $4,244 $— 
Real estate-commercial2,334 1,192 3,526 — 
Real estate-residential secured for business purpose449 — 449 — 
Real estate-residential secured for personal purpose1,232 — 1,232 — 
Real estate-home equity secured for personal purpose1,088 — 1,088 — 
Loans to individuals— — — 10 
Lease financings— 587 587 312 
Total$5,257 $5,869 $11,126 $322 
At December 31, 2024
Commercial, financial and agricultural$187 $3,608 $3,795 $— 
Real estate-commercial1,834 845 2,679 — 
Real estate-residential secured for business purpose586 — 586 — 
Real estate-residential secured for personal purpose3,805 — 3,805 — 
Real estate-home equity secured for personal purpose1,191 — 1,191 — 
Loans to individuals— — — 24 
Lease financings— 611 611 297 
Total$7,603 $5,064 $12,667 $321 

For the three months ended March 31, 2025, $1 thousand of interest income was recognized on nonaccrual loans and leases.

14
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 March 31, 2025 and December 31, 2024.

(Dollars in thousands)Real Estate
Other (1)
None (2)
Total
At March 31, 2025
Commercial, financial and agricultural$1,639 $2,174 $431 $4,244 
Real estate-commercial3,526 — — 3,526 
Real estate-residential secured for business purpose449 — — 449 
Real estate-residential secured for personal purpose1,232 — — 1,232 
Real estate-home equity secured for personal purpose1,088 — — 1,088 
Lease financings— 556 31 587 
Total$7,934 $2,730 $462 $11,126 
(Dollars in thousands)Real Estate
Other (1)
None (2)
Total
At December 31, 2024
Commercial, financial and agricultural$1,521 $1,843 $431 $3,795 
Real estate-commercial2,661 — 18 2,679 
Real estate-residential secured for business purpose586 — — 586 
Real estate-residential secured for personal purpose3,805 — — 3,805 
Real estate-home equity secured for personal purpose1,191 — — 1,191 
Lease financings— 611 — 611 
Total$9,764 $2,454 $449 $12,667 
(1) Collateral consists of business assets, including accounts receivable, personal property and equipment.
(2) Loans fully guaranteed or fully reserved given lack of collateral.

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. Commercial, financial and agricultural loans, real estate-commercial loans, real estate-construction loans and real estate-residential secured for a business purpose 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, 2024. 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, 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

15
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, real estate-commercial loans, real estate-construction loans and real estate-residential secured for a business purpose loans by credit quality indicator at March 31, 2025 and December 31, 2024.
Term Loans Amortized Cost Basis by Origination Year
(Dollars in thousands)20252024202320222021PriorRevolving Loans Amortized Cost BasisRevolving Loans Converted to TermTotal
At March 31, 2025
Commercial, Financial and Agricultural
Risk Rating
1. Pass$58,418 $170,492 $70,261 $56,954 $85,895 $55,306 $435,037 $748 $933,111 
2. Special Mention122 1,918 6,194 23,187 — — 22,791 — 54,212 
3. Substandard498 3,493 118 1,845 6,264 5,722 29,098 — 47,038 
Total$59,038 $175,903 $76,573 $81,986 $92,159 $61,028 $486,926 $748 $1,034,361 
Current period gross charge-offs$4 $— $210 $— $— $585 $758 $— $1,557 
Real Estate-Commercial
Risk Rating
1. Pass$168,587 $460,453 $429,059 $883,449 $558,256 $925,266 $78,567 $— $3,503,637 
2. Special Mention7,634 — 419 — 13,891 3,905 2,970 — 28,819 
3. Substandard— — — 3,009 827 10,110 — — 13,946 
Total$176,221 $460,453 $429,478 $886,458 $572,974 $939,281 $81,537 $— $3,546,402 
Current period gross charge-offs$— $— $— $20 $— $— $— $— $20 
Real Estate-Construction
Risk Rating
1. Pass$40,005 $101,656 $62,125 $48,017 $3,150 $3,567 $13,501 $— $272,021 
2. Special Mention— — — — — — — — — 
3. Substandard246 — — 4,648 — — 4,870 — 9,764 
Total$40,251 $101,656 $62,125 $52,665 $3,150 $3,567 $18,371 $— $281,785 
Real Estate-Residential Secured for Business Purpose
Risk Rating
1. Pass$29,033 $87,476 $88,599 $129,976 $102,178 $60,599 $30,881 $— $528,742 
2. Special Mention— 74 1,978 1,290 678 242 2,392 — 6,654 
3. Substandard— — 237 — — 449 — — 686 
Total$29,033 $87,550 $90,814 $131,266 $102,856 $61,290 $33,273 $— $536,082 
Totals By Risk Rating
1. Pass$296,043 $820,077 $650,044 $1,118,396 $749,479 $1,044,738 $557,986 $748 $5,237,511 
2. Special Mention7,756 1,992 8,591 24,477 14,569 4,147 28,153 — 89,685 
3. Substandard744 3,493 355 9,502 7,091 16,281 33,968 — 71,434 
Total$304,543 $825,562 $658,990 $1,152,375 $771,139 $1,065,166 $620,107 $748 $5,398,630 
Total current period gross charge-offs$4 $— $210 $20 $— $585 $758 $— $1,577 

16
Term Loans Amortized Cost Basis by Origination Year
(Dollars in thousands)20242023202220212020PriorRevolving Loans Amortized Cost BasisRevolving Loans Converted to TermTotal
At December 31, 2024
Commercial, Financial and Agricultural
Risk Rating
1. Pass$232,925 $73,453 $68,205 $95,135 $16,403 $44,329 $411,413 $871 $942,734 
2. Special Mention3,622 6,489 24,423 166 5 — 27,106 — 61,811 
3. Substandard— 500 1,975 6,623 — 6,401 17,791 — 33,290 
Total$236,547 $80,442 $94,603 $101,924 $16,408 $50,730 $456,310 $871 $1,037,835 
Real Estate-Commercial
Risk Rating
1. Pass$506,644 $441,802 $882,071 $581,693 $538,539 $471,734 $81,145 $— $3,503,628 
2. Special Mention1,763 — 716 — 3,028 12,213 — — 17,720 
3. Substandard— — 2,662 827 1,402 1,317 2,895 — 9,103 
Total$508,407 $441,802 $885,449 $582,520 $542,969 $485,264 $84,040 $— $3,530,451 
Real Estate-Construction
Risk Rating
1. Pass$109,627 $71,770 $58,072 $4,226 $1,700 $1,899 $19,636 $— $266,930 
2. Special Mention— — — — — — — — — 
3. Substandard248 — 4,095 — 2,403 — 807 — 7,553 
Total$109,875 $71,770 $62,167 $4,226 $4,103 $1,899 $20,443 $— $274,483 
Real Estate-Residential Secured for Business Purpose
Risk Rating
1. Pass$93,976 $95,743 $137,406 $104,156 $48,495 $21,937 $31,922 $— $533,635 
2. Special Mention547 239 — 683 405 — — — 1,874 
3. Substandard— — — — 548 38 — — 586 
Total$94,523 $95,982 $137,406 $104,839 $49,448 $21,975 $31,922 $— $536,095 
Totals By Risk Rating
1. Pass$943,172 $682,768 $1,145,754 $785,210 $605,137 $539,899 $544,116 $871 $5,246,927 
2. Special Mention5,932 6,728 25,139 849 3,438 12,213 27,106 — 81,405 
3. Substandard248 500 8,732 7,450 4,353 7,756 21,493 — 50,532 
Total$949,352 $689,996 $1,179,625 $793,509 $612,928 $559,868 $592,715 $871 $5,378,864 

The Corporation had no loans with a risk rating of Doubtful included within recorded investment in loans and leases held for investment at March 31, 2025 or December 31, 2024.

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, 2024. Loans and leases past due 90 days or more and loans and leases on nonaccrual status 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 March 31, 2025 and December 31, 2024.
17
Term Loans Amortized Cost Basis by Origination Year
(Dollars in thousands)20252024202320222021PriorRevolving Loans Amortized Cost BasisTotal
At March 31, 2025
Real Estate-Residential Secured for Personal Purpose
Payment Performance
1. Performing$5,078 $27,025 $206,554 $353,428 $193,194 $206,256 $— $991,535 
2. Nonperforming— — — 140 37 1,055 — 1,232 
Total$5,078 $27,025 $206,554 $353,568 $193,231 $207,311 $— $992,767 
Real Estate-Home Equity Secured for Personal Purpose
Payment Performance
1. Performing$176 $243 $339 $2,164 $378 $1,424 $183,307 $188,031 
2. Nonperforming— — — 20 — — 1,068 1,088 
Total$176 $243 $339 $2,184 $378 $1,424 $184,375 $189,119 
Loans to Individuals
Payment Performance
1. Performing$551 $1,929 $823 $364 $263 $601 $12,389 $16,920 
2. Nonperforming— — — — — 10 — 10 
Total$551 $1,929 $823 $364 $263 $611 $12,389 $16,930 
Current period gross charge-offs$28 $4 $17 $9 $— $— $107 $165 
Lease Financings
Payment Performance
1. Performing$14,942 $78,381 $75,758 $41,661 $18,545 $5,405 $— $234,692 
2. Nonperforming— 232 191 306 128 42 — 899 
Total$14,942 $78,613 $75,949 $41,967 $18,673 $5,447 $— $235,591 
Current period gross charge-offs$— $— $74 $163 $15 $37 $— $289 
Totals by Payment Performance
1. Performing$20,747 $107,578 $283,474 $397,617 $212,380 $213,686 $195,696 $1,431,178 
2. Nonperforming— 232 191 466 165 1,107 1,068 3,229 
Total$20,747 $107,810 $283,665 $398,083 $212,545 $214,793 $196,764 $1,434,407 
Total current period gross charge-offs$28 $4 $91 $172 $15 $37 $107 $454 
18
Term Loans Amortized Cost Basis by Origination Year
(Dollars in thousands)20242023202220212020PriorRevolving Loans Amortized Cost BasisTotal
At December 31, 2024
Real Estate-Residential Secured for Personal Purpose
Payment Performance
1. Performing$25,908 $203,136 $356,506 $195,727 $121,743 $88,147 $— $991,167 
2. Nonperforming— — 142 37 2,836 790 — 3,805 
Total$25,908 $203,136 $356,648 $195,764 $124,579 $88,937 $— $994,972 
Real Estate-Home Equity Secured for Personal Purpose
Payment Performance
1. Performing$354 $352 $2,260 $402 $326 $1,201 $180,750 $185,645 
2. Nonperforming— — 21 — — — 1,170 1,191 
Total$354 $352 $2,281 $402 $326 $1,201 $181,920 $186,836 
Loans to Individuals
Payment Performance
1. Performing$2,008 $963 $459 $300 $19 $610 $16,867 $21,226 
2. Nonperforming— — — — — 24 — 24 
Total$2,008 $963 $459 $300 $19 $634 $16,867 $21,250 
Lease Financings
Payment Performance
1. Performing$83,360 $82,634 $46,986 $23,088 $5,989 $1,696 $— $243,753 
2. Nonperforming197 168 473 32 25 13 — 908 
Total$83,557 $82,802 $47,459 $23,120 $6,014 $1,709 $— $244,661 
Totals by Payment Performance
1. Performing$111,630 $287,085 $406,211 $219,517 $128,077 $91,654 $197,617 $1,441,791 
2. Nonperforming197 168 636 69 2,861 827 1,170 5,928 
Total$111,827 $287,253 $406,847 $219,586 $130,938 $92,481 $198,787 $1,447,719 

