00001022122024Q3FALSE--12-31xbrli:sharesiso4217:USDiso4217:USDxbrli:sharesuvsp:Investmentxbrli:pureuvsp:positionuvsp:loanutr:Rateuvsp:numberOfSwapsuvsp:propertyuvsp:segment00001022122024-01-012024-09-3000001022122024-10-2800001022122024-09-3000001022122023-12-3100001022122024-07-012024-09-3000001022122023-07-012023-09-3000001022122023-01-012023-09-300000102212us-gaap:FiduciaryAndTrustMember2024-07-012024-09-300000102212us-gaap:FiduciaryAndTrustMember2023-07-012023-09-300000102212us-gaap:FiduciaryAndTrustMember2024-01-012024-09-300000102212us-gaap:FiduciaryAndTrustMember2023-01-012023-09-300000102212us-gaap:DepositAccountMember2024-07-012024-09-300000102212us-gaap:DepositAccountMember2023-07-012023-09-300000102212us-gaap:DepositAccountMember2024-01-012024-09-300000102212us-gaap:DepositAccountMember2023-01-012023-09-300000102212us-gaap:InvestmentAdviceMember2024-07-012024-09-300000102212us-gaap:InvestmentAdviceMember2023-07-012023-09-300000102212us-gaap:InvestmentAdviceMember2024-01-012024-09-300000102212us-gaap:InvestmentAdviceMember2023-01-012023-09-300000102212us-gaap:FinancialServiceOtherMember2024-07-012024-09-300000102212us-gaap:FinancialServiceOtherMember2023-07-012023-09-300000102212us-gaap:FinancialServiceOtherMember2024-01-012024-09-300000102212us-gaap:FinancialServiceOtherMember2023-01-012023-09-300000102212us-gaap:CommonStockMember2024-06-300000102212us-gaap:AdditionalPaidInCapitalMember2024-06-300000102212us-gaap:RetainedEarningsMember2024-06-300000102212us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-06-300000102212us-gaap:TreasuryStockCommonMember2024-06-3000001022122024-06-300000102212us-gaap:RetainedEarningsMember2024-07-012024-09-300000102212us-gaap:AdditionalPaidInCapitalMember2024-07-012024-09-300000102212us-gaap:CommonStockMember2024-07-012024-09-300000102212us-gaap:TreasuryStockCommonMember2024-07-012024-09-300000102212us-gaap:CommonStockMember2024-09-300000102212us-gaap:AdditionalPaidInCapitalMember2024-09-300000102212us-gaap:RetainedEarningsMember2024-09-300000102212us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-09-300000102212us-gaap:TreasuryStockCommonMember2024-09-300000102212us-gaap:CommonStockMember2023-06-300000102212us-gaap:AdditionalPaidInCapitalMember2023-06-300000102212us-gaap:RetainedEarningsMember2023-06-300000102212us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-06-300000102212us-gaap:TreasuryStockCommonMember2023-06-3000001022122023-06-300000102212us-gaap:RetainedEarningsMember2023-07-012023-09-300000102212us-gaap:AdditionalPaidInCapitalMember2023-07-012023-09-300000102212us-gaap:CommonStockMember2023-07-012023-09-300000102212us-gaap:TreasuryStockCommonMember2023-07-012023-09-300000102212us-gaap:CommonStockMember2023-09-300000102212us-gaap:AdditionalPaidInCapitalMember2023-09-300000102212us-gaap:RetainedEarningsMember2023-09-300000102212us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-09-300000102212us-gaap:TreasuryStockCommonMember2023-09-3000001022122023-09-300000102212us-gaap:CommonStockMember2023-12-310000102212us-gaap:AdditionalPaidInCapitalMember2023-12-310000102212us-gaap:RetainedEarningsMember2023-12-310000102212us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310000102212us-gaap:TreasuryStockCommonMember2023-12-310000102212us-gaap:RetainedEarningsMember2024-01-012024-09-300000102212us-gaap:AdditionalPaidInCapitalMember2024-01-012024-09-300000102212us-gaap:CommonStockMember2024-01-012024-09-300000102212us-gaap:TreasuryStockCommonMember2024-01-012024-09-300000102212us-gaap:CommonStockMember2022-12-310000102212us-gaap:AdditionalPaidInCapitalMember2022-12-310000102212us-gaap:RetainedEarningsMember2022-12-310000102212us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310000102212us-gaap:TreasuryStockCommonMember2022-12-3100001022122022-12-310000102212us-gaap:RetainedEarningsMember2023-01-012023-09-300000102212us-gaap:AdditionalPaidInCapitalMember2023-01-012023-09-300000102212us-gaap:CommonStockMember2023-01-012023-09-300000102212us-gaap:TreasuryStockCommonMember2023-01-012023-09-300000102212us-gaap:ResidentialMortgageBackedSecuritiesMember2024-09-300000102212us-gaap:USStatesAndPoliticalSubdivisionsMember2024-09-300000102212us-gaap:CollateralizedMortgageObligationsMember2024-09-300000102212us-gaap:CorporateBondSecuritiesMember2024-09-300000102212us-gaap:ResidentialMortgageBackedSecuritiesMember2023-12-310000102212us-gaap:USStatesAndPoliticalSubdivisionsMember2023-12-310000102212us-gaap:CollateralizedMortgageObligationsMember2023-12-310000102212us-gaap:CorporateBondSecuritiesMember2023-12-310000102212us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember2024-09-300000102212us-gaap:AvailableforsaleSecuritiesMember2024-09-300000102212us-gaap:CorporateBondSecuritiesMember2024-01-012024-09-300000102212us-gaap:CorporateBondSecuritiesMember2022-12-310000102212us-gaap:CorporateBondSecuritiesMember2023-01-012023-09-300000102212us-gaap:CorporateBondSecuritiesMember2023-09-300000102212us-gaap:MunicipalBondsMember2024-09-300000102212uvsp:OtherNoninterestIncomeMemberus-gaap:EquitySecuritiesMember2024-01-012024-09-300000102212uvsp:OtherNoninterestIncomeMemberus-gaap:EquitySecuritiesMember2023-01-012023-09-300000102212uvsp:CommercialFinancialAndAgriculturalMember2024-09-300000102212uvsp:CommercialFinancialAndAgriculturalMember2023-12-310000102212uvsp:RealEstateCommercialMember2024-09-300000102212uvsp:RealEstateCommercialMember2023-12-310000102212us-gaap:ConstructionLoansMember2024-09-300000102212us-gaap:ConstructionLoansMember2023-12-310000102212uvsp:RealEstateResidentialSecuredForBusinessPurposeMember2024-09-300000102212uvsp:RealEstateResidentialSecuredForBusinessPurposeMember2023-12-310000102212uvsp:RealEstateResidentialSecuredForPersonalPurposeMember2024-09-300000102212uvsp:RealEstateResidentialSecuredForPersonalPurposeMember2023-12-310000102212uvsp:RealEstateHomeEquitySecuredForPersonalPurposeMember2024-09-300000102212uvsp:RealEstateHomeEquitySecuredForPersonalPurposeMember2023-12-310000102212us-gaap:ConsumerLoanMember2024-09-300000102212us-gaap:ConsumerLoanMember2023-12-310000102212us-gaap:FinanceLeasesPortfolioSegmentMember2024-09-300000102212us-gaap:FinanceLeasesPortfolioSegmentMember2023-12-310000102212uvsp:CommercialFinancialAndAgriculturalMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2024-09-300000102212uvsp:CommercialFinancialAndAgriculturalMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-09-300000102212uvsp:CommercialFinancialAndAgriculturalMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-09-300000102212uvsp:CommercialFinancialAndAgriculturalMemberus-gaap:FinancialAssetPastDueMember2024-09-300000102212uvsp:CommercialFinancialAndAgriculturalMemberus-gaap:FinancialAssetNotPastDueMember2024-09-300000102212uvsp:RealEstateCommercialMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2024-09-300000102212uvsp:RealEstateCommercialMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-09-300000102212uvsp:RealEstateCommercialMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-09-300000102212uvsp:RealEstateCommercialMemberus-gaap:FinancialAssetPastDueMember2024-09-300000102212uvsp:RealEstateCommercialMemberus-gaap:FinancialAssetNotPastDueMember2024-09-300000102212us-gaap:ConstructionLoansMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2024-09-300000102212us-gaap:ConstructionLoansMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-09-300000102212us-gaap:ConstructionLoansMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-09-300000102212us-gaap:ConstructionLoansMemberus-gaap:FinancialAssetPastDueMember2024-09-300000102212us-gaap:ConstructionLoansMemberus-gaap:FinancialAssetNotPastDueMember2024-09-300000102212uvsp:RealEstateResidentialSecuredForBusinessPurposeMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2024-09-300000102212uvsp:RealEstateResidentialSecuredForBusinessPurposeMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-09-300000102212uvsp:RealEstateResidentialSecuredForBusinessPurposeMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-09-300000102212uvsp:RealEstateResidentialSecuredForBusinessPurposeMemberus-gaap:FinancialAssetPastDueMember2024-09-300000102212uvsp:RealEstateResidentialSecuredForBusinessPurposeMemberus-gaap:FinancialAssetNotPastDueMember2024-09-300000102212uvsp:RealEstateResidentialSecuredForPersonalPurposeMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2024-09-300000102212uvsp:RealEstateResidentialSecuredForPersonalPurposeMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-09-300000102212uvsp:RealEstateResidentialSecuredForPersonalPurposeMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-09-300000102212uvsp:RealEstateResidentialSecuredForPersonalPurposeMemberus-gaap:FinancialAssetPastDueMember2024-09-300000102212uvsp:RealEstateResidentialSecuredForPersonalPurposeMemberus-gaap:FinancialAssetNotPastDueMember2024-09-300000102212uvsp:RealEstateHomeEquitySecuredForPersonalPurposeMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2024-09-300000102212uvsp:RealEstateHomeEquitySecuredForPersonalPurposeMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-09-300000102212uvsp:RealEstateHomeEquitySecuredForPersonalPurposeMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-09-300000102212uvsp:RealEstateHomeEquitySecuredForPersonalPurposeMemberus-gaap:FinancialAssetPastDueMember2024-09-300000102212uvsp:RealEstateHomeEquitySecuredForPersonalPurposeMemberus-gaap:FinancialAssetNotPastDueMember2024-09-300000102212us-gaap:ConsumerLoanMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2024-09-300000102212us-gaap:ConsumerLoanMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-09-300000102212us-gaap:ConsumerLoanMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-09-300000102212us-gaap:ConsumerLoanMemberus-gaap:FinancialAssetPastDueMember2024-09-300000102212us-gaap:ConsumerLoanMemberus-gaap:FinancialAssetNotPastDueMember2024-09-300000102212us-gaap:FinanceLeasesPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2024-09-300000102212us-gaap:FinanceLeasesPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-09-300000102212us-gaap:FinanceLeasesPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-09-300000102212us-gaap:FinanceLeasesPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2024-09-300000102212us-gaap:FinanceLeasesPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2024-09-300000102212us-gaap:FinancingReceivables30To59DaysPastDueMember2024-09-300000102212us-gaap:FinancingReceivables60To89DaysPastDueMember2024-09-300000102212us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-09-300000102212us-gaap:FinancialAssetPastDueMember2024-09-300000102212us-gaap:FinancialAssetNotPastDueMember2024-09-300000102212uvsp:CommercialFinancialAndAgriculturalMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2023-12-310000102212uvsp:CommercialFinancialAndAgriculturalMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-12-310000102212uvsp:CommercialFinancialAndAgriculturalMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-12-310000102212uvsp:CommercialFinancialAndAgriculturalMemberus-gaap:FinancialAssetPastDueMember2023-12-310000102212uvsp:CommercialFinancialAndAgriculturalMemberus-gaap:FinancialAssetNotPastDueMember2023-12-310000102212uvsp:RealEstateCommercialMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2023-12-310000102212uvsp:RealEstateCommercialMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-12-310000102212uvsp:RealEstateCommercialMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-12-310000102212uvsp:RealEstateCommercialMemberus-gaap:FinancialAssetPastDueMember2023-12-310000102212uvsp:RealEstateCommercialMemberus-gaap:FinancialAssetNotPastDueMember2023-12-310000102212us-gaap:ConstructionLoansMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2023-12-310000102212us-gaap:ConstructionLoansMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-12-310000102212us-gaap:ConstructionLoansMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-12-310000102212us-gaap:ConstructionLoansMemberus-gaap:FinancialAssetPastDueMember2023-12-310000102212us-gaap:ConstructionLoansMemberus-gaap:FinancialAssetNotPastDueMember2023-12-310000102212uvsp:RealEstateResidentialSecuredForBusinessPurposeMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2023-12-310000102212uvsp:RealEstateResidentialSecuredForBusinessPurposeMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-12-310000102212uvsp:RealEstateResidentialSecuredForBusinessPurposeMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-12-310000102212uvsp:RealEstateResidentialSecuredForBusinessPurposeMemberus-gaap:FinancialAssetPastDueMember2023-12-310000102212uvsp:RealEstateResidentialSecuredForBusinessPurposeMemberus-gaap:FinancialAssetNotPastDueMember2023-12-310000102212uvsp:RealEstateResidentialSecuredForPersonalPurposeMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2023-12-310000102212uvsp:RealEstateResidentialSecuredForPersonalPurposeMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-12-310000102212uvsp:RealEstateResidentialSecuredForPersonalPurposeMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-12-310000102212uvsp:RealEstateResidentialSecuredForPersonalPurposeMemberus-gaap:FinancialAssetPastDueMember2023-12-310000102212uvsp:RealEstateResidentialSecuredForPersonalPurposeMemberus-gaap:FinancialAssetNotPastDueMember2023-12-310000102212uvsp:RealEstateHomeEquitySecuredForPersonalPurposeMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2023-12-310000102212uvsp:RealEstateHomeEquitySecuredForPersonalPurposeMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-12-310000102212uvsp:RealEstateHomeEquitySecuredForPersonalPurposeMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-12-310000102212uvsp:RealEstateHomeEquitySecuredForPersonalPurposeMemberus-gaap:FinancialAssetPastDueMember2023-12-310000102212uvsp:RealEstateHomeEquitySecuredForPersonalPurposeMemberus-gaap:FinancialAssetNotPastDueMember2023-12-310000102212us-gaap:ConsumerLoanMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2023-12-310000102212us-gaap:ConsumerLoanMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-12-310000102212us-gaap:ConsumerLoanMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-12-310000102212us-gaap:ConsumerLoanMemberus-gaap:FinancialAssetPastDueMember2023-12-310000102212us-gaap:ConsumerLoanMemberus-gaap:FinancialAssetNotPastDueMember2023-12-310000102212us-gaap:FinanceLeasesPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2023-12-310000102212us-gaap:FinanceLeasesPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-12-310000102212us-gaap:FinanceLeasesPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-12-310000102212us-gaap:FinanceLeasesPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2023-12-310000102212us-gaap:FinanceLeasesPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2023-12-310000102212us-gaap:FinancingReceivables30To59DaysPastDueMember2023-12-310000102212us-gaap:FinancingReceivables60To89DaysPastDueMember2023-12-310000102212us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-12-310000102212us-gaap:FinancialAssetPastDueMember2023-12-310000102212us-gaap:FinancialAssetNotPastDueMember2023-12-310000102212uvsp:LoansHeldForSaleMember2024-09-300000102212uvsp:LoansHeldForSaleMember2023-12-310000102212uvsp:CommercialFinancialAndAgriculturalMemberus-gaap:RealEstateMember2024-09-300000102212uvsp:CommercialFinancialAndAgriculturalMemberuvsp:OtherMember2024-09-300000102212uvsp:CommercialFinancialAndAgriculturalMemberuvsp:NoneMember2024-09-300000102212uvsp:RealEstateCommercialMemberus-gaap:RealEstateMember2024-09-300000102212uvsp:RealEstateCommercialMemberuvsp:OtherMember2024-09-300000102212uvsp:RealEstateCommercialMemberuvsp:NoneMember2024-09-300000102212us-gaap:ConstructionLoansMemberus-gaap:RealEstateMember2024-09-300000102212us-gaap:ConstructionLoansMemberuvsp:OtherMember2024-09-300000102212us-gaap:ConstructionLoansMemberuvsp:NoneMember2024-09-300000102212uvsp:RealEstateResidentialSecuredForBusinessPurposeMemberus-gaap:RealEstateMember2024-09-300000102212uvsp:RealEstateResidentialSecuredForBusinessPurposeMemberuvsp:OtherMember2024-09-300000102212uvsp:RealEstateResidentialSecuredForBusinessPurposeMemberuvsp:NoneMember2024-09-300000102212uvsp:RealEstateResidentialSecuredForPersonalPurposeMemberus-gaap:RealEstateMember2024-09-300000102212uvsp:RealEstateResidentialSecuredForPersonalPurposeMemberuvsp:OtherMember2024-09-300000102212uvsp:RealEstateResidentialSecuredForPersonalPurposeMemberuvsp:NoneMember2024-09-300000102212uvsp:RealEstateHomeEquitySecuredForPersonalPurposeMemberus-gaap:RealEstateMember2024-09-300000102212uvsp:RealEstateHomeEquitySecuredForPersonalPurposeMemberuvsp:OtherMember2024-09-300000102212uvsp:RealEstateHomeEquitySecuredForPersonalPurposeMemberuvsp:NoneMember2024-09-300000102212us-gaap:ConsumerLoanMemberus-gaap:RealEstateMember2024-09-300000102212us-gaap:ConsumerLoanMemberuvsp:OtherMember2024-09-300000102212us-gaap:ConsumerLoanMemberuvsp:NoneMember2024-09-300000102212us-gaap:FinanceLeasesPortfolioSegmentMemberus-gaap:RealEstateMember2024-09-300000102212us-gaap:FinanceLeasesPortfolioSegmentMemberuvsp:OtherMember2024-09-300000102212us-gaap:FinanceLeasesPortfolioSegmentMemberuvsp:NoneMember2024-09-300000102212us-gaap:RealEstateMember2024-09-300000102212uvsp:OtherMember2024-09-300000102212uvsp:NoneMember2024-09-300000102212uvsp:CommercialFinancialAndAgriculturalMemberus-gaap:RealEstateMember2023-12-310000102212uvsp:CommercialFinancialAndAgriculturalMemberuvsp:OtherMember2023-12-310000102212uvsp:CommercialFinancialAndAgriculturalMemberuvsp:NoneMember2023-12-310000102212uvsp:RealEstateCommercialMemberus-gaap:RealEstateMember2023-12-310000102212uvsp:RealEstateCommercialMemberuvsp:OtherMember2023-12-310000102212uvsp:RealEstateCommercialMemberuvsp:NoneMember2023-12-310000102212us-gaap:ConstructionLoansMemberus-gaap:RealEstateMember2023-12-310000102212us-gaap:ConstructionLoansMemberuvsp:OtherMember2023-12-310000102212us-gaap:ConstructionLoansMemberuvsp:NoneMember2023-12-310000102212uvsp:RealEstateResidentialSecuredForBusinessPurposeMemberus-gaap:RealEstateMember2023-12-310000102212uvsp:RealEstateResidentialSecuredForBusinessPurposeMemberuvsp:OtherMember2023-12-310000102212uvsp:RealEstateResidentialSecuredForBusinessPurposeMemberuvsp:NoneMember2023-12-310000102212uvsp:RealEstateResidentialSecuredForPersonalPurposeMemberus-gaap:RealEstateMember2023-12-310000102212uvsp:RealEstateResidentialSecuredForPersonalPurposeMemberuvsp:OtherMember2023-12-310000102212uvsp:RealEstateResidentialSecuredForPersonalPurposeMemberuvsp:NoneMember2023-12-310000102212uvsp:RealEstateHomeEquitySecuredForPersonalPurposeMemberus-gaap:RealEstateMember2023-12-310000102212uvsp:RealEstateHomeEquitySecuredForPersonalPurposeMemberuvsp:OtherMember2023-12-310000102212uvsp:RealEstateHomeEquitySecuredForPersonalPurposeMemberuvsp:NoneMember2023-12-310000102212us-gaap:FinanceLeasesPortfolioSegmentMemberus-gaap:RealEstateMember2023-12-310000102212us-gaap:FinanceLeasesPortfolioSegmentMemberuvsp:OtherMember2023-12-310000102212us-gaap:FinanceLeasesPortfolioSegmentMemberuvsp:NoneMember2023-12-310000102212us-gaap:RealEstateMember2023-12-310000102212uvsp:OtherMember2023-12-310000102212uvsp:NoneMember2023-12-310000102212srt:MaximumMember2024-09-300000102212srt:MinimumMember2024-09-300000102212uvsp:CommercialFinancialAndAgriculturalMemberus-gaap:PassMember2024-09-300000102212