Univest Financial Corporation - 10-Q quarterly report FY

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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, 2026


☐			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)


Pennsylvania						23-1886144
(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 class	Trading symbol	Name of exchange on which registered
Common Stock, $5 par value	UVSP	The 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 value						27,845,802
(Title of Class)						(Number of shares outstanding at April 27, 2026)

Table of Contents

UNIVEST FINANCIAL CORPORATION AND SUBSIDIARIES

INDEX


			Page Number
Part I.	Financial Information:

	Item 1.	Financial Statements (Unaudited)

		Condensed Consolidated Balance Sheets at March 31, 2026 and December 31, 2025	2

		Condensed Consolidated Statements of Income for the Three Months Ended March 31, 202 6 and 2025	3

		Condensed Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2026 and 2025	4

		Condensed Consolidated Statements of Changes in Shareholders’ Equity for the Three Months Ended March 31, 2026 and 2025	5

		Condensed Consolidated Statements of Cash Flows for the Three Mon t h s E n d e d March 31, 2026 and 2025	6

		Notes to Condensed Consolidated Financial Statements	7

	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	40

	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	54

	Item 4.	Controls and Procedures	54

Part II.	Other Information

	Item 1.	Legal Proceedings	54

	Item 1A.	Risk Factors	54

	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	55

	Item 3.	Defaults Upon Senior Securities	55

	Item 4.	Mine Safety Disclosures	55

	Item 5.	Other Information	55

	Item 6.	Exhibits	56

Signatures			57

Table of Contents

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, 2026		At December 31, 2025
ASSETS
Cash and due from banks	$	69,645	$	63,579
Interest-earning deposits with other banks	152,712		490,133
Cash and cash equivalents	222,357		553,712

Investment securities held-to-maturity (fair value $106,161 and $109,724 at March 31, 2026 and December 31, 2025, respectively)	119,490		123,024
Investment securities available-for-sale (amortized cost $407,444 and $398,476, net of allowance for credit losses of $31 and $11 at March 31, 2026 and December 31, 2025, respectively)	379,028		371,251
Investments in equity securities	2,898		2,014
Federal Home Loan Bank, Federal Reserve Bank and other stock, at cost	35,511		37,808
Loans held for sale	14,371		15,288
Loans and leases held for investment	6,940,212		6,914,804
Less: Allowance for credit losses, loans and leases	(88,900)		(88,165)
Net loans and leases held for investment	6,851,312		6,826,639
Premises and equipment, net	44,774		45,554
Operating lease right-of-use assets	25,032		25,795
Goodwill	175,510		175,510
Other intangibles, net of accumulated amortization	7,583		7,328
Bank owned life insurance	142,141		140,001
Accrued interest receivable and other assets	121,575		112,973
Total assets	$	8,141,582	$	8,436,897
LIABILITIES
Noninterest-bearing deposits	$	1,475,851	$	1,431,974
Interest-bearing deposits	5,337,912		5,655,339
Total deposits	6,813,763		7,087,313
Short-term borrowings	26,156		24,411
Long-term debt	175,000		200,000
Subordinated notes	98,908		98,867
Operating lease liabilities	27,699		28,531
Accrued interest payable and other liabilities	48,106		54,457
Total liabilities	7,189,632		7,493,579
SHAREHOLDERS’ EQUITY
Common stock, $5 par value: 48,000,000 shares authorized at March 31, 2026 and December 31, 2025; 31,556,799 shares issued at March 31, 2026 and December 31, 2025; 27,949,173 and 28,156,917 shares outstanding at March 31, 2026 and December 31, 2025, respectively	157,784		157,784
Additional paid-in capital	301,154		304,021
Retained earnings	611,771		591,202
Accumulated other comprehensive loss, net of tax benefit	(25,951)		(25,467)
Treasury stock, at cost; 3,607,626 and 3,399,882 shares at March 31, 2026 and December 31, 2025, respectively	(92,808)		(84,222)
Total shareholders’ equity	951,950		943,318
Total liabilities and shareholders’ equity	$	8,141,582	$	8,436,897

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

Table of Contents

UNIVEST FINANCIAL CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)


	Three Months Ended
	March 31,
(Dollars in thousands, except per share data)	2026		2025
Interest income
Interest and fees on loans and leases	$	98,784	$	97,346
Interest and dividends on investment securities:
Taxable	4,053		4,019
Exempt from federal income taxes	—		4
Interest on deposits with other banks	2,810		1,360
Interest and dividends on other earning assets	704		687
Total interest income	106,351		103,416
Interest expense
Interest on deposits	39,142		41,979
Interest on short-term borrowings	3		14
Interest on long-term debt and subordinated notes	3,841		4,642
Total interest expense	42,986		46,635
Net interest income	63,365		56,781
Provision for credit losses	1,303		2,311
Net interest income after provision for credit losses	62,062		54,470
Noninterest income
Trust fee income	2,236		2,161
Service charges on deposit accounts	2,279		2,194
Investment advisory commission and fee income	6,154		5,613
Insurance commission and fee income	7,423		6,889
Other service fee income	3,041		2,707
Bank owned life insurance income	1,332		1,959

Net gain on mortgage banking activities	791		647
Other income	832		245
Total noninterest income	24,088		22,415
Noninterest expense
Salaries, benefits and commissions	33,459		30,826
Net occupancy	2,998		2,853
Equipment	1,079		1,122
Data processing	4,480		4,364
Professional fees	1,677		1,797
Marketing and advertising	634		353
Deposit insurance premiums	1,170		1,151
Intangible expenses	93		130


Restructuring charges	427		—
Other expense	6,652		6,732
Total noninterest expense	52,669		49,328
Income before income taxes	33,481		27,557
Income tax expense	6,389		5,162
Net income	$	27,092	$	22,395
Net income per share:
Basic	$	0.97	$	0.77
Diluted	0.96		0.77

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

Table of Contents

UNIVEST FINANCIAL CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)


	Three Months Ended March 31,
(Dollars in thousands)	2026						2025
	Before Tax Amount		Tax Expense (Benefit)		Net of Tax Amount		Before Tax Amount		Tax Expense (Benefit)		Net of Tax Amount
Income	$	33,481	$	6,389	$	27,092	$	27,557	$	5,162	$	22,395
Other comprehensive income:
Net unrealized (losses) gains on available-for-sale investment securities:
Net unrealized holding (losses) gains arising during the period	(1,192)		(250)		(942)		7,160		1,504		5,656
Provision (reversal of provision) for credit losses	20		4		16		(93)		(20)		(73)


Total net unrealized (losses) gains on available-for-sale investment securities	(1,172)		(246)		(926)		7,067		1,484		5,583
Net unrealized gains on interest rate swaps used in cash flow hedges:


Reclassification adjustment recorded in earnings (1)	565		119		446		565		119		446
Total net unrealized gains on interest rate swaps used in cash flow hedges	565		119		446		565		119		446
Defined benefit pension plans:

Amortization of net actuarial (losses) gains included in net periodic pension costs (2)	(5)		(1)		(4)		52		11		41



Total defined benefit pension plans	(5)		(1)		(4)		52		11		41
Other comprehensive (losses) income	(612)		(128)		(484)		7,684		1,614		6,070
Total comprehensive income	$	32,869	$	6,261	$	26,608	$	35,241	$	6,776	$	28,465

(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.

Table of Contents

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, 2026
Balance at December 31, 2025	28,156,917	$	157,784	$	304,021	$	591,202	$	(25,467)	$	(84,222)	$	943,318
Net income	—	—		—		27,092		—		—		27,092
Other comprehensive loss, net of income tax benefit	—	—		—		—		(484)		—		(484)
Cash dividends declared ($0.22 per share)	—	—		—		(6,168)		—		—		(6,168)
Stock-based compensation	—	—		1,526		(355)		—		—		1,171
Stock issued under dividend reinvestment and employee stock purchase plans	16,672	—		60		—		—		516		576
Vesting of restricted stock units, net of shares withheld to cover taxes	118,722	—		(4,464)		—		—		2,591		(1,873)
Issuance of common stock	—	—		—		—		—		—		—
Exercise of stock options	8,000	—		11		—		—		201		212

Purchases of treasury stock	(351,138)	—		—		—		—		(11,894)		(11,894)
Balance at March 31, 2026	27,949,173	$	157,784	$	301,154	$	611,771	$	(25,951)	$	(92,808)	$	951,950


(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, 2024	29,045,877	$	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 plans	19,136	—		50		—		—		524		574
Vesting of restricted stock units, net of shares withheld to cover taxes	107,895	—		(3,641)		—		—		2,066		(1,575)

Exercise of stock options	11,500	—		26		—		—		254		280

Purchases of treasury stock	(221,760)	—		—		—		—		(6,544)		(6,544)
Balance at March 31, 2025	28,962,648	$	157,784	$	300,634	$	541,776	$	(37,922)	$	(58,800)	$	903,472

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

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UNIVEST FINANCIAL CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)


	Three Months Ended March 31,
(Dollars in thousands)	2026		2025
Cash flows from operating activities:
Net income	$	27,092	$	22,395
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses	1,303		2,311
Depreciation of premises and equipment	1,358		1,351
Net amortization of investment securities premiums and discounts	210		229
Amortization, fair market value adjustments and capitalization of servicing rights	(348)		118

Net gain on mortgage banking activities	(791)		(647)



Bank owned life insurance income	(1,332)		(1,959)
Stock-based compensation	1,238		1,067
Intangible expenses	93		130
Other adjustments to reconcile net income to cash used in operating activities	(756)		(480)

Originations of loans held for sale	(43,323)		(37,126)
Proceeds from the sale of loans held for sale	49,410		41,441
Contributions to pension and other postretirement benefit plans	(68)		(62)
Increase in accrued interest receivable and other assets	(7,701)		(4,472)
Decrease in accrued interest payable and other liabilities	(4,251)		(8,693)
Net cash provided by operating activities	22,134		15,603
Cash flows from investing activities:

Proceeds from sale of premises and equipment	9		83
Purchases of premises and equipment	(578)		(1,948)
Proceeds from maturities, calls and principal repayments of securities held-to-maturity	3,461		3,140
Proceeds from maturities, calls and principal repayments of securities available-for-sale	17,170		11,429


Purchases of investment securities available-for-sale	(26,281)		(11,565)
Proceeds from sales of equity securities	2,290		1,981
Purchases of money market mutual funds	(3,174)		(1,142)
Net decrease in other investments	2,297		3,248


Net increase in loans and leases	(30,679)		(10,393)
Proceeds from sales of foreclosed / repossessed assets	—		239

Purchases of bank owned life insurance	(1,646)		—
Proceeds from bank owned life insurance	—		1,828
Net cash used in investing activities	(37,131)		(3,100)
Cash flows from financing activities:
Net decrease in deposits	(273,550)		(100,764)
Net increase (decrease) in short-term borrowings	1,745		(7,150)
Proceeds from issuance of long-term debt	25,000		—
Repayment of long-term debt	(50,000)		(50,000)

Repayment of subordinated debt	(51)		—

Payment of contingent consideration on acquisitions	—		(635)

Payment for shares withheld to cover taxes on vesting of restricted stock units	(1,873)		(1,575)
Purchases of treasury stock	(11,894)		(6,544)
Stock issued under dividend reinvestment and employee stock purchase plans	576		574
Proceeds from exercise of stock options	212		280
Cash dividends paid	(6,523)		(6,399)
Net cash used in financing activities	(316,358)		(172,213)
Net decrease in cash and cash equivalents	(331,355)		(159,710)
Cash and cash equivalents at beginning of year	553,712		328,844
Cash and cash equivalents at end of period	$	222,357	$	169,134







Supplemental disclosures of cash flow information:
Cash paid for interest	$	42,554	$	49,547

Non cash transactions:
Transfer of loans to other real estate owned	$	—	$	2,526
Transfer of leases to repossessed assets	78		17
Transfer of loans to loans held for sale	4,310		—

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

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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 subsidiaries are Univest Bank and Trust Co. (the Bank) and 1876 Double Eagle, LLC. 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, 2026 are not necessarily indicative of the results that may be expected for the year ended December 31, 2026 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, 2025, which was filed with the SEC on February 23, 2026.

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.

Accounting Pronouncement Adopted in 2026

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 became effective on January 1, 2026 for the Corporation. The adoption of this ASU did not have a material impact on the Corporation's financial statements.