The Corporation had no revolving loans which were converted to term loans included within recorded investment in loans and leases held for investment at March 31, 2025 or December 31, 2024.

19
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 months ended March 31, 2025 and 2024. There were no changes to the reasonable and supportable forecast period, the reversion period, or any significant methodology changes during the three months ended March 31, 2025.
(Dollars in thousands)Beginning balanceProvision (reversal of provision) for credit lossesCharge-offsRecoveriesEnding balance
Three Months Ended March 31, 2025
Allowance for credit losses, loans and leases:
Commercial, financial and agricultural$16,079 $2,679 $(1,557)$326 $17,527 
Real estate-commercial46,867 315 (20)4 47,166 
Real estate-construction4,924 (174)— — 4,750 
Real estate-residential secured for business purpose7,491 16 — — 7,507 
Real estate-residential secured for personal purpose7,222 (828)— — 6,394 
Real estate-home equity secured for personal purpose1,706 (140)— — 1,566 
Loans to individuals342 144 (165)7 328 
Lease financings2,460 373 (289)8 2,552 
Total$87,091 $2,385 $(2,031)$345 $87,790 
Three Months Ended March 31, 2024
Allowance for credit losses, loans and leases:
Commercial, financial and agricultural$13,699 $815 $(593)$11 $13,932 
Real estate-commercial45,849 1 — 3 45,853 
Real estate-construction6,543 211 (500)— 6,254 
Real estate-residential secured for business purpose8,692 106 — 2 8,800 
Real estate-residential secured for personal purpose6,349 154 — 134 6,637 
Real estate-home equity secured for personal purpose1,289 (105)— — 1,184 
Loans to individuals392 235 (279)40 388 
Lease financings2,574 234 (230)6 2,584 
Total$85,387 $1,651 $(1,602)$196 $85,632 


20
The following presents, by portfolio segment, the balance in the allowance for credit losses 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 March 31, 2025 and 2024:
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: pooledTotal ending balance
At March 31, 2025
Commercial, financial and agricultural$2,343 $15,184 $17,527 $4,244 $1,030,117 $1,034,361 
Real estate-commercial166 47,000 47,166 3,526 3,542,876 3,546,402 
Real estate-construction— 4,750 4,750 — 281,785 281,785 
Real estate-residential secured for business purpose— 7,507 7,507 449 535,633 536,082 
Real estate-residential secured for personal purpose— 6,394 6,394 1,232 991,535 992,767 
Real estate-home equity secured for personal purpose— 1,566 1,566 1,088 188,031 189,119 
Loans to individuals— 328 328 — 16,930 16,930 
Lease financings67 2,485 2,552 67 235,524 235,591 
Total$2,576 $85,214 $87,790 $10,606 $6,822,431 $6,833,037 
At March 31, 2024
Commercial, financial and agricultural$1,429 $12,503 $13,932 $3,376 $1,011,192 $1,014,568 
Real estate-commercial18 45,835 45,853 3,721 3,280,008 3,283,729 
Real estate-construction514 5,740 6,254 5,738 374,257 379,995 
Real estate-residential secured for business purpose— 8,800 8,800 1,719 522,477 524,196 
Real estate-residential secured for personal purpose— 6,637 6,637 3,846 918,566 922,412 
Real estate-home equity secured for personal purpose— 1,184 1,184 1,286 176,160 177,446 
Loans to individuals— 388 388 — 27,200 27,200 
Lease financings— 2,584 2,584 — 249,540 249,540 
Total$1,961 $83,671 $85,632 $19,686 $6,559,400 $6,579,086 

21
Modified Loans to Borrowers Experiencing Financial Difficulty

The following presents, by class of loans, information regarding accruing and nonaccrual modified loans to borrowers experiencing financial difficulty during the three months ended March 31, 2025 and 2024.
Term Extension
 Three Months Ended March 31, 2025Three Months Ended March 31, 2024
(Dollars in thousands)Number
of
Loans		Amortized Cost Basis*% of Total Class of Financing ReceivableRelated
Reserve		Number
of
Loans		Amortized Cost Basis*% of Total Class of Financing ReceivableRelated
Reserve
Accruing Modified Loans to Borrowers Experiencing Financial Difficulty:
Commercial, financial and agricultural5 $15,238 1.47 %$23 — $— — %$— 
Real estate—commercial 2 3,185 0.09 — 1 1,323 0.04 2 
Real estate—construction2 4,726 1.68 12 1 1,831 0.48 6 
Total9 $23,149 $35 2 $3,154 $8 
Nonaccrual Modified Loans to Borrowers Experiencing Financial Difficulty:
Real estate—construction— $— — %$— 2 $5,739 1.51 %$514 
Total— $— $— 2 $5,739 $514 
*Amortized cost excludes $130 thousand and $24 thousand of accrued interest receivable on modified loans for the three months ended March 31, 2025 and March 31, 2024, respectively.
The following presents, by class of loans, information regarding the financial effect on accruing and nonaccrual modified loans to borrowers experiencing financial difficulty during the three months ended March 31, 2025 and 2024.
 Term Extension
(Dollars in thousands)No. of
Loans		Financial Effect
Three Months Ended March 31, 2025
Accruing Modified Loans to Borrowers Experiencing Financial Difficulty:
Commercial, financial and agricultural5 
 Added a weighted-average 2 months to the life of the loans, which reduced monthly payment amounts for the borrowers.
Real estate—commercial2 
Added a weighted-average 3 months to the life of the loans, which reduced monthly payment amounts for the borrowers.
Real estate—construction2 
Added a weighted-average 5 months to the life of the loans, which reduced monthly payment amounts for the borrowers.
Total9 
Nonaccrual Modified Loans to Borrowers Experiencing Financial Difficulty:
Total— 
Three Months Ended March 31, 2024
Accruing Modified Loans to Borrowers Experiencing Financial Difficulty:
Real estate—commercial1 
Added a weighted-average 8 months to the life of the loan, which reduced monthly payment amounts for the borrower.
Real estate—construction1 
Added a weighted-average 8 months to the life of the loan, which reduced monthly payment amounts for the borrower.
Total2 
Nonaccrual Modified Loans to Borrowers Experiencing Financial Difficulty:
Real estate—construction2 
Added a weighted-average 8 months to the life of the loans, which reduced monthly payment amounts for the borrowers.
Total2 

There were no accruing or nonaccrual modified loans to borrowers experiencing financial difficulty for which there were payment defaults during the 12-month period preceding modification for the three months ended March 31, 2025 and 2024.
22
The following presents, by class of loans, the amortized cost and performance status of accruing and nonaccrual modified loans to borrowers experiencing financial difficulty that have been modified in the last 12 months as of March 31, 2025 and 2024.
At March 31, 2025
(Dollars in thousands)Current30-89 Days Past Due90 Days or More Past DueTotal
Accruing Modified Loans to Borrowers Experiencing Financial Difficulty:
Commercial, financial and agricultural$15,238 $— $— $15,238 
Real estate—commercial5,024 — — 5,024 
Real estate—construction4,726 — — 4,726 
Total$24,988 $— $— $24,988 
Nonaccrual Modified Loans to Borrowers Experiencing Financial Difficulty:
Total$— $— $— $— 

At March 31, 2024
(Dollars in thousands)Current30-89 Days Past Due90 Days or More Past DueTotal
Accruing Modified Loans to Borrowers Experiencing Financial Difficulty:
Real estate—commercial$6,178 $— $— $6,178 
Real estate—construction1,831 — — 1,831 
Total$8,009 $— $— $8,009 
Nonaccrual Modified Loans to Borrowers Experiencing Financial Difficulty:
Real estate—construction$— $— 0$5,739 $5,739 
Total$— $— $5,739 $5,739 

As of March 31, 2025 and March 31, 2024, the Bank had $1.7 million and $61 thousand, respectively, in commitments to extend credit to borrowers experiencing financial difficulty whose terms had been modified.