uvsp:CommercialFinancialAndAgriculturalMemberus-gaap:SpecialMentionMember2024-09-300000102212uvsp:CommercialFinancialAndAgriculturalMemberus-gaap:SubstandardMember2024-09-300000102212uvsp:CommercialFinancialAndAgriculturalMember2024-01-012024-09-300000102212uvsp:RealEstateCommercialMemberus-gaap:PassMember2024-09-300000102212uvsp:RealEstateCommercialMemberus-gaap:SpecialMentionMember2024-09-300000102212uvsp:RealEstateCommercialMemberus-gaap:SubstandardMember2024-09-300000102212uvsp:RealEstateCommercialMember2024-01-012024-09-300000102212us-gaap:ConstructionLoansMemberus-gaap:PassMember2024-09-300000102212us-gaap:ConstructionLoansMemberus-gaap:SpecialMentionMember2024-09-300000102212us-gaap:ConstructionLoansMemberus-gaap:SubstandardMember2024-09-300000102212us-gaap:ConstructionLoansMember2024-01-012024-09-300000102212uvsp:RealEstateResidentialSecuredForBusinessPurposeMemberus-gaap:PassMember2024-09-300000102212uvsp:RealEstateResidentialSecuredForBusinessPurposeMemberus-gaap:SpecialMentionMember2024-09-300000102212uvsp:RealEstateResidentialSecuredForBusinessPurposeMemberus-gaap:SubstandardMember2024-09-300000102212us-gaap:PassMember2024-09-300000102212us-gaap:SpecialMentionMember2024-09-300000102212us-gaap:SubstandardMember2024-09-300000102212uvsp:CommercialFinancialAndAgriculturalMemberus-gaap:PassMember2023-12-310000102212uvsp:CommercialFinancialAndAgriculturalMemberus-gaap:SpecialMentionMember2023-12-310000102212uvsp:CommercialFinancialAndAgriculturalMemberus-gaap:SubstandardMember2023-12-310000102212uvsp:RealEstateCommercialMemberus-gaap:PassMember2023-12-310000102212uvsp:RealEstateCommercialMemberus-gaap:SpecialMentionMember2023-12-310000102212uvsp:RealEstateCommercialMemberus-gaap:SubstandardMember2023-12-310000102212us-gaap:ConstructionLoansMemberus-gaap:PassMember2023-12-310000102212us-gaap:ConstructionLoansMemberus-gaap:SpecialMentionMember2023-12-310000102212us-gaap:ConstructionLoansMemberus-gaap:SubstandardMember2023-12-310000102212uvsp:RealEstateResidentialSecuredForBusinessPurposeMemberus-gaap:PassMember2023-12-310000102212uvsp:RealEstateResidentialSecuredForBusinessPurposeMemberus-gaap:SpecialMentionMember2023-12-310000102212uvsp:RealEstateResidentialSecuredForBusinessPurposeMemberus-gaap:SubstandardMember2023-12-310000102212us-gaap:PassMember2023-12-310000102212us-gaap:SpecialMentionMember2023-12-310000102212us-gaap:SubstandardMember2023-12-310000102212us-gaap:DoubtfulMember2024-09-300000102212uvsp:RealEstateResidentialSecuredForPersonalPurposeMemberus-gaap:PerformingFinancingReceivableMember2024-09-300000102212uvsp:RealEstateResidentialSecuredForPersonalPurposeMemberus-gaap:NonperformingFinancingReceivableMember2024-09-300000102212uvsp:RealEstateHomeEquitySecuredForPersonalPurposeMemberus-gaap:PerformingFinancingReceivableMember2024-09-300000102212uvsp:RealEstateHomeEquitySecuredForPersonalPurposeMemberus-gaap:NonperformingFinancingReceivableMember2024-09-300000102212us-gaap:ConsumerLoanMemberus-gaap:PerformingFinancingReceivableMember2024-09-300000102212us-gaap:ConsumerLoanMemberus-gaap:NonperformingFinancingReceivableMember2024-09-300000102212us-gaap:ConsumerLoanMember2024-01-012024-09-300000102212us-gaap:FinanceLeasesPortfolioSegmentMemberus-gaap:PerformingFinancingReceivableMember2024-09-300000102212us-gaap:FinanceLeasesPortfolioSegmentMemberus-gaap:NonperformingFinancingReceivableMember2024-09-300000102212us-gaap:FinanceLeasesPortfolioSegmentMember2024-01-012024-09-300000102212us-gaap:PerformingFinancingReceivableMember2024-09-300000102212us-gaap:NonperformingFinancingReceivableMember2024-09-300000102212us-gaap:FinanceReceivablesMember2024-09-300000102212us-gaap:FinanceReceivablesMember2024-01-012024-09-300000102212uvsp:RealEstateResidentialSecuredForPersonalPurposeMemberus-gaap:PerformingFinancingReceivableMember2023-12-310000102212uvsp:RealEstateResidentialSecuredForPersonalPurposeMemberus-gaap:NonperformingFinancingReceivableMember2023-12-310000102212uvsp:RealEstateHomeEquitySecuredForPersonalPurposeMemberus-gaap:PerformingFinancingReceivableMember2023-12-310000102212uvsp:RealEstateHomeEquitySecuredForPersonalPurposeMemberus-gaap:NonperformingFinancingReceivableMember2023-12-310000102212us-gaap:ConsumerLoanMemberus-gaap:PerformingFinancingReceivableMember2023-12-310000102212us-gaap:ConsumerLoanMemberus-gaap:NonperformingFinancingReceivableMember2023-12-310000102212us-gaap:FinanceLeasesPortfolioSegmentMemberus-gaap:PerformingFinancingReceivableMember2023-12-310000102212us-gaap:FinanceLeasesPortfolioSegmentMemberus-gaap:NonperformingFinancingReceivableMember2023-12-310000102212us-gaap:PerformingFinancingReceivableMember2023-12-310000102212us-gaap:NonperformingFinancingReceivableMember2023-12-310000102212us-gaap:FinanceReceivablesMember2023-12-310000102212uvsp:CommercialFinancialAndAgriculturalMember2024-06-300000102212uvsp:CommercialFinancialAndAgriculturalMember2024-07-012024-09-300000102212uvsp:RealEstateCommercialMember2024-06-300000102212uvsp:RealEstateCommercialMember2024-07-012024-09-300000102212us-gaap:ConstructionLoansMember2024-06-300000102212us-gaap:ConstructionLoansMember2024-07-012024-09-300000102212uvsp:RealEstateResidentialSecuredForBusinessPurposeMember2024-06-300000102212uvsp:RealEstateResidentialSecuredForBusinessPurposeMember2024-07-012024-09-300000102212uvsp:RealEstateResidentialSecuredForPersonalPurposeMember2024-06-300000102212uvsp:RealEstateResidentialSecuredForPersonalPurposeMember2024-07-012024-09-300000102212uvsp:RealEstateHomeEquitySecuredForPersonalPurposeMember2024-06-300000102212uvsp:RealEstateHomeEquitySecuredForPersonalPurposeMember2024-07-012024-09-300000102212us-gaap:ConsumerLoanMember2024-06-300000102212us-gaap:ConsumerLoanMember2024-07-012024-09-300000102212us-gaap:FinanceLeasesPortfolioSegmentMember2024-06-300000102212us-gaap:FinanceLeasesPortfolioSegmentMember2024-07-012024-09-300000102212uvsp:CommercialFinancialAndAgriculturalMember2023-06-300000102212uvsp:CommercialFinancialAndAgriculturalMember2023-07-012023-09-300000102212uvsp:CommercialFinancialAndAgriculturalMember2023-09-300000102212uvsp:RealEstateCommercialMember2023-06-300000102212uvsp:RealEstateCommercialMember2023-07-012023-09-300000102212uvsp:RealEstateCommercialMember2023-09-300000102212us-gaap:ConstructionLoansMember2023-06-300000102212us-gaap:ConstructionLoansMember2023-07-012023-09-300000102212us-gaap:ConstructionLoansMember2023-09-300000102212uvsp:RealEstateResidentialSecuredForBusinessPurposeMember2023-06-300000102212uvsp:RealEstateResidentialSecuredForBusinessPurposeMember2023-07-012023-09-300000102212uvsp:RealEstateResidentialSecuredForBusinessPurposeMember2023-09-300000102212uvsp:RealEstateResidentialSecuredForPersonalPurposeMember2023-06-300000102212uvsp:RealEstateResidentialSecuredForPersonalPurposeMember2023-07-012023-09-300000102212uvsp:RealEstateResidentialSecuredForPersonalPurposeMember2023-09-300000102212uvsp:RealEstateHomeEquitySecuredForPersonalPurposeMember2023-06-300000102212uvsp:RealEstateHomeEquitySecuredForPersonalPurposeMember2023-07-012023-09-300000102212uvsp:RealEstateHomeEquitySecuredForPersonalPurposeMember2023-09-300000102212us-gaap:ConsumerLoanMember2023-06-300000102212us-gaap:ConsumerLoanMember2023-07-012023-09-300000102212us-gaap:ConsumerLoanMember2023-09-300000102212us-gaap:FinanceLeasesPortfolioSegmentMember2023-06-300000102212us-gaap:FinanceLeasesPortfolioSegmentMember2023-07-012023-09-300000102212us-gaap:FinanceLeasesPortfolioSegmentMember2023-09-300000102212uvsp:RealEstateResidentialSecuredForBusinessPurposeMember2024-01-012024-09-300000102212uvsp:RealEstateResidentialSecuredForPersonalPurposeMember2024-01-012024-09-300000102212uvsp:RealEstateHomeEquitySecuredForPersonalPurposeMember2024-01-012024-09-300000102212uvsp:CommercialFinancialAndAgriculturalMember2022-12-310000102212uvsp:CommercialFinancialAndAgriculturalMember2023-01-012023-09-300000102212uvsp:RealEstateCommercialMember2022-12-310000102212uvsp:RealEstateCommercialMember2023-01-012023-09-300000102212us-gaap:ConstructionLoansMember2022-12-310000102212us-gaap:ConstructionLoansMember2023-01-012023-09-300000102212uvsp:RealEstateResidentialSecuredForBusinessPurposeMember2022-12-310000102212uvsp:RealEstateResidentialSecuredForBusinessPurposeMember2023-01-012023-09-300000102212uvsp:RealEstateResidentialSecuredForPersonalPurposeMember2022-12-310000102212uvsp:RealEstateResidentialSecuredForPersonalPurposeMember2023-01-012023-09-300000102212uvsp:RealEstateHomeEquitySecuredForPersonalPurposeMember2022-12-310000102212uvsp:RealEstateHomeEquitySecuredForPersonalPurposeMember2023-01-012023-09-300000102212us-gaap:ConsumerLoanMember2022-12-310000102212us-gaap:ConsumerLoanMember2023-01-012023-09-300000102212us-gaap:FinanceLeasesPortfolioSegmentMember2022-12-310000102212us-gaap:FinanceLeasesPortfolioSegmentMember2023-01-012023-09-300000102212us-gaap:ExtendedMaturityMemberuvsp:AccrualModifiedLoansMemberuvsp:CommercialFinancialAndAgriculturalMember2024-01-012024-09-300000102212us-gaap:ExtendedMaturityMemberuvsp:AccrualModifiedLoansMemberuvsp:CommercialFinancialAndAgriculturalMember2023-01-012023-09-300000102212us-gaap:ExtendedMaturityMemberuvsp:AccrualModifiedLoansMemberuvsp:RealEstateCommercialMember2024-01-012024-09-300000102212us-gaap:ExtendedMaturityMemberuvsp:AccrualModifiedLoansMemberuvsp:RealEstateCommercialMember2023-01-012023-09-300000102212uvsp:AccrualModifiedLoansMemberus-gaap:ExtendedMaturityMember2024-01-012024-09-300000102212uvsp:AccrualModifiedLoansMemberus-gaap:ExtendedMaturityMember2023-01-012023-09-300000102212us-gaap:ExtendedMaturityMemberuvsp:NonAccrualModifiedLoansMemberuvsp:RealEstateCommercialMember2024-01-012024-09-300000102212us-gaap:ExtendedMaturityMemberuvsp:NonAccrualModifiedLoansMemberuvsp:RealEstateCommercialMember2023-01-012023-09-300000102212us-gaap:ExtendedMaturityMemberuvsp:NonAccrualModifiedLoansMemberus-gaap:ConstructionLoansMember2024-01-012024-09-300000102212us-gaap:ExtendedMaturityMemberuvsp:NonAccrualModifiedLoansMemberus-gaap:ConstructionLoansMember2023-01-012023-09-300000102212uvsp:NonAccrualModifiedLoansMemberus-gaap:ExtendedMaturityMember2024-01-012024-09-300000102212uvsp:NonAccrualModifiedLoansMemberus-gaap:ExtendedMaturityMember2023-01-012023-09-300000102212us-gaap:PaymentDeferralMemberuvsp:AccrualModifiedLoansMemberuvsp:CommercialFinancialAndAgriculturalMember2024-01-012024-09-300000102212us-gaap:PaymentDeferralMemberuvsp:AccrualModifiedLoansMemberuvsp:CommercialFinancialAndAgriculturalMember2023-01-012023-09-300000102212uvsp:AccrualModifiedLoansMemberus-gaap:PaymentDeferralMember2024-01-012024-09-300000102212uvsp:AccrualModifiedLoansMemberus-gaap:PaymentDeferralMember2023-01-012023-09-300000102212us-gaap:PaymentDeferralMemberuvsp:AccrualModifiedLoansMemberuvsp:CommercialFinancialAndAgriculturalMember2024-09-300000102212us-gaap:ExtendedMaturityMemberuvsp:AccrualModifiedLoansMemberuvsp:RealEstateCommercialMember2024-07-012024-09-300000102212uvsp:AccrualModifiedLoansMember2024-07-012024-09-300000102212uvsp:AccrualModifiedLoansMember2024-01-012024-09-300000102212uvsp:NonAccrualModifiedLoansMember2024-07-012024-09-300000102212uvsp:NonAccrualModifiedLoansMember2024-01-012024-09-300000102212uvsp:AccrualModifiedLoansMemberuvsp:CommercialFinancialAndAgriculturalMemberus-gaap:FinancialAssetNotPastDueMember2024-09-300000102212uvsp:AccrualModifiedLoansMemberuvsp:CommercialFinancialAndAgriculturalMemberuvsp:FinancialAsset30To89DaysPastDueMember2024-09-300000102212uvsp:AccrualModifiedLoansMemberuvsp:CommercialFinancialAndAgriculturalMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-09-300000102212uvsp:AccrualModifiedLoansMemberuvsp:CommercialFinancialAndAgriculturalMember2024-09-300000102212uvsp:AccrualModifiedLoansMemberuvsp:RealEstateCommercialMemberus-gaap:FinancialAssetNotPastDueMember2024-09-300000102212uvsp:AccrualModifiedLoansMemberuvsp:RealEstateCommercialMemberuvsp:FinancialAsset30To89DaysPastDueMember2024-09-300000102212uvsp:AccrualModifiedLoansMemberuvsp:RealEstateCommercialMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-09-300000102212uvsp:AccrualModifiedLoansMemberuvsp:RealEstateCommercialMember2024-09-300000102212uvsp:AccrualModifiedLoansMemberus-gaap:FinancialAssetNotPastDueMember2024-09-300000102212uvsp:AccrualModifiedLoansMemberuvsp:FinancialAsset30To89DaysPastDueMember2024-09-300000102212uvsp:AccrualModifiedLoansMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-09-300000102212uvsp:AccrualModifiedLoansMember2024-09-300000102212uvsp:NonAccrualModifiedLoansMemberus-gaap:ConstructionLoansMemberus-gaap:FinancialAssetNotPastDueMember2024-09-300000102212uvsp:NonAccrualModifiedLoansMemberus-gaap:ConstructionLoansMemberuvsp:FinancialAsset30To89DaysPastDueMember2024-09-300000102212uvsp:NonAccrualModifiedLoansMemberus-gaap:ConstructionLoansMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-09-300000102212uvsp:NonAccrualModifiedLoansMemberus-gaap:ConstructionLoansMember2024-09-300000102212uvsp:NonAccrualModifiedLoansMemberus-gaap:FinancialAssetNotPastDueMember2024-09-300000102212uvsp:NonAccrualModifiedLoansMemberuvsp:FinancialAsset30To89DaysPastDueMember2024-09-300000102212uvsp:NonAccrualModifiedLoansMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-09-300000102212uvsp:NonAccrualModifiedLoansMember2024-09-300000102212uvsp:ModifiedLoansMember2024-09-300000102212uvsp:RealEstateResidentialSecuredForPersonalPurposeMemberus-gaap:ResidentialRealEstateMember2024-09-300000102212uvsp:RealEstateResidentialSecuredForPersonalPurposeMemberus-gaap:ResidentialRealEstateMember2023-12-310000102212uvsp:RealEstateHomeEquitySecuredForPersonalPurposeMemberus-gaap:ResidentialRealEstateMember2024-09-300000102212uvsp:RealEstateHomeEquitySecuredForPersonalPurposeMemberus-gaap:ResidentialRealEstateMember2023-12-310000102212us-gaap:ResidentialRealEstateMember2024-09-300000102212us-gaap:ResidentialRealEstateMember2023-12-310000102212uvsp:Banking1Member2023-12-310000102212uvsp:WealthManagementMember2023-12-310000102212uvsp:InsuranceMember2023-12-310000102212uvsp:Banking1Member2024-01-012024-09-300000102212uvsp:WealthManagementMember2024-01-012024-09-300000102212uvsp:InsuranceMember2024-01-012024-09-300000102212uvsp:Banking1Member2024-09-300000102212uvsp:WealthManagementMember2024-09-300000102212uvsp:InsuranceMember2024-09-300000102212us-gaap:CoreDepositsMember2024-09-300000102212us-gaap:CoreDepositsMember2023-12-310000102212us-gaap:CustomerContractsMember2024-09-300000102212us-gaap:CustomerContractsMember2023-12-310000102212uvsp:ServicingRightsMember2024-09-300000102212uvsp:ServicingRightsMember2023-12-310000102212uvsp:CoreDepositsAndCustomerRelatedIntangibleAssetsMember2024-09-300000102212uvsp:ServicingRightsMember2024-01-012024-09-300000102212uvsp:ServicingRightsMember2024-01-012024-03-310000102212uvsp:ServicingRightsMember2024-06-300000102212uvsp:ServicingRightsMember2023-06-300000102212uvsp:ServicingRightsMember2022-12-310000102212uvsp:ServicingRightsMember2024-07-012024-09-300000102212uvsp:ServicingRightsMember2023-07-012023-09-300000102212uvsp:ServicingRightsMember2023-01-012023-09-300000102212uvsp:ServicingRightsMember2023-09-300000102212us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMember2024-09-300000102212us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMember2023-12-310000102212us-gaap:FederalHomeLoanBankAdvancesMember2024-09-300000102212us-gaap:FederalHomeLoanBankAdvancesMember2023-12-310000102212us-gaap:SubordinatedDebtMember2024-09-300000102212us-gaap:SubordinatedDebtMember2023-12-310000102212us-gaap:PensionPlansDefinedBenefitMember2024-07-012024-09-300000102212us-gaap:PensionPlansDefinedBenefitMember2023-07-012023-09-300000102212us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2024-07-012024-09-300000102212us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2023-07-012023-09-300000102212us-gaap:PensionPlansDefinedBenefitMember2024-01-012024-09-300000102212us-gaap:PensionPlansDefinedBenefitMember2023-01-012023-09-300000102212us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2024-01-012024-09-300000102212us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2023-01-012023-09-300000102212us-gaap:PensionPlansDefinedBenefitMember2023-12-310000102212us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2023-12-310000102212us-gaap:RestrictedStockUnitsRSUMember2024-01-012024-09-300000102212us-gaap:RestrictedStockUnitsRSUMember2023-01-012023-09-300000102212us-gaap:RestrictedStockUnitsRSUMember2024-09-300000102212us-gaap:EmployeeStockMember2024-01-012024-09-300000102212us-gaap:EmployeeStockMember2023-01-012023-09-300000102212us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-12-310000102212us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2023-12-310000102212us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-12-310000102212us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-01-012024-09-300000102212us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2024-01-012024-09-300000102212us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-01-012024-09-300000102212us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-09-300000102212us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-09-300000102212us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2024-09-300000102212us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-09-300000102212us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-12-310000102212us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2022-12-310000102212us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-12-310000102212us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-01-012023-09-300000102212us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2023-01-012023-09-300000102212us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-01-012023-09-300000102212us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-09-300000102212us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-09-300000102212us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2023-09-300000102212us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-09-300000102212us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMemberuvsp:A2022SWAPMember2024-09-300000102212us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMember2024-01-012024-09-300000102212us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMember2024-07-012024-09-300000102212us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMember2024-09-300000102212us-gaap:CreditRiskContractMemberus-gaap:NondesignatedMember2024-09-300000102212us-gaap:CreditRiskContractMemberus-gaap:NondesignatedMembersrt:MinimumMember2024-09-300000102212us-gaap:CreditRiskContractMemberus-gaap:NondesignatedMembersrt:MaximumMember2024-09-300000102212us-gaap:CreditRiskContractMemberus-gaap:NondesignatedMemberus-gaap:OtherLiabilitiesMember2024-09-300000102212uvsp:CustomerMemberus-gaap:CreditRiskContractMemberus-gaap:NondesignatedMember2024-01-012024-09-300000102212uvsp:CustomerMemberus-gaap:CreditRiskContractMemberus-gaap:NondesignatedMember2024-09-300000102212us-gaap:DesignatedAsHedgingInstrumentMember2024-09-300000102212us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-12-310000102212us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherAssetsMember2023-12-310000102212us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherLiabilitiesMember2023-12-310000102212us-gaap:DesignatedAsHedgingInstrumentMember2023-12-310000102