In July 2025, the FASB issued ASU 2025-05, "Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets." This ASU amends ASC 326-202 to provide a practical expedient (for all entities) and an accounting policy election (for all entities, other than public business entities that elect the practical expedient) related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under ASC 606, "Revenue From Contracts with Customers". This ASU became effective on January 1, 2026 for the Corporation. The adoption of this ASU did not have a material impact on the Corporation's financial statements.

Recent Accounting Pronouncements Yet to Be Adopted

In October 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (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

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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 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 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 2025, the FASB issued ASU 2025-08, "Financial Instruments—Credit Losses (Topic 326): Purchased Loans." This ASU expands the population of acquired financial assets subject to the "gross-up approach" in Topic 326. All non-PCD loans (excluding credit cards) that are acquired in a business combination are deemed seasoned. Other non-PCD loans (excluding credit cards) are considered to be seasoned if they were purchased more than 90 days after origination and the acquirer was not involved in the origination of the loans. This ASU is effective for all entities for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. Early adoption is permitted for financial statements that have not yet been issued. The Corporation does not expect the adoption of this ASU will have a material impact on the Corporation's financial statements.

In November 2025, the FASB issued ASU 2025-09, "Derivatives and Hedging (Topic 815): Hedge Accounting Improvements." This ASU is designed to align hedge accounting more closely with the economics of an entity's risk management activities. This ASU addresses five issues intended to enable financial statements to better reflect certain hedging strategies by allowing entities to achieve and maintain hedge accounting for a greater number of highly effective economic hedges. This ASU is effective for all entities for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. Early adoption is permitted any date on or after its issuance. 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)	2026		2025
Numerator for basic and diluted earnings per share—net income available to common shareholders	$	27,092	$	22,395
Denominator for basic earnings per share—weighted-average shares outstanding	28,033		29,001
Effect of dilutive securities—stock options and restricted stock units	276		270
Denominator for diluted earnings per share—adjusted weighted-average shares outstanding	28,309		29,271
Basic earnings per share	$	0.97	$	0.77
Diluted earnings per share	$	0.96	$	0.77
Average antidilutive options and restricted stock units excluded from computation of diluted earnings per share	2		115

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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, 2026 and December 31, 2025, by contractual maturity within each type:


	At March 31, 2026
(Dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
Securities Held-to-Maturity




Residential mortgage-backed securities:
Within 1 year	$	83	$	—	$	(1)	$	—	$	82
After 1 year to 5 years	87		—		(1)		—		86
After 5 years to 10 years	10,776		—		(318)		—		10,458
Over 10 years	108,544		13		(13,022)		—		95,535
	119,490		13		(13,342)		—		106,161




Total	$	119,490	$	13	$	(13,342)	$	—	$	106,161
Securities Available-for-Sale















Residential mortgage-backed securities:
Within 1 year	$	37	$	—	$	—	$	—	$	37
After 1 year to 5 years	80		—		(1)		—		79
After 5 years to 10 years	13,150		—		(947)		—		12,203
Over 10 years	310,665		653		(25,301)		—		286,017
	323,932		653		(26,249)		—		298,336
Collateralized mortgage obligations:

After 1 year to 5 years	54		—		(1)		—		53

Over 10 years	1,308		—		(74)		—		1,234
	1,362		—		(75)		—		1,287
Corporate bonds:
Within 1 year	10,497		—		(46)		(5)		10,446
After 1 year to 5 years	71,653		61		(2,729)		(26)		68,959


	82,150		61		(2,775)		(31)		79,405
Total	$	407,444	$	714	$	(29,099)	$	(31)	$	379,028

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	At December 31, 2025
(Dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
Securities Held-to-Maturity




Residential mortgage-backed securities:
After 1 year to 5 years	$	514	$	—	$	(5)	$	—	$	509
After 5 years to 10 years	10,714		—		(249)		—		10,465
Over 10 years	111,796		42		(13,088)		—		98,750
	123,024		42		(13,342)		—		109,724




Total	$	123,024	$	42	$	(13,342)	$	—	$	109,724
Securities Available-for-Sale















Residential mortgage-backed securities:

After 1 year to 5 years	$	130	$	—	$	(1)	$	—	$	129
After 5 years to 10 years	13,829		—		(933)		—		12,896
Over 10 years	300,227		1,279		(24,951)		—		276,555
	314,186		1,279		(25,885)		—		289,580
Collateralized mortgage obligations:
After 1 year to 5 years	71		—		(1)		—		70

Over 10 years	1,371		—		(73)		—		1,298
	1,442		—		(74)		—		1,368
Corporate bonds:
Within 1 year	7,482		2		(55)		(7)		7,422
After 1 year to 5 years	75,366		129		(2,609)		(4)		72,881


	82,848		131		(2,664)		(11)		80,303
Total	$	398,476	$	1,410	$	(28,623)	$	(11)	$	371,251

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 through 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 $441.5 million and $439.4 million at March 31, 2026 and December 31, 2025, respectively, were pledged to secure various deposit obligations and contingency funding. There were no pledged securities to secure credit derivatives and interest rate swaps at March 31, 2026 or December 31, 2025.

There were no sales of securities available-for-sale during the three months ended March 31, 2026 or 2025.

At March 31, 2026 and December 31, 2025, there were no reportable investments in any single issuer representing more than 10% of shareholders’ equity.

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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, 2026 and December 31, 2025, 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 Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
At March 31, 2026
Securities Held-to-Maturity

Residential mortgage-backed securities	$	6,014	$	(40)	$	97,349	$	(13,302)	$	103,363	$	(13,342)

Total	$	6,014	$	(40)	$	97,349	$	(13,302)	$	103,363	$	(13,342)
Securities Available-for-Sale



Residential mortgage-backed securities	$	57,546	$	(570)	$	180,674	$	(25,679)	$	238,220	$	(26,249)
Collateralized mortgage obligations	—		—		1,287		(75)		1,287		(75)
Corporate bonds	1,003		(1)		57,800		(2,700)		58,803		(2,701)
Total	$	58,549	$	(571)	$	239,761	$	(28,454)	$	298,310	$	(29,025)
At December 31, 2025
Securities Held-to-Maturity

Residential mortgage-backed securities	$	—	$	—	$	102,819	$	(13,342)	$	102,819	$	(13,342)

Total	$	—	$	—	$	102,819	$	(13,342)	$	102,819	$	(13,342)
Securities Available-for-Sale



Residential mortgage-backed securities	$	15,254	$	(42)	$	189,259	$	(25,843)	$	204,513	$	(25,885)
Collateralized mortgage obligations	—		—		1,368		(74)		1,368		(74)
Corporate bonds	—		—		57,409		(2,591)		57,409		(2,591)
Total	$	15,254	$	(42)	$	248,036	$	(28,508)	$	263,290	$	(28,550)

At March 31, 2026, 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 $103.4 million, which includes unrealized losses of $13.3 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, 2026.

At March 31, 2026, 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 $298.3 million, which includes unrealized losses of $29.0 million. These holdings were comprised of: (1) 109 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) nine investment grade corporate bonds, and (3) two collateralized mortgage obligation 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 unrealized loss of these securities was not indicative of a credit loss. Accrued interest receivable on available-for-sale debt securities totaled $1.3 million at March 31, 2026 and was 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.

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The table below presents a roll forward by major security type for the three months ended March 31, 2026 and March 31, 2025 of the allowance for credit losses on securities available-for-sale.


(Dollars in thousands)	Corporate Bonds
Three months ended March 31, 2026
Securities Available-for-Sale
Beginning balance	$	(11)
Additions for securities for which no previous expected credit losses were recognized	(25)
Change in securities for which a previous expected credit loss was recognized	5
Ending balance	$	(31)
Three months ended March 31, 2025
Securities Available-for-Sale
Beginning balance	$	(839)

Change in securities for which a previous expected credit loss was recognized	93
Ending balance	$	(746)

At March 31, 2026, the fair value of available-for-sale securities in an unrealized loss position for which an allowance for credit losses has been recorded was $9.1 million, which includes unrealized losses of $105 thousand, and an allowance for credit losses of $31 thousand. These holdings were comprised of 19 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.

There were no sales of equity securities during the three months ended March 31, 2026 and 2025.

Note 4. Loans and Leases

Summary of Major Loan and Lease Categories


(Dollars in thousands)	At March 31, 2026		At December 31, 2025
Commercial, financial and agricultural	$	1,038,947	$	1,027,434
Real estate-commercial	3,656,779		3,621,536
Real estate-construction	299,962		306,793
Real estate-residential secured for business purpose	556,040		554,178
Real estate-residential secured for personal purpose	942,054		959,610
Real estate-home equity secured for personal purpose	201,244		200,394
Loans to individuals	12,319		12,793
Lease financings	232,867		232,066
Total loans and leases held for investment, net of deferred income	$	6,940,212	$	6,914,804
Less: Allowance for credit losses, loans and leases	(88,900)		(88,165)
Net loans and leases held for investment	$	6,851,312	$	6,826,639
Imputed interest on lease financings, included in the above table	$	(30,695)	$	(30,646)
Net deferred costs, included in the above table	6,207		6,194
Overdraft deposits included in the above table	106		153

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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, 2026 and December 31, 2025:


	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		Current		Total Accruing Loans and Leases		Nonaccrual Loans and Leases		Total Loans and Leases Held for Investment
At March 31, 2026
Commercial, financial and agricultural	$	4,150	$	—	$	—	$	4,150	$	1,030,749	$	1,034,899	$	4,048	$	1,038,947
Real estate—commercial real estate and construction:
Commercial real estate	483		—		—		483		3,652,748		3,653,231		3,548		3,656,779
Construction	124		—		3,641		3,765		296,197		299,962		—		299,962
Real estate—residential and home equity:
Residential secured for business purpose	219		344		—		563		554,195		554,758		1,282		556,040
Residential secured for personal purpose	5,671		—		—		5,671		934,419		940,090		1,964		942,054
Home equity secured for personal purpose	1,181		43		48		1,272		198,296		199,568		1,676		201,244
Loans to individuals	119		72		—		191		12,128		12,319		—		12,319
Lease financings	659		392		61		1,112		230,984		232,096		771		232,867
Total	$	12,606	$	851	$	3,750	$	17,207	$	6,909,716	$	6,926,923	$	13,289	$	6,940,212


	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		Current		Total Accruing Loans and Leases		Nonaccrual Loans and Leases		Total Loans and Leases Held for Investment
At December 31, 2025
Commercial, financial and agricultural	$	1,142	$	749	$	—	$	1,891	$	1,021,268	$	1,023,159	$	4,275	$	1,027,434
Real estate—commercial real estate and construction:
Commercial real estate	3,943		4,236		—		8,179		3,611,002		3,619,181		2,355		3,621,536
Construction	380		—		—		380		305,678		306,058		735		306,793
Real estate—residential and home equity:
Residential secured for business purpose	781		1,029		—		1,810		550,651		552,461		1,717		554,178
Residential secured for personal purpose	5,500		—		—		5,500		951,892		957,392		2,218		959,610
Home equity secured for personal purpose	2,021		427		—		2,448		196,290		198,738		1,656		200,394
Loans to individuals	148		63		7		218		12,575		12,793		—		12,793
Lease financings	706		452		82		1,240		230,039		231,279		787		232,066
Total	$	14,621	$	6,956	$	89	$	21,666	$	6,879,395	$	6,901,061	$	13,743	$	6,914,804

Table of Contents

Nonperforming Loans and Leases

The following presents, by class of loans and leases, nonperforming loans and leases held for investment at March 31, 2026 and December 31, 2025.


	At March 31, 2026						At December 31, 2025
(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
Commercial, financial and agricultural	$	4,048	$	—	$	4,048	$	4,275	$	—	$	4,275
Real estate—commercial real estate and construction:
Commercial real estate	3,548		—		3,548		2,355		—		2,355
Construction	—		3,641		3,641		735		—		735
Real estate—residential and home equity:
Residential secured for business purpose	1,282		—		1,282		1,717		—		1,717
Residential secured for personal purpose	1,964		—		1,964		2,218		—		2,218
Home equity secured for personal purpose	1,676		48		1,724		1,656		—		1,656
Loans to individuals	—		—		—		—		7		7
Lease financings	771		61		832		787		82		869
Total	$	13,289	$	3,750	$	17,039	$	13,743	$	89	$	13,832

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, 2026 and December 31, 2025.