The following presents the amount of consumer mortgages collateralized by residential real estate property that were in the process of foreclosure at March 31, 2025 or December 31, 2024.
(Dollars in thousands)At March 31, 2025At December 31, 2024
Real estate-residential secured for personal purpose$637 $3,095 
Real estate-home equity secured for personal purpose— 125 
Total$637 $3,220 

The following presents foreclosed residential real estate property included in other real estate owned at March 31, 2025 or December 31, 2024.
(Dollars in thousands)At March 31, 2025At December 31, 2024
Foreclosed residential real estate$2,526 $234 

23
Lease Financings

The following presents the schedule of minimum lease payments receivable:
(Dollars in thousands)At March 31, 2025At December 31, 2024
2025 (excluding the three months ended March 31, 2025)$69,751 $91,125 
202679,525 76,977 
202759,373 56,881 
202835,631 32,899 
202914,327 12,101 
Thereafter2,896 1,964 
Total future minimum lease payments receivable261,503 271,947 
Plus: Unguaranteed residual1,425 1,485 
Plus: Initial direct costs2,981 3,156 
Less: Imputed interest(30,318)(31,927)
Lease financings$235,591 $244,661 

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 three months ended March 31, 2025 were as follows:
(Dollars in thousands)BankingWealth ManagementInsuranceConsolidated
Balance at December 31, 2024$138,476 $15,434 $21,600 $175,510 
Addition to goodwill from acquisitions— — — — 
Balance at March 31, 2025$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 March 31, 2025At December 31, 2024
(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$5,268 $5,124 $144 $6,788 $6,597 $191 
Customer related intangibles2,476 1,431 1,045 2,476 1,348 1,128 
Servicing rights12,421 5,549 6,872 12,274 5,284 6,990 
Total amortized intangible assets$20,165 $12,104 $8,061 $21,538 $13,229 $8,309 
(1) Included within accumulated amortization is a valuation allowance of $26 thousand and $7 thousand on servicing rights at March 31, 2025 and December 31, 2024, respectively.

24
The estimated aggregate amortization expense for core deposit and customer-related intangibles for the remainder of 2025 and the succeeding fiscal years is as follows:
Year(Dollars in thousands)Amount
Remainder of 2025$339 
2026318 
2027216 
2028161 
2029105 
Thereafter50 
Total$1,189 
The aggregate fair value of servicing rights was $11.4 million and $12.7 million at March 31, 2025 and December 31, 2024, respectively. The fair value of these rights was determined using a discount rate of 11.1% and 11.0% at March 31, 2025 and December 31, 2024, respectively.

Changes in the servicing rights balance are summarized as follows:
 Three Months Ended March 31,
(Dollars in thousands)20252024
Beginning of period$6,990 $8,982 
Servicing rights capitalized283 426 
Amortization of servicing rights(382)(341)
Sold servicing rights— (3,466)
Changes in valuation allowance(19)80 
End of period$6,872 $5,681 
Loans serviced for others$1,037,090 $1,480,074 
The change in loans serviced for others for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 was primarily related to the sale of mortgage servicing rights associated with $591.1 million of serviced loans in the first quarter of 2024.

Activity in the valuation allowance for servicing rights was as follows:
 Three Months Ended March 31,
(Dollars in thousands)20252024
Valuation allowance, beginning of period$(7)$(98)
Additions(19)— 
Reductions— 80 
Valuation allowance, end of period$(26)$(18)

The estimated amortization expense of servicing rights for the remainder of 2025 and the succeeding fiscal years is as follows:
Year(Dollars in thousands)Amount
Remainder of 2025$1,101 
2026925 
2027781 
2028661 
2029562 
Thereafter2,842 
Total$6,872 

25
Note 6. Deposits

Deposits and their respective weighted average interest rate at March 31, 2025 and December 31, 2024 consisted of the following:
At March 31, 2025At December 31, 2024
Weighted Average Interest RateAmountWeighted Average Interest RateAmount
(Dollars in thousands)
Noninterest-bearing deposits— %$1,433,995 — %$1,414,635 
Demand deposits3.26 2,966,824 3.25 3,186,597 
Savings deposits0.41 711,386 0.44 704,321 
Time deposits4.25 1,546,293 4.40 1,453,706 
Total2.48 %$6,658,498 2.52 %$6,759,259 

Deposits are insured up to applicable limits by the Deposit Insurance Fund of the FDIC, which is currently $250 thousand per account owner. The aggregate amount of time deposits in denominations over $250 thousand was $318.0 million at March 31, 2025 and $276.0 million at December 31, 2024.

At March 31, 2025, the scheduled maturities of time deposits were as follows:
Year(Dollars in thousands)Amount
Remainder of 2025$969,531 
2026171,476 
2027167,515 
2028163,112 
202973,466 
Thereafter1,193 
Total$1,546,293 

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 March 31, 2025At December 31, 2024
(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:
Customer repurchase agreements$4,031 0.05 %$11,181 0.05 %
Long-term debt:
FHLB advances$175,000 4.28 %$225,000 4.35 %
Subordinated notes149,386 6.08 149,261 6.08 

The Corporation, through the Bank, has a credit facility with the Federal Home Loan Bank (the FHLB) that had a maximum borrowing capacity of approximately $3.2 billion and $3.3 billion at March 31, 2025 and December 31, 2024, respectively. All borrowings and letters of credit from the FHLB are secured by qualifying commercial real estate and residential mortgage loans, investments and other assets. The Bank had outstanding short-term letters of credit with the FHLB totaling $1.2 billion and $1.3 billion at March 31, 2025 and December 31, 2024, 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 and $1.7 billion at March 31, 2025 and December 31, 2024, respectively.    

The Corporation, through the Bank, holds investment securities at the Federal Reserve Bank of Philadelphia (the FRB) to provide access to the Discount Window Lending program. The Bank participates in the FRB Borrower in Custody program,
26
which provides additional committed borrowing capacity for the Bank through the Discount Lending Window program based upon select loans pledged to the FRB. The total borrowing capacity based upon the qualifying pledged commercial loans and held investment securities was $444.6 million and $397.2 million at March 31, 2025 and December 31, 2024, respectively. At March 31, 2025 and December 31, 2024, 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 March 31, 2025 and December 31, 2024, the Corporation had no outstanding borrowings under this line.

The Corporation and the Bank had $3.7 billion of committed borrowing capacity at March 31, 2025 and December 31, 2024, of which $2.3 billion and $2.1 billion was available as of March 31, 2025 and December 31, 2024, respectively. The Corporation, through the Bank, also maintained uncommitted funding sources from correspondent banks of $468.0 million at March 31, 2025 and December 31, 2024. 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 March 31, 2025Weighted Average Rate
Remainder of 2025$25,000 4.20 %
2026100,000 4.29 
202725,000 3.99 
202825,000 4.61 
2029— — 
Thereafter— — 
Total$175,000 4.28 %

Note 8. Retirement Plans and Other Postretirement Benefits

Information with respect to the Retirement Plans and Other Postretirement Benefits follows: 
 Three Months Ended March 31,
 2025202420252024
(Dollars in thousands)Retirement PlansOther Post Retirement
Benefits
Service cost$132 $148 $11 $14 
Interest cost604 592 27 27 
Expected loss on plan assets(891)(871)— — 
Amortization of net actuarial loss (gain)63 175 (11)(28)
Net periodic benefit (income) cost$(92)$44 $27 $13 
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.

The Corporation expects to make total contributions of $156 thousand to the Retirement Plans and $107 thousand to Other Postretirement Benefit Plans in 2025. During the three months ended March 31, 2025, the Corporation contributed $39 thousand to its Retirement Benefit Plans and $23 thousand to its Other Postretirement Benefit Plans. During the three months ended March 31, 2025, $706 thousand was paid to participants from the Retirement Plans and $23 thousand was paid to participants from the Other Postretirement Benefit Plans.

Note 9. Stock-Based Incentive Plan

On April 26, 2023, the 2023 Equity Incentive Plan (the Plan) was approved by shareholders. This Plan replaced the Amended and Restated Univest 2013 Long-Term Incentive Plan (the 2013 Plan), which expired in April 2023. No new grants are permitted under the 2013 Plan. However, certain options and restricted stock units granted under the 2013 Plan remain outstanding.

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The following is a summary of the Corporation's stock option activity and related information for the three months ended March 31, 2025:
(Dollars in thousands, except per share data)Shares Under OptionWeighted Average Exercise Price Per ShareWeighted Average Remaining Contractual Life (Years)Aggregate Intrinsic Value at March 31, 2025
Outstanding at December 31, 2024127,782 $27.72 
Exercised(11,500)24.36 
Outstanding at March 31, 2025116,282 $28.05 2.4$44 
Exercisable at March 31, 2025116,282 $28.05 2.4$44 
The Corporation did not grant any stock options during the three months ended March 31, 2025 or March 31, 2024.
The following is a summary of nonvested restricted stock units at March 31, 2025 including changes during the three 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, 2024501,679 $22.67 
Granted196,666 28.44 
Added by performance factor2,761 28.21 
Vested(163,625)25.34 
Forfeited(4,175)21.19 
Nonvested stock units at March 31, 2025533,306 $24.02 

Certain information regarding restricted stock units is summarized below for the periods indicated:
Three Months Ended March 31,
(Dollars in thousands, except per share data)20252024
Restricted stock units granted196,666 270,030 
Weighted average grant date fair value$28.44 $19.68 
Intrinsic value of units granted$5,592 $5,314 
Restricted stock units vested163,625 145,598 
Weighted average grant date fair value$25.34 $27.63 
Intrinsic value of units vested$4,650 $2,865 

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 March 31, 2025 is presented below:
(Dollars in thousands)Unrecognized Compensation CostWeighted-Average Period Remaining (Years)
Restricted stock units$10,126 2.3

The following table presents information related to the Corporation’s compensation expense related to stock incentive plans recognized for the periods indicated:
Three Months Ended March 31,
(Dollars in thousands)20252024
Stock-based compensation expense:
Restricted stock units$1,067 $1,025 
Employee stock purchase plan26 26 
Total$1,093 $1,051 
Tax benefit on nonqualified stock option expense and disqualifying dispositions of incentive stock options$28 $405 

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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 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
Balance, December 31, 2024$(35,117)$(2,422)$(6,453)$(43,992)
Other comprehensive income5,583 1,397 41 5,624 
Reclassification adjustment recorded in earnings (1)— 446 — 446 
Balance, March 31, 2025$(29,534)$(1,976)$(6,412)$(37,922)
Balance, December 31, 2023$(34,321)$(4,566)$(11,759)$(50,646)
Other comprehensive (loss) income(2,293)(1,917)116 (4,094)
Balance, March 31, 2024$(36,614)$(6,483)$(11,643)$(54,740)
(1) Represents reclassification to earnings as a reduction to interest income of amounts included in accumulated other comprehensive income on the condensed consolidated balance sheet related to the interest rate swap terminated on August 2, 2024.