212us-gaap:CreditRiskContractMemberus-gaap:NondesignatedMemberus-gaap:OtherAssetsMember2024-09-300000102212uvsp:InterestRateLocksWithCustomersMemberus-gaap:NondesignatedMember2024-09-300000102212uvsp:InterestRateLocksWithCustomersMemberus-gaap:NondesignatedMemberus-gaap:OtherAssetsMember2024-09-300000102212uvsp:InterestRateLocksWithCustomersMemberus-gaap:NondesignatedMemberus-gaap:OtherLiabilitiesMember2024-09-300000102212uvsp:InterestRateLocksWithForwardLoanCommitmentsMemberus-gaap:NondesignatedMember2024-09-300000102212uvsp:InterestRateLocksWithForwardLoanCommitmentsMemberus-gaap:NondesignatedMemberus-gaap:OtherAssetsMember2024-09-300000102212uvsp:InterestRateLocksWithForwardLoanCommitmentsMemberus-gaap:NondesignatedMemberus-gaap:OtherLiabilitiesMember2024-09-300000102212us-gaap:NondesignatedMember2024-09-300000102212us-gaap:CreditRiskContractMemberus-gaap:NondesignatedMember2023-12-310000102212us-gaap:CreditRiskContractMemberus-gaap:NondesignatedMemberus-gaap:OtherAssetsMember2023-12-310000102212us-gaap:CreditRiskContractMemberus-gaap:NondesignatedMemberus-gaap:OtherLiabilitiesMember2023-12-310000102212uvsp:InterestRateLocksWithCustomersMemberus-gaap:NondesignatedMember2023-12-310000102212uvsp:InterestRateLocksWithCustomersMemberus-gaap:NondesignatedMemberus-gaap:OtherAssetsMember2023-12-310000102212uvsp:InterestRateLocksWithCustomersMemberus-gaap:NondesignatedMemberus-gaap:OtherLiabilitiesMember2023-12-310000102212uvsp:InterestRateLocksWithForwardLoanCommitmentsMemberus-gaap:NondesignatedMember2023-12-310000102212uvsp:InterestRateLocksWithForwardLoanCommitmentsMemberus-gaap:NondesignatedMemberus-gaap:OtherAssetsMember2023-12-310000102212uvsp:InterestRateLocksWithForwardLoanCommitmentsMemberus-gaap:NondesignatedMemberus-gaap:OtherLiabilitiesMember2023-12-310000102212us-gaap:NondesignatedMember2023-12-310000102212us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-07-012024-09-300000102212us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-07-012023-09-300000102212us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-01-012024-09-300000102212us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-01-012023-09-300000102212us-gaap:CreditRiskContractMemberus-gaap:NondesignatedMemberuvsp:OtherNoninterestIncomeMember2024-07-012024-09-300000102212us-gaap:CreditRiskContractMemberus-gaap:NondesignatedMemberuvsp:OtherNoninterestIncomeMember2023-07-012023-09-300000102212us-gaap:CreditRiskContractMemberus-gaap:NondesignatedMemberuvsp:OtherNoninterestIncomeMember2024-01-012024-09-300000102212us-gaap:CreditRiskContractMemberus-gaap:NondesignatedMemberuvsp:OtherNoninterestIncomeMember2023-01-012023-09-300000102212uvsp:InterestRateLocksWithCustomersMemberus-gaap:NondesignatedMemberuvsp:MortgageBankingActivitiesMember2024-07-012024-09-300000102212uvsp:InterestRateLocksWithCustomersMemberus-gaap:NondesignatedMemberuvsp:MortgageBankingActivitiesMember2023-07-012023-09-300000102212uvsp:InterestRateLocksWithCustomersMemberus-gaap:NondesignatedMemberuvsp:MortgageBankingActivitiesMember2024-01-012024-09-300000102212uvsp:InterestRateLocksWithCustomersMemberus-gaap:NondesignatedMemberuvsp:MortgageBankingActivitiesMember2023-01-012023-09-300000102212uvsp:InterestRateLocksWithForwardLoanCommitmentsMemberus-gaap:NondesignatedMemberuvsp:MortgageBankingActivitiesMember2024-07-012024-09-300000102212uvsp:InterestRateLocksWithForwardLoanCommitmentsMemberus-gaap:NondesignatedMemberuvsp:MortgageBankingActivitiesMember2023-07-012023-09-300000102212uvsp:InterestRateLocksWithForwardLoanCommitmentsMemberus-gaap:NondesignatedMemberuvsp:MortgageBankingActivitiesMember2024-01-012024-09-300000102212uvsp:InterestRateLocksWithForwardLoanCommitmentsMemberus-gaap:NondesignatedMemberuvsp:MortgageBankingActivitiesMember2023-01-012023-09-300000102212us-gaap:NondesignatedMember2024-07-012024-09-300000102212us-gaap:NondesignatedMember2023-07-012023-09-300000102212us-gaap:NondesignatedMember2024-01-012024-09-300000102212us-gaap:NondesignatedMember2023-01-012023-09-300000102212us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-01-012023-12-310000102212us-gaap:DesignatedAsHedgingInstrumentMember2024-01-012024-09-300000102212us-gaap:DesignatedAsHedgingInstrumentMember2023-01-012023-12-310000102212us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2024-09-300000102212us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2024-09-300000102212us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2024-09-300000102212us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2024-09-300000102212us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2024-09-300000102212us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2024-09-300000102212us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2024-09-300000102212us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2024-09-300000102212us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedMortgageObligationsMember2024-09-300000102212us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedMortgageObligationsMember2024-09-300000102212us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedMortgageObligationsMember2024-09-300000102212us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedMortgageObligationsMember2024-09-300000102212us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateBondSecuritiesMember2024-09-300000102212us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateBondSecuritiesMember2024-09-300000102212us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateBondSecuritiesMember2024-09-300000102212us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateBondSecuritiesMember2024-09-300000102212us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-09-300000102212us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-09-300000102212us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-09-300000102212us-gaap:FairValueMeasurementsRecurringMember2024-09-300000102212us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMember2024-09-300000102212us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMember2024-09-300000102212us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMember2024-09-300000102212us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMember2024-09-300000102212us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberuvsp:LoansHeldForSaleMember2024-09-300000102212us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberuvsp:LoansHeldForSaleMember2024-09-300000102212us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberuvsp:LoansHeldForSaleMember2024-09-300000102212us-gaap:FairValueMeasurementsRecurringMemberuvsp:LoansHeldForSaleMember2024-09-300000102212us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberuvsp:InterestRateLocksWithCustomersMember2024-09-300000102212us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberuvsp:InterestRateLocksWithCustomersMember2024-09-300000102212us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberuvsp:InterestRateLocksWithCustomersMember2024-09-300000102212us-gaap:FairValueMeasurementsRecurringMemberuvsp:InterestRateLocksWithCustomersMember2024-09-300000102212us-gaap:FairValueInputsLevel1Memberuvsp:ContingentConsiderationLiabilityMemberus-gaap:FairValueMeasurementsRecurringMember2024-09-300000102212us-gaap:FairValueInputsLevel2Memberuvsp:ContingentConsiderationLiabilityMemberus-gaap:FairValueMeasurementsRecurringMember2024-09-300000102212us-gaap:FairValueInputsLevel3Memberuvsp:ContingentConsiderationLiabilityMemberus-gaap:FairValueMeasurementsRecurringMember2024-09-300000102212us-gaap:FairValueMeasurementsRecurringMemberuvsp:ContingentConsiderationLiabilityMember2024-09-300000102212us-gaap:FairValueInputsLevel1Memberus-gaap:CreditRiskContractMemberus-gaap:FairValueMeasurementsRecurringMember2024-09-300000102212us-gaap:FairValueInputsLevel2Memberus-gaap:CreditRiskContractMemberus-gaap:FairValueMeasurementsRecurringMember2024-09-300000102212us-gaap:FairValueInputsLevel3Memberus-gaap:CreditRiskContractMemberus-gaap:FairValueMeasurementsRecurringMember2024-09-300000102212us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CreditRiskContractMember2024-09-300000102212us-gaap:FairValueInputsLevel1Memberuvsp:ForwardLoanSaleCommitmentsMemberus-gaap:FairValueMeasurementsRecurringMember2024-09-300000102212us-gaap:FairValueInputsLevel2Memberuvsp:ForwardLoanSaleCommitmentsMemberus-gaap:FairValueMeasurementsRecurringMember2024-09-300000102212us-gaap:FairValueInputsLevel3Memberuvsp:ForwardLoanSaleCommitmentsMemberus-gaap:FairValueMeasurementsRecurringMember2024-09-300000102212us-gaap:FairValueMeasurementsRecurringMemberuvsp:ForwardLoanSaleCommitmentsMember2024-09-300000102212uvsp:PaulIScheafferInsuranceAgencyMember2024-09-300000102212uvsp:PaulIScheafferInsuranceAgencyMember2024-01-012024-09-300000102212us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2023-12-310000102212us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2023-12-310000102212us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2023-12-310000102212us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2023-12-310000102212us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2023-12-310000102212us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2023-12-310000102212us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2023-12-310000102212us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2023-12-310000102212us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedMortgageObligationsMember2023-12-310000102212us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedMortgageObligationsMember2023-12-310000102212us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedMortgageObligationsMember2023-12-310000102212us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedMortgageObligationsMember2023-12-310000102212us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateBondSecuritiesMember2023-12-310000102212us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateBondSecuritiesMember2023-12-310000102212us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateBondSecuritiesMember2023-12-310000102212us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateBondSecuritiesMember2023-12-310000102212us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000102212us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000102212us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000102212us-gaap:FairValueMeasurementsRecurringMember2023-12-310000102212us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2023-12-310000102212us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2023-12-310000102212us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2023-12-310000102212us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2023-12-310000102212us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMember2023-12-310000102212us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMember2023-12-310000102212us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMember2023-12-310000102212us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMember2023-12-310000102212us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberuvsp:LoansHeldForSaleMember2023-12-310000102212us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberuvsp:LoansHeldForSaleMember2023-12-310000102212us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberuvsp:LoansHeldForSaleMember2023-12-310000102212us-gaap:FairValueMeasurementsRecurringMemberuvsp:LoansHeldForSaleMember2023-12-310000102212us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberuvsp:InterestRateLocksWithCustomersMember2023-12-310000102212us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberuvsp:InterestRateLocksWithCustomersMember2023-12-310000102212us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberuvsp:InterestRateLocksWithCustomersMember2023-12-310000102212us-gaap:FairValueMeasurementsRecurringMemberuvsp:InterestRateLocksWithCustomersMember2023-12-310000102212us-gaap:FairValueInputsLevel1Memberuvsp:ContingentConsiderationLiabilityMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000102212us-gaap:FairValueInputsLevel2Memberuvsp:ContingentConsiderationLiabilityMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000102212us-gaap:FairValueInputsLevel3Memberuvsp:ContingentConsiderationLiabilityMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000102212us-gaap:FairValueMeasurementsRecurringMemberuvsp:ContingentConsiderationLiabilityMember2023-12-310000102212us-gaap:FairValueInputsLevel1Memberus-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000102212us-gaap:FairValueInputsLevel2Memberus-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000102212us-gaap:FairValueInputsLevel3Memberus-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000102212us-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateSwapMember2023-12-310000102212us-gaap:FairValueInputsLevel1Memberus-gaap:CreditRiskContractMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000102212us-gaap:FairValueInputsLevel2Memberus-gaap:CreditRiskContractMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000102212us-gaap:FairValueInputsLevel3Memberus-gaap:CreditRiskContractMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000102212us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CreditRiskContractMember2023-12-310000102212us-gaap:FairValueInputsLevel1Memberuvsp:ForwardLoanSaleCommitmentsMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000102212us-gaap:FairValueInputsLevel2Memberuvsp:ForwardLoanSaleCommitmentsMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000102212us-gaap:FairValueInputsLevel3Memberuvsp:ForwardLoanSaleCommitmentsMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000102212us-gaap:FairValueMeasurementsRecurringMemberuvsp:ForwardLoanSaleCommitmentsMember2023-12-310000102212uvsp:PaulIScheafferInsuranceAgencyMember2023-12-310000102212uvsp:PaulIScheafferInsuranceAgencyMember2023-01-012023-12-310000102212us-gaap:CreditRiskContractMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMember2023-12-310000102212us-gaap:CreditRiskContractMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMember2024-01-012024-09-300000102212us-gaap:CreditRiskContractMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMember2024-09-300000102212us-gaap:CreditRiskContractMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMember2022-12-310000102212us-gaap:CreditRiskContractMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMember2023-01-012023-09-300000102212us-gaap:CreditRiskContractMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMember2023-09-300000102212uvsp:PaulIScheafferInsuranceAgencyMember2022-12-310000102212uvsp:PaulIScheafferInsuranceAgencyMember2023-01-012023-09-300000102212uvsp:PaulIScheafferInsuranceAgencyMember2023-09-300000102212us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMember2024-09-300000102212us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMember2024-09-300000102212us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2024-09-300000102212us-gaap:FairValueMeasurementsNonrecurringMember2024-09-300000102212us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMember2023-12-310000102212us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMember2023-12-310000102212us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2023-12-310000102212us-gaap:FairValueMeasurementsNonrecurringMember2023-12-310000102212us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-09-300000102212us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-09-300000102212us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-09-300000102212us-gaap:EstimateOfFairValueFairValueDisclosureMember2024-09-300000102212us-gaap:CarryingReportedAmountFairValueDisclosureMember2024-09-300000102212us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310000102212us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310000102212us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310000102212us-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310000102212us-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-310000102212uvsp:HeldforInvestmentMember2024-09-300000102212uvsp:HeldforInvestmentMember2023-12-310000102212uvsp:RealEstateCommercialMember2024-04-012024-06-300000102212us-gaap:OperatingSegmentsMemberuvsp:Banking1Member2024-09-300000102212us-gaap:OperatingSegmentsMemberuvsp:Banking1Member2023-12-310000102212us-gaap:OperatingSegmentsMemberuvsp:Banking1Member2023-09-300000102212us-gaap:OperatingSegmentsMemberuvsp:WealthManagementMember2024-09-300000102212us-gaap:OperatingSegmentsMemberuvsp:WealthManagementMember2023-12-310000102212us-gaap:OperatingSegmentsMemberuvsp:WealthManagementMember2023-09-300000102212us-gaap:OperatingSegmentsMemberuvsp:InsuranceMember2024-09-300000102212us-gaap:OperatingSegmentsMemberuvsp:InsuranceMember2023-12-310000102212us-gaap:OperatingSegmentsMemberuvsp:InsuranceMember2023-09-300000102212us-gaap:CorporateNonSegmentMember2024-09-300000102212us-gaap:CorporateNonSegmentMember2023-12-310000102212us-gaap:CorporateNonSegmentMember2023-09-300000102212us-gaap:OperatingSegmentsMemberuvsp:Banking1Member2024-07-012024-09-300000102212us-gaap:OperatingSegmentsMemberuvsp:WealthManagementMember2024-07-012024-09-300000102212us-gaap:OperatingSegmentsMemberuvsp:InsuranceMember2024-07-012024-09-300000102212us-gaap:CorporateNonSegmentMember2024-07-012024-09-300000102212us-gaap:IntersegmentEliminationMemberuvsp:Banking1Member2024-07-012024-09-300000102212us-gaap:IntersegmentEliminationMemberuvsp:WealthManagementMember2024-07-012024-09-300000102212us-gaap:IntersegmentEliminationMemberuvsp:InsuranceMember2024-07-012024-09-300000102212us-gaap:OperatingSegmentsMemberuvsp:Banking1Member2023-07-012023-09-300000102212us-gaap:OperatingSegmentsMemberuvsp:WealthManagementMember2023-07-012023-09-300000102212us-gaap:OperatingSegmentsMemberuvsp:InsuranceMember2023-07-012023-09-300000102212us-gaap:CorporateNonSegmentMember2023-07-012023-09-300000102212us-gaap:IntersegmentEliminationMemberuvsp:Banking1Member2023-07-012023-09-300000102212us-gaap:IntersegmentEliminationMemberuvsp:WealthManagementMember2023-07-012023-09-300000102212us-gaap:IntersegmentEliminationMemberuvsp:InsuranceMember2023-07-012023-09-300000102212us-gaap:OperatingSegmentsMemberuvsp:Banking1Member2024-01-012024-09-300000102212us-gaap:OperatingSegmentsMemberuvsp:WealthManagementMember2024-01-012024-09-300000102212us-gaap:OperatingSegmentsMemberuvsp:InsuranceMember2024-01-012024-09-300000102212us-gaap:CorporateNonSegmentMember2024-01-012024-09-300000102212us-gaap:IntersegmentEliminationMemberuvsp:Banking1Member2024-01-012024-09-300000102212us-gaap:IntersegmentEliminationMemberuvsp:WealthManagementMember2024-01-012024-09-300000102212us-gaap:IntersegmentEliminationMemberuvsp:InsuranceMember2024-01-012024-09-300000102212us-gaap:OperatingSegmentsMemberuvsp:Banking1Member2023-01-012023-09-300000102212us-gaap:OperatingSegmentsMemberuvsp:WealthManagementMember2023-01-012023-09-300000102212us-gaap:OperatingSegmentsMemberuvsp:InsuranceMember2023-01-012023-09-300000102212us-gaap:CorporateNonSegmentMember2023-01-012023-09-300000102212us-gaap:IntersegmentEliminationMemberuvsp:Banking1Member2023-01-012023-09-300000102212us-gaap:IntersegmentEliminationMemberuvsp:WealthManagementMember2023-01-012023-09-300000102212us-gaap:IntersegmentEliminationMemberuvsp:InsuranceMember2023-01-012023-09-30