(Dollars in thousands)	Nonaccrual With No Allowance for Credit Losses		Nonaccrual With Allowance for Credit Losses		Total Nonaccrual		Loans and Leases 90 Days or more Past Due and Accruing Interest
At March 31, 2026
Commercial, financial and agricultural	$	154	$	3,894	$	4,048	$	—
Real estate-commercial	3,188		360		3,548		—
Real estate-construction	—		—		—		3,641
Real estate-residential secured for business purpose	1,231		51		1,282		—
Real estate-residential secured for personal purpose	1,964		—		1,964		—
Real estate-home equity secured for personal purpose	1,517		159		1,676		48

Lease financings	—		771		771		61
Total	$	8,054	$	5,235	$	13,289	$	3,750
At December 31, 2025
Commercial, financial and agricultural	$	154	$	4,121	$	4,275	$	—
Real estate-commercial	1,995		360		2,355		—
Real estate-construction	735		—		735		—
Real estate-residential secured for business purpose	1,666		51		1,717		—
Real estate-residential secured for personal purpose	2,218		—		2,218		—
Real estate-home equity secured for personal purpose	1,570		86		1,656		—
Loans to individuals	—		—		—		7
Lease financings	—		787		787		82
Total	$	8,338	$	5,405	$	13,743	$	89

For the three months ended March 31, 2026, $59 thousand of interest income was recognized on nonaccrual loans and leases.

Table of Contents

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, 2026 and December 31, 2025.


(Dollars in thousands)	Real Estate		Other (1)		None (2)		Total
At March 31, 2026
Commercial, financial and agricultural	$	1,979	$	2,069	$	—	$	4,048
Real estate-commercial	3,548		—		—		3,548
Real estate-construction	—		—		—		—
Real estate-residential secured for business purpose	1,231		51		—		1,282
Real estate-residential secured for personal purpose	1,964		—		—		1,964
Real estate-home equity secured for personal purpose	1,676		—		—		1,676

Lease financings	—		771		—		771
Total	$	10,398	$	2,891	$	—	$	13,289

(Dollars in thousands)	Real Estate		Other (1)		None (2)		Total
At December 31, 2025
Commercial, financial and agricultural	$	1,907	$	1,937	$	431	$	4,275
Real estate-commercial	2,355		—		—		2,355
Real estate-construction	735		—		—		735
Real estate-residential secured for business purpose	1,666		51		—		1,717
Real estate-residential secured for personal purpose	2,218		—		—		2,218
Real estate-home equity secured for personal purpose	1,656		—		—		1,656

Lease financings	—		787		—		787
Total	$	10,537	$	2,775	$	431	$	13,743

(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, 2025. 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

Table of Contents

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, 2026 and December 31, 2025.


	Term Loans Amortized Cost Basis by Origination Year
(Dollars in thousands)	2026		2025		2024		2023		2022		Prior		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term		Total
At March 31, 2026
Commercial, Financial and Agricultural
Risk Rating
1. Pass	$	50,527	$	164,925	$	85,371	$	36,898	$	33,203	$	110,974	$	471,821	$	977	$	954,696
2. Special Mention	—		265		724		1,218		1,313		616		10,518		—		14,654
3. Substandard	—		480		4,178		5,468		19,341		5,113		35,017		—		69,597

Total	$	50,527	$	165,670	$	90,273	$	43,584	$	53,857	$	116,703	$	517,356	$	977	$	1,038,947
Current period gross charge-offs	$	4	$	71	$	—	$	—	$	—	$	—	$	303	$	—	$	378

Real Estate-Commercial
Risk Rating
1. Pass	$	206,912	$	702,833	$	375,635	$	382,688	$	828,463	$	1,037,791	$	98,362	$	—	$	3,632,684
2. Special Mention	—		861		2,892		250		1,125		1,720		—		—		6,848
3. Substandard	—		—		999		1,385		1,493		13,370		—		—		17,247

Total	$	206,912	$	703,694	$	379,526	$	384,323	$	831,081	$	1,052,881	$	98,362	$	—	$	3,656,779
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	195	$	—	$	—	$	—	$	195

Real Estate-Construction
Risk Rating
1. Pass	$	25,433	$	180,046	$	30,397	$	22,562	$	17,988	$	4,011	$	14,540	$	—	$	294,977
2. Special Mention	—		—		—		—		—		—		—		—		—
3. Substandard	—		—		—		3,641		728		616		—		—		4,985

Total	$	25,433	$	180,046	$	30,397	$	26,203	$	18,716	$	4,627	$	14,540	$	—	$	299,962


Real Estate-Residential Secured for Business Purpose
Risk Rating
1. Pass	$	32,771	$	109,158	$	78,817	$	77,774	$	114,075	$	110,612	$	31,106	$	—	$	554,313
2. Special Mention	—		—		—		—		216		—		—		—		216
3. Substandard	—		—		149		230		—		1,007		125		—		1,511

Total	$	32,771	$	109,158	$	78,966	$	78,004	$	114,291	$	111,619	$	31,231	$	—	$	556,040
Current period gross charge-offs	$	—	$	—	$	—	$	457	$	—	$	—	$	—	$	—	$	457

Totals By Risk Rating
1. Pass	$	315,643	$	1,156,962	$	570,220	$	519,922	$	993,729	$	1,263,388	$	615,829	$	977	$	5,436,670
2. Special Mention	—		1,126		3,616		1,468		2,654		2,336		10,518		—		21,718
3. Substandard	—		480		5,326		10,724		21,562		20,106		35,142		—		93,340

Total	$	315,643	$	1,158,568	$	579,162	$	532,114	$	1,017,945	$	1,285,830	$	661,489	$	977	$	5,551,728
Total current period gross charge-offs	$	4	$	71	$	—	$	457	$	195	$	—	$	303	$	—	$	1,030

Table of Contents


	Term Loans Amortized Cost Basis by Origination Year
(Dollars in thousands)	2025		2024		2023		2022		2021		Prior		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term		Total
At December 31, 2025
Commercial, Financial and Agricultural
Risk Rating
1. Pass	$	190,229	$	100,720	$	38,778	$	37,042	$	68,428	$	48,061	$	449,957	$	982	$	934,197
2. Special Mention	700		812		2,452		1,406		—		643		12,391		—		18,404
3. Substandard	485		4,286		6,849		20,078		5,512		154		37,469		—		74,833

Total	$	191,414	$	105,818	$	48,079	$	58,526	$	73,940	$	48,858	$	499,817	$	982	$	1,027,434

Real Estate-Commercial
Risk Rating
1. Pass	$	705,601	$	395,166	$	389,163	$	859,503	$	507,262	$	631,928	$	100,794	$	—	$	3,589,417
2. Special Mention	2,432		2,914		807		—		1,735		—		—		—		7,888
3. Substandard	429		1,010		187		5,435		246		16,924		—		—		24,231

Total	$	708,462	$	399,090	$	390,157	$	864,938	$	509,243	$	648,852	$	100,794	$	—	$	3,621,536

Real Estate-Construction
Risk Rating
1. Pass	$	166,806	$	42,023	$	43,121	$	28,330	$	1,718	$	2,434	$	13,477	$	—	$	297,909
2. Special Mention	—		—		—		—		—		—		—		—		—
3. Substandard	—		—		3,641		2,545		—		639		2,059		—		8,884

Total	$	166,806	$	42,023	$	46,762	$	30,875	$	1,718	$	3,073	$	15,536	$	—	$	306,793

Real Estate-Residential Secured for Business Purpose
Risk Rating
1. Pass	$	114,828	$	80,784	$	81,481	$	117,108	$	94,503	$	29,906	$	33,062	$	—	$	551,672
2. Special Mention	—		—		—		507		—		—		50		—		557
3. Substandard	—		149		232		—		360		1,083		125		—		1,949

Total	$	114,828	$	80,933	$	81,713	$	117,615	$	94,863	$	30,989	$	33,237	$	—	$	554,178

Totals By Risk Rating
1. Pass	$	1,177,464	$	618,693	$	552,543	$	1,041,983	$	671,911	$	712,329	$	597,290	$	982	$	5,373,195
2. Special Mention	3,132		3,726		3,259		1,913		1,735		643		12,441		—		26,849
3. Substandard	914		5,445		10,909		28,058		6,118		18,800		39,653		—		109,897

Total	$	1,181,510	$	627,864	$	566,711	$	1,071,954	$	679,764	$	731,772	$	649,384	$	982	$	5,509,941

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, 2026 or December 31, 2025.

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, 2025. 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, 2026 and December 31, 2025.

Table of Contents


	Term Loans Amortized Cost Basis by Origination Year
(Dollars in thousands)	2026		2025		2024		2023		2022		Prior		Revolving Loans Amortized Cost Basis		Total
At March 31, 2026
Real Estate-Residential Secured for Personal Purpose
Payment Performance
1. Performing	$	10,731	$	33,637	$	26,465	$	180,243	$	330,238	$	358,692	$	84	$	940,090
2. Nonperforming	—		—		—		—		1,747		217		—		1,964
Total	$	10,731	$	33,637	$	26,465	$	180,243	$	331,985	$	358,909	$	84	$	942,054


Real Estate-Home Equity Secured for Personal Purpose
Payment Performance
1. Performing	$	—	$	307	$	228	$	177	$	1,600	$	1,404	$	195,804	$	199,520
2. Nonperforming	—		—		—		76		—		—		1,648		1,724
Total	$	—	$	307	$	228	$	253	$	1,600	$	1,404	$	197,452	$	201,244


Loans to Individuals
Payment Performance
1. Performing	$	707	$	1,459	$	1,079	$	360	$	140	$	473	$	8,101	$	12,319
2. Nonperforming	—		—		—		—		—		—		—		—
Total	$	707	$	1,459	$	1,079	$	360	$	140	$	473	$	8,101	$	12,319
Current period gross charge-offs	$	20	$	37	$	19	$	17	$	—	$	—	$	107	$	200

Lease Financings
Payment Performance
1. Performing	$	23,622	$	73,348	$	58,233	$	48,501	$	21,131	$	7,200	$	—	$	232,035
2. Nonperforming	—		121		5		391		271		44		—		832
Total	$	23,622	$	73,469	$	58,238	$	48,892	$	21,402	$	7,244	$	—	$	232,867
Current period gross charge-offs	$	—	$	101	$	57	$	20	$	72	$	8	$	—	$	258

Totals by Payment Performance
1. Performing	$	35,060	$	108,751	$	86,005	$	229,281	$	353,109	$	367,769	$	203,989	$	1,383,964
2. Nonperforming	—		121		5		467		2,018		261		1,648		4,520
Total	$	35,060	$	108,872	$	86,010	$	229,748	$	355,127	$	368,030	$	205,637	$	1,388,484
Total current period gross charge-offs	$	20	$	138	$	76	$	37	$	72	$	8	$	107	$	458

Table of Contents


	Term Loans Amortized Cost Basis by Origination Year
(Dollars in thousands)	2025		2024		2023		2022		2021		Prior		Revolving Loans Amortized Cost Basis		Total
At December 31, 2025
Real Estate-Residential Secured for Personal Purpose
Payment Performance
1. Performing	$	34,439	$	29,536	$	190,287	$	333,364	$	183,622	$	186,144	$	—	$	957,392
2. Nonperforming	—		—		—		1,824		—		394		—		2,218
Total	$	34,439	$	29,536	$	190,287	$	335,188	$	183,622	$	186,538	$	—	$	959,610

Real Estate-Home Equity Secured for Personal Purpose
Payment Performance
1. Performing	$	468	$	232	$	257	$	1,654	$	311	$	1,162	$	194,654	$	198,738
2. Nonperforming	—		—		—		—		—		—		1,656		1,656
Total	$	468	$	232	$	257	$	1,654	$	311	$	1,162	$	196,310	$	200,394

Loans to Individuals
Payment Performance
1. Performing	$	1,696	$	1,268	$	464	$	181	$	26	$	486	$	8,665	$	12,786
2. Nonperforming	—		—		—		—		—		7		—		7
Total	$	1,696	$	1,268	$	464	$	181	$	26	$	493	$	8,665	$	12,793

Lease Financings
Payment Performance
1. Performing	$	77,223	$	63,335	$	54,777	$	25,549	$	8,253	$	2,060	$	—	$	231,197
2. Nonperforming	293		67		236		233		26		14		—		869
Total	$	77,516	$	63,402	$	55,013	$	25,782	$	8,279	$	2,074	$	—	$	232,066

Totals by Payment Performance
1. Performing	$	113,826	$	94,371	$	245,785	$	360,748	$	192,212	$	189,852	$	203,319	$	1,400,113
2. Nonperforming	293		67		236		2,057		26		415		1,656		4,750
Total	$	114,119	$	94,438	$	246,021	$	362,805	$	192,238	$	190,267	$	204,975	$	1,404,863

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, 2026 or December 31, 2025.