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 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 paid a variable rate equal to the Prime Rate and received a fixed rate of 5.99% with a maturity date of May 4, 2026. On August 2, 2024, the Corporation terminated the swap. In connection with the termination, the Corporation incurred an unwind fee of $4.0 million, of which $1.5 million has been reclassified to earnings as a reduction to interest income since termination. Additionally, unamortized origination and third party fees totaled $161 thousand at March 31, 2025. The $2.7 million will be amortized into interest income over the remaining 13 months of the original swap.

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 March 31, 2025, the Corporation had exposure to 135 variable-rate to fixed-rate interest rate swap transactions between the third-party financial institution and customers with a current notional amount of $854.8 million and remaining maturities ranging from 2 months to 10 years. At March 31, 2025, the fair value of the Corporation's interest rate swap credit derivatives was a liability of $79 thousand. At March 31, 2025, the fair value of the swaps to the customers was a net gain of $42.1 million. At March 31, 2025, the Corporation's credit exposure related to customers totaled $2.3 million.

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 agreements do not provide for a limitation of the maximum potential payment amount.

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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 Corporation had no derivatives designated as hedging instruments recorded on the condensed consolidated balance sheets at March 31, 2025 or December 31, 2024.
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 March 31, 2025 and December 31, 2024:
  Derivative AssetsDerivative Liabilities
(Dollars in thousands)Notional
Amount		Balance Sheet
Classification		Fair
Value		Balance Sheet
Classification		Fair
Value
At March 31, 2025
Credit derivatives$854,844  $— Other liabilities$79 
Interest rate locks with customers25,050 Other assets422  — 
Forward loan sale commitments38,200  — Other liabilities141 
Total$918,094 $422 $220 
At December 31, 2024
Credit derivatives$860,423 $— Other liabilities$67 
Interest rate locks with customers23,291 Other assets214  — 
Forward loan sale commitments39,944 Other assets12  — 
Total$923,658 $226 $67 

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 Ended
March 31,
(Dollars in thousands)20252024
Interest rate swap—cash flow hedge—net interest paymentsInterest expense$— $1,586 
Reclassification adjustment included in earnings (1)Interest income(565)— 
Total net loss$(565)$(1,586)
(1) Represents reclassification to earnings as a reduction to interest income of amounts included in accumulated other comprehensive income on the condensed consolidated balance sheet related to the interest rate swap terminated on August 2, 2024.

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 Ended
March 31,
(Dollars in thousands)20252024
Credit derivativesOther noninterest income$18 $227 
Interest rate locks with customersNet gain (loss) on mortgage banking activities208 (206)
Forward loan sale commitmentsNet (loss) gain on mortgage banking activities(153)381 
Total net gain$73 $402 

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The following table presents amounts included in accumulated other comprehensive (loss) income for derivatives designated as hedging instruments at March 31, 2025 and December 31, 2024:
(Dollars in thousands)Accumulated Other
Comprehensive (Loss) Income		At March 31, 2025At December 31, 2024
Interest rate swap—cash flow hedge (1)Fair value, net of taxes$(1,976)$(2,422)
Total$(1,976)$(2,422)
(1) The interest rate swap was terminated on August 2, 2024. This after-tax amount will be reclassified to earnings as a reduction to interest income over the remaining 13 months of the original swap.

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. Transfers between levels are recognized at the end of the reporting periods.
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.

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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 March 31, 2025.

Loans Held for Sale

The fair value of our mortgage 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.
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The following table presents the assets and liabilities measured at fair value on a recurring basis at March 31, 2025 and December 31, 2024, classified using the fair value hierarchy:
 At March 31, 2025
(Dollars in thousands)Level 1Level 2Level 3Assets/
Liabilities at
Fair Value
Assets:
Available-for-sale securities:
Residential mortgage-backed securities$— $290,166 $— $290,166 
Collateralized mortgage obligations— 1,630 — 1,630 
Corporate bonds— 72,707 — 72,707 
Total available-for-sale securities— 364,503 — 364,503 
Equity securities:
Money market mutual funds1,667 — — 1,667 
Total equity securities1,667 — — 1,667 
Loans held for sale— 13,150 — 13,150 
Interest rate locks with customers*— 422 — 422 
Total assets$1,667 $378,075 $— $379,742 
Liabilities:
Credit derivatives*$— $— $79 $79 
Forward loan sale commitments*— 141 — 141 
Total liabilities$— $141 $79 $220 
* Such financial instruments are recorded at fair value as further described in Note 11, "Derivative Instruments and Hedging Activities."

The $79 thousand of credit derivatives liability represented the Credit Valuation Adjustment (CVA), which is obtained from real-time financial market data, of 135 interest rate swaps with a notional amount of $854.8 million. The March 31, 2025 CVA was calculated using a 40% loss given default rate on the most recent investment grade credit curve.

 At December 31, 2024
(Dollars in thousands)Level 1Level 2Level 3Assets/
Liabilities at
Fair Value
Assets:
Available-for-sale securities:
State and political subdivisions$— $1,295 $— $1,295 
Residential mortgage-backed securities— 283,381 — 283,381 
Collateralized mortgage obligations— 1,685 — 1,685 
Corporate bonds— 71,000 — 71,000 
Total available-for-sale securities— 357,361 — 357,361 
Equity securities:
Money market mutual funds2,506 — — 2,506 
Total equity securities2,506 — — 2,506 
Loans held for sale— 16,653 — 16,653 
Interest rate locks with customers*— 214 — 214 
Forward loan sale commitments*— 12 — 12 
Total assets$2,506 $374,240 $— $376,746 
Liabilities:
Contingent consideration liability$— $— $635 $635 
Credit derivatives*— — 67 67 
Total liabilities$— $— $702 $702 
* Such financial instruments are recorded at fair value as further described in Note 11, "Derivative Instruments and Hedging Activities."
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The $67 thousand of credit derivatives liability represented the CVA, which is obtained from real-time financial market data, of 135 interest rate swaps with a current notional amount of $860.4 million. The December 31, 2024 CVA was calculated using a 40% loss given default rate on the most recent investment grade credit curve.

The contingent consideration liability resulting from the Sheaffer acquisition was calculated using a discount rate of 8.3% on the acquisition date. During the year ended December 31, 2024, the Corporation paid $635 thousand in contingent consideration related to this acquisition. The contingent consideration liability was $635 thousand at December 31, 2024. The remaining potential cash payments that could result from the contingent consideration arrangement for the Sheaffer acquisition range from $0 to a maximum of $635 thousand through the measurement period ended November 30, 2024, to be made in the first quarter of 2025.
The following table includes a rollforward of credit derivatives for which the Corporation utilized Level 3 inputs to determine fair value on a recurring basis for the three months ended March 31, 2025 and 2024:
 Three Months Ended March 31, 2025
(Dollars in thousands)Balance at
December 31,
2024		AdditionsIncrease in valueBalance at March 31, 2025
Credit derivatives$(67)$(30)$18 $(79)
Net total $(67)$(30)$18 $(79)
 Three Months Ended March 31, 2024
(Dollars in thousands)Balance at
December 31,
2023		AdditionsIncrease in valueBalance at March 31, 2024
Credit derivatives$(186)$(161)$227 $(120)
Net total$(186)$(161)$227 $(120)

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 three months ended March 31, 2025 and 2024:
 Three Months Ended March 31, 2025
(Dollars in thousands)Balance at
December 31,
2024		Payment of
Contingent
Consideration		Adjustment
of Contingent
Consideration		Balance at March 31, 2025
Paul I. Sheaffer Insurance Agency$635 $635 $— $— 
Total contingent consideration liability$635 $635 $— $— 
 Three Months Ended March 31, 2024
(Dollars in thousands)Balance at
December 31,
2023		Payment of
Contingent
Consideration		Adjustment
of Contingent
Consideration		Balance at March 31, 2024
Paul I. Sheaffer Insurance Agency$1,224 $635 $12 $601 
Total contingent consideration liability$1,224 $635 $12 $601 
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The Corporation may be required to periodically measure certain assets and liabilities at fair value on a non-recurring basis in accordance with GAAP. These adjustments to fair value usually result from the application of lower of cost or market accounting or changes in the value of individual assets. The following table represents assets measured at fair value on a non-recurring basis at March 31, 2025 and December 31, 2024:
 At March 31, 2025
(Dollars in thousands)Level 1Level 2Level 3Assets at
Fair Value
Individually analyzed loans held for investment$— $— $8,030 $8,030 
Other real estate owned— — 22,433 22,433 
Repossessed assets — — 79 79 
Total$— $— $30,542 $30,542 
 At December 31, 2024
(Dollars in thousands)Level 1Level 2Level 3Assets at
Fair Value
Individually analyzed loans held for investment$— $— $10,111 $10,111 
Other real estate owned— — 20,141 20,141 
Repossessed assets— — 76 76 
Total$— $— $30,328 $30,328 