美國
證券交易委員會
華盛頓特區20549
 表 10-Q
☒根據1934年證券交易法第13或15(d)節提交的季度報告
截至季度結束日期的財務報告2024年9月30日
或者
☐根據1934年證券交易法第13或第15(d)條款的過渡報告
過渡期從__________到_____________
委託文件編號：001-398660-7617

 賓夕法尼亞裕益銀行
(根據其章程規定的註冊人準確名稱)
賓夕法尼亞州23-1886144
（國家或其他管轄區的
公司成立或組織）		（美國國內國稅局僱主
唯一識別號碼）
北主街14號, 索德頓, 賓夕法尼亞州 18964
（總部地址）（郵政編碼）
公司電話號碼，包括區號：（215) 721-2400
不適用
（前名稱、地址及財政年度，如果自上次報告以來有更改）
在法案第12(b)條的規定下注冊的證券：
類別名稱交易標的登記的交易所名稱
普通股，面值 5 美元UVSP納斯達克證券交易所

請勾選以下內容。申報人是否（1）在過去12個月內（或申報人需要報告這些報告的時間較短的期間內）已提交證券交易法規定的第13或15（d）條要求提交的所有報告；以及（2）過去90天內已被要求提交此類報告。    是  ☒    否  ☐
請用複選標記指示，註冊申報人是否在過去12個月內（或者在註冊申報人被要求提交這些文件的更短期限內）根據S-T法規第405條的要求提交了每個互動數據文件。是  ☒    否  ☐
勾選表示註冊人是大型規模加速報告人、加速報告人、非加速報告人、小型報告公司或新興成長公司。請參閱證交所法規120億.2中「大型規模加速報告人」、「加速報告人」、「小型報告公司」和「新興成長公司」的定義。
大型加速報告人☐
加速文件提交人
☒
非加速文件提交人☐更小的報告公司☐
新興成長公司☐
如果是新興成長型公司，請在複選框中打勾，以確定註冊人是否選擇不使用在1934年證券交易法第13(a)條項下提供的任何新的或修訂的財務會計準準則的延長過渡期。☐
請勾選以下內容。申報人是否是外殼公司（根據證券交易法規則12b-2定義）。    是  ☐    否  ☒
請註明在最新適用日期時本發行人每種普通股的流通股數。
普通股，面值 5 美元29,042,929
（每個交易所的名稱）(2024年10月28日的流通股數量)


目錄

賓夕法尼亞裕益銀行及其子公司
指數
 
  頁碼
第I部分
項目1。
截至2024年9月30日的簡明綜合收入表 3和頁面。有九起類似訴訟針對JAVELIN的要約收購和合並被提起，稱違反信託責任，尋求公正補償，包括但不限於，禁止交易的達成、撤銷、解除已經交易的事項，以及發送費用、補貼成本，包括合理的律師費和費用。唯一的佛羅里達州訴訟從未向被告送達，該案件於2017年1月20日自願撤回並關閉。2016年4月25日，馬里蘭法院頒佈了一項命令，將馬里蘭案件合併成一起訴訟，標題爲JAVELIN Mortgage Investment Corp.股東訴訟（案號24-C-16-001542），並指定一個馬里蘭案件的律師作爲臨時首席聯合法律顧問。2016年5月26日，臨時首席律師提交了經修訂的釩化鐵質量投訴，聲稱違反信託責任的集體索賠，教唆和共謀違反信託責任以及浪費。2016年6月27日，被告提出了駁回合併修訂集體投訴申請的動議，聲稱未陳述可以獲得救濟的規定。在2017年3月3日，聽證會召開了駁回動議，法院保留了裁定。法院數次推遲動議陳述的裁定。2024年2月14日，法院頒佈裁定，支持被告的駁回動議，並駁回所有原告的權利，無需上訴。在2024年3月11日，原告提出了對法院裁定的上訴通知。2024年7月3日，原告自願撤回之前提出的上訴通知。 對於這六個月的九月 30, 2024和 2023
的現金流簡明彙總表 九個財務報表的股東赤字的簡明綜合報表 結束於9月30日, 2024和頁面。2023
項目2。
項目3。
項目4。
第II部分。
項目1。
項目1A。
項目2。
項目3。
項目4。
項目5。
項目6。