Table of Contents

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, 2026 and 2025. There were no changes to the reasonable and supportable forecast period and the reversion period, or any other significant methodology changes during the three months ended March 31, 2026.


(Dollars in thousands)	Beginning balance		Provision (reversal of provision) for credit losses		Charge-offs		Recoveries		Ending balance
Three Months Ended March 31, 2026
Allowance for credit losses, loans and leases:
Commercial, financial and agricultural	$	16,983	$	(1,783)	$	(378)	$	83	$	14,905
Real estate-commercial	47,166		3,104		(195)		3		50,078
Real estate-construction	5,475		(39)		—		—		5,436
Real estate-residential secured for business purpose	7,600		548		(457)		—		7,691
Real estate-residential secured for personal purpose	6,341		172		—		—		6,513
Real estate-home equity secured for personal purpose	1,638		(270)		—		—		1,368
Loans to individuals	348		205		(200)		46		399
Lease financings	2,614		61		(258)		93		2,510
Total	$	88,165	$	1,998	$	(1,488)	$	225	$	88,900
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-commercial	46,867		315		(20)		4		47,166
Real estate-construction	4,924		(174)		—		—		4,750
Real estate-residential secured for business purpose	7,491		16		—		—		7,507
Real estate-residential secured for personal purpose	7,222		(828)		—		—		6,394
Real estate-home equity secured for personal purpose	1,706		(140)		—		—		1,566
Loans to individuals	342		144		(165)		7		328
Lease financings	2,460		373		(289)		8		2,552
Total	$	87,091	$	2,385	$	(2,031)	$	345	$	87,790

Table of Contents

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, 2026 and 2025:


	Allowance for credit losses, loans and leases						Loans and leases held for investment
(Dollars in thousands)	Ending balance: individually analyzed		Ending balance: pooled		Total ending balance		Ending balance: individually analyzed		Ending balance: pooled		Total ending balance
At March 31, 2026
Commercial, financial and agricultural	$	2,530	$	12,375	$	14,905	$	4,048	$	1,034,899	$	1,038,947
Real estate-commercial	154		49,924		50,078		3,548		3,653,231		3,656,779
Real estate-construction	—		5,436		5,436		—		299,962		299,962
Real estate-residential secured for business purpose	51		7,640		7,691		1,282		554,758		556,040
Real estate-residential secured for personal purpose	—		6,513		6,513		1,964		940,090		942,054
Real estate-home equity secured for personal purpose	14		1,354		1,368		1,676		199,568		201,244
Loans to individuals	—		399		399		—		12,319		12,319
Lease financings	386		2,124		2,510		386		232,481		232,867
Total	$	3,135	$	85,765	$	88,900	$	12,904	$	6,927,308	$	6,940,212
At March 31, 2025
Commercial, financial and agricultural	$	2,343	$	15,184	$	17,527	$	4,244	$	1,030,117	$	1,034,361
Real estate-commercial	166		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 financings	67		2,485		2,552		67		235,524		235,591
Total	$	2,576	$	85,214	$	87,790	$	10,606	$	6,822,431	$	6,833,037

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, 2026 and 2025.


	Term Extension
	Three Months Ended March 31, 2026							Three Months Ended March 31, 2025
(Dollars in thousands)	Number of Loans	Amortized Cost Basis*		% of Total Class of Financing Receivable		Related Reserve		Number of Loans	Amortized Cost Basis*		% of Total Class of Financing Receivable		Related Reserve
Accruing Modified Loans to Borrowers Experiencing Financial Difficulty:
Commercial, financial and agricultural	3	$	8,792	0.85	%	$	6	5	$	15,238	1.47	%	$	23
Real estate—commercial	—	—		—		—		2	3,185		0.09		—
Real estate—construction	1	728		0.24		1		2	4,726		1.68		12


Total	4	$	9,520			$	7	9	$	23,149			$	35
Nonaccrual Modified Loans to Borrowers Experiencing Financial Difficulty:

Real estate—commercial	1	$	424	0.01	%	$	—	—	$	—	—	%	$	—


Total	1	$	424			$	—	—	$	—			$	—

*Amortized cost excludes $90 thousand and $130 thousand of accrued interest receivable on modified loans for the three months ended March 31, 2026 and March 31, 2025, respectively.

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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, 2026 and 2025.

Term Extension

(Dollars in thousands)

No. of
Loans

Financial Effect

Three Months Ended March 31, 2026

Accruing Modified Loans to Borrowers Experiencing Financial Difficulty:

Commercial, financial and agricultural

Added a weighted-average 3 months to the life of the loans, which reduced monthly payment amounts for the borrowers.

Real estate—construction

Added 3 months to the life of the loan, which reduced monthly payment amount for the borrower.

Total

Nonaccrual Modified Loans to Borrowers Experiencing Financial Difficulty:

Real estate—commercial

Added 4 months to the life of the loan, which reduced monthly payment amount for the borrower.

Total

Three Months Ended March 31, 2025

Accruing Modified Loans to Borrowers Experiencing Financial Difficulty:

Commercial, financial and agricultural

Added a weighted-average 2 months to the life of the loans, which reduced monthly payment amounts for the borrowers.

Real estate—commercial

Added a weighted-average 3 months to the life of the loans, which reduced monthly payment amounts for the borrowers.

Real estate—construction

Added a weighted-average 5 months to the life of the loans, which reduced monthly payment amounts for the borrowers.

Total

Nonaccrual Modified Loans to Borrowers Experiencing Financial Difficulty:

Total

—

The following presents, by class of loans, the amortized cost of accruing and nonaccrual modified loans to borrowers experiencing financial difficulty that had a payment default subsequent to modification during the three months ended March 31, 2026 and 2025 and were modified in the 12 months prior to that default.


	Three Months Ended March 31,
	2026			2024
	Term Extension				Term Extension
(Dollars in thousands)	Number of Loans	Amortized Cost Basis				Number of Loans	Amortized Cost Basis
Accruing Modified Loans to Borrowers Experiencing Financial Difficulty:


Total	—	$	—			—	$	—
Nonaccrual Modified Loans to Borrowers Experiencing Financial Difficulty:

Real estate—commercial	1	$	424			—	$	—
Total	1	$	424			—	$	—

The following presents, by class of loan, 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, 2026 and 2025.


	At March 31, 2026
(Dollars in thousands)	Current		30-89 Days Past Due		90 Days or More Past Due		Total
Accruing Modified Loans to Borrowers Experiencing Financial Difficulty:
Commercial, financial and agricultural	$	15,640	$	—	$	—	$	15,640

Real estate—construction	728		—		—		728
Total	$	16,368	$	—	$	—	$	16,368
Nonaccrual Modified Loans to Borrowers Experiencing Financial Difficulty:

Real estate—commercial	$	—	$	424	$	—	$	424

Total	$	—	$	424	$	—	$	424

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	At March 31, 2025
(Dollars in thousands)	Current		30-89 Days Past Due		90 Days or More Past Due		Total
Accruing Modified Loans to Borrowers Experiencing Financial Difficulty:
Commercial, financial and agricultural	$	15,238	$	—	$	—	$	15,238
Real estate—commercial	5,024		—		—		5,024
Real estate—construction	4,726		—		—		4,726
Total	$	24,988	$	—	$	—	$	24,988
Nonaccrual Modified Loans to Borrowers Experiencing Financial Difficulty:



Total	$	—	$	—	$	—	$	—

As of March 31, 2026 and March 31, 2025, the Bank had $2.0 million and $1.7 million, 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, 2026 or December 31, 2025.


(Dollars in thousands)	At March 31, 2026		At December 31, 2025
Real estate-residential secured for personal purpose	$	3,700	$	3,641
Real estate-home equity secured for personal purpose	727		328
Total	$	4,427	$	3,969

The following presents foreclosed residential real estate property included in other real estate owned at March 31, 2026 or December 31, 2025.


(Dollars in thousands)	At March 31, 2026		At December 31, 2025
Foreclosed residential real estate	$	4,128	$	3,981

Lease Financings

The following presents the schedule of minimum lease payments receivable:


(Dollars in thousands)	At March 31, 2026		At December 31, 2025
2026 (excluding the three months ended March 31, 2026)	$	72,800	$	94,185
2027	79,424		73,655
2028	54,718		49,277
2029	33,088		28,148
2030	15,771		11,337
Thereafter	3,359		1,729
Total future minimum lease payments receivable	259,160		258,331
Plus: Unguaranteed residual	1,397		1,446
Plus: Initial direct costs	3,005		2,935
Less: Imputed interest	(30,695)		(30,646)
Lease financings	$	232,867	$	232,066

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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, 2026 were as follows:


(Dollars in thousands)	Banking		Wealth Management		Insurance		Consolidated
Balance at December 31, 2025	$	138,476	$	15,434	$	21,600	$	175,510
Addition to goodwill from acquisitions	—		—		—		—
Balance at March 31, 2026	$	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, 2026						At December 31, 2025
(Dollars in thousands)	Gross Carrying Amount		Accumulated Amortization (1)		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization (1)		Net Carrying Amount
Amortized intangible assets:


Core deposit intangibles	$	5,268	$	5,244	$	24	$	5,268	$	5,220	$	48
Customer related intangibles	2,476		1,743		733		2,476		1,674		802
Servicing rights	13,265		6,439		6,826		12,985		6,507		6,478
Total amortized intangible assets	$	21,009	$	13,426	$	7,583	$	20,729	$	13,401	$	7,328

(1) Included within accumulated amortization is a valuation allowance of $23 thousand and $307 thousand on servicing rights at March 31, 2026 and December 31, 2025, respectively.

The estimated aggregate amortization expense for core deposit and customer-related intangibles for the remainder of 2026 and the succeeding fiscal years is as follows:


Year	(Dollars in thousands)	Amount
Remainder of 2026		$	225
2027		216
2028		161
2029		105
2030		50
Thereafter		—
Total		$	757

The aggregate fair value of servicing rights was $11.8 million and $10.3 million at March 31, 2026 and December 31, 2025, respectively. The fair value of these rights was determined using a discount rate of 11.3% at March 31, 2026 and December 31, 2025.

Changes in the servicing rights balance are summarized as follows:


	Three Months Ended March 31,
(Dollars in thousands)	2026		2025
Beginning of period	$	6,478	$	6,990
Servicing rights capitalized	572		283

Amortization of servicing rights	(508)		(382)

Changes in valuation allowance	284		(19)
End of period	$	6,826	$	6,872
Loans serviced for others	$	1,077,964	$	1,037,090

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Activity in the valuation allowance for servicing rights was as follows:


	Three Months Ended March 31,
(Dollars in thousands)	2026		2025
Valuation allowance, beginning of period	$	(307)	$	(7)
Additions	—		(19)
Reductions	284		—

Valuation allowance, end of period	$	(23)	$	(26)

The estimated amortization expense of servicing rights for the remainder of 2026 and the succeeding fiscal years is as follows:


Year	(Dollars in thousands)	Amount
Remainder of 2026		$	1,119
2027		942
2028		794
2029		670
2030		566
Thereafter		2,735
Total		$	6,826

Note 6. Deposits

Deposits and their respective weighted average interest rate at March 31, 2026 and December 31, 2025 consisted of the following:


	At March 31, 2026				At December 31, 2025
	Weighted Average Interest Rate		Amount		Weighted Average Interest Rate		Amount
	(Dollars in thousands)
Noninterest-bearing deposits	—	%	$	1,475,851	—	%	$	1,431,974
Demand deposits	2.86		3,203,058		2.90		3,478,924
Savings deposits	0.69		773,050		0.70		762,130
Time deposits	3.72		1,361,804		3.83		1,414,285
Total	2.17	%	$	6,813,763	2.27	%	$	7,087,313

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 $265.8 million at March 31, 2026 and $281.9 million at December 31, 2025.