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 March 31, 2025 and December 31, 2024. The disclosed fair values are classified using the fair value hierarchy.
 At March 31, 2025
(Dollars in thousands)Level 1Level 2Level 3Fair
Value		Carrying
Amount
Assets:
Cash and short-term interest-earning assets$169,134 $— $— $169,134 $169,134 
Held-to-maturity securities— 114,427 — 114,427 130,889 
Federal Home Loan Bank, Federal Reserve Bank and other stockNANANANA35,732 
Net loans and leases held for investment— — 6,643,105 6,643,105 6,737,217 
Servicing rights— — 11,402 11,402 6,872 
Total assets$169,134 $114,427 $6,654,507 $6,938,068 $7,079,844 
Liabilities:
Deposits:
Demand and savings deposits, non-maturity$5,112,205 $— $— $5,112,205 $5,112,205 
Time deposits— 1,547,618 — 1,547,618 1,546,293 
Total deposits5,112,205 1,547,618 — 6,659,823 6,658,498 
Short-term borrowings4,031 — — 4,031 4,031 
Long-term debt— 175,649 — 175,649 175,000 
Subordinated notes— 146,750 — 146,750 149,386 
Total liabilities$5,116,236 $1,870,017 $— $6,986,253 $6,986,915 
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 At December 31, 2024
(Dollars in thousands)Level 1Level 2Level 3Fair
Value		Carrying
Amount
Assets:
Cash and short-term interest-earning assets$328,844 $— $— $328,844 $328,844 
Held-to-maturity securities— 115,007 — 115,007 134,111 
Federal Home Loan Bank, Federal Reserve Bank and other stockNANANANA38,980 
Net loans and leases held for investment— — 6,586,054 6,586,054 6,729,381 
Servicing rights— — 12,710 12,710 6,990 
Total assets$328,844 $115,007 $6,598,764 $7,042,615 $7,238,306 
Liabilities:
Deposits:
Demand and savings deposits, non-maturity$5,305,553 $— $— $5,305,553 $5,305,553 
Time deposits— 1,458,774 — 1,458,774 1,453,706 
Total deposits5,305,553 1,458,774 — 6,764,327 6,759,259 
Short-term borrowings11,181 — — 11,181 11,181 
Long-term debt— 225,475 — 225,475 225,000 
Subordinated notes— 147,500 — 147,500 149,261 
Total liabilities$5,316,734 $1,831,749 $— $7,148,483 $7,144,701 

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 March 31, 2025, individually analyzed loans held for investment had a carrying amount of $10.6 million with a valuation allowance of $2.6 million. At December 31, 2024, individually analyzed loans held for investment had a carrying amount of $12.1 million with a valuation allowance of $1.9 million. The Corporation had no individually analyzed leases at March 31, 2025 or December 31, 2024.
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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 March 31, 2025, servicing rights had a net carrying amount of $6.9 million, which included a valuation allowance of $26 thousand. At December 31, 2024, servicing rights had a net carrying amount of $7.0 million, which included a valuation allowance of $7 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 three months ended March 31, 2025, 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 collateralized a loan. 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 March 31, 2025 and December 31, 2024, OREO had a carrying amount of $22.4 million and $20.1 million, respectively. During the three months ended March 31, 2025, one nonaccrual residential real estate loan with a carrying value of $2.5 million was transferred to OREO. Additionally, during the three months ended March 31, 2025, two residential real estate properties with a total carrying value of $226 thousand were sold. Other real estate owned is classified within Level 3 in the fair value hierarchy based on appraisals, letters of intent or agreement of sale received from third parties.

Repossessed Assets: Repossessed assets represents non-real estate assets that the Corporation has acquired by taking possession of the asset that collateralized a loan or lease. The Corporation reports repossessed assets at the fair value less cost to sell, adjusted periodically based on a current appraisal provided by a third party based on their assumptions and quoted market prices for similar assets, when available. Write-downs and any gain or loss upon the sale of repossessed assets is recorded in other noninterest income. Repossessed assets are reported in other assets on the condensed consolidated balance sheet. At March 31, 2025 and December 31, 2024, repossessed assets had a carrying amount of $79 thousand and $76 thousand, respectively. During the quarter, repossessed assets totaling $17 thousand were transferred to repossessed assets and $13 thousand were sold. Repossessed assets are classified within Level 3 in the fair value hierarchy based on appraisals, letters of intent, agreement of sale or indications of value received from third parties.

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 1 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 indicative pricing 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.

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Note 13. Segment Reporting

At March 31, 2025, the Corporation had three reportable business segments, Banking, Wealth Management and Insurance. 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 non-profit 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 and 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 tables provide reportable segment-specific information, as well as the Other Segment, and reconciliations to the condensed consolidated financial information for the three months ended March 31, 2025 and 2024.
Three Months Ended
March 31, 2025
(Dollars in thousands)BankingWealth ManagementInsuranceOtherConsolidated
Interest income$103,400 $16 $— $— $103,416 
Interest expense44,354 — — 2,281 46,635 
Net interest income (expense)59,046 16 — (2,281)56,781 
Noninterest income7,641 7,833 6,906 35 22,415 
Total revenue66,687 7,849 6,906 (2,246)79,196 
Provision for credit losses2,311 — — — 2,311 
Less: (1)
Salaries, benefits and commissions18,449 4,356 3,676 4,345 30,826 
Net occupancy2,288 122 179 264 2,853 
Equipment987 10 25 100 1,122 
Data processing2,572 353 144 1,295 4,364 
Professional fees576 323 14 884 1,797 
Marketing and advertising159 28 12 154 353 
Deposit insurance premiums1,151 — — — 1,151 
Intangible expense47 — 83 — 130 
Other segment items (2)
5,189 530 216 797 6,732 
Intersegment expense (revenue) (3)
6,874 128 117 (7,119)— 
Income (loss) before income taxes$26,084 $1,999 $2,440 $(2,966)$27,557 
Income tax expense (benefit)5,077 406 543 (864)5,162 
Net income (loss)$21,007 $1,593 $1,897 $(2,102)$22,395 
Net capital expenditures$1,490 $7 $6 $362 $1,865 
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Three Months Ended
March 31, 2024
(Dollars in thousands)BankingWealth ManagementInsuranceOtherConsolidated
Interest income$98,582 $18 $— $9 $98,609 
Interest expense44,861 — — 2,281 47,142 
Net interest income (expense)53,721 18 — (2,272)51,467 
Noninterest income10,959 7,353 7,288 (5)25,595 
Total revenue64,680 7,371 7,288 (2,277)77,062 
Provision for credit losses1,432 — — — 1,432 
Less: (1)
Salaries, benefits and commissions19,165 4,142 3,452 4,579 31,338 
Net occupancy2,489 80 161 142 2,872 
Equipment1,020 9 23 59 1,111 
Data processing3,471 353 126 545 4,495 
Professional fees690 159 23 816 1,688 
Marketing and advertising113 32 11 260 416 
Deposit insurance premiums1,135 — — — 1,135 
Intangible expense78 — 109 — 187 
Other segment items (2)
5,080 615 147 990 6,832 
Intersegment expense (revenue) (3)
5,449 52 123 (5,624)— 
Income (loss) before income taxes$24,558 $1,929 $3,113 $(4,044)$25,556 
Income tax expense (benefit)4,959 413 688 (809)5,251 
Net income (loss)$19,599 $1,516 $2,425 $(3,235)$20,305 
Net capital expenditures$(1,463)$6 $9 $48 $(1,400)
(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker.
(2) Other segment items for each reportable segment includes:
Banking - loan and lease financing related fees, deposit and card service fees, and certain overhead expenses.
Wealth Management - referral fees, clearing broker fees, and certain overhead expenses.
Insurance - certain overhead expenses.
Other - Board of Director fees, retirement costs, and certain overhead expenses.
(3) Includes an allocation of general and administrative expenses from both the parent holding company and the Bank.
The following tables show significant components of segment net assets as of March 31, 2025 and December 31, 2024.
At March 31, 2025
(Dollars in thousands)BankingWealth ManagementInsuranceOtherConsolidated
Other segment disclosures:
Cash and cash equivalents$84,832 $50,898 $33,404 $— $169,134 
Loans and leases, including loans held for sale, net of allowance for credit losses6,758,397 — — — 6,758,397 
Goodwill138,476 15,434 21,600 — 175,510 
Other segment assets843,554 2,567 2,597 23,408 872,126 
Total segment assets$7,825,259 $68,899 $57,601 $23,408 $7,975,167 

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At December 31, 2024
(Dollars in thousands)BankingWealth ManagementInsuranceOtherConsolidated
Other segment disclosures:
Cash and cash equivalents$247,023 $50,149 $31,672 $— $328,844 
Loans and leases, including loans held for sale, net of allowance for credit losses6,756,145 — — — 6,756,145 
Goodwill138,476 15,434 21,600 — 175,510 
Other segment assets839,359 3,485 2,828 22,246 867,918 
Total segment assets$7,981,003 $69,068 $56,100 $22,246 $8,128,417 

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.

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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, growth and composition of our loan, investment and deposit portfolios; statements regarding our financial performance, financial condition and liquidity; and estimates of our risks and future credit provision expenses. These forward-looking statements are based on our current beliefs and expectations 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 with respect to future business strategies and decisions that are subject to change, 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 included as a result of employment levels and labor shortages, and the effect of a potential recession or slowed economic growth caused by supply chain disruptions or otherwise;
•Legislative, regulatory and accounting changes, including increased assessments by the Federal Deposit Insurance Corporation and changes in the income tax laws and regulations;
•Monetary and fiscal policies of the U.S. government, including policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System;
•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, 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 or the sale of loans or other assets and/or lead to higher operating costs and higher costs to retain or attract deposits;
•The imposition of tariffs or other domestic or international governmental policies;
•Fluctuations in real estate values in our market area;
•A failure to maintain adequate levels of capital and liquidity to support our operations;
•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 or methodology utilized to calculate the allowance for credit losses;
•Our ability to access cost-effective funding;
•Changes in liquidity, including the size and composition of our deposit portfolio and the percentage of uninsured deposits in the portfolio;
•Our ability to implement our business strategies;
•Our ability to manage market risk, credit risk, interest rate 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 attract and retain key employees;
•Other risks and uncertainties, including those occurring in the U.S. and international financial systems; and
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•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, 2024 under the section entitled "Item 1A - Risk Factors," and from time to time in other filings made by the Corporation with the SEC.