1
目錄
第一部分 財務信息
 
項目1。 基本報表
賓夕法尼亞裕益銀行
簡明合併資產負債表
(未經審計)
(千美元，股份數據除外)2024年9月30日2023年12月31日
資產
現金和存放在銀行的款項$78,346 $72,815 
與其他銀行的利息收入存款426,354 176,984 
現金及現金等價物504,700 249,799 
持有至到期投資證券（公允價值$70,066）123,103 和 $128,277 分別爲2024年9月30日和2023年12月31日
137,681 145,777 
可供出售的投資證券（攤銷成本爲 $389,342 和 $395,727，減免信貸虧損準備 $642 和 $731 2024年9月30日和2023年12月31日分別爲
354,100 351,553 
股權證券投資2,406 3,293 
聯邦住房貸款銀行、聯邦儲備銀行及其他股票的成本40,235 40,499 
待售貸款17,131 11,637 
持有投資貸款和租賃融資6,730,734 6,567,214 
減：信貸損失準備金、貸款和租賃(86,041)(85,387)
持有投資的淨貸款和租賃6,644,693 6,481,827 
資產和設備淨值47,411 51,441 
經營租賃權使用資產29,260 31,795 
商譽175,510 175,510 
其他無形資產，扣除累計攤銷7,158 10,950 
銀行擁有的人壽保險138,744 131,344 
應計利息應收賬款及其他資產106,708 95,203 
總資產$8,205,737 $7,780,628 
負債
非計息存款$1,323,953 $1,468,320 
計息存款-存款利息5,530,195 4,907,461 
存款總額6,854,148 6,375,781 
短期借款8,256 6,306 
長期債務225,000 310,000 
次級債券149,136 148,761 
經營租賃負債32,246 34,851 
應計利息應付及其他負債59,880 65,721 
負債合計7,328,666 6,941,420 
股東權益
普通股，每股面值爲 $0.0001；5股份在2023年9月30日和2022年12月31日分別授權;48,000,000 在2024年9月30日和2023年12月31日授權股份； 31,556,799 在2024年9月30日和2023年12月31日發行股份； 29,081,108和頁面。29,511,721 在2024年9月30日和2023年12月31日分別持有的股份；
157,784 157,784 
額外實收資本301,262 301,066 
保留盈餘512,938 474,691 
累積其他全面虧損，減稅收益後淨額(41,623)(50,646)
即期收購庫藏股；截至2022年9月25日，共計157,773股，截至2022年6月26日，共計157,087股。2,475,691和頁面。2,045,078 2024年9月30日和2023年12月31日的股份，分別
(53,290)(43,687)
股東權益合計877,071 839,208 
負債和股東權益總計$8,205,737 $7,780,628 
注意：請參閱未經審計的簡明綜合財務報表附註。
2
目錄
賓夕法尼亞裕益銀行
簡明合併利潤表
(未經審計)
三個月之內結束九個月結束
 2020年9月30日2020年9月30日
(金額以千元爲單位，除每股數據外)2024202320242023
利息收入
貸款和租賃利息與費用$98,359 $90,974 $285,252 $254,949 
投資證券的利息和股息：
應稅的3,706 3,540 11,094 10,547 
免徵聯邦所得稅7 15 26 44 
存入資金在其他銀行的存款利息3,624 1,865 6,341 2,856 
其他賺取資產的利息和分紅派息742 712 2,166 2,102 
總利息收入106,438 97,106 304,879 270,498 
利息支出
贖回Baskets的日元數量。如果Trust的日元被提取以支付Trust的開支，需要創建籃子或在籃子贖回時發生的，用於表示Baskets的日元數量的代幣的日元數量可能會隨着時間的推移而逐漸減少。48,170 37,082 133,648 82,885 
短期借款利息1 1,117 248 7,094 
長期負債和次級票據的利息5,063 5,317 15,285 13,282 
總利息支出53,234 43,516 149,181 103,261 
淨利息收入53,204 53,590 155,698 167,237 
撥備1,414 2,024 3,553 8,839 
經計提信貸損失後的淨利息收入51,790 51,566 152,145 158,398 
非利息收入
trust費用收入2,110 1,910 6,226 5,789 
存入資金帳戶的服務費2,037 1,816 5,890 5,088 
投資諮詢佣金和費用收入5,319 4,843 15,751 14,303 
保險佣金和費用收入5,238 4,852 17,606 16,447 
其他服務費收入1,815 3,020 11,274 9,414 
銀行保有人壽保險收入921 806 2,849 2,362 
投資證券出售淨收益18 — 18 — 
抵押銀行業務活動淨收益1,296 1,216 3,945 2,880 
其他收入1,396 228 3,166 1,921 
非利息收入總額20,150 18,691 66,725 58,204 
非利息支出
工資、福利和佣金30,702 29,978 92,227 90,867 
淨佔用成本2,723 2,594 8,274 7,935 
設備1,107 1,087 3,306 3,066 
數據處理4,154 4,189 12,810 12,355 
專業費用1,579 1,763 4,733 5,373 
市場營銷和廣告490 555 1,621 1,548 
存款保險費1,097 1,258 3,330 3,475 
無形費用164 220 539 726 
重組費用— — — 1,330 
其他支出6,536 7,344 20,494 21,641 
總非利息支出48,552 48,988 147,334 148,316 
稅前收入23,388 21,269 71,536 68,286 
所得稅費用4,810 4,253 14,546 13,436 
淨收入$18,578 $17,016 $56,990 $54,850 
每股淨利潤：
基本$0.64 $0.58 $1.95 $1.86 
稀釋的0.63 0.58 1.94 1.86 
Note: See accompanying notes to the unaudited condensed consolidated financial statements.
3
Table of Contents
UNIVEST FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
Three Months Ended September 30,
(Dollars in thousands)20242023
Before
Tax
Amount		Tax
Expense
(Benefit)		Net of
Tax
Amount		Before
Tax
Amount		Tax
Expense
(Benefit)		Net of
Tax
Amount
Income$23,388 $4,810 $18,578 $21,269 $4,253 $17,016 
Other comprehensive income (loss):
Net unrealized gains (losses) on available-for-sale investment securities:
Net unrealized holding gains (losses) arising during the period11,791 2,476 9,315 (12,622)(2,651)(9,971)
Reversal of provision for credit losses(139)(29)(110)— — — 
Less: reclassification adjustment for net gains on sales realized in net income(18)(4)(14)— — — 
Total net unrealized gains (losses) on available-for-sale investment securities11,634 2,443 9,191 (12,622)(2,651)(9,971)
Net unrealized gains (losses) on interest rate swaps used in cash flow hedges:
Net unrealized holding gains (losses) arising during the period3,098 650 2,448 (2,541)(534)(2,007)
Less: reclassification adjustment for net losses realized in net income575 121 454 1,558 327 1,231 
Reclassification adjustment recorded in earnings (1)370 78 292 — — — 
Total net unrealized gains (losses) on interest rate swaps used in cash flow hedges 4,043 849 3,194 (983)(207)(776)
Defined benefit pension plans:
Amortization of net actuarial gains included in net periodic pension costs (2)147 31 116 247 52 195 
Total defined benefit pension plans147 31 116 247 52 195 
Other comprehensive income (loss)15,824 3,323 12,501 (13,358)(2,806)(10,552)
Total comprehensive income$39,212 $8,133 $31,079 $7,911 $1,447 $6,464 
(1) Represents reclassification to earnings as a reduction to interest income of amounts included in accumulated other comprehensive income on the condensed consolidated balance sheet related to the interest rate swap terminated on August 2, 2024.
(2) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost (before tax amount). See Note 8, "Retirement Plans and Other Postretirement Benefits" for additional details.
Note: See accompanying notes to the unaudited condensed consolidated financial statements.
4
Table of Contents
Nine Months Ended September 30,
(Dollars in thousands)20242023
Before
Tax
Amount		Tax
Expense
(Benefit)		Net of
Tax
Amount		Before
Tax
Amount		Tax
Expense
(Benefit)		Net of
Tax
Amount
Income$71,536 $14,546 $56,990 $68,286 $13,436 $54,850 
Other comprehensive income (loss):
Net unrealized gains (losses) on available-for-sale investment securities:
Net unrealized holding gains (losses) arising during the period8,950 1,880 7,070 (10,411)(2,186)(8,225)
(Reversal of provision) provision for credit losses(89)(19)(70)397 83 314 
Less: reclassification adjustment for net gains on sales realized in net income(18)(4)(14)— — — 
Total net unrealized gains (losses) on available-for-sale investment securities8,843 1,857 6,986 (10,014)(2,103)(7,911)
Net unrealized gains (losses) on interest rate swaps used in cash flow hedges:
Net unrealized holding losses arising during the period(1,979)(416)(1,563)(6,716)(1,411)(5,305)
Less: reclassification adjustment for net losses realized in net income3,747 787 2,960 3,989 838 3,151 
Reclassification adjustment recorded in earnings (1)370 78 292 — — — 
Total net unrealized gains (losses) on interest rate swaps used in cash flow hedges2,138 449 1,689 (2,727)(573)(2,154)
Defined benefit pension plans:
Amortization of net actuarial gains included in net periodic pension costs (2)441 93 348 739 156 583 
Total defined benefit pension plans441 93 348 739 156 583 
Other comprehensive income (loss)11,422 2,399 9,023 (12,002)(2,520)(9,482)
Total comprehensive income$82,958 $16,945 $66,013 $56,284 $10,916 $45,368 
(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.
5
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 September 30, 2024
Balance at June 30, 202429,190,640 $157,784 $300,166 $500,482 $(54,124)$(50,171)$854,137 
Net income — — — 18,578 — — 18,578 
Other comprehensive income, net of income tax— — — — 12,501 — 12,501 
Cash dividends declared ($0.21 per share)
— — — (6,122)— — (6,122)
Stock-based compensation— — 1,078 — — — 1,078 
Stock issued under dividend reinvestment and employee stock purchase plans21,906 — 57 — — 530 587 
Vesting of restricted stock units, net of shares withheld to cover taxes238 — (7)— — 5 (2)
Exercise of stock options25,052 — (32)— — 536 504 
Purchases of treasury stock(156,728)— — — — (4,190)(4,190)
Balance at September 30, 202429,081,108 $157,784 $301,262 $512,938 $(41,623)$(53,290)$877,071 
(Dollars in thousands, except per share data)Common
Shares
Outstanding		Common
Stock		Additional
Paid-in
Capital		Retained
Earnings		Accumulated
Other
Comprehensive
Loss		Treasury
Stock		Total
Three Months Ended September 30, 2023
Balance at June 30, 202329,471,124 $157,784 $299,212 $453,806 $(61,034)$(44,546)$805,222 
Net income — — — 17,016 — — 17,016 
Other comprehensive loss, net of income tax benefit— — — — (10,552)— (10,552)
Cash dividends declared ($0.21 per share)
— — — (6,190)— — (6,190)
Stock-based compensation— — 1,031 2 — — 1,033 
Stock issued under dividend reinvestment and employee stock purchase plans36,766 — (65)— — 735 670 
Vesting of restricted stock units, net of shares withheld to cover taxes238 — (7)— — 6 (1)
Balance at September 30, 202329,508,128 $157,784 $300,171 $464,634 $(71,586)$(43,805)$807,198 
(Dollars in thousands, except per share data)Common
Shares
Outstanding		Common
Stock		Additional
Paid-in
Capital		Retained
Earnings		Accumulated
Other
Comprehensive
Loss		Treasury
Stock		Total
Nine Months Ended September 30, 2024
Balance at December 31, 202329,511,721 $157,784 $301,066 $474,691 $(50,646)$(43,687)$839,208 
Net income — — — 56,990 — — 56,990 
Other comprehensive income, net of income tax— — — — 9,023 — 9,023 
Cash dividends declared ($0.63 per share)
— — — (18,454)— — (18,454)
Stock-based compensation— — 3,426 (289)— — 3,137 
Stock issued under dividend reinvestment and employee stock purchase plans81,133 — 69 — — 1,786 1,855 
Vesting of restricted stock units, net of shares withheld to cover taxes107,615 — (3,219)— — 2,360 (859)
Exercise of stock options44,840 — (80)— — 957 877 
Purchases of treasury stock(664,201)— — — — (14,706)(14,706)
Balance at September 30, 202429,081,108 $157,784 $301,262 $512,938 $(41,623)$(53,290)$877,071 
6
Table of Contents
(Dollars in thousands, except per share data)Common
Shares
Outstanding		Common
Stock		Additional
Paid-in
Capital		Retained
Earnings		Accumulated
Other
Comprehensive
(Loss) Income		Treasury
Stock		Total
Nine Months Ended September 30, 2023
Balance at December 31, 202229,271,915 $157,784 $300,808 $428,637 $(62,104)$(48,625)$776,500 
Net income — — — 54,850 — — 54,850 
Other comprehensive loss, net of income tax benefit— — — — (9,482)— (9,482)
Cash dividends declared ($0.63 per share)
— — — (18,521)— — (18,521)
Stock-based compensation— — 3,322 (332)— — 2,990 
Stock issued under dividend reinvestment and employee stock purchase plans98,402 — (84)— — 2,063 1,979 
Vesting of restricted stock units, net of shares withheld to cover taxes131,601 — (3,857)— — 2,625 (1,232)
Exercise of stock options6,210 — (18)— — 132 114 
Balance at September 30, 202329,508,128 $157,784 $300,171 $464,634 $(71,586)$(43,805)$807,198 
Note: See accompanying notes to the unaudited condensed consolidated financial statements.
7
Table of Contents
UNIVEST FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 Nine Months Ended September 30,
(Dollars in thousands)20242023
Cash flows from operating activities:
Net income$56,990 $54,850 
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses3,553 8,839 
Depreciation of premises and equipment4,096 3,752 
Net amortization of investment securities premiums and discounts794 873 
Amortization, fair market value adjustments and capitalization of servicing rights3,290 (350)
Net gain on sales of investment securities(18)— 
Net gain on mortgage banking activities(3,945)(2,880)
Bank owned life insurance income(2,849)(2,362)
Stock-based compensation3,414 3,229 
Intangible expenses539 726 
Other adjustments to reconcile net income to cash used in operating activities(1,881)(1,105)
Originations of loans held for sale(235,166)(165,076)
Proceeds from the sale of loans held for sale234,788 162,728 
Contributions to pension and other postretirement benefit plans(187)(186)
Increase in accrued interest receivable and other assets(14,980)(8,200)
(Decrease) increase in accrued interest payable and other liabilities(1,376)7,029 
Net cash provided by operating activities47,062 61,867 
Cash flows from investing activities:
Proceeds from sale of premises and equipment2,450 1,032 
Purchases of premises and equipment(2,467)(5,220)
Proceeds from maturities, calls and principal repayments of securities held-to-maturity10,462 11,225 
Proceeds from maturities, calls and principal repayments of securities available-for-sale43,146 24,052 
Proceeds from sales of securities available-for-sale505 — 
Purchases of investment securities held-to-maturity(2,640)(6,253)
Purchases of investment securities available-for-sale(37,794)(19,348)
Proceeds from sales of equity securities3,437 252 
Purchases of money market mutual funds(2,482)(1,845)
Net decrease (increase) in other investments264 (8,576)
Proceeds from sale of loans originally held-for-investment— 19,631 
Net increase in loans and leases(165,648)(481,200)
Proceeds from sales of foreclosed / repossessed assets68 260 
Purchases of bank owned life insurance(5,710)(7,862)
Proceeds from bank owned life insurance1,159 — 
Net cash used in investing activities(155,250)(473,852)
Cash flows from financing activities:
Net increase in deposits478,350 525,619 
Net increase (decrease) in short-term borrowings1,950 (182,465)
Proceeds from issuance of long-term debt— 250,000 
Repayment of long-term debt(85,000)(25,000)
Payment of contingent consideration on acquisitions(635)(635)
Payment for shares withheld to cover taxes on vesting of restricted stock units(859)(1,232)
Purchases of treasury stock(14,706)— 
Stock issued under dividend reinvestment and employee stock purchase plans1,855 1,979 
Proceeds from exercise of stock options877 114 
Cash dividends paid(18,743)(18,853)
Net cash provided by financing activities363,089 549,527 
Net decrease in cash and cash equivalents254,901 137,542 
Cash and cash equivalents at beginning of year249,799 152,799 
Cash and cash equivalents at end of period$504,700 $290,341 
Supplemental disclosures of cash flow information:
Cash paid for interest$140,759 $93,435 
Cash paid for income taxes, net of refunds15,740 13,232 
8
Table of Contents
 Nine Months Ended September 30,
(Dollars in thousands)20242023
Non cash transactions:
Transfer of loans to other real estate owned$407 $79 
Transfer of leases to repossessed assets167 — 
Transfer of loans to loans held for sale— 25,646 
Note: See accompanying notes to the unaudited condensed consolidated financial statements.
9
Table of Contents
UNIVEST FINANCIAL CORPORATION AND SUBSIDIARIES
Notes to the Condensed Consolidated Financial Statements (Unaudited)
Note 1. Summary of Significant Accounting Policies

Principles of Consolidation and Basis of Presentation

The accompanying unaudited condensed consolidated financial statements include the accounts of Univest Financial Corporation (the Corporation) and its wholly owned subsidiaries. The Corporation’s direct subsidiary is Univest Bank and Trust Co. (the Bank). All significant intercompany balances and transactions have been eliminated in consolidation. The unaudited condensed consolidated financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the SEC). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) have been condensed or omitted pursuant to the rules and regulations for interim financial information. The accompanying unaudited 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 and nine-month periods ended September 30, 2024 are not necessarily indicative of the results that may be expected for the year ended December 31, 2024 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, 2023, which was filed with the SEC on February 26, 2024.

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.

Earnings per Share

Basic earnings per share represent income available to common shareholders divided by the weighted-average number of common shares outstanding during the period. Diluted earnings per share reflects the potential dilution, using the treasury stock method, that could occur if outstanding options on common shares had been exercised and restricted stock units had vested and the hypothetical repurchases of shares to fund such restricted stock units is less than the average restricted stock units outstanding for the periods presented. Potential common shares that may be issued by the Corporation relate to outstanding stock options and restricted stock units, and are determined using the treasury stock method. The effects of options to issue common stock and unvested restricted stock units are excluded from the computation of diluted earnings per share in periods in which the effect would be antidilutive. Antidilutive options are those options with weighted average exercise prices in excess of the weighted average market value. Antidilutive restricted stock units are those with hypothetical repurchases of shares, under the treasury stock method, exceeding the average restricted stock units outstanding for the periods presented.

Accounting Pronouncements Adopted in 2024

In March 2023, the FASB issued ASU No. 2023-02, "Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method (a consensus of the Emerging Issues Task Force)". This ASU allows entities to elect the proportional amortization method, on a tax-credit-program-by-tax-credit-program basis, for all equity investments in tax credit programs meeting the eligibility criteria in Accounting Standards Codification (ASC) 323-740-25-1. While the ASU does not significantly alter the existing eligibility criteria, it does provide clarifications to address existing interpretive issues. It also prescribes specific information reporting entities must disclose about tax credit investments each period. This ASU became effective on January 1, 2024 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 FASB issued ASU No. 2023-06, "Disclosure Improvements: Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative". This ASU amends the disclosure or presentation requirements
10
Table of Contents
related to various subtopics in the FASB Accounting Standards Codification. The amendments in this ASU are expected to clarify or improve disclosure and presentation requirements of a variety of Codification Topics, allow users to more easily compare entities subject to the SEC's existing disclosures with those entities that were not previously subject to the requirements, and align the requirements in the Codification with the SEC's regulations. For entities subject to the SEC's existing disclosure requirements and for entities required to file or furnish financial statements with or to the SEC in preparation for the sale of or for purposes of issuing securities that are not subject to contractual restrictions on transfer, the effective date for each amendment will be the date on which the SEC removes that related disclosure from its rules. For all other entities, the amendments will be effective two years later. However, if by June 30, 2027, the SEC has not removed the related disclosure from its regulations, the amendments will be removed from the Codification and not become effective for any entity.

In November 2023, the FASB issued ASU No. 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures". This ASU improves reportable segment disclosure requirements through enhanced disclosures about significant segment expenses. This ASU is effective for fiscal years beginning after December 15, 2024, and interim periods within fiscal years beginning after December 15, 2024. The Corporation is currently evaluating this update to determine the impact on the Corporation's disclosures.

In December 2023, the FASB issued ASU No. 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures". This ASU addresses investor requests for more transparency about income tax information through improvements to income tax disclosures, primarily related to the rate reconciliation and income taxes paid information. This ASU also includes certain other amendments to improve the effectiveness of income tax disclosures. This ASU is effective for reporting periods beginning after December 15, 2024 for public business entities. For all other business entities, the amendments will be effective one year later. 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 EndedNine Months Ended
 September 30,September 30,
(Dollars and shares in thousands, except per share data)2024202320242023
Numerator for basic and diluted earnings per share—net income available to common shareholders
$18,578 $17,016 $56,990 $54,850 
Denominator for basic earnings per share—weighted-average shares outstanding
29,133 29,479 29,264 29,411 
Effect of dilutive securities—stock options and restricted stock units213 79 153 95 
Denominator for diluted earnings per share—adjusted weighted-average shares outstanding
29,346 29,558 29,417 29,506 
Basic earnings per share$0.64 $0.58 $1.95 $1.86 
Diluted earnings per share$0.63 $0.58 $1.94 $1.86 
Average antidilutive options and restricted stock units excluded from computation of diluted earnings per share195 540 228 432 

11
Table of Contents
Note 3. Investment Securities

The following table shows the amortized cost, the estimated fair value and the allowance for credit losses of the held-to-maturity securities and available-for-sale securities at September 30, 2024 and December 31, 2023, by contractual maturity within each type:
 At September 30, 2024
(Dollars in thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit LossesFair Value
Securities Held-to-Maturity
Residential mortgage-backed securities:
After 1 year to 5 years$1,283 $— $(26)$— $1,257 
After 5 years to 10 years10,762 — (262)— 10,500 
Over 10 years125,636 12 (14,302)— 111,346 
137,681 12 (14,590)— 123,103 
Total$137,681 $12 $(14,590)$— $123,103 
Securities Available-for-Sale
State and political subdivisions:
Within 1 year$1,299 $— $(12)$— $1,287 
1,299 — (12)— 1,287 
Residential mortgage-backed securities:
After 1 year to 5 years373 — (8)— 365 
After 5 years to 10 years11,870 — (608)— 11,262 
Over 10 years297,067 757 (28,652)— 269,172 
309,310 757 (29,268)— 280,799 
Collateralized mortgage obligations:
After 5 years to 10 years175 — (5)— 170 
Over 10 years1,735 — (117)— 1,618 
1,910 — (122)— 1,788 
Corporate bonds:
Within 1 year6,400 8 (71)(6)6,331 
After 1 year to 5 years10,423 49 (305)(23)10,144 
After 5 years to 10 years60,000 — (5,636)(613)53,751 
76,823 57 (6,012)(642)70,226 
Total$389,342 $814 $(35,414)$(642)$354,100 

12
Table of Contents
 At December 31, 2023
(Dollars in thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit LossesFair Value
Securities Held-to-Maturity
Residential mortgage-backed securities:
After 1 year to 5 years$1,871 $— $(62)$— $1,809 
After 5 years to 10 years12,047 — (462)— 11,585 
Over 10 years131,859 — (16,976)— 114,883 
145,777 — (17,500)— 128,277 
Total$145,777 $— $(17,500)$— $128,277 
Securities Available-for-Sale
State and political subdivisions:
Within 1 year$1,030 $— $(1)$— $1,029 
After 1 year to 5 years1,298 — (26)— 1,272 
2,328 — (27)— 2,301 
Residential mortgage-backed securities:
After 1 year to 5 years567 — (20)— 547 
After 5 years to 10 years13,653 — (964)— 12,689 
Over 10 years285,628 131 (34,443)— 251,316 
299,848 131 (35,427)— 264,552 
Collateralized mortgage obligations:
After 5 years to 10 years241 — (11)— 230 
Over 10 years1,960 — (189)— 1,771 
2,201 — (200)— 2,001 
Corporate bonds:
Within 1 year18,011 1 (176)(27)17,809 
After 1 year to 5 years13,339 23 (671)(43)12,648 
After 5 years to 10 years60,000 — (7,097)(661)52,242 
91,350 24 (7,944)(731)82,699 
Total$395,727 $155 $(43,598)$(731)$351,553 

Gross unrealized gains and losses on available-for-sale securities are recognized in accumulated other comprehensive income (loss) and changes in the allowance for credit loss are recorded in provision for credit loss expense. Expected maturities may differ from contractual maturities because debt issuers may have the right to call or prepay obligations without call or prepayment penalties and mortgage-backed securities typically prepay at a rate faster than contractually due.