At March 31, 2026, the scheduled maturities of time deposits were as follows:


Year	(Dollars in thousands)	Amount
Remainder of 2026		$	820,436
2027		284,144
2028		182,012
2029		73,403
2030		1,330
Thereafter		479
Total		$	1,361,804

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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, 2026				At December 31, 2025
(Dollars in thousands)	Balance at End of Period		Weighted Average Interest Rate at End of Period		Balance at End of Period		Weighted Average Interest Rate at End of Period
Short-term borrowings:


Customer repurchase agreements	$	26,156	0.05	%	$	24,411	0.05	%


Long-term debt:
FHLB advances	$	175,000	4.04	%	$	200,000	4.20	%

Subordinated notes	98,908		6.98		98,867		6.98

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 $3.4 billion at March 31, 2026 and December 31, 2025. 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 $1.4 billion at March 31, 2026 and December 31, 2025, 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 $2.0 billion and $1.9 billion at March 31, 2026 and December 31, 2025, 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, 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 $375.4 million and $380.2 million at March 31, 2026 and December 31, 2025, respectively. At March 31, 2026 and December 31, 2025, 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, 2026 and December 31, 2025, the Corporation had no outstanding borrowings under this line.

The Corporation and the Bank had $3.7 billion and $3.8 billion of committed borrowing capacity at March 31, 2026 and December 31, 2025, respectively, of which $2.4 billion and $2.3 billion was available as of March 31, 2026 and December 31, 2025, respectively. The Corporation, through the Bank, also maintained uncommitted funding sources from correspondent banks of $472.0 million and $457.0 million at March 31, 2026 and December 31, 2025, respectively. Future availability under these lines is subject to the prerogatives of the granting banks and may be withdrawn at will.

Long-term advances with the FHLB of Pittsburgh mature as follows:


(Dollars in thousands)	As of March 31, 2026		Weighted Average Rate
Remainder of 2026	$	50,000	4.16	%
2027	25,000		3.99
2028	40,000		4.33
2029	50,000		3.74
2030	10,000		3.94
Thereafter	—		—
Total	$	175,000	4.04	%

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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,
	2026		2025		2026		2025
(Dollars in thousands)	Retirement Plans				Other Post Retirement Benefits
Service cost	$	141	$	132	$	10	$	11
Interest cost	600		604		28		27
Expected loss on plan assets	(984)		(891)		—		—
Amortization of net actuarial loss (gain)	18		63		(23)		(11)

Net periodic benefit (income) cost	$	(225)	$	(92)	$	15	$	27

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 contributions of $155 thousand to the Retirement Plans and $120 thousand to Other Postretirement Benefit Plans in 2026. During the three months ended March 31, 2026, the Corporation contributed $39 thousand to its Retirement Benefit Plans and $29 thousand to its Other Postretirement Benefit Plans. During the three months ended March 31, 2026, $729 thousand was paid to participants from the Retirement Plans and $29 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.

The following is a summary of the Corporation's stock option activity and related information for the three months ended March 31, 2026:


(Dollars in thousands, except per share data)	Shares Under Option	Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value at March 31, 2026
Outstanding at December 31, 2025	74,268	$	28.20



Exercised	(8,000)	26.44
Outstanding at March 31, 2026	66,268	$	28.41	1.7	$	388
Exercisable at March 31, 2026	66,268	$	28.41	1.7	$	388

The Corporation did not grant any stock options during the three months ended March 31, 2026 or March 31, 2025.

The following is a summary of nonvested restricted stock units at March 31, 2026, 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, 2025	521,838	$	24.03
Granted	184,909	32.75

Cancelled by performance factor	(18,382)	24.88
Vested	(175,957)	23.92
Forfeited	(543)	23.57
Nonvested stock units at March 31, 2026	511,865	$	27.19

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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)	2026		2025
Restricted stock units granted	184,909		196,666
Weighted average grant date fair value	$	32.75	$	28.44
Intrinsic value of units granted	$	6,046	$	5,592
Restricted stock units vested	175,957		163,625
Weighted average grant date fair value	$	23.92	$	25.34
Intrinsic value of units vested	$	5,765	$	4,650

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, 2026 is presented below:


(Dollars in thousands)	Unrecognized Compensation Cost		Weighted-Average Period Remaining (Years)

Restricted stock units	$	10,890	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)	2026		2025
Stock-based compensation expense:

Restricted stock units	$	1,238	$	1,067
Employee stock purchase plan	24		26
Total	$	1,262	$	1,093
Total tax benefits recognized from share-based compensation	$	701	$	420

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, 2025	$	(21,499)	$	(614)	$	(3,354)	$	(25,467)
Other comprehensive income	(926)		—		(4)		(930)
Reclassification adjustment recorded in earnings (1)	—		446		—		446
Balance, March 31, 2026	$	(22,425)	$	(168)	$	(3,358)	$	(25,951)

Balance, December 31, 2024	$	(35,117)	$	(2,422)	$	(6,453)	$	(43,992)
Other comprehensive income	5,583		—		41		5,624
Reclassification adjustment recorded in earnings (1)	—		446		—		446
Balance, March 31, 2025	$	(29,534)	$	(1,976)	$	(6,412)	$	(37,922)

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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 $3.8 million has been reclassified to earnings as a reduction to interest income since termination. Additionally, unamortized origination and third-party fees totaled $12 thousand at March 31, 2026. The $226 thousand will be amortized into interest income over the remaining one month 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, 2026, the Corporation had exposure to 137 variable-rate to fixed-rate interest rate swap transactions between the third-party financial institution and customers with a notional amount of $870.9 million and remaining maturities ranging from two months to nine years. At March 31, 2026, the fair value of the Corporation's interest rate swap credit derivatives was a liability of $104 thousand. At March 31, 2026, the fair value of the swaps to the customers was a net gain of $27.0 million. At March 31, 2026, 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.

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, 2026 or December 31, 2025.

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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, 2026 and December 31, 2025:


			Derivative Assets			Derivative Liabilities
(Dollars in thousands)	Notional Amount		Balance Sheet Classification	Fair Value		Balance Sheet Classification	Fair Value
At March 31, 2026

Credit derivatives	$	870,877		$	—	Other liabilities	$	104
Interest rate locks with customers	26,063		Other assets	57			—
Forward loan sale commitments	36,124		Other assets	221			—
Total	$	933,064		$	278		$	104
At December 31, 2025

Credit derivatives	$	873,568		$	—	Other liabilities	$	140
Interest rate locks with customers	16,954		Other assets	331			—
Forward loan sale commitments	32,242			—		Other liabilities	82
Total	$	922,764		$	331		$	222

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)		2026		2025


Reclassification adjustment included in earnings (1)	Interest income	$	(565)	$	(565)



Total net loss		$	(565)	$	(565)

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 Classification	Three Months Ended
		March 31,
(Dollars in thousands)		2026		2025

Credit derivatives	Other noninterest income	$	237	$	18
Interest rate locks with customers	Net (loss) gain on mortgage banking activities	(275)		208
Forward loan sale commitments	Net gain (loss) on mortgage banking activities	302		(153)
Total net gain		$	264	$	73

The following table presents amounts included in accumulated other comprehensive (loss) income for derivatives designated as hedging instruments at March 31, 2026 and December 31, 2025:


(Dollars in thousands)	Accumulated Other Comprehensive (Loss) Income	At March 31, 2026		At December 31, 2025
Interest rate swap—cash flow hedge (1)	Fair value, net of taxes	$	(168)	$	(614)
Total		$	(168)	$	(614)

(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 one month of the original swap.

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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.

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, 2026.

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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. At March 31, 2026, loans held for sale included a $3.9 million commercial real-estate loan and a $1.0 million residential real-estate loan secured for business purpose. The fair value of these loans were measured based on the estimated sale price of the loans and is classified within Level 2 in the fair value hierarchy.

Derivative Financial Instruments

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

Contingent Consideration Liability

The Corporation estimates the fair value of the contingent consideration liability by using a discounted cash flow model of future contingent payments based on projected revenue related to the acquired business. The estimated fair value of the contingent consideration liability is reviewed on a quarterly basis and any valuation adjustments resulting from a change of estimated future contingent payments based on projected revenue of the acquired business affecting the contingent consideration liability will be recorded through noninterest expense. Due to the significant unobservable input related to the projected revenue, the contingent consideration liability is classified within Level 3 of the valuation hierarchy. An increase in the projected revenue may result in a higher fair value of the contingent consideration liability. Alternatively, a decrease in the projected revenue may result in a lower estimated fair value of the contingent consideration liability.

The following table presents the assets and liabilities measured at fair value on a recurring basis at March 31, 2026 and December 31, 2025, classified using the fair value hierarchy:


	At March 31, 2026
(Dollars in thousands)	Level 1		Level 2		Level 3		Assets/ Liabilities at Fair Value
Assets:
Available-for-sale securities:



Residential mortgage-backed securities	$	—	$	298,336	$	—	$	298,336
Collateralized mortgage obligations	—		1,287		—		1,287
Corporate bonds	—		74,405		5,000		79,405
Total available-for-sale securities	—		374,028		5,000		379,028
Equity securities:

Money market mutual funds	2,898		—		—		2,898
Total equity securities	2,898		—		—		2,898

Loans held for sale	—		14,371		—		14,371

Interest rate locks with customers*	—		57		—		57
Forward loan sale commitments*	—		221		—		221
Total assets	$	2,898	$	388,677	$	5,000	$	396,575
Liabilities:


Credit derivatives*	$	—	$	—	$	104	$	104


Total liabilities	$	—	$	—	$	104	$	104

* Such financial instruments are recorded at fair value as further described in Note 11, "Derivative Instruments and Hedging Activities."

The $104 thousand of credit derivatives liability represented the Credit Valuation Adjustment (CVA), which is obtained from real-time financial market data, of 137 interest rate swaps with a notional amount of $870.9 million. The March 31, 2026 CVA was calculated using a 40% loss given default rate on the most recent investment grade credit curve.

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	At December 31, 2025
(Dollars in thousands)	Level 1		Level 2		Level 3		Assets/ Liabilities at Fair Value
Assets:
Available-for-sale securities:



Residential mortgage-backed securities	$	—	$	289,580	$	—	$	289,580
Collateralized mortgage obligations	—		1,368		—		1,368
Corporate bonds	—		75,303		5,000		80,303
Total available-for-sale securities	—		366,251		5,000		371,251
Equity securities:

Money market mutual funds	2,014		—		—		2,014
Total equity securities	2,014		—		—		2,014

Loans held for sale	—		15,288		—		15,288
Interest rate locks with customers*	—		331		—		331

Total assets	$	2,014	$	381,870	$	5,000	$	388,884
Liabilities:


Credit derivatives*	$	—	$	—	$	140	$	140
Forward loan sale commitments*	—		82		—		82
Total liabilities	$	—	$	82	$	140	$	222

* Such financial instruments are recorded at fair value as further described in Note 11, "Derivative Instruments and Hedging Activities."

The $140 thousand of credit derivatives liability represented the CVA, which is obtained from real-time financial market data, of 138 interest rate swaps with a current notional amount of $873.6 million. The December 31, 2025 CVA was calculated using a 40% loss given default rate on the most recent investment grade credit curve.

The following table includes a roll forward 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, 2026 and 2025:


	Three Months Ended March 31, 2026
(Dollars in thousands)	Balance at December 31, 2025		Additions		Increase in value		Balance at March 31, 2026


Credit derivatives	$	(140)	$	(201)	$	237	$	(104)
Net total	$	(140)	$	(201)	$	237	$	(104)


	Three Months Ended March 31, 2025
(Dollars in thousands)	Balance at December 31, 2024		Additions		Increase in value		Balance at March 31, 2025


Credit derivatives	$	(67)	$	(30)	$	18	$	(79)
Net total	$	(67)	$	(30)	$	18	$	(79)

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. There was no contingent consideration liability related to acquisitions at March 31, 2026.


	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	$	—	$	—

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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, 2026 and December 31, 2025:


	At March 31, 2026
(Dollars in thousands)	Level 1		Level 2		Level 3		Assets at Fair Value
Individually analyzed loans held for investment	$	—	$	—	$	9,769	$	9,769

Other real estate owned	—		—		24,073		24,073
Repossessed assets	—		—		124		124
Total	$	—	$	—	$	33,966	$	33,966


	At December 31, 2025
(Dollars in thousands)	Level 1		Level 2		Level 3		Assets at Fair Value
Individually analyzed loans held for investment	$	—	$	—	$	10,194	$	10,194

Other real estate owned	—		—		23,926		23,926
Repossessed assets	—		—		65		65
Total	$	—	$	—	$	34,185	$	34,185

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, 2026 and December 31, 2025. The disclosed fair values are classified using the fair value hierarchy.