These forward-looking statements speak only as of 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

In order to prepare the Corporation’s financial statements in conformity with U.S. generally accepted accounting principles, management 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 condition 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 2024 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 condensed 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 revenues primarily from the margins and fees generated from lending and depository services as well as fee-based income from trust, insurance, mortgage banking, treasury management 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 Ended
 March 31,Change
(Dollars in thousands, except per share data)20252024AmountPercent
Net income$22,395 $20,305 $2,090 10.3 %
Net income per share:
Basic$0.77 $0.69 $0.08 11.6 
Diluted0.77 0.69 0.08 11.6 
Return on average assets1.14 %1.06 %8 BP7.5 
Return on average equity10.13 %9.69 %44 BP4.5 
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The Corporation reported net income of $22.4 million, or $0.77 diluted earnings per share, for the three months ended March 31, 2025, compared to net income of $20.3 million, or $0.69 diluted earnings per share, for the three months ended March 31, 2024. The financial results for the three months ended March 31, 2025 included tax-free bank owned life insurance death benefits claims of $1.0 million, which represented $0.04 diluted earnings per share.

Results of Operations

Net Interest Income

Net interest income is the difference between interest earned primarily on loans, 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 the three months ended March 31, 2025 and 2024. 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 months ended March 31, 2025 versus 2024

Net interest income on a tax-equivalent basis for the three months ended March 31, 2025 was $57.2 million, an increase of $5.4 million, or 10.5%, compared to $51.8 million for the three months ended March 31, 2024. The increase in tax-equivalent net interest income for the three months ended March 31, 2025 compared to the comparable period in the prior year was driven by higher average balances of loans and increased yields on interest earning assets, as well as a reduction in our overall cost of funds.

The net interest margin, on a tax-equivalent basis, was 3.09% for the three months ended March 31, 2025 compared to 2.88% for the three months ended March 31, 2024. Excess liquidity reduced net interest margin by approximately three basis points for the three months ended March 31, 2025 and March 31, 2024.

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Table 1—Average Balances and Interest Rates—Tax-Equivalent Basis
 Three Months Ended March 31,
 20252024
(Dollars in thousands)Average
Balance		Income/
Expense		Average
Rate		Average
Balance		Income/
Expense		Average
Rate
Assets:
Interest-earning deposits with other banks$119,997 $1,360 4.60 %$120,845 $1,609 5.36 %
Obligations of states and political subdivisions*879 4 1.85 1,951 12 2.47 
Other debt and equity securities499,199 4,019 3.27 499,032 3,647 2.94 
Federal Home Loan Bank, Federal Reserve Bank and other stock37,561 687 7.42 39,115 724 7.44 
Total interest-earning deposits, investments and other interest-earning assets657,636 6,070 3.74 660,943 5,992 3.65 
Commercial, financial and agricultural loans990,860 17,020 6.97 934,649 16,523 7.11 
Real estate—commercial and construction loans3,704,232 52,676 5.77 3,575,142 50,641 5.70 
Real estate—residential loans1,729,146 21,542 5.05 1,618,188 19,555 4.86 
Loans to individuals19,438 393 8.20 27,315 548 8.07 
Tax-exempt loans and leases230,133 2,861 5.04 232,380 2,464 4.26 
Lease financings182,694 3,240 7.19 189,691 3,169 6.72 
Gross loans and leases6,856,503 97,732 5.78 6,577,365 92,900 5.68 
Total interest-earning assets7,514,139 103,802 5.60 7,238,308 98,892 5.49 
Cash and due from banks56,690 54,870 
Allowance for credit losses, loans and leases(87,822)(86,495)
Premises and equipment, net46,852 50,592 
Operating lease right-of-use assets27,761 31,121 
Other assets423,423 408,179 
Total assets$7,981,043 $7,696,575 
Liabilities:
Interest-bearing checking deposits$1,222,012 $7,075 2.35 %$1,180,696 $8,218 2.80 %
Money market savings1,840,194 18,035 3.97 1,705,291 19,220 4.53 
Regular savings702,543 763 0.44 769,926 905 0.47 
Time deposits1,476,495 16,106 4.42 1,238,878 13,630 4.42 
     Total time and interest-bearing deposits5,241,244 41,979 3.25 4,894,791 41,973 3.45 
Short-term borrowings6,909 14 0.82 10,127 5 0.20 
Long-term debt217,500 2,361 4.40 292,486 2,883 3.96 
Subordinated notes149,319 2,281 6.20 148,818 2,281 6.16 
Total borrowings373,728 4,656 5.05 451,431 5,169 4.61 
Total interest-bearing liabilities5,614,972 46,635 3.37 5,346,222 47,142 3.55 
Noninterest-bearing deposits1,376,409 1,409,063 
Operating lease liabilities30,675 34,166 
Accrued expenses and other liabilities62,176 64,578 
Total liabilities7,084,232 6,854,029 
Total interest-bearing liabilities and noninterest-bearing deposits ("Cost of Funds")6,991,381 2.71 6,755,285 2.81 
Shareholders’ Equity:
Common stock157,784 157,784 
Additional paid-in capital302,653 300,679 
Retained earnings and other equity436,374 384,083 
Total shareholders’ equity896,811 842,546 
Total liabilities and shareholders’ equity$7,981,043 $7,696,575 
Net interest income$57,167 $51,750 
Net interest spread2.23 1.94 
Effect of net interest-free funding sources0.86 0.94 
Net interest margin3.09 %2.88 %
Ratio of average interest-earning assets to average interest-bearing liabilities133.82 %135.39 %
*Obligations of states and political subdivisions 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 amortization of $554 thousand and $453 thousand for the three months ended March 31, 2025 and 2024, 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 March 31, 2025 and 2024 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 Ended
 March 31, 2025 Versus 2024
(Dollars in thousands)Volume
Change		Rate
Change		Total
Interest income:
Interest-earning deposits with other banks$(11)$(238)$(249)
Obligations of states and political subdivisions(6)(2)(8)
Other debt and equity securities1 371 372 
Federal Home Loan Bank, Federal Reserve Bank and other stock(35)(2)(37)
Interest on deposits, investments and other earning assets(51)129 78 
Commercial, financial and agricultural loans862 (365)497 
Real estate—commercial and construction loans1,515 520 2,035 
Real estate—residential loans1,262 725 1,987 
Loans to individuals(164)9 (155)
Tax-exempt loans and leases(26)423 397 
Lease financings(128)199 71 
Interest and fees on loans and leases3,321 1,511 4,832 
Total interest income3,270 1,640 4,910 
Interest expense:
Interest-bearing checking deposits266 (1,409)(1,143)
Money market savings1,384 (2,569)(1,185)
Regular savings(82)(60)(142)
Time deposits2,476 — 2,476 
     Total time and interest-bearing deposits4,044 (4,038)6 
Short-term borrowings(3)12 9 
Long-term debt(809)287 (522)
Interest on borrowings(812)299 (513)
Total interest expense3,232 (3,739)(507)
Net interest income$38 $5,379 $5,417 

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Provision for Credit Losses

The provision for credit losses for the three months ended March 31, 2025 and 2024 was $2.3 million and $1.4 million, respectively. 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)March 31, 2025December 31, 2024September 30, 2024June 30, 2024March 31, 2024
Allowance for credit losses, loans and leases$87,790 $87,091 $86,041 $85,745 $85,632 
Loans and leases held for investment6,833,037 6,826,583 6,730,734 6,684,837 6,579,086 
Allowance for credit losses, loans and leases / loans and leases held for investment1.28 %1.28 %1.28 %1.28 %1.30 %

Noninterest Income

The following table presents noninterest income for the three months ended March 31, 2025 and 2024:
Three Months Ended
 March 31,Change
(Dollars in thousands)20252024AmountPercent
Trust fee income$2,161 $2,108 $53 2.5 %
Service charges on deposit accounts2,194 1,871 323 17.3 
Investment advisory commission and fee income5,613 5,194 419 8.1 
Insurance commission and fee income6,889 7,201 (312)(4.3)
Other service fee income2,707 6,415 (3,708)(57.8)
Bank owned life insurance income1,959 842 1,117 132.7 
Net gain on mortgage banking activities647 939 (292)(31.1)
Other income245 1,025 (780)(76.1)
Total noninterest income$22,415 $25,595 $(3,180)(12.4 %)

Three months ended March 31, 2025 versus 2024

Noninterest income for the three months ended March 31, 2025 was $22.4 million, a decrease of $3.2 million, or 12.4%, from the three months ended March 31, 2024.

Other service fee income decreased $3.7 million, or 57.8%, for the three months ended March 31, 2025 from the comparable period in the prior year, primarily due to a $3.4 million net gain from the sale of mortgage servicing rights associated with $591.1 million of serviced loans in the first quarter of 2024. Additionally, net servicing fees on sold mortgage loans decreased by $177 thousand, primarily attributable to the previously mentioned sale of mortgage servicing rights.

Other income decreased $780 thousand, or 76.1%, for the three months ended March 31, 2025 from the comparable period in the prior year, primarily due to decreases in other real estate owned, fees on risk participation agreements for interest rate swaps and gains on the sale of Small Business Administration loans.

Net gain on mortgage banking activities decreased $292 thousand, or 31.1%, for the three months ended March 31, 2025 from the comparable period in the prior year, primarily due to decreased salable volume.

Insurance commission and fee income decreased $312 thousand, or 4.3%, for the three months ended March 31, 2025 from the comparable period in the prior year, primarily due to a decrease in contingent income of $700 thousand, which was $1.6 million and $2.3 million, for the three months ended March 31, 2025 and March 31, 2024, respectively. Contingent income is largely recognized in the first quarter of the year. The decrease was partially offset by an increase of $404 thousand in revenue for commercial lines.

Bank owned life insurance income increased $1.1 million, or 132.7%, for the three months ended March 31, 2025 from the comparable period in the prior year, primarily due to the previously discussed $1.0 million in death benefits claims.