Securities with a carrying value of $447.8 million and $464.0 million at September 30, 2024 and December 31, 2023, respectively, were pledged to secure public funds deposits and contingency funding. There were no pledged securities to secure credit derivatives and interest rate swaps at September 30, 2024 or December 31, 2023. See Note 11, "Derivative Instruments and Hedging Activities" for additional information.

The following table presents information related to sales of securities available-for-sale during the nine months ended September 30, 2024 or 2023.
 Nine Months Ended September 30,
(Dollars in thousands)20242023
Securities available-for-sale:
Proceeds from sales$505 $— 
Gross realized gains on sales18 — 
Tax expense related to net realized gains on sales4 — 

At September 30, 2024 and December 31, 2023, there were no reportable investments in any single issuer representing more than 10% of shareholders’ equity.
13
Table of Contents
The following table shows the fair value of securities that were in an unrealized loss position for which an allowance for credit losses has not been recorded at September 30, 2024 and December 31, 2023, by the length of time those securities were in a continuous loss position.
 Less than
Twelve Months		Twelve Months
or Longer		Total
(Dollars in thousands)Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses
At September 30, 2024
Securities Held-to-Maturity
Residential mortgage-backed securities$— $— $120,463 $(14,590)$120,463 $(14,590)
Total$— $— $120,463 $(14,590)$120,463 $(14,590)
Securities Available-for-Sale
Residential mortgage-backed securities$— $— $220,491 $(29,268)$220,491 $(29,268)
Collateralized mortgage obligations— — 1,788 (122)1,788 (122)
Total$— $— $222,279 $(29,390)$222,279 $(29,390)
At December 31, 2023
Securities Held-to-Maturity
Residential mortgage-backed securities$6,005 $(94)$122,272 $(17,406)$128,277 $(17,500)
Total$6,005 $(94)$122,272 $(17,406)$128,277 $(17,500)
Securities Available-for-Sale
State and political subdivisions$1,029 $(1)$— $— $1,029 $(1)
Residential mortgage-backed securities16,992 (65)238,053 (35,362)255,045 (35,427)
Collateralized mortgage obligations— — 2,001 (200)2,001 (200)
Corporate bonds780 (1)— — 780 (1)
Total$18,801 $(67)$240,054 $(35,562)$258,855 $(35,629)

At September 30, 2024, 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 $120.5 million, including unrealized losses of $14.6 million. These holdings were comprised of 88 federal agency mortgage-backed securities, which are U.S. government entities and agencies and are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses. The Corporation did not recognize any credit losses on held-to-maturity debt securities for the nine months ended September 30, 2024.

At September 30, 2024, 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 $222.3 million, including unrealized losses of $29.4 million. These holdings were comprised of: (1) 98 federal agency mortgage-backed securities, which are U.S. government entities and agencies and are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses; (2) two collateralized mortgage obligation bonds, and (3) one investment grade corporate bond. The Corporation does not intend to sell the securities in an unrealized loss position and is unlikely to be required to sell these securities before a recovery of fair value, which may be maturity. The Corporation concluded that the negative fair value of these securities was not indicative of a credit loss. Accrued interest receivable on available-for-sale debt securities totaled $1.1 million at September 30, 2024 and is included within Accrued interest receivable and other assets on the condensed consolidated balance sheet. This amount is excluded from the estimate of expected credit losses.

14
Table of Contents
The table below presents a rollforward by major security type for the nine months ended September 30, 2024 and September 30, 2023 of the allowance for credit losses on securities available-for-sale.

(Dollars in thousands)Corporate Bonds
Nine months ended September 30, 2024
Securities Available-for-Sale
Beginning balance$(731)
Change in securities for which a previous expected credit loss was recognized89 
Ending balance$(642)
Nine months ended September 30, 2023
Securities Available-for-Sale
Beginning balance$(1,140)
Additions for securities for which no previous expected credit losses were recognized(2)
Change in securities for which a previous expected credit loss was recognized(395)
Ending balance$(1,537)

At September 30, 2024, the fair value of available-for-sale securities in an unrealized loss position for which an allowance for credit losses has been recorded was $68.0 million, including unrealized losses of $6.7 million, and allowance for credit losses of $642 thousand. These holdings were comprised of 33 investment grade corporate bonds and one municipal bond, all of which fluctuate in value based on changes in market conditions. For these securities, fluctuations were primarily due to changes in the interest rate environment. The Corporation does not intend to sell these securities and it is not likely that it will be required to sell the securities before their anticipated recovery. The underlying issuers continue to make timely principal and interest payments on the securities.

The following is a summary of unrealized and realized gains and losses on equity securities recognized in other noninterest income in the condensed consolidated statements of income during the nine months ended September 30, 2024 or 2023.
 Nine Months Ended September 30,
(Dollars in thousands)20242023
Equity Securities:
Net gains (losses) recognized during the period68 (118)
Less: Net losses recognized during the period on equity securities sold during the period(68)— 
Unrealized (losses) recognized during the reporting period on equity securities still held at the reporting date— (118)


15
Table of Contents
Note 4. Loans and Leases

Summary of Major Loan and Lease Categories

(Dollars in thousands)At September 30, 2024At December 31, 2023
Commercial, financial and agricultural$1,044,043 $989,723 
Real estate-commercial3,442,083 3,302,798 
Real estate-construction285,616 394,462 
Real estate-residential secured for business purpose530,674 517,002 
Real estate-residential secured for personal purpose969,562 909,015 
Real estate-home equity secured for personal purpose182,901 179,282 
Loans to individuals26,794 27,749 
Lease financings249,061 247,183 
Total loans and leases held for investment, net of deferred income$6,730,734 $6,567,214 
Less: Allowance for credit losses, loans and leases(86,041)(85,387)
Net loans and leases held for investment$6,644,693 $6,481,827 
Imputed interest on lease financings, included in the above table$(32,337)$(30,485)
Net deferred costs, included in the above table7,810 7,949 
Overdraft deposits included in the above table148 280 
16
Table of Contents
Age Analysis of Past Due Loans and Leases

The following presents, by class of loans and leases held for investment, an aging of past due loans and leases, loans and leases which are current and nonaccrual loans and leases at September 30, 2024 and December 31, 2023:
Accruing Loans and Leases
(Dollars in thousands)30-59
Days
Past Due		60-89
Days
Past Due		90 Days
or more
Past Due		Total
Past Due		CurrentTotal Accruing Loans and LeasesNonaccrual Loans and LeasesTotal Loans
and Leases
Held for
Investment
At September 30, 2024
Commercial, financial and agricultural$1,008 $888 $— $1,896 $1,039,444 $1,041,340 $2,703 $1,044,043 
Real estate—commercial real estate and construction:
Commercial real estate3,539 975 — 4,514 3,433,889 3,438,403 3,680 3,442,083 
Construction1,831 — — 1,831 280,986 282,817 2,799 285,616 
Real estate—residential and home equity:
Residential secured for business purpose1,720 169 — 1,889 528,155 530,044 630 530,674 
Residential secured for personal purpose3,292 644 — 3,936 961,641 965,577 3,985 969,562 
Home equity secured for personal purpose429 829 — 1,258 180,640 181,898 1,003 182,901 
Loans to individuals70 77 28 175 26,604 26,779 15 26,794 
Lease financings840 1,665 282 2,787 245,770 248,557 504 249,061 
Total$12,729 $5,247 $310 $18,286 $6,697,129 $6,715,415 $15,319 $6,730,734 
Accruing Loans and Leases
(Dollars in thousands)30-59
Days
Past Due		60-89
Days
Past Due		90 Days
or more
Past Due		Total
Past Due		CurrentTotal Accruing Loans and LeasesNonaccrual Loans and LeasesTotal Loans
and Leases
Held for
Investment
At December 31, 2023
Commercial, financial and agricultural$1,355 $348 $285 $1,988 $985,469 $987,457 $2,266 $989,723 
Real estate—commercial real estate and construction:
Commercial real estate1,763 1,072 — 2,835 3,294,254 3,297,089 5,709 3,302,798 
Construction10,022 45 — 10,067 378,328 388,395 6,067 394,462 
Real estate—residential and home equity:
Residential secured for business purpose930 643 — 1,573 514,339 515,912 1,090 517,002 
Residential secured for personal purpose6,464 76 — 6,540 898,262 904,802 4,213 909,015 
Home equity secured for personal purpose721 144 — 865 177,301 178,166 1,116 179,282 
Loans to individuals191 84 37 312 27,437 27,749 — 27,749 
Lease financings987 374 212 1,573 245,552 247,125 58 247,183 
Total$22,433 $2,786 $534 $25,753 $6,520,942 $6,546,695 $20,519 $6,567,214 

17
Table of Contents
Nonperforming Loans and Leases

The following presents, by class of loans and leases, nonperforming loans and leases at September 30, 2024 and December 31, 2023.
 At September 30, 2024At December 31, 2023
(Dollars in thousands)Nonaccrual
Loans and
Leases		Loans and
Leases
90 Days
or more
Past Due
and
Accruing
Interest		Total Nonperforming
Loans and
Leases		Nonaccrual
Loans and
Leases		Loans and
Leases
90 Days
or more
Past Due
and
Accruing
Interest		Total Nonperforming
Loans and
Leases
Loans held for sale$— $— $— $8 $— $8 
Loans and leases held for investment:
Commercial, financial and agricultural$2,703 $— $2,703 $2,266 $285 $2,551 
Real estate—commercial real estate and construction:
Commercial real estate3,680 — 3,680 5,709 — 5,709 
Construction2,799 — 2,799 6,067 — 6,067 
Real estate—residential and home equity:
Residential secured for business purpose630 — 630 1,090 — 1,090 
Residential secured for personal purpose3,985 — 3,985 4,213 — 4,213 
Home equity secured for personal purpose1,003 — 1,003 1,116 — 1,116 
Loans to individuals15 28 43 — 37 37 
Lease financings504 282 786 58 212 270 
Total$15,319 $310 $15,629 $20,527 $534 $21,061 


18
Table of Contents
The following table presents the amortized cost basis of loans and leases held for investment on nonaccrual status and loans and leases held for investment 90 days or more past due and still accruing as of September 30, 2024 and December 31, 2023.
(Dollars in thousands)Nonaccrual With No Allowance for Credit LossesNonaccrual With Allowance for Credit LossesTotal NonaccrualLoans and Leases 90 Days or more Past Due and Accruing Interest
At September 30, 2024
Commercial, financial and agricultural$297 $2,406 $2,703 $— 
Real estate-commercial2,835 845 3,680 — 
Real estate-construction2,799 — 2,799 — 
Real estate-residential secured for business purpose630 — 630 — 
Real estate-residential secured for personal purpose3,985 — 3,985 — 
Real estate-home equity secured for personal purpose1,003 — 1,003 — 
Loans to individuals15 — 15 28 
Lease financings— 504 504 282 
Total$11,564 $3,755 $15,319 $310 
At December 31, 2023
Commercial, financial and agricultural$332 $1,934 $2,266 $285 
Real estate-commercial5,687 22 5,709 — 
Real estate-construction2,931 3,136 6,067 — 
Real estate-residential secured for business purpose1,090 — 1,090 — 
Real estate-residential secured for personal purpose4,213 — 4,213 — 
Real estate-home equity secured for personal purpose1,116 — 1,116 — 
Loans to individuals— — — 37 
Lease financings— 58 58 212 
Total$15,369 $5,150 $20,519 $534 

For the nine months ended September 30, 2024, $101 thousand of interest income was recognized on nonaccrual loans and leases.

The following table presents, by class of loans and leases, the amortized cost basis of collateral-dependent nonaccrual loans and leases and type of collateral as of September 30, 2024 and December 31, 2023.

(Dollars in thousands)Real Estate
Other (1)
None (2)
Total
At September 30, 2024
Commercial, financial and agricultural$1,591 $617 $495 $2,703 
Real estate-commercial3,654 8 18 3,680 
Real estate-construction2,799 — — 2,799 
Real estate-residential secured for business purpose630 — — 630 
Real estate-residential secured for personal purpose3,985 — — 3,985 
Real estate-home equity secured for personal purpose1,003 — — 1,003 
Loans to individuals— — 15 15 
Lease financings— 504 — 504 
Total$13,662 $1,129 $528 $15,319 
(Dollars in thousands)Real Estate
Other (1)
NoneTotal
At December 31, 2023
Commercial, financial and agricultural$2,236 $30 $— $2,266 
Real estate-commercial5,709 — — 5,709 
Real estate-construction6,067 — — 6,067 
Real estate-residential secured for business purpose1,090 — — 1,090 
Real estate-residential secured for personal purpose4,213 — — 4,213 
Real estate-home equity secured for personal purpose1,116 — — 1,116 
Lease financings— 58 — 58 
Total$20,431 $88 $— $20,519 
(1) Collateral consists of business assets, including accounts receivable, personal property and equipment.
(2) Loans fully guaranteed or fully reserved given lack of collateral.

19
Table of Contents
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, 2023. 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

20
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 September 30, 2024 and December 31, 2023.
Term Loans Amortized Cost Basis by Origination Year
(Dollars in thousands)20242023202220212020PriorRevolving Loans Amortized Cost BasisRevolving Loans Converted to TermTotal
At September 30, 2024
Commercial, Financial and Agricultural
Risk Rating
1. Pass$135,459 $93,186 $90,971 $118,956 $18,160 $46,760 $473,047 $415 $976,954 
2. Special Mention3,748 695 12,097 115 459 — 15,864 — 32,978 
3. Substandard— — 1,922 7,135 — 6,495 18,559 — 34,111 
Total$139,207 $93,881 $104,990 $126,206 $18,619 $53,255 $507,470 $415 $1,044,043 
Current period gross charge-offs$64 $— $— $70 $— $— $1,887 $— $2,021 
Real Estate-Commercial
Risk Rating
1. Pass$345,128 $449,928 $876,697 $591,966 $557,715 $524,602 $68,857 $— $3,414,893 
2. Special Mention— — — — 1,684 9,208 — — 10,892 
3. Substandard— 3,360 4,565 4,049 8 1,371 2,945 — 16,298 
Total$345,128 $453,288 $881,262 $596,015 $559,407 $535,181 $71,802 $— $3,442,083 
Current period gross charge-offs$— $— $— $— $— $35 $— $— $35 
Real Estate-Construction
Risk Rating
1. Pass$50,947 $110,331 $82,815 $4,154 $1,706 $1,929 $22,557 $— $274,439 
2. Special Mention— 1,079 — — — — — — 1,079 
3. Substandard251 — 3,838 2,649 2,403 — 957 — 10,098 
Total$51,198 $111,410 $86,653 $6,803 $4,109 $1,929 $23,514 $— $285,616 
Current period gross charge-offs$— $— $— $— $— $— $500 $— $500 
Real Estate-Residential Secured for Business Purpose
Risk Rating
1. Pass$72,383 $95,082 $141,285 $107,521 $51,058 $31,183 $31,532 $— $530,044 
2. Special Mention— — — — — — — — — 
3. Substandard— — — — 586 44 — — 630 
Total$72,383 $95,082 $141,285 $107,521 $51,644 $31,227 $31,532 $— $530,674 
Totals By Risk Rating
1. Pass$603,917 $748,527 $1,191,768 $822,597 $628,639 $604,474 $595,993 $415 $5,196,330 
2. Special Mention3,748 1,774 12,097 115 2,143 9,208 15,864 — 44,949 
3. Substandard251 3,360 10,325 13,833 2,997 7,910 22,461 — 61,137 
Total$607,916 $753,661 $1,214,190 $836,545 $633,779 $621,592 $634,318 $415 $5,302,416 
Total current period gross charge-offs$64 $— $— $70 $— $35 $2,387 $— $2,556 

21
Table of Contents
Term Loans Amortized Cost Basis by Origination Year
(Dollars in thousands)20232022202120202019PriorRevolving Loans Amortized Cost BasisRevolving Loans Converted to TermTotal
At December 31, 2023
Commercial, Financial and Agricultural
Risk Rating
1. Pass$130,755 $121,402 $135,550 $26,745 $19,029 $40,973 $455,076 $653 $930,183 
2. Special Mention— 13,454 — — 6,029 — 15,251 — 34,734 
3. Substandard— 2,195 8,206 — 216 — 14,189 — 24,806 
Total$130,755 $137,051 $143,756 $26,745 $25,274 $40,973 $484,516 $653 $989,723 
Real Estate-Commercial
Risk Rating
1. Pass$480,527 $841,529 $642,133 $604,700 $329,443 $296,802 $74,947 $— $3,270,081 
2. Special Mention1,238 227 3,132 5,821 — 10,416 — — 20,834 
3. Substandard1,324 2,732 2,768 — 226 1,911 2,922 — 11,883 
Total$483,089 $844,488 $648,033 $610,521 $329,669 $309,129 $77,869 $— $3,302,798 
Real Estate-Construction
Risk Rating
1. Pass$112,127 $218,637 $4,139 $2,600 $241 $2,211 $14,440 $— $354,395 
2. Special Mention— 7,655 — — 4,045 5,265 10,908 — 27,873 
3. Substandard2,400 1,574 2,932 — — — 5,288 — 12,194 
Total$114,527 $227,866 $7,071 $2,600 $4,286 $7,476 $30,636 $— $394,462 
Real Estate-Residential Secured for Business Purpose
Risk Rating
1. Pass$104,904 $151,680 $120,035 $60,360 $38,006 $11,631 $29,295 $— $515,911 
2. Special Mention— — — — — — — — — 
3. Substandard— 162 — 620 — 309 — — 1,091 
Total$104,904 $151,842 $120,035 $60,980 $38,006 $11,940 $29,295 $— $517,002 
Totals By Risk Rating
1. Pass$828,313 $1,333,248 $901,857 $694,405 $386,719 $351,617 $573,758 $653 $5,070,570 
2. Special Mention1,238 21,336 3,132 5,821 10,074 15,681 26,159 — 83,441 
3. Substandard3,724 6,663 13,906 620 442 2,220 22,399 — 49,974 
Total$833,275 $1,361,247 $918,895 $700,846 $397,235 $369,518 $622,316 $653 $5,203,985 

The Corporation had no loans with a risk rating of Doubtful included within recorded investment in loans and leases held for investment at September 30, 2024 or December 31, 2023.