	At March 31, 2026
(Dollars in thousands)	Level 1		Level 2		Level 3		Fair Value		Carrying Amount
Assets:
Cash and short-term interest-earning assets	$	222,357	$	—	$	—	$	222,357	$	222,357

Held-to-maturity securities	—		106,161		—		106,161		119,490
Federal Home Loan Bank, Federal Reserve Bank and other stock	NA		NA		NA		NA		35,511
Net loans and leases held for investment	—		—		6,839,879		6,839,879		6,841,543
Servicing rights	—		—		11,783		11,783		6,826
Total assets	$	222,357	$	106,161	$	6,851,662	$	7,180,180	$	7,225,727
Liabilities:
Deposits:
Demand and savings deposits, non-maturity	$	5,451,959	$	—	$	—	$	5,451,959	$	5,451,959
Time deposits	—		1,362,105		—		1,362,105		1,361,804
Total deposits	5,451,959		1,362,105		—		6,814,064		6,813,763
Short-term borrowings	26,156		—		—		26,156		26,156
Long-term debt	—		186,830		—		186,830		175,000
Subordinated notes	—		99,500		—		99,500		98,908
Total liabilities	$	5,478,115	$	1,648,435	$	—	$	7,126,550	$	7,113,827

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	At December 31, 2025
(Dollars in thousands)	Level 1		Level 2		Level 3		Fair Value		Carrying Amount
Assets:
Cash and short-term interest-earning assets	$	553,712	$	—	$	—	$	553,712	$	553,712
Held-to-maturity securities	—		109,724		—		109,724		123,024
Federal Home Loan Bank, Federal Reserve Bank and other stock	NA		NA		NA		NA		37,808
Net loans and leases held for investment	—		—		6,824,797		6,824,797		6,816,445
Servicing rights	—		—		10,267		10,267		6,478
Total assets	$	553,712	$	109,724	$	6,835,064	$	7,498,500	$	7,537,467
Liabilities:
Deposits:
Demand and savings deposits, non-maturity	$	5,673,028	$	—	$	—	$	5,673,028	$	5,673,028
Time deposits	—		1,417,969		—		1,417,969		1,414,285
Total deposits	5,673,028		1,417,969		—		7,090,997		7,087,313
Short-term borrowings	24,411		—		—		24,411		24,411
Long-term debt	—		211,230		—		211,230		200,000
Subordinated notes	—		102,000		—		102,000		98,867
Total liabilities	$	5,697,439	$	1,731,199	$	—	$	7,428,638	$	7,410,591

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. At March 31, 2026, loans held for sale included a $3.9 million commercial real estate loan and a $1.0 million residential real estate loan secured for business purpose. The fair value of these loans were measured based on the estimated sale price of the loans and is classified within Level 2 in the fair value hierarchy.

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, 2026, individually analyzed loans held for investment had a carrying amount of $12.5 million with a valuation allowance of $2.7 million. At December 31, 2025, individually analyzed loans held for

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investment had a carrying amount of $13.0 million with a valuation allowance of $2.8 million. At March 31, 2026, individually analyzed leases had a carrying amount of $386 thousand with a valuation allowance of $386 thousand. At December 31, 2025, the Corporation had individually analyzed leases of $260 thousand with a valuation allowance of $260 thousand.

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, 2026, servicing rights had a net carrying amount of $6.8 million, which included a valuation allowance of $23 thousand. At December 31, 2025, servicing rights had a net carrying amount of $6.8 million, which included a valuation allowance of $307 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, 2026, 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, 2026 and December 31, 2025, OREO had a carrying amount of $24.1 million and $23.9 million, respectively. 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, 2026 and December 31, 2025, repossessed assets had a carrying amount of $124 thousand and $65 thousand, respectively. During the three months ended March 31, 2026, repossessed assets totaling $78 thousand were acquired and repossessed assets totaling $19 thousand were written down. 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, 2026, 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 products and services such as deposits, 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, 2026 and 2025.


	Three Months Ended
	March 31, 2026
(Dollars in thousands)	Banking		Wealth Management		Insurance		Other		Consolidated
Interest income	$	106,235	$	13	$	—	$	103	$	106,351
Interest expense	41,238		—		—		1,748		42,986
Net interest income (expense)	64,997		13		—		(1,645)		63,365
Noninterest income	8,130		8,485		7,430		43		24,088
Total revenue	73,127		8,498		7,430		(1,602)		87,453
Provision for credit losses	1,303		—		—		—		1,303
Less: (1)
Salaries, benefits and commissions	19,670		4,513		3,862		5,414		33,459
Net occupancy	2,421		123		189		265		2,998
Equipment	917		12		17		133		1,079
Data processing	2,632		389		149		1,310		4,480
Professional fees	498		179		1		999		1,677
Marketing and advertising	291		24		1		318		634
Deposit insurance premiums	1,170		—		—		—		1,170
Intangible expense	24		—		69		—		93
Restructuring charges	427		—		—		—		427
Other segment items (2)	5,548		596		(3)		511		6,652
Intersegment expense (revenue) (3)	9,130		176		137		(9,443)		—
Income (loss) before income taxes	$	29,096	$	2,486	$	3,008	$	(1,109)	$	33,481
Income tax expense (benefit)	5,997		503		641		(752)		6,389
Net income (loss)	$	23,099	$	1,983	$	2,367	$	(357)	$	27,092
Net capital expenditures	$	400	$	4	$	11	$	154	$	569

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	Three Months Ended
	March 31, 2025
(Dollars in thousands)	Banking		Wealth Management		Insurance		Other		Consolidated
Interest income	$	103,400	$	16	$	—	$	—	$	103,416
Interest expense	44,354		—		—		2,281		46,635
Net interest income (expense)	59,046		16		—		(2,281)		56,781
Noninterest income	7,641		7,833		6,906		35		22,415
Total revenue	66,687		7,849		6,906		(2,246)		79,196
Provision for credit losses	2,311		—		—		—		2,311
Less: (1)
Salaries, benefits and commissions	18,449		4,356		3,676		4,345		30,826
Net occupancy	2,288		122		179		264		2,853
Equipment	987		10		25		100		1,122
Data processing	2,572		353		144		1,295		4,364
Professional fees	576		323		14		884		1,797
Marketing and advertising	159		28		12		154		353
Deposit insurance premiums	1,151		—		—		—		1,151
Intangible expense	47		—		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

(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, 2026 and December 31, 2025.


	At March 31, 2026
(Dollars in thousands)	Banking		Wealth Management		Insurance		Other		Consolidated
Other segment disclosures:
Cash and cash equivalents	$	127,396	$	57,030	$	37,931	$	—	$	222,357
Loans and leases, including loans held for sale, net of allowance for credit losses	6,865,683		—		—		—		6,865,683
Goodwill	138,476		15,434		21,600		—		175,510
Other segment assets	839,337		2,511		2,686		33,498		878,032
Total segment assets	$	7,970,892	$	74,975	$	62,217	$	33,498	$	8,141,582

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	At December 31, 2025
(Dollars in thousands)	Banking		Wealth Management		Insurance		Other		Consolidated
Other segment disclosures:
Cash and cash equivalents	$	462,888	$	55,155	$	35,669	$	—	$	553,712
Loans and leases, including loans held for sale, net of allowance for credit losses	6,841,927		—		—		—		6,841,927
Goodwill	138,476		15,434		21,600		—		175,510
Other segment assets	828,550		2,520		2,438		32,240		865,748
Total segment assets	$	8,271,841	$	73,109	$	59,707	$	32,240	$	8,436,897

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

This report may contain forward-looking statements. When used or incorporated by reference in disclosure documents, the words "may," "will," "could," "should," "would," "believe," "anticipate," "plan," "estimate," "expect," "project," "target," and "goal," the negative of these terms and other similar expressions are intended to identify forward-looking statements, but are not the exclusive way to identify such 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 goals, intentions and expectations; statements regarding business plans, prospects, growth and operating strategies; statements regarding the quality, growth and composition of loan, investment and deposit portfolios; statements regarding our financial performance, financial condition and liquidity; and estimates of our risks and future credit provision and noninterest 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 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 and any retaliatory responses;

•The impact of a potential federal government shutdown;

•Fluctuations in real estate values in our market area;

•A failure to maintain adequate levels of capital and liquidity to support our operations;

•The availability of capital;

•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 and the effectiveness of our risk management processes and procedures;

•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;

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•The failure to maintain current technologies and/or to successfully implement future information technology enhancements;

•Changes in investor sentiment or consumer spending, borrowing or savings behavior;

•Our ability to attract and retain key employees;

•Other risks and uncertainties, including those occurring in the U.S. and international financial systems; and

•The risk that our analysis of these risks and forces could be incorrect and/or that the strategies developed to address them could be unsuccessful.

Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated, expected or projected. These and other risk factors are more fully described in this report and in the Univest Financial Corporation Annual Report on Form 10-K for the year ended December 31, 2025 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, unless otherwise required by law.

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 2025 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. and is the sole member of 1876 Double Eagle, LLC. The condensed consolidated financial statements include the accounts of the Corporation and its wholly owned subsidiaries, the Bank and 1876 Double Eagle, LLC.

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.

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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)	2026			2025			Amount		Percent
Net income	$	27,092		$	22,395		$	4,697	21.0	%
Net income per share:
Basic	$	0.97		$	0.77		$	0.20	26.0
Diluted	0.96			0.77			0.19		24.7
Return on average assets	1.33		%	1.14		%	19 BP		16.7
Return on average equity	11.57		%	10.13		%	144 BP		14.2

The financial results for the three months ended March 31, 2026 included tax-free bank owned life insurance (BOLI) death benefit proceeds of $372 thousand, which represented $0.01 diluted earnings per share. In addition, the financial results for the quarter included a $427 thousand restructuring charge ($337 thousand after-tax), or $0.01 diluted earnings per share, related to the planned closure of two underutilized facilities: a financial center and a limited purpose banking office. The financial results for the three months ended March 31, 2025 included tax-free BOLI death benefit proceeds 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, 2026 and 2025. 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, 2026 versus 2025

Net interest income on a tax-equivalent basis for the three months ended March 31, 2026 was $63.8 million, an increase of $6.7 million, or 11.7%, compared to $57.2 million for the three months ended March 31, 2025. The increase in tax-equivalent net interest income for the three months ended March 31, 2026 compared to the comparable period in the prior year was driven by higher average balances of loans and cash and cash equivalents, as well as a reduction in our cost of funds offset by higher average balances of interest-bearing liabilities.

The net interest margin, on a tax-equivalent basis, was 3.33% for the three months ended March 31, 2026, compared to 3.09% for the three months ended March 31, 2025. Excess liquidity reduced net interest margin by approximately 11 basis points for the three months ended March 31, 2026, and approximately three basis points for the three months ended March 31, 2025.

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Table 1—Average Balances and Interest Rates—Tax-Equivalent Basis


	Three Months Ended March 31,
	2026							2025
(Dollars in thousands)	Average Balance			Income/ Expense		Average Rate		Average Balance			Income/ Expense		Average Rate
Assets:
Interest-earning deposits with other banks	$	306,797		$	2,810	3.71	%	$	119,997		$	1,360	4.60	%

Obligations of states and political subdivisions*	—			—		—		879			4		1.85
Other debt and equity securities	499,078			4,053		3.29		499,199			4,019		3.27
Federal Home Loan Bank, Federal Reserve Bank and other stock	37,286			704		7.66		37,561			687		7.42
Total interest-earning deposits, investments and other interest-earning assets	843,161			7,567		3.64		657,636			6,070		3.74
Commercial, financial and agricultural loans	959,673			15,331		6.48		990,860			17,020		6.97
Real estate—commercial and construction loans	3,861,156			55,796		5.86		3,704,232			52,676		5.77
Real estate—residential loans	1,710,239			21,526		5.10		1,729,146			21,542		5.05
Loans to individuals	12,396			273		8.93		19,438			393		8.20
Tax-exempt loans and leases	223,166			3,116		5.66		230,133			2,861		5.04
Lease financings	172,970			3,212		7.53		182,694			3,240		7.19
Gross loans and leases	6,939,600			99,254		5.80		6,856,503			97,732		5.78
Total interest-earning assets	7,782,761			106,821		5.57		7,514,139			103,802		5.60
Cash and due from banks	57,980							56,690
Allowance for credit losses, loans and leases	(88,832)							(87,822)
Premises and equipment, net	45,359							46,852
Operating lease right-of-use assets	25,414							27,761
Other assets	428,084							423,423
Total assets	$	8,250,766						$	7,981,043
Liabilities:
Interest-bearing checking deposits	$	1,280,570		$	7,722	2.45	%	$	1,222,012		$	7,075	2.35	%
Money market savings	2,045,306			16,918		3.35		1,840,194			18,035		3.97
Regular savings	765,296			1,372		0.73		702,543			763		0.44
Time deposits	1,389,144			13,130		3.83		1,476,495			16,106		4.42
Total time and interest-bearing deposits	5,480,316			39,142		2.90		5,241,244			41,979		3.25
Short-term borrowings	25,578			3		0.05		6,909			14		0.82
Long-term debt	201,389			2,093		4.21		217,500			2,361		4.40
Subordinated notes	98,897			1,748		7.17		149,319			2,281		6.20
Total borrowings	325,864			3,844		4.78		373,728			4,656		5.05
Total interest-bearing liabilities	5,806,180			42,986		3.00		5,614,972			46,635		3.37
Noninterest-bearing deposits	1,411,612							1,376,409
Operating lease liabilities	28,116							30,675
Accrued expenses and other liabilities	55,349							62,176
Total liabilities	7,301,257							7,084,232
Total interest-bearing liabilities and noninterest-bearing deposits ("Cost of Funds")	7,217,792					2.42		6,991,381					2.71
Shareholders’ Equity:
Common stock	157,784							157,784
Additional paid-in capital	303,413							302,653
Retained earnings and other equity	488,312							436,374
Total shareholders’ equity	949,509							896,811
Total liabilities and shareholders’ equity	$	8,250,766						$	7,981,043
Net interest income				$	63,835						$	57,167
Net interest spread						2.57							2.23
Effect of net interest-free funding sources						0.76							0.86
Net interest margin						3.33	%						3.09	%
Ratio of average interest-earning assets to average interest-bearing liabilities	134.04		%					133.82		%