46
Investment advisory commission and fee income increased $419 thousand, or 8.1%, for the three months ended March 31, 2025 from the comparable period in the prior year, primarily due to new customer relationships and appreciation of assets under management and supervision.

Service charges on deposit accounts increased $323 thousand, or 17.3%, for the three months ended March 31, 2025 from the comparable period in the prior year, primarily due to increased treasury management income.

Noninterest Expense

The following table presents noninterest expense for the three months ended March 31, 2025 and 2024:
Three Months Ended
 March 31,Change
(Dollars in thousands)20252024AmountPercent
Salaries, benefits and commissions$30,826 $31,338 $(512)(1.6 %)
Net occupancy2,853 2,872 (19)(0.7)
Equipment1,122 1,111 11 1.0 
Data processing4,364 4,495 (131)(2.9)
Professional fees1,797 1,688 109 6.5 
Marketing and advertising353 416 (63)(15.1)
Deposit insurance premiums1,151 1,135 16 1.4 
Intangible expenses130 187 (57)(30.5)
Other expense6,732 6,832 (100)(1.5)
Total noninterest expense$49,328 $50,074 $(746)(1.5 %)
Three months ended March 31, 2025 versus 2024

Noninterest expense for the three months ended March 31, 2025 was $49.3 million, a decrease of $746 thousand, or 1.5%, from the three months ended March 31, 2024.

Salaries, benefits and commissions decreased $512 thousand, or 1.6%, for the three months ended March 31, 2025 from the comparable period in the prior year, primarily due to an increase in compensation capitalized and a decrease in medical claims expense, partially offset by an increase in incentive compensation due to increased profitability.

Tax Provision

The Corporation recognized a tax expense of $5.2 million and $5.3 million for the three months ended March 31, 2025 and 2024, respectively, resulting in effective rates of 18.7% and 20.5% for the respective periods. The discrete tax effect of vested equity compensation awards favorably impacted the first quarter of 2025 by 71 basis points and unfavorably impacted the first quarter of 2024 by 74 basis points. Additionally, the effective tax rate for the three months ended March 31, 2025 was favorably impacted by 76 basis points from the proceeds of BOLI death benefits. Excluding the discrete impact of vested equity compensation awards and BOLI death benefits, the effective tax rate was 20.2% for the three months ended March 31, 2025 compared to 19.8% for the three months ended March 31, 2024.

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Financial Condition

Assets

The following table presents assets at the dates indicated:
 At March 31, 2025At December 31, 2024Change
(Dollars in thousands)AmountPercent
Cash, interest-earning deposits and federal funds sold$169,134 $328,844 $(159,710)(48.6)%
Investment securities497,059 493,978 3,081 0.6 
Federal Home Loan Bank, Federal Reserve Bank and other stock, at cost35,732 38,980 (3,248)(8.3)
Loans held for sale13,150 16,653 (3,503)(21.0)
Loans and leases held for investment6,833,037 6,826,583 6,454 0.1 
Allowance for credit losses, loans and leases(87,790)(87,091)(699)0.8 
Premises and equipment, net47,175 46,671 504 1.1 
Operating lease right-of-use assets27,182 28,531 (1,349)(4.7)
Goodwill and other intangibles, net183,571 183,819 (248)(0.1)
Bank owned life insurance139,482 139,351 131 0.1 
Accrued interest receivable and other assets117,435 112,098 5,337 4.8 
        Total assets$7,975,167 $8,128,417 $(153,250)(1.9)%

Cash and Interest-Earning Deposits

Cash and interest-earning deposits decreased $159.7 million, or 48.6%, from December 31, 2024, primarily due to a decrease in interest-earning deposits at the Federal Reserve Bank of $162.7 million due to seasonal decreases in public funds, reflecting decreases in deposits and long-term debt.

Investment Securities

Total investment securities at March 31, 2025 increased $3.1 million, or 0.6%, from December 31, 2024. Purchases of $12.7 million, which were primarily residential mortgage-backed securities, increases in the fair value of available-for-sale investment securities of $7.1 million and a reversal of provision for credit losses of $93 thousand were partially offset by maturities and pay-downs of $14.6 million, sales of $2.0 million and net amortization of purchased premiums and discounts of $236 thousand.

Loans and Leases

Gross loans and leases held for investment increased $6.5 million, or 0.1%, from December 31, 2024. The growth in gross loans and leases held for investment was primarily due to increases in commercial real estate and construction loans, partially offset by decreases in commercial loans lease financings. For more information on the composition of the commercial loan portfolio, see "Table 4 - Loan Portfolio Overview."

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 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 March 31, 2025, nonaccrual loans and leases were $11.1 million and had a related allowance for credit losses on loans and leases of $2.6 million. At December 31, 2024, nonaccrual loans and leases were $12.7 million and had a related allowance for credit losses on loans and leases of $1.9 million. During the three months ended March 31, 2025, a $2.5 million nonaccrual
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residential real estate loan was transferred to other real estate owned. In addition, a $1.2 million commercial loan was placed on nonaccrual status. Individual reserves have been established based on current facts and management's judgments 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 judgments related to these credits.

Net loan and lease charge-offs for the three months ended March 31, 2025 were $1.7 million compared to $1.4 million for the same period in the prior year.

Other real estate owned (OREO) was $22.4 million at March 31, 2025, compared to $20.1 million at December 31, 2024. During the three months ended March 31, 2025, one nonaccrual residential real estate loan with a carrying value of $2.5 million was transferred to OREO. Additionally, during the three months ended March 31, 2025, two residential real estate properties with a total carrying value of $226 thousand were sold. Repossessed assets were $79 thousand and $76 thousand at March 31, 2025 and December 31, 2024, respectively. During the three months ended March 31, 2025, repossessed assets of $17 thousand were acquired and repossessed assets totaling $13 thousand were sold.

Table 3—Nonaccrual and Past Due Loans and Leases; Other Real Estate Owned; Repossessed Assets; and Related Ratios

The following table details information pertaining to the Corporation’s nonperforming assets at the dates indicated.
(Dollars in thousands)At March 31, 2025At December 31, 2024
Nonaccrual loans and leases held for investment 11,126 12,667 
Accruing loans and leases, 90 days or more past due322 321 
Total nonperforming loans and leases$11,448 $12,988 
Other real estate owned22,433 20,141 
Repossessed assets 79 76 
Total nonperforming assets$33,960 $33,205 
Loans and leases held for investment$6,833,037 $6,826,583 
Allowance for credit losses, loans and leases87,790 87,091 
Nonaccrual loans and leases with partial charge-offs269 273 
Life-to-date partial charge-offs on nonaccrual loans and leases669 649 
Reserves on individually analyzed loans2,576 1,945 
Allowance for credit losses, loans and leases / loans and leases held for investment1.28 %1.28 %
Nonaccrual loans and leases / loans and leases held for investment0.16 %0.19 %
Allowance for credit losses, loans and leases / nonaccrual loans and leases789.05 %687.54 %


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Table 4—Loan Portfolio Overview

The following table provides summarized detail related to outstanding commercial loan balances segmented by industry description as of March 31, 2025:
(Dollars in thousands)At March 31, 2025
Industry DescriptionTotal Outstanding Balance % of Commercial Loan Portfolio
CRE - Retail$469,397 8.7 %
Animal Production394,279 7.3 
CRE - Multi-family360,743 6.7 
CRE - Office299,751 5.6 
CRE - 1-4 Family Residential Investment278,386 5.2 
CRE - Industrial / Warehouse253,136 4.7 
Hotels & Motels (Accommodation)207,710 3.8 
Specialty Trade Contractors189,427 3.5 
Nursing and Residential Care Facilities177,053 3.3 
Motor Vehicle and Parts Dealers146,911 2.7 
Merchant Wholesalers, Durable Goods146,037 2.7 
Homebuilding (tract developers, remodelers)140,612 2.6 
Repair and Maintenance134,183 2.5 
Crop Production110,882 2.1 
CRE - Mixed-Use - Residential109,872 2.0 
Wood Product Manufacturing101,606 1.9 
Professional, Scientific, and Technical Services95,730 1.8 
Food Services and Drinking Places86,916 1.6 
Administrative and Support Services83,145 1.5 
Merchant Wholesalers, Nondurable Goods83,088 1.5 
Fabricated Metal Product Manufacturing78,181 1.4 
Real Estate Lenders, Secondary Market Financing75,461 1.4 
Religious Organizations, Advocacy Groups65,857 1.2 
CRE - Mixed-Use - Commercial64,683 1.2 
Miniwarehouse / Self-Storage64,553 1.2 
Personal and Laundry Services64,508 1.2 
Education62,362 1.2 
Amusement, Gambling, and Recreation Industries61,437 1.1 
Food Manufacturing56,400 1.0 
Industries with >$50 million in outstandings$4,462,306 82.7 %
Industries with <$50 million in outstandings$936,324 17.3 %
Total Commercial Loans$5,398,630 100.0 %
Consumer Loans and Lease FinancingsTotal Outstanding Balance
Real Estate-Residential Secured for Personal Purpose$992,767 
Real Estate-Home Equity Secured for Personal Purpose189,119 
Loans to Individuals16,930 
Lease Financings235,591 
Total Consumer Loans and Lease Financings$1,434,407 
Total$6,833,037 

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 $130 thousand and $175 thousand for the three months ended March 31, 2025 and 2024, respectively. See Note 5 to the Condensed Unaudited Consolidated Financial Statements, "Goodwill and Other Intangible Assets," for a summary of intangible assets at March 31, 2025 and December 31, 2024.