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, 2023. 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 September 30, 2024 and December 31, 2023.
22
Table of Contents
Term Loans Amortized Cost Basis by Origination Year
(Dollars in thousands)20242023202220212020PriorRevolving Loans Amortized Cost BasisTotal
At September 30, 2024
Real Estate-Residential Secured for Personal Purpose
Payment Performance
1. Performing$15,359 $181,305 $356,799 $198,409 $123,725 $89,980 $— $965,577 
2. Nonperforming— — 144 38 2,839 964 — 3,985 
Total$15,359 $181,305 $356,943 $198,447 $126,564 $90,944 $— $969,562 
Real Estate-Home Equity Secured for Personal Purpose
Payment Performance
1. Performing$267 $364 $2,359 $417 $346 $1,390 $176,755 $181,898 
2. Nonperforming— — — — — — 1,003 1,003 
Total$267 $364 $2,359 $417 $346 $1,390 $177,758 $182,901 
Loans to Individuals
Payment Performance
1. Performing$1,952 $1,084 $560 $345 $40 $638 $22,132 $26,751 
2. Nonperforming— — 14 — — 29 — 43 
Total$1,952 $1,084 $574 $345 $40 $667 $22,132 $26,794 
Current period gross charge-offs$153 $102 $31 $3 $— $88 $353 $730 
Lease Financings
Payment Performance
1. Performing$68,208 $89,367 $52,820 $27,077 $8,621 $2,182 $— $248,275 
2. Nonperforming145 246 16 358 — 21 — 786 
Total$68,353 $89,613 $52,836 $27,435 $8,621 $2,203 $— $249,061 
Current period gross charge-offs$— $92 $119 $203 $14 $7 $— $435 
Totals by Payment Performance
1. Performing$85,786 $272,120 $412,538 $226,248 $132,732 $94,190 $198,887 $1,422,501 
2. Nonperforming145 246 174 396 2,839 1,014 1,003 5,817 
Total$85,931 $272,366 $412,712 $226,644 $135,571 $95,204 $199,890 $1,428,318 
Total current period gross charge-offs$153 $194 $150 $206 $14 $95 $353 $1,165 
23
Table of Contents
Term Loans Amortized Cost Basis by Origination Year
(Dollars in thousands)20232022202120202019PriorRevolving Loans Amortized Cost BasisTotal
At December 31, 2023
Real Estate-Residential Secured for Personal Purpose
Payment Performance
1. Performing$139,765 $328,383 $206,285 $128,157 $22,798 $79,296 $118 $904,802 
2. Nonperforming— 153 43 2,749 — 1,268 — 4,213 
Total$139,765 $328,536 $206,328 $130,906 $22,798 $80,564 $118 $909,015 
Real Estate-Home Equity Secured for Personal Purpose
Payment Performance
1. Performing$511 $2,567 $510 $409 $165 $1,463 $172,541 $178,166 
2. Nonperforming— — — — — — 1,116 1,116 
Total$511 $2,567 $510 $409 $165 $1,463 $173,657 $179,282 
Loans to Individuals
Payment Performance
1. Performing$1,831 $894 $530 $107 $48 $1,004 $23,298 $27,712 
2. Nonperforming— — — — — 37 — 37 
Total$1,831 $894 $530 $107 $48 $1,041 $23,298 $27,749 
Lease Financings
Payment Performance
1. Performing$110,832 $70,070 $41,392 $17,874 $5,681 $1,064 $— $246,913 
2. Nonperforming11 104 88 19 36 12 — 270 
Total$110,843 $70,174 $41,480 $17,893 $5,717 $1,076 $— $247,183 
Totals by Payment Performance
1. Performing$252,939 $401,914 $248,717 $146,547 $28,692 $82,827 $195,957 $1,357,593 
2. Nonperforming11 257 131 2,768 36 1,317 1,116 5,636 
Total$252,950 $402,171 $248,848 $149,315 $28,728 $84,144 $197,073 $1,363,229 

The Corporation had no revolving loans which were converted to term loans included within recorded investment in loans and leases held for investment at September 30, 2024 or December 31, 2023.

24
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 and nine months ended September 30, 2024 and 2023. There were no changes to the reasonable and supportable forecast period, the reversion period, or any significant methodology changes during the nine months ended September 30, 2024.
(Dollars in thousands)Beginning balanceProvision (reversal of provision) for credit lossesCharge-offsRecoveriesEnding balance
Three Months Ended September 30, 2024
Allowance for credit losses, loans and leases:
Commercial, financial and agricultural$14,545 $544 $(508)$108 $14,689 
Real estate-commercial45,978 688 (35)3 46,634 
Real estate-construction6,153 (611)— — 5,542 
Real estate-residential secured for business purpose7,739 (89)— — 7,650 
Real estate-residential secured for personal purpose6,606 287 — — 6,893 
Real estate-home equity secured for personal purpose1,688 7 — — 1,695 
Loans to individuals348 304 (324)12 340 
Lease financings2,688 (14)(83)7 2,598 
Total$85,745 $1,116 $(950)$130 $86,041 
Three Months Ended September 30, 2023
Allowance for credit losses, loans and leases:
Commercial, financial and agricultural$13,871 $979 $(744)$30 $14,136 
Real estate-commercial44,757 519 — 3 45,279 
Real estate-construction5,433 298 — 1 5,732 
Real estate-residential secured for business purpose8,696 (44)— 4 8,656 
Real estate-residential secured for personal purpose5,588 254 — — 5,842 
Real estate-home equity secured for personal purpose1,296 (38)— 33 1,291 
Loans to individuals560 (61)(124)12 387 
Lease financings2,508 190 (189)5 2,514 
Total$82,709 $2,097 $(1,057)$88 $83,837 

25
Table of Contents
(Dollars in thousands)Beginning balanceProvision (reversal of provision) for credit lossesCharge-offsRecoveriesEnding balance
Nine Months Ended September 30, 2024
Allowance for credit losses, loans and leases:
Commercial, financial and agricultural$13,699 $2,807 $(2,021)$204 $14,689 
Real estate-commercial45,849 810 (35)10 46,634 
Real estate-construction6,543 (501)(500)— 5,542 
Real estate-residential secured for business purpose8,692 (1,277)— 235 7,650 
Real estate-residential secured for personal purpose6,349 410 — 134 6,893 
Real estate-home equity secured for personal purpose1,289 406 — — 1,695 
Loans to individuals392 609 (730)69 340 
Lease financings2,574 425 (435)34 2,598 
Total$85,387 $3,689 $(3,721)$686 $86,041 
Nine Months Ended September 30, 2023
Allowance for credit losses, loans and leases:
Commercial, financial and agricultural$16,920 $937 $(3,891)$170 $14,136 
Real estate-commercial41,673 3,647 (50)9 45,279 
Real estate-construction4,952 986 (207)1 5,732 
Real estate-residential secured for business purpose7,054 1,417 — 185 8,656 
Real estate-residential secured for personal purpose3,685 2,157 — — 5,842 
Real estate-home equity secured for personal purpose1,287 6 (85)83 1,291 
Loans to individuals351 314 (340)62 387 
Lease financings3,082 (308)(314)54 2,514 
Total$79,004 $9,156 $(4,887)$564 $83,837 

26
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 September 30, 2024 and 2023:
Allowance for credit losses, loans and leasesLoans and leases held for investment
(Dollars in thousands)Ending balance: individually analyzedEnding balance: pooledTotal ending balanceEnding balance: individually analyzedEnding balance: pooledTotal ending balance
At September 30, 2024
Commercial, financial and agricultural$1,010 $13,679 $14,689 $2,703 $1,041,340 $1,044,043 
Real estate-commercial23 46,611 46,634 3,680 3,438,403 3,442,083 
Real estate-construction— 5,542 5,542 2,799 282,817 285,616 
Real estate-residential secured for business purpose— 7,650 7,650 630 530,044 530,674 
Real estate-residential secured for personal purpose— 6,893 6,893 3,985 965,577 969,562 
Real estate-home equity secured for personal purpose— 1,695 1,695 1,003 181,898 182,901 
Loans to individuals— 340 340 15 26,779 26,794 
Lease financings— 2,598 2,598 — 249,061 249,061 
Total$1,033 $85,008 $86,041 $14,815 $6,715,919 $6,730,734 
At September 30, 2023
Commercial, financial and agricultural$814 $13,322 $14,136 $1,754 $1,048,250 $1,050,004 
Real estate-commercial20 45,259 45,279 4,863 3,270,277 3,275,140 
Real estate-construction— 5,732 5,732 — 427,561 427,561 
Real estate-residential secured for business purpose— 8,656 8,656 936 515,535 516,471 
Real estate-residential secured for personal purpose— 5,842 5,842 4,246 856,876 861,122 
Real estate-home equity secured for personal purpose— 1,291 1,291 753 176,102 176,855 
Loans to individuals— 387 387 — 27,331 27,331 
Lease financings— 2,514 2,514 — 240,474 240,474 
Total$834 $83,003 $83,837 $12,552 $6,562,406 $6,574,958 

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 nine months ended September 30, 2024 and 2023. There were no modified loans to borrowers experiencing financial difficulty during the three months ended September 30, 2024.
Term Extension
 Nine Months Ended September 30, 2024Nine Months Ended September 30, 2023
(Dollars in thousands)Number
of
Loans		Amortized Cost Basis*% of Total Class of Financing ReceivableRelated
Reserve		Number
of
Loans		Amortized Cost Basis*% of Total Class of Financing ReceivableRelated
Reserve
Accruing Modified Loans to Borrowers Experiencing Financial Difficulty:
Commercial, financial and agricultural1 $4,925 0.47 %$23 — $— — %$— 
Real estate—commercial2 3,212 0.09 1 1 1,948 0.06 — 
Total3 $8,137 $24 1 $1,948 $— 
Nonaccrual Modified Loans to Borrowers Experiencing Financial Difficulty:
Real estate—commercial— — — — 1 $1,741 0.05 %$— 
Real estate—construction2 2,799 0.98 — — — — — 
Total2 $2,799 $— 1 $1,741 $— 

27
Table of Contents
Other-Than-Insignificant Payment Delay
Nine Months Ended September 30, 2024Nine Months Ended September 30, 2023
(Dollars in thousands)Number
of
Loans		Amortized Cost Basis*% of Total Class of Financing ReceivableRelated
Reserve		Number
of
Loans		Amortized Cost Basis*% of Total Class of Financing ReceivableRelated
Reserve
Accruing Modified Loans to Borrowers Experiencing Financial Difficulty:
Commercial, financial and agricultural2 $7,167 0.69 %$32 — $— — %$— 
Total2 $7,167 $32 — $— $— 
Nonaccrual Modified Loans to Borrowers Experiencing Financial Difficulty:
Total— $— $— — $— $— 
*Amortized cost excludes $91 thousand and $15 thousand of accrued interest receivable on modified loans for the nine months ended September 30, 2024 and September 30, 2023, respectively.

The following presents, by class of loans, information regarding the financial effect on accruing and nonaccrual modified loans to borrowers experiencing financial difficulty during the nine months ended September 30, 2024 and 2023. There were no modified loans to borrowers experiencing financial difficulty during the three months ended September 30, 2024.
 Term ExtensionOther-Than-Insignificant Payment Delay
(Dollars in thousands)No. of
Loans		Financial EffectNo. of
Loans		Financial Effect
Nine Months Ended September 30, 2024
Accruing Modified Loans to Borrowers Experiencing Financial Difficulty:
Commercial, financial and agricultural1 
 Added 10 months to the life of the loan, which reduced monthly payment amount for the borrower.
2 
Provided 3-month payment deferrals to assist borrowers.
Real estate—commercial2 
 Added a weighted-average 8 months to the life of the loans, which reduced monthly payment amounts for the borrowers.
— 
Total3 2 
Nonaccrual Modified Loans to Borrowers Experiencing Financial Difficulty:
Real estate—construction2 
 Added a weighted-average 8 months to the life of the loans, which reduced monthly payment amounts for the borrowers.
— 
Total2 — 
Nine Months Ended September 30, 2023
Accruing Modified Loans to Borrowers Experiencing Financial Difficulty:
Real estate—commercial1 
Added 5 months to the life of the loan, which reduced monthly payment amount for the borrower.
— 
Total1 — 
Nonaccrual Modified Loans to Borrowers Experiencing Financial Difficulty:
Real estate—commercial1 
Added 16 months to the life of the loan, which reduced monthly payment amount for the borrower.
— 
Total1 — 

28
Table of Contents
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 and nine months ended September 30, 2024 and 2023 and were modified in the 12 months prior to that default.

 Three Months Ended September 30,Nine Months Ended September 30,
 2024202320242023
Term ExtensionTerm Extension
(Dollars in thousands)Number
of Loans		Amortized Cost BasisNumber
of Loans		Amortized Cost BasisNumber
of Loans		Amortized Cost BasisNumber
of Loans		Amortized Cost Basis
Accruing Modified Loans to Borrowers Experiencing Financial Difficulty:
Real estate—commercial1 $1,900 — — 1 $1,900 — — 
Total1 $1,900 — $— 1 $1,900 — $— 
Nonaccrual Modified Loans to Borrowers Experiencing Financial Difficulty:
Total— $— — $— — $— — $— 

The following presents, by class of loans, the amortized cost and performance status of accruing and nonaccrual modified loans to borrowers experiencing financial difficulty that have been modified in the last 12 months.
At September 30, 2024
(Dollars in thousands)Current30-89 Days Past Due90 Days or More Past DueTotal
Accruing Modified Loans to Borrowers Experiencing Financial Difficulty:
Commercial, financial and agricultural$12,092 $— $— $12,092 
Real estate—commercial6,158 1,900 — 8,058 
Total$18,250 $1,900 $— $20,150 
Nonaccrual Modified Loans to Borrowers Experiencing Financial Difficulty:
Real estate—construction$2,799 $— $— $2,799 
Total$2,799 $— $— $2,799 

As of September 30, 2024, the Bank had $971 thousand 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 September 30, 2024 or December 31, 2023.
(Dollars in thousands)At September 30, 2024At December 31, 2023
Real estate-residential secured for personal purpose$3,176 $5,147 
Real estate-home equity secured for personal purpose45 — 
Total$3,221 $5,147 

The following presents foreclosed residential real estate property included in other real estate owned at September 30, 2024 or December 31, 2023.
(Dollars in thousands)At September 30, 2024At December 31, 2023
Foreclosed residential real estate$234 $79 

29
Table of Contents
Lease Financings

The following presents the schedule of minimum lease payments receivable:
(Dollars in thousands)At September 30, 2024At December 31, 2023
2024 (excluding the nine months ended September 30, 2024)$25,254 $87,101 
202588,976 74,002 
202672,203 56,525 
202751,904 36,944 
202828,418 14,945 
Thereafter9,918 3,506 
Total future minimum lease payments receivable276,673 273,023 
Plus: Unguaranteed residual1,505 1,242 
Plus: Initial direct costs3,220 3,403 
Less: Imputed interest(32,337)(30,485)
Lease financings$249,061 $247,183 

Note 5. Goodwill and Other Intangible Assets

The Corporation has goodwill from acquisitions which is deemed to be an indefinite intangible asset and is not amortized. Changes in the carrying amount of the Corporation's goodwill by business segment for the nine months ended September 30, 2024 were as follows:
(Dollars in thousands)BankingWealth ManagementInsuranceConsolidated
Balance at December 31, 2023$138,476 $15,434 $21,600 $175,510 
Addition to goodwill from acquisitions— — — — 
Balance at September 30, 2024$138,476 $15,434 $21,600 $175,510 

The Corporation also has core deposit and customer-related intangibles, which are not deemed to have an indefinite life and therefore will continue to be amortized over their useful life using the present value of projected cash flows. The following table reflects the components of intangible assets at the dates indicated:
At September 30, 2024At December 31, 2023
(Dollars in thousands)Gross Carrying Amount
Accumulated Amortization (1)
Net Carrying AmountGross Carrying Amount
Accumulated Amortization (1)
Net Carrying Amount
Amortized intangible assets:
Core deposit intangibles$6,788 $6,541 $247 $6,788 $6,329 $459 
Customer related intangibles2,476 1,257 1,219 4,162 2,653 1,509 
Servicing rights11,617 5,925 5,692 30,850 21,868 8,982 
Total amortized intangible assets$20,881 $13,723 $7,158 $41,800 $30,850 $10,950 
(1) Included within accumulated amortization is a valuation allowance of $798 thousand and $98 thousand on servicing rights at September 30, 2024 and December 31, 2023, respectively.

30
Table of Contents
The estimated aggregate amortization expense for core deposit and customer-related intangibles for the remainder of 2024 and the succeeding fiscal years is as follows:
Year(Dollars in thousands)Amount
Remainder of 2024$147 
2025469 
2026318 
2027216 
2028161 
Thereafter155 
Total$1,466 
The aggregate fair value of servicing rights was $9.7 million and $17.7 million at September 30, 2024 and December 31, 2023, respectively. The fair value of these rights was determined using a discount rate of 10.9% and 12.3% at September 30, 2024 and December 31, 2023, respectively. The change in the fair value of servicing rights from December 31, 2023 was primarily related to the sale of servicing rights associated with $591.1 million of serviced loans in the first quarter of 2024.