*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 $793 thousand and $554 thousand for the three months ended March 31, 2026 and 2025, 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, 2026 and 2025 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, 2026 Versus 2025
(Dollars in thousands)	Volume Change		Rate Change		Total
Interest income:
Interest-earning deposits with other banks	$	1,758	$	(308)	$	1,450

Obligations of states and political subdivisions	(4)		—		(4)
Other debt and equity securities	(1)		35		34
Federal Home Loan Bank, Federal Reserve Bank and other stock	(5)		22		17
Interest on deposits, investments and other earning assets	1,748		(251)		1,497
Commercial, financial and agricultural loans	(522)		(1,167)		(1,689)
Real estate—commercial and construction loans	2,281		839		3,120
Real estate—residential loans	(232)		216		(16)
Loans to individuals	(152)		32		(120)
Tax-exempt loans and leases	(89)		344		255
Lease financings	(177)		149		(28)
Interest and fees on loans and leases	1,109		413		1,522
Total interest income	2,857		162		3,019
Interest expense:
Interest-bearing checking deposits	343		304		647
Money market savings	1,878		(2,995)		(1,117)
Regular savings	73		536		609
Time deposits	(914)		(2,062)		(2,976)
Total time and interest-bearing deposits	1,380		(4,217)		(2,837)
Short-term borrowings	11		(22)		(11)
Long-term debt	(169)		(99)		(268)
Subordinated notes	(852)		319		(533)
Interest on borrowings	(1,010)		198		(812)
Total interest expense	370		(4,019)		(3,649)
Net interest income	$	2,487	$	4,181	$	6,668

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Provision for Credit Losses

The provision for credit losses for the three months ended March 31, 2026 and 2025 was $1.3 million and $2.3 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, 2026			December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025
Allowance for credit losses, loans and leases	$	88,900		$	88,165		$	86,527		$	86,989		$	87,790
Loans and leases held for investment	6,940,212			6,914,804			6,785,482			6,801,185			6,833,037
Allowance for credit losses, loans and leases / loans and leases held for investment	1.28		%	1.28		%	1.28		%	1.28		%	1.28		%

Noninterest Income

The following table presents noninterest income for the three months ended March 31, 2026 and 2025:


	Three Months Ended
	March 31,				Change
(Dollars in thousands)	2026		2025		Amount		Percent
Trust fee income	$	2,236	$	2,161	$	75	3.5	%
Service charges on deposit accounts	2,279		2,194		85		3.9
Investment advisory commission and fee income	6,154		5,613		541		9.6
Insurance commission and fee income	7,423		6,889		534		7.8
Other service fee income	3,041		2,707		334		12.3
Bank owned life insurance income	1,332		1,959		(627)		(32.0)

Net gain on mortgage banking activities	791		647		144		22.3


Other income	832		245		587		239.6
Total noninterest income	$	24,088	$	22,415	$	1,673	7.5	%

Three months ended March 31, 2026 versus 2025

Noninterest income for the three months ended March 31, 2026 was $24.1 million, an increase of $1.7 million, or 7.5%, from the three months ended March 31, 2025.

Other income increased $587 thousand, or 239.6%, for the three months ended March 31, 2026 from the comparable period in the prior year. Fees on risk participation agreements for interest rate swaps increased $219 thousand due to increased demand. Additionally, income on other real estate owned for the three months ended March 31, 2025 included a one-time expense of $254 thousand related to building repairs.

Investment advisory commission and fee income increased $541 thousand, or 9.6%, for the three months ended March 31, 2026 from the comparable period in the prior year, driven by appreciation in assets under management and new customer relationships.

Insurance commission and fee income increased $534 thousand, or 7.8%, for the three months ended March 31, 2026 from the comparable period in the prior year, primarily due to an increase of $342 thousand in premiums on commercial lines. Additionally, contingent income increased $194 thousand for the quarter, from $1.6 million for the three months ended March 31, 2025 to $1.8 million for the three months ended March 31, 2026. Contingent income is largely recognized in the first quarter of each year.

Other service fee income increased $334 thousand, or 12.3%, for the three months ended March 31, 2026 from the comparable period in the prior year. This was driven by a $284 thousand decrease in the valuation allowance on servicing rights in the first quarter of 2026 compared to a $19 thousand increase in the first quarter of 2025.

Net gain on mortgage banking activities increased $144 thousand, or 22.3%, for the three months ended March 31, 2026 from the comparable period in the prior year, primarily due to increased salable volume.

Table of Contents

Bank owned life insurance income ("BOLI") decreased $627 thousand, or 32.0%, for the three months ended March 31, 2026 from the comparable period in the prior year. The financial results for the three months ended March 31, 2026 included $372 thousand in BOLI death benefit proceeds compared to $1.0 million for the three months ended March 31, 2025.

Noninterest Expense

The following table presents noninterest expense for the three months ended March 31, 2026 and 2025:


	Three Months Ended
	March 31,				Change
(Dollars in thousands)	2026		2025		Amount		Percent
Salaries, benefits and commissions	$	33,459	$	30,826	$	2,633	8.5	%
Net occupancy	2,998		2,853		145		5.1
Equipment	1,079		1,122		(43)		(3.8)
Data processing	4,480		4,364		116		2.7
Professional fees	1,677		1,797		(120)		(6.7)
Marketing and advertising	634		353		281		79.6
Deposit insurance premiums	1,170		1,151		19		1.7
Intangible expenses	93		130		(37)		(28.5)


Restructuring charges	427		—		427		N/M
Other expense	6,652		6,732		(80)		(1.2)
Total noninterest expense	$	52,669	$	49,328	$	3,341	6.8	%

Three months ended March 31, 2026 versus 2025

Noninterest expense for the three months ended March 31, 2026 was $52.7 million, an increase of $3.3 million, or 6.8%, from the three months ended March 31, 2025.

Salaries, benefits and commissions increased $2.6 million, or 8.5%, for the three months ended March 31, 2026 from the comparable period in the prior year, primarily driven by higher salary expense of $1.3 million. Additionally, medical claims expense increased by $753 thousand, or 48.8%. The Corporation maintains a self-insured medical plan and is responsible for claim costs up to the stop loss limit. This results in expense volatility based on the timing and magnitude of claims.

Restructuring charges increased $427 thousand for the three months ended March 31, 2026 from the comparable period in the prior year related to the planned closure of two underutilized facilities: a financial center and a limited purpose banking office.

Marketing and advertising expense increased $281 thousand, or 79.6%, for the three months ended March 31, 2026 from the comparable period in the prior year. This increase was partially driven by the inclusion of certain sponsorship activities that were historically reported in Other Expense and the Corporation's entry into a sponsorship agreement with a local university, enhancing community engagement and visibility.

Professional fees decreased $120 thousand, or 6.7%, for the three months ended March 31, 2026 from the comparable period in the prior year, primarily due to reduced consultant fees.

Tax Provision

The Corporation recognized a tax expense of $6.4 million and $5.2 million for the three months ended March 31, 2026 and 2025, respectively, resulting in effective rates of 19.1% and 18.7% for the respective periods. The discrete tax effect of vested equity compensation awards favorably impacted the first quarters of 2026 and 2025 by 132 and 71 basis points, respectively. Additionally, the effective tax rates for the three months ended March 31, 2026 and 2025 were favorably impacted by 21 and 73 basis points, respectively, from the proceeds of BOLI death benefit proceeds. Excluding the discrete impact of vested equity compensation awards and BOLI death benefit proceeds, the effective tax rate was 20.6% for the three months ended March 31, 2026 compared to 20.2% for the three months ended March 31, 2025.

Financial Condition

Assets

The following table presents assets at the dates indicated:


	At March 31, 2026		At December 31, 2025		Change
(Dollars in thousands)					Amount		Percent
Cash, interest-earning deposits and federal funds sold	$	222,357	$	553,712	$	(331,355)	(59.8)	%
Investment securities	501,416		496,289		5,127		1.0
Federal Home Loan Bank, Federal Reserve Bank and other stock, at cost	35,511		37,808		(2,297)		(6.1)
Loans held for sale	14,371		15,288		(917)		(6.0)
Loans and leases held for investment	6,940,212		6,914,804		25,408		0.4
Allowance for credit losses, loans and leases	(88,900)		(88,165)		(735)		0.8
Premises and equipment, net	44,774		45,554		(780)		(1.7)
Operating lease right-of-use assets	25,032		25,795		(763)		(3.0)
Goodwill and other intangibles, net	183,093		182,838		255		0.1
Bank owned life insurance	142,141		140,001		2,140		1.5

Accrued interest receivable and other assets	121,575		112,973		8,602		7.6
Total assets	$	8,141,582	$	8,436,897	$	(295,315)	(3.5)	%

Cash and Interest-Earning Deposits

Cash and interest-earning deposits decreased $331.4 million, or 59.8%, from December 31, 2025, primarily due to a decrease in interest-earning deposits at the Federal Reserve Bank of $332.1 million due to seasonal decreases in public funds, reflecting decreases in deposits and long-term debt.

Investment Securities

Total investment securities at March 31, 2026 increased $5.1 million, or 1.0%, from December 31, 2025 as purchases of $29.5 million, which were primarily residential mortgage-backed securities, were offset by maturities and pay-downs of $20.1 million, sales of $2.3 million, decreases in the fair value of available-for-sale investment securities of $1.2 million, calls of $500 thousand, net amortization of purchased premiums and discounts of $216 thousand and a provision for credit losses of $19 thousand.

Loans and Leases

Gross loans and leases held for investment increased $25.4 million, or 0.4%, from December 31, 2025. The increase in gross loans and leases held for investment was primarily due to increases in commercial and commercial real estate loans, partially offset by decreases in construction and residential mortgage loans. 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, 2026, nonaccrual loans and leases were $13.3 million and had a related allowance for credit losses on loans and leases of $3.1 million. At December 31, 2025, nonaccrual loans and leases were $13.7 million and had a related allowance for credit losses on loans and leases of $3.0 million. During the first quarter of 2026, a $3.9 million commercial real estate loan

and a $1.0 million residential real estate loan secured for business purpose million were placed on nonaccrual status. Subsequent to their nonaccrual designation, these loans incurred charge-offs totaling $652 thousand and were transferred to held-for-sale 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, 2026 were $1.3 million compared to $1.7 million for the same period in the prior year.

Other real estate owned (OREO) was $24.1 million at March 31, 2026, compared to $23.9 million at December 31, 2025. Repossessed assets were $124 thousand and $65 thousand at March 31, 2026 and December 31, 2025, respectively. During the three months ended March 31, 2026, repossessed assets totaling $78 thousand were acquired and repossessed assets totaling $19 thousand were written down.