The Corporation also has goodwill with a net carrying value of $175.5 million at March 31, 2025 and December 31, 2024, 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
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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 three months ended March 31, 2025 or 2024. 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 March 31, 2025At December 31, 2024Change
AmountPercent
Deposits$6,658,498 $6,759,259 $(100,761)(1.5 %)
Short-term borrowings4,031 11,181 (7,150)(63.9)
Long-term debt175,000 225,000 (50,000)(22.2)
Subordinated notes149,386 149,261 125 0.1 
Operating lease liabilities30,062 31,485 (1,423)(4.5)
Accrued interest payable and other liabilities54,718 64,930 (10,212)(15.7)
Total liabilities$7,071,695 $7,241,116 $(169,421)(2.3 %)

Deposits

Total deposits decreased $100.8 million, or 1.5%, from December 31, 2024, primarily due to seasonal declines in public funds deposits and decreases in commercial and consumer deposits, partially offset by an increase in brokered deposits. At March 31, 2025, noninterest bearing deposits totaling $1.4 billion represented 21.5% of total deposits compared to $1.4 billion representing 20.9% of total deposits at December 31, 2024. At March 31, 2025 and December 31, 2024, unprotected deposits, which excludes insured, internal, and collateralized deposit accounts, totaled $1.5 billion, which represented 21.9% and 22.0% of total deposits at the respective periods.

Borrowings

Total borrowings decreased $57.0 million, or 14.8%, from December 31, 2024, primarily due to maturities of long-term FHLB advances totaling $50.0 million. These borrowings were replaced with brokered deposits during the quarter. Additionally, customer repurchase agreements decreased $7.2 million from December 31, 2024.

Other Liabilities

Other liabilities decreased $10.2 million, or 15.7%, from December 31, 2024, primarily due to the payment of previously accrued annual incentive compensation.

Shareholders’ Equity

The following table presents total shareholders’ equity at the dates indicated:
(Dollars in thousands)At March 31, 2025At December 31, 2024Change
AmountPercent
Common stock$157,784 $157,784 $— — %
Additional paid-in capital300,634 302,829 (2,195)(0.7)
Retained earnings541,776 525,780 15,996 3.0 
Accumulated other comprehensive loss(37,922)(43,992)6,070 (13.8)
Treasury stock(58,800)(55,100)(3,700)6.7 
Total shareholders’ equity$903,472 $887,301 $16,171 1.8 %

Total shareholders' equity increased $16.2 million, or 1.8%, from December 31, 2024. Retained earnings at March 31, 2025 increased by $16.0 million primarily due to net income of $22.4 million offset by $6.1 million in cash dividends paid during the three months ended March 31, 2025. Accumulated other comprehensive loss decreased by $6.1 million, which was primarily attributable to increases in the fair value of available-for-sale investment securities of $5.6 million, net of tax. Treasury stock increased $3.7 million from December 31, 2024, related to repurchases of 221,760 shares at a cost of $6.5 million, offset by
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$2.8 million of stock issued under the dividend reinvestment and employee stock purchase plans and stock-based incentive plan activity.

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 $26.1 million and $24.6 million for the three months ended March 31, 2025 and 2024, respectively. See the section of this Management's Discussion and Analysis 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 $2.0 million and $1.9 million for the three months ended March 31, 2025 and 2024, respectively. The pre-tax income increase from 2024 was primarily due to new customer relationships and appreciation of assets under management and supervision. Assets under management and supervision were $5.2 billion as of March 31, 2025 and December 31, 2024, $5.0 billion as of March 31, 2024 and $4.7 billion as of December 31, 2023.

The Insurance segment reported pre-tax income of $2.4 million and $3.1 million for the three months ended March 31, 2025 and 2024, respectively, which included noninterest income of $6.9 million in 2025 and $7.3 million in 2024. The decrease in noninterest income for the three months ended March 31, 2025 was primarily due to a decrease in contingent income of $700 thousand, which was $1.6 million and $2.3 million for the three months ended March 31, 2025 and 2024, respectively. Contingent income is largely recognized in the first quarter of the year. The decrease was partially offset by an increase of $404 thousand in revenue for commercial lines.

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 March 31, 2025.
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Table 5—Regulatory Capital

The Corporation's and Bank's actual and required capital ratios as of March 31, 2025 and December 31, 2024 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 March 31, 2025
Total Capital (to Risk-Weighted Assets):
Corporation$1,006,906 14.35 %$561,205 8.00 %$701,506 10.00 %
Bank850,851 12.18 558,789 8.00 698,487 10.00 
Tier 1 Capital (to Risk-Weighted Assets):
Corporation769,781 10.97 420,903 6.00 561,205 8.00 
Bank763,485 10.93 419,092 6.00 558,789 8.00 
Tier 1 Common Capital (to Risk-Weighted Assets):
Corporation769,781 10.97 315,678 4.50 455,979 6.50 
Bank763,485 10.93 314,319 4.50 454,016 6.50 
Tier 1 Capital (to Average Assets):
Corporation769,781 9.80 314,056 4.00 392,571 5.00 
Bank763,485 9.75 313,116 4.00 391,395 5.00 
At December 31, 2024
Total Capital (to Risk-Weighted Assets):
Corporation$999,073 14.19 %$563,074 8.00 %$703,842 10.00 %
Bank843,245 12.03 560,778 8.00 700,972 10.00 
Tier 1 Capital (to Risk-Weighted Assets):
Corporation763,947 10.85 422,305 6.00 563,074 8.00 
Bank757,380 10.80 420,583 6.00 560,778 8.00 
Tier 1 Common Capital (to Risk-Weighted Assets):
Corporation763,947 10.85 316,729 4.50 457,497 6.50 
Bank757,380 10.80 315,438 4.50 455,632 6.50 
Tier 1 Capital (to Average Assets):
Corporation763,947 9.51 321,439 4.00 401,799 5.00 
Bank757,380 9.45 320,674 4.00 400,843 5.00 
At March 31, 2025 and December 31, 2024, the Corporation and the Bank continued to meet all capital adequacy requirements to which they are subject. At March 31, 2025, 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.

Asset/Liability Management

The primary functions of Asset/Liability Management are to minimize interest rate risk and to ensure adequate earnings, capital and liquidity while maintaining an appropriate balance of 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 risk 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 simulations use expected cash flows and repricing characteristics for all financial instruments at a point in time and incorporate company-developed, market-based
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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.

The Corporation and its subsidiaries maintain ample ability to meet the liquidity needs of its customers. Our most liquid asset, unencumbered cash and cash equivalents, were $166.7 million and $327.8 million at March 31, 2025 and December 31, 2024, respectively. Unencumbered securities classified as available-for-sale, which provide additional sources of liquidity, totaled $65.1 million and $55.4 million at March 31, 2025 and December 31, 2024, respectively. Further, the Corporation and its subsidiaries had committed borrowing capacity from the Federal Home Loan Bank and Federal Reserve Bank of $3.7 billion at March 31, 2025 and December 31, 2024, of which $2.3 billion and $2.1 billion was available as of March 31, 2025 and December 31, 2024, respectively. The Corporation and its subsidiaries also maintained uncommitted funding sources from correspondent banks of $468.0 million at March 31, 2025 and December 31, 2024. Future availability under these uncommitted funding sources is subject to the prerogatives of the granting banks and may be withdrawn at will.

Sources of Funds

Non-brokered deposits continue to be the largest significant funding source for the Corporation. These deposits are primarily generated from individuals, businesses, public funds 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 and the Federal Reserve Bank of Philadelphia, and 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 short- and long-term borrowings. Certificates of deposit due within one year of March 31, 2025 totaled $1.1 billion. If these deposits do not remain with the Bank, the Bank will be required to seek other sources of funds. 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 funding 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.

Recent Accounting Pronouncements

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

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Item 3.    Quantitative and Qualitative Disclosures About Market Risk

No material changes in the Corporation’s market risk occurred during the period ended March 31, 2025. A detailed discussion of market risk is provided in Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations" including Liquidity and Interest Sensitivity, in the Corporation's Annual Report on Form 10-K for the year ended December 31, 2024.

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 March 31, 2025.

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 March 31, 2025 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, 2024.


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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 during the first quarter of 2025, under the Corporation's Board approved program.
ISSUER PURCHASES OF EQUITY SECURITIES
PeriodTotal Number
of Shares
Purchased
Average
Price Paid
per Share 1
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
January 1 – 31, 202543,110 $29.51 43,110 1,357,044 
February 1 – 28, 202543,888 30.83 43,888 1,313,156 
March 1 – 31, 2025134,762 29.08 134,762 1,178,394 
Total221,760 $29.51 221,760 
1.Average price paid per share includes stock repurchase excise tax.

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. On October 23, 2024, the Corporation's Board of Directors approved the repurchase of 1,000,000 additional shares, or approximately 3.4% of the Corporation's common stock outstanding as of September 30, 2024. The stock repurchase plans do not include normal treasury activity such as purchases to fund the dividend reinvestment, employee stock purchase and equity compensation plans. The stock repurchase plan has no scheduled expiration date, and the Board of Directors has the right to suspend or discontinue the plan 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 March 31, 2025 were as follows:

PeriodTotal Number of Shares PurchasedAverage Price Paid per Share
January 1 – 31, 2025— $— 
February 1 – 28, 2025— — 
March 1 – 31, 2025— — 
Total— $— 

Item 3.    Defaults Upon Senior Securities
None.

Item 4.    Mine Safety Disclosures
Not Applicable.

 Item 5.    Other Information
Securities Trading Plans of Directors and Executive Officers
During the three months ended March 31, 2025, none of our directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of the Corporation's securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any "non-Rule 10b5-1 trading arrangement."
56

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 31.1
Certification of Jeffrey M. Schweitzer, Chairman, 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, Chairman, 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 March 31, 2025, 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 March 31, 2025, formatted in Inline XBRL.

57

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: April 29, 2025/s/ Jeffrey M. Schweitzer
Jeffrey M. Schweitzer
Chairman, President and Chief Executive Officer
(Principal Executive Officer)
Date: April 29, 2025/s/ Brian J. Richardson
Brian J. Richardson
Senior Executive Vice President and Chief Financial Officer
(Principal Financial and Accounting Officer)

58

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