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, 2026			At December 31, 2025
Nonaccrual loans and leases held for investment	$	13,289		$	13,743
Accruing loans and leases, 90 days or more past due	3,750			89
Total nonperforming loans and leases	$	17,039		$	13,832
Other real estate owned	24,073			23,926
Repossessed assets	124			65
Total nonperforming assets	$	41,236		$	37,823

Loans and leases held for investment	$	6,940,212		$	6,914,804
Allowance for credit losses, loans and leases	88,900			88,165
Nonaccrual loans and leases with partial charge-offs	1,532			1,532
Reserves on individually analyzed loans	3,135			3,022

Allowance for credit losses, loans and leases / loans and leases held for investment	1.28		%	1.28		%
Nonaccrual loans and leases / loans and leases (held for investment)	0.19		%	0.20		%
Allowance for credit losses, loans and leases / nonaccrual loans and leases	668.97		%	641.53		%

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, 2026:


(Dollars in thousands)	At March 31, 2026
Industry Description	Total Outstanding Balance		% of Commercial Loan Portfolio
Animal Production	$	432,795	7.8	%
CRE - Retail	428,107		7.7
CRE - Multi-family	389,616		7.0
CRE - 1-4 Family Residential Investment	276,464		5.0
Hotels & Motels (Accommodation)	268,311		4.8
CRE - Office	255,519		4.6
CRE - Industrial / Warehouse	221,472		4.0
Specialty Trade Contractors	212,762		3.8
Nursing and Residential Care Facilities	163,252		2.9
Homebuilding (tract developers, remodelers)	149,383		2.7
Crop Production	136,365		2.5
Merchant Wholesalers, Durable Goods	132,459		2.4
Repair and Maintenance	128,533		2.3
CRE - Mixed-Use - Commercial	120,441		2.2
Motor Vehicle and Parts Dealers	119,414		2.2
CRE - Mixed-Use - Residential	109,227		2.0
Nondepository Credit Intermediation and Related Activities (except 5221)	104,189		1.9
Wood Product Manufacturing	103,621		1.9
Administrative and Support Services	97,371		1.8
Food Services and Drinking Places	90,711		1.6
Professional, Scientific, and Technical Services	90,018		1.6
Education	82,622		1.5
Merchant Wholesalers, Nondurable Goods	81,088		1.5
Fabricated Metal Product Manufacturing	78,283		1.4
Amusement, Gambling, and Recreation Industries	75,792		1.4
Personal and Laundry Services	64,254		1.2
Food Manufacturing	63,358		1.1
Miniwarehouse / Self-Storage	63,051		1.1
Religious Organizations, Advocacy Groups	62,815		1.1
Private Equity & Special Purpose Entities (except 52592)	56,916		1.0
Machinery Manufacturing	56,210		1.0
Industries with >$50 million in outstandings	$	4,714,419	84.9	%
Industries with <$50 million in outstandings	$	837,309	15.1	%
Total Commercial Loans	$	5,551,728	100.0	%

Consumer Loans and Lease Financings	Total Outstanding Balance
Real Estate-Residential Secured for Personal Purpose	$	942,054
Real Estate-Home Equity Secured for Personal Purpose	201,244
Loans to Individuals	12,319
Lease Financings	232,867
Total Consumer Loans and Lease Financings	$	1,388,484

Total	$	6,940,212

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 $93 thousand and $130 thousand for the three months ended March 31, 2026 and 2025, 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, 2026 and December 31, 2025.

The Corporation also has goodwill with a net carrying value of $175.5 million at March 31, 2026 and December 31, 2025, which is deemed to be an indefinite intangible asset and is not amortized. The Corporation completes a goodwill impairment analysis on an annual basis, or more often if events and circumstances indicate that there may be impairment. The Corporation also completes an impairment test for other identifiable intangible assets on an annual basis or more often if events and circumstances indicate there may be impairment. There was no impairment of goodwill or identifiable intangibles during the three months ended March 31, 2026 or 2025. 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, 2026		At December 31, 2025		Change
					Amount		Percent
Deposits	$	6,813,763	$	7,087,313	$	(273,550)	(3.9	%)
Short-term borrowings	26,156		24,411		1,745		7.1
Long-term debt	175,000		200,000		(25,000)		(12.5)
Subordinated notes	98,908		98,867		41		—
Operating lease liabilities	27,699		28,531		(832)		(2.9)
Accrued interest payable and other liabilities	48,106		54,457		(6,351)		(11.7)
Total liabilities	$	7,189,632	$	7,493,579	$	(303,947)	(4.1	%)

Deposits

Total deposits decreased $273.6 million, or 3.9%, from December 31, 2025 due to decreases in commercial, consumer, brokered deposits, and public funds, primarily reflecting seasonal public funds runoff during the quarter. At March 31, 2026, noninterest bearing deposits totaling $1.5 billion represented 21.7% of total deposits compared to $1.4 billion representing 20.2% of total deposits at December 31, 2025. At March 31, 2026 and December 31, 2025, unprotected deposits, which excludes insured, internal, and collateralized deposit accounts, totaled $1.6 billion, which represented 23.7% and 23.2% of total deposits for the respective periods.

Borrowings

Total borrowings decreased $23.2 million, or 7.2%, from December 31, 2025, primarily due to maturities of long-term FHLB advances totaling $50.0 million, offset by a $25.0 million long-term FHLB advance, partially offset by a $1.7 million increase in customer repurchase agreements.

Other Liabilities

Other liabilities decreased $6.4 million, or 11.7%, from December 31, 2025, 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, 2026		At December 31, 2025		Change
					Amount		Percent
Common stock	$	157,784	$	157,784	$	—	—	%
Additional paid-in capital	301,154		304,021		(2,867)		(0.9)
Retained earnings	611,771		591,202		20,569		3.5
Accumulated other comprehensive loss	(25,951)		(25,467)		(484)		1.9
Treasury stock	(92,808)		(84,222)		(8,586)		10.2
Total shareholders’ equity	$	951,950	$	943,318	$	8,632	0.9	%

Total shareholders' equity increased $8.6 million, or 0.9%, from December 31, 2025. Retained earnings at March 31, 2026 increased by $20.6 million primarily due to net income of $27.1 million offset by $6.2 million in cash dividends paid during the

three months ended March 31, 2026. Accumulated other comprehensive loss increased by $484 thousand, which was primarily attributable to decreases in the fair value of available-for-sale investment securities of $1.2 million, net of tax. Treasury stock increased $8.6 million from December 31, 2025, related to repurchases of 351,138 shares at a cost of $11.9 million, offset by $3.3 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 $29.1 million and $26.1 million for the three months ended March 31, 2026 and 2025, 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 $2.5 million and $2.0 million for the three months ended March 31, 2026 and 2025, respectively, which included noninterest income of $8.5 million and $7.8 million for the three months ended March 31, 2026 and 2025, respectively. The increase in pre-tax income and noninterest income for the three months ended March 31, 2026 was driven by appreciation in assets under management compared to the previous year and new customer relationships. Assets under management and supervision were $5.8 billion as of March 31, 2026, $5.9 billion as of December 31, 2025, $5.2 billion as of March 31, 2025 and $5.2 billion as of December 31, 2024.

The Insurance segment reported pre-tax income of $3.0 million and $2.4 million for the three months ended March 31, 2026 and 2025, respectively, which included noninterest income of $7.4 million and $6.9 million for the three months ended March 31, 2026 and 2025, respectively. The increase in pre-tax income and noninterest income for the three months ended March 31, 2026 was primarily due to an increase of $342 thousand in premiums on commercial lines. Additionally, contingent income increased $194 thousand for the quarter, from $1.6 million for the three months ended March 31, 2025 to $1.8 million for the three months ended March 31, 2026. Contingent income is largely recognized in the first quarter of the year.

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, 2026.

Table 5—Regulatory Capital

The Corporation's and Bank's actual and required capital ratios as of March 31, 2026 and December 31, 2025 under regulatory capital rules were as follows.


	Actual				For Capital Adequacy Purposes				To Be Well-Capitalized Under Prompt Corrective Action Provisions
(Dollars in thousands)	Amount		Ratio		Amount		Ratio		Amount		Ratio
At March 31, 2026
Total Capital (to Risk-Weighted Assets):
Corporation	$	994,721	13.95	%	$	570,249	8.00	%	$	712,812	10.00	%
Bank	856,639		12.08		567,264		8.00		709,080		10.00
Tier 1 Capital (to Risk-Weighted Assets):
Corporation	806,670		11.32		427,687		6.00		570,249		8.00
Bank	767,957		10.83		425,448		6.00		567,264		8.00
Tier 1 Common Capital (to Risk-Weighted Assets):
Corporation	806,670		11.32		320,765		4.50		463,328		6.50
Bank	767,957		10.83		319,086		4.50		460,902		6.50
Tier 1 Capital (to Average Assets):
Corporation	806,670		9.95		324,208		4.00		405,260		5.00
Bank	767,957		9.51		322,886		4.00		403,607		5.00
At December 31, 2025
Total Capital (to Risk-Weighted Assets):
Corporation	$	985,345	13.86	%	$	568,568	8.00	%	$	710,709	10.00	%
Bank	846,416		11.97		565,684		8.00		707,106		10.00
Tier 1 Capital (to Risk-Weighted Assets):
Corporation	797,595		11.22		426,426		6.00		568,568		8.00
Bank	757,978		10.72		424,263		6.00		565,684		8.00
Tier 1 Common Capital (to Risk-Weighted Assets):
Corporation	797,595		11.22		319,819		4.50		461,961		6.50
Bank	757,978		10.72		318,197		4.50		459,619		6.50
Tier 1 Capital (to Average Assets):
Corporation	797,595		9.51		335,451		4.00		419,314		5.00
Bank	757,978		9.07		334,260		4.00		417,825		5.00

At March 31, 2026 and December 31, 2025, the Corporation and the Bank continued to meet all capital adequacy requirements to which they are subject. At March 31, 2026, the Bank was categorized as "well capitalized" under the regulatory framework for prompt corrective action. There are no conditions or events that management believes have changed the Bank’s category subsequent to March 31, 2026.

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- 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

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 assets, unencumbered cash and cash equivalents, were $220.7 million and $549.2 million at March 31, 2026 and December 31, 2025, respectively. Unencumbered securities classified as available-for-sale, which provide additional sources of liquidity, totaled $40.2 million and $37.3 million at March 31, 2026 and December 31, 2025, respectively. Further, the Corporation and its subsidiaries had committed borrowing capacity from the Federal Home Loan Bank, Federal Reserve Bank and a correspondent bank of $3.7 billion and $3.8 billion at March 31, 2026 and December 31, 2025, respectively, of which $2.4 billion and $2.3 billion was available as of March 31, 2026 and December 31, 2025, respectively. The Corporation and its subsidiaries also maintained uncommitted funding sources from correspondent banks of $472.0 million and $457.0 million at March 31, 2026 and December 31, 2025, respectively. 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, 2026 totaled $1.0 billion. If these deposits do not remain with the Bank, the Bank will be required to seek other sources of funds, which may be expensive to obtain. 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."

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, 2026. 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, 2025.

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, 2026.

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, 2026 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, 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, 2025.

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 2026, under the Corporation's Board approved program.


ISSUER PURCHASES OF EQUITY SECURITIES
Period	Total 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, 2026	110,689	$	33.50	110,689	2,160,248
February 1 – 28, 2026	92,071	35.24		92,071	2,068,177
March 1 – 31, 2026	148,378	33.69		148,378	1,919,799
Total	351,138	$	34.04	351,138

1.Average price paid per share includes stock repurchase excise tax.

On December 10, 2025, the Corporation's Board of Directors approved the repurchase of 2,000,000 shares, or approximately 7.1% of the Corporation's common stock outstanding as of November 30, 2025. The stock repurchase plan does not include normal treasury activity such as purchases to fund the dividend reinvestment, employee stock purchase and equity compensation plans. The 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, 2026 were as follows:


Period	Total Number of Shares Purchased	Average Price Paid per Share
January 1 – 31, 2026	—	$	—
February 1 – 28, 2026	—	—
March 1 – 31, 2026	—	—
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, 2026, 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."

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 2 8 , 20 19 .

	Exhibit 3.2	Amended By-Laws are incorporated by reference to Exhibit 3.2 of Form 8-K, filed with the SEC on July 24, 2025.

	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, 2026, 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, 2026, formatted in Inline XBRL.

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 28, 2026			/s/ Jeffrey M. Schweitzer
			Jeffrey M. Schweitzer Chairman, President and Chief Executive Officer (Principal Executive Officer)

Date: April 28, 2026			/s/ Brian J. Richardson
			Brian J. Richardson Senior Executive Vice President and Chief Financial Officer (Principal Financial and Accounting Officer)

Univest Financial Corporation - 10-Q quarterly report FY

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