Changes in the servicing rights balance are summarized as follows:
 Three Months Ended September 30,Nine Months Ended September 30,
(Dollars in thousands)2024202320242023
Beginning of period$6,083 $8,568 $8,982 $8,572 
Servicing rights capitalized541 707 1,504 1,456 
Amortization of servicing rights(151)(350)(628)(1,100)
Sold servicing rights— — (3,466)— 
Changes in valuation allowance(781)(4)(700)(7)
End of period$5,692 $8,921 $5,692 $8,921 
Loans serviced for others$996,701 $1,568,817 $996,701 $1,568,817 
The change in loans serviced for others from the three and nine months ended September 30, 2023 was primarily related to the sale of mortgage servicing rights associated with $591.1 million of serviced loans in the first quarter of 2024.

Activity in the valuation allowance for servicing rights was as follows:
 Three Months Ended September 30,Nine Months Ended September 30,
(Dollars in thousands)2024202320242023
Valuation allowance, beginning of period$(17)$(8)$(98)$(5)
Additions(781)(4)(700)(7)
Valuation allowance, end of period$(798)$(12)$(798)$(12)

The estimated amortization expense of servicing rights for the remainder of 2024 and the succeeding fiscal years is as follows:
Year(Dollars in thousands)Amount
Remainder of 2024$1,324 
20251,014 
2026792 
2027628 
2028506 
Thereafter1,428 
Total$5,692 

31
Table of Contents
Note 6. Deposits

Deposits and their respective weighted average interest rate at September 30, 2024 and December 31, 2023 consisted of the following:
At September 30, 2024At December 31, 2023
Weighted Average Interest RateAmountWeighted Average Interest RateAmount
(Dollars in thousands)
Noninterest-bearing deposits— %$1,323,953 — %$1,468,320 
Demand deposits3.81 3,292,600 3.34 2,973,784 
Savings deposits0.49 719,853 0.48 779,885 
Time deposits4.50 1,517,742 4.22 1,153,792 
Total2.88 %$6,854,148 2.38 %$6,375,781 

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 $315.9 million at September 30, 2024 and $187.0 million at December 31, 2023.

At September 30, 2024, the scheduled maturities of time deposits were as follows:
Year(Dollars in thousands)Amount
Remainder of 2024$255,529 
2025859,008 
202685,242 
2027131,153 
2028147,171 
Thereafter39,639 
Total$1,517,742 

Note 7. Borrowings

The following is a summary of borrowings by type. Short-term borrowings consist of overnight borrowings and term borrowings with an original maturity of one year or less.
At September 30, 2024At December 31, 2023
(Dollars in thousands)Balance at End of PeriodWeighted Average Interest Rate at End of PeriodBalance at End of PeriodWeighted Average Interest Rate at End of Period
Short-term borrowings:
Customer repurchase agreements$8,256 0.05 %$6,306 0.05 %
Long-term debt:
FHLB advances$225,000 4.35 %$310,000 3.73 %
Subordinated notes149,136 6.08 148,761 6.08 

The Corporation, through the Bank, has a credit facility with the Federal Home Loan Bank (the FHLB) that had a maximum borrowing capacity of approximately $3.1 billion and $3.2 billion at September 30, 2024 and December 31, 2023, respectively. All borrowings and letters of credit from the FHLB are secured by qualifying commercial real estate and residential mortgage loans, investments and other assets. The Bank had outstanding short-term letters of credit with the FHLB totaling $1.5 billion and $1.1 billion at September 30, 2024 and December 31, 2023, respectively, which were utilized to collateralize public funds deposits and other secured deposits. The maximum borrowing capacity with the FHLB changes as a function of the Bank’s qualifying collateral assets as well as the FHLB’s internal credit rating of the Bank. The available borrowing capacity from the FHLB totaled $1.4 billion and $1.7 billion at September 30, 2024 and December 31, 2023, 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. During the second quarter of 2024, the Bank was approved to
32
Table of Contents
participate 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 $446.8 million and $183.3 million at September 30, 2024 and December 31, 2023, respectively. At September 30, 2024 and December 31, 2023, the Corporation had no outstanding borrowings under the Discount Window Lending program.

The Corporation has a $10.0 million committed line of credit with a correspondent bank. At September 30, 2024 and December 31, 2023, the Corporation had no outstanding borrowings under this line.

The Corporation and the Bank had $3.6 billion and $3.4 billion of committed borrowing capacity at September 30, 2024 and December 31, 2023, respectively, of which $1.8 billion and $1.9 billion was available as of September 30, 2024 and December 31, 2023, respectively. The Corporation, through the Bank, also maintained uncommitted funding sources from correspondent banks of $468.0 million at September 30, 2024 and $369.0 million at December 31, 2023. Future availability under these lines is subject to the prerogatives of the granting banks and may be withdrawn at will.
Long-term advances with the FHLB of Pittsburgh mature as follows:
(Dollars in thousands)As of September 30, 2024Weighted Average Rate
Remainder of 2024$— — %
202575,000 4.46 
2026100,000 4.29 
202725,000 3.99 
202825,000 4.61 
Thereafter— — 
Total$225,000 4.35 %

Note 8. Retirement Plans and Other Postretirement Benefits

Information with respect to the Retirement Plans and Other Postretirement Benefits follows: 
 Three Months Ended September 30,
 2024202320242023
(Dollars in thousands)Retirement PlansOther Post Retirement
Benefits
Service cost$141 $133 $14 $19 
Interest cost596 590 27 32 
Expected loss on plan assets(870)(762)— — 
Amortization of net actuarial loss (gain)175 250 (28)(3)
Net periodic benefit cost$42 $211 $13 $48 
 Nine Months Ended September 30,
 2024202320242023
(Dollars in thousands)Retirement PlansOther Post Retirement
Benefits
Service cost$424 $399 $42 $57 
Interest cost1,788 1,774 81 96 
Expected loss on plan assets(2,610)(2,293)— — 
Amortization of net actuarial loss (gain)526 750 (85)(11)
Net periodic benefit cost$128 $630 $38 $142 

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.

33
Table of Contents
The Corporation expects to make total contributions of $156 thousand to the Retirement Plans and $112 thousand to Other Postretirement Benefit Plans in 2024. During the nine months ended September 30, 2024, the Corporation contributed $117 thousand to its Retirement Benefit Plans and $70 thousand to its Other Postretirement Benefit Plans. During the nine months ended September 30, 2024, $2.1 million was paid to participants from the Retirement Plans and $70 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, which expired in April 2023.

The following is a summary of the Corporation's stock option activity and related information for the nine months ended September 30, 2024:
(Dollars in thousands, except per share data)Shares Under OptionWeighted Average Exercise Price Per ShareWeighted Average Remaining Contractual Life (Years)Aggregate Intrinsic Value at September 30, 2024
Outstanding at December 31, 2023269,914 $26.14 
Forfeited(11,322)28.31 
Exercised(44,840)19.48 
Outstanding at September 30, 2024213,752 $27.42 2.7$192 
Exercisable at September 30, 2024213,752 $27.42 2.7$192 
The Corporation did not grant any stock options during the nine months ended September 30, 2024 or September 30, 2023.
The following is a summary of nonvested restricted stock units at September 30, 2024 including changes during the nine months then ended:
(Dollars in thousands, except per share data) Nonvested Stock Units Weighted Average Grant Date Fair Value
Nonvested stock units at December 31, 2023392,548 $26.54 
Granted277,134 19.81 
Added by performance factor10,125 28.42 
Vested(151,375)27.66 
Forfeited(17,925)24.52 
Nonvested stock units at September 30, 2024510,507 $22.66 

Certain information regarding restricted stock units is summarized below for the periods indicated:
Nine Months Ended September 30,
(Dollars in thousands, except per share data)20242023
Restricted stock units granted277,134 213,429 
Weighted average grant date fair value$19.81 $25.04 
Intrinsic value of units granted$5,490 $5,345 
Restricted stock units vested151,375 181,508 
Weighted average grant date fair value$27.66 $22.21 
Intrinsic value of units vested$2,990 $4,512 

The total unrecognized compensation expense and the weighted average period over which unrecognized compensation expense is expected to be recognized related to nonvested restricted stock units at September 30, 2024 is presented below:
(Dollars in thousands)Unrecognized Compensation CostWeighted-Average Period Remaining (Years)
Restricted stock units$7,116 1.9

34
Table of Contents
The following table presents information related to the Corporation’s compensation expense related to stock incentive plans recognized for the periods indicated:
Nine Months Ended September 30,
(Dollars in thousands)20242023
Stock-based compensation expense:
Restricted stock units$3,414 $3,229 
Employee stock purchase plan73 83 
Total$3,487 $3,312 
Tax benefit on nonqualified stock option expense and disqualifying dispositions of incentive stock options$879 $492 

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, 2023$(34,321)$(4,566)$(11,759)$(50,646)
Other comprehensive income6,986 1,397 348 8,731 
Reclassification adjustment recorded in earnings (1)— 292 — 292 
Balance, September 30, 2024$(27,335)$(2,877)$(11,411)$(41,623)
Balance, December 31, 2022$(40,066)$(6,831)$(15,207)$(62,104)
Other comprehensive (loss) income(7,911)(2,154)583 (9,482)
Balance, September 30, 2023$(47,977)$(8,985)$(14,624)$(71,586)
(1) Represents reclassification to earnings as a reduction to interest income of amounts included in accumulated other comprehensive income on the condensed consolidated balance sheet related to the interest rate swap terminated on August 2, 2024.

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 pursuant to the termination clause. The Corporation incurred an unwind fee of $4.0 million, of which $370 thousand was reclassified to earnings as a reduction to interest income in the quarter. Additionally, unamortized origination and third party fees totaled $235 thousand at September 30, 2024. The $3.9 million will be amortized into interest income over the remaining 19 months of the original swap.

Credit Derivatives

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

35
Table of Contents
At September 30, 2024, the Corporation had exposure to 134 variable-rate to fixed-rate interest rate swap transactions between the third-party financial institution and customers with a current notional amount of $846.6 million and remaining maturities ranging from 2 months to 10 years. At September 30, 2024, the fair value of the Corporation's interest rate swap credit derivatives was a liability of $123 thousand. At September 30, 2024, the fair value of the swaps to the customers was a net gain of $37.8 million. At September 30, 2024, the Corporation's credit exposure related to customers totaled $4.9 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 following table presents the notional amounts and fair values of derivatives designated as hedging instruments recorded on the condensed consolidated balance sheets at September 30, 2024 and December 31, 2023. The Corporation pledges cash or securities to cover the negative fair value of derivative instruments. Cash collateral associated with derivative instruments are not added to or netted against the fair value amounts.
  Derivative AssetsDerivative Liabilities
(Dollars in thousands)Notional
Amount		Balance Sheet
Classification		Fair
Value		Balance Sheet
Classification		Fair
Value
At September 30, 2024
Total$— $— $— 
At December 31, 2023
Interest rate swap - cash flow hedge $250,000  $— Other liabilities$5,779 
Total$250,000 $— $5,779 
The following table presents the notional amounts and fair values of derivatives not designated as hedging instruments recorded on the condensed consolidated balance sheets at September 30, 2024 and December 31, 2023:
  Derivative AssetsDerivative Liabilities
(Dollars in thousands)Notional
Amount		Balance Sheet
Classification		Fair
Value		Balance Sheet
Classification		Fair
Value
At September 30, 2024
Credit derivatives$846,634  $— Other liabilities$123 
Interest rate locks with customers34,095 Other assets578  — 
Forward loan sale commitments51,226  — Other liabilities75 
Total$931,955 $578 $198 
At December 31, 2023
Credit derivatives$862,756 $— Other liabilities$186 
Interest rate locks with customers21,174 Other assets717  — 
Forward loan sale commitments32,811  — Other liabilities427 
Total$916,741 $717 $613 

36
Table of Contents
The following table presents amounts included in the condensed consolidated statements of income for derivatives designated as hedging instruments for the periods indicated:
Statement of Income
Classification		Three Months EndedNine Months Ended
September 30,September 30,
(Dollars in thousands)2024202320242023
Interest rate swap—cash flow hedge—net interest paymentsInterest income$(575)$(1,558)$(3,747)$(3,989)
Reclassification adjustment included in earnings (1)Interest income(370)— (370)— 
Total net loss$(945)$(1,558)$(4,117)$(3,989)
(1) Represents reclassification to earnings as a reduction to interest income of amounts included in accumulated other comprehensive income on the condensed consolidated balance sheet related to the interest rate swap terminated on August 2, 2024.

The following table presents amounts included in the condensed consolidated statements of income for derivatives not designated as hedging instruments for the periods indicated:
Statement of Income ClassificationThree Months EndedNine Months Ended
September 30,September 30,
(Dollars in thousands)2024202320242023
Credit derivativesOther noninterest income$22 $263 $360 $1,170 
Interest rate locks with customersNet (loss) gain on mortgage banking activities(169)(66)(139)16 
Forward loan sale commitmentsNet gain (loss) on mortgage banking activities63 (13)352 119 
Total net (loss) gain$(84)$184 $573 $1,305 

The following table presents amounts included in accumulated other comprehensive (loss) income for derivatives designated as hedging instruments at September 30, 2024 and December 31, 2023:
(Dollars in thousands)Accumulated Other
Comprehensive (Loss) Income		At September 30, 2024At December 31, 2023
Interest rate swap—cash flow hedge (1)Fair value, net of taxes$(2,877)$(4,566)
Total$(2,877)$(4,566)
(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 19 months of the original swap.

Note 12. Fair Value Disclosures

Fair value is the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. The Corporation determines the fair value of financial instruments based on the fair value hierarchy. The Corporation maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Corporation. Unobservable inputs are inputs that reflect the Corporation’s assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances, including assumptions about risk. Three levels of inputs are used to measure fair value. A financial instrument’s level within the fair value hierarchy is based on the lowest level of input significant to the fair value measurement. Transfers between levels are recognized at the end of the reporting periods.
Level 1: Valuations are based on quoted prices in active markets for identical assets or liabilities that the Corporation can access at the measurement date. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these products does not entail a significant degree of judgment.
Level 2: Valuations are based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.
Level 3: Valuations are based on inputs that are unobservable and significant to the overall fair value measurement. Assets and liabilities utilizing Level 3 inputs include: financial instruments whose value is determined using pricing models,
37
Table of Contents
discounted cash-flow methodologies, or similar techniques, as well as instruments for which the fair value calculation requires significant management judgment or estimation.
Following is a description of the valuation methodologies used for instruments measured at fair value on a recurring basis, as well as the general classification of such instruments pursuant to the valuation hierarchy.

Investment Securities

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

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

On a quarterly basis, the Corporation reviews changes, as submitted by the pricing service, in the market value of its security portfolio. Individual changes in valuations are reviewed for consistency with general interest rate movements and any known credit concerns for specific securities. If, upon the Corporation’s review or in comparing with another service, a material difference between pricing evaluations were to exist, the Corporation may submit an inquiry to the current pricing service regarding the data used to determine the valuation of a particular security. If the Corporation determines there is market information that would support a different valuation than from the current pricing service’s evaluation, the Corporation may utilize and change the security's valuation. There were no material differences in valuations noted at September 30, 2024.

Loans Held for Sale

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

Derivative Financial Instruments

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

Contingent Consideration Liability

The Corporation estimates the fair value of the contingent consideration liability by using a discounted cash flow model of future contingent payments based on projected revenue related to the acquired business. The estimated fair value of the contingent consideration liability is reviewed on a quarterly basis and any valuation adjustments resulting from a change of estimated future contingent payments based on projected revenue of the acquired business affecting the contingent consideration liability will be recorded through noninterest expense. Due to the significant unobservable input related to the projected revenue, the contingent consideration liability is classified within Level 3 of the valuation hierarchy. An increase in
38
Table of Contents
the projected revenue may result in a higher fair value of the contingent consideration liability. Alternatively, a decrease in the projected revenue may result in a lower estimated fair value of the contingent consideration liability.
The following table presents the assets and liabilities measured at fair value on a recurring basis at September 30, 2024 and December 31, 2023, classified using the fair value hierarchy:
 At September 30, 2024
(Dollars in thousands)Level 1Level 2Level 3Assets/
Liabilities at
Fair Value
Assets:
Available-for-sale securities:
State and political subdivisions$— $1,287 $— $1,287 
Residential mortgage-backed securities— 280,799 — 280,799 
Collateralized mortgage obligations— 1,788 — 1,788 
Corporate bonds— 70,226 — 70,226 
Total available-for-sale securities— 354,100 — 354,100 
Equity securities:
Money market mutual funds2,406 — — 2,406 
Total equity securities2,406 — — 2,406 
Loans held for sale— 17,131 — 17,131 
Interest rate locks with customers*— 578 — 578 
Total assets$2,406 $371,809 $— $374,215 
Liabilities:
Contingent consideration liability$— $— $627 $627 
Credit derivatives*— — 123 123 
Forward loan sale commitments*— 75 — 75 
Total liabilities$— $75 $750 $825 
* Such financial instruments are recorded at fair value as further described in Note 11, "Derivative Instruments and Hedging Activities."

The $123 thousand of credit derivatives liability represented the Credit Valuation Adjustment (CVA), which is obtained from real-time financial market data, of 134 interest rate swaps with a notional amount of $846.6 million. The September 30, 2024 CVA is calculated using a 40% loss given default rate on the most recent investment grade credit curve.

The contingent consideration liability resulting from the Sheaffer acquisition was calculated using a discount rate of 8.3% on the acquisition date. During the nine months ended September 30, 2024, the Corporation paid $635 thousand in contingent consideration related to this acquisition. The contingent consideration liability was $627 thousand at September 30, 2024. The remaining potential cash payments that could result from the contingent consideration arrangement for the Sheaffer acquisition range from $0 to a maximum of $635 thousand through the period ending November 30, 2024.

39
Table of Contents
 At December 31, 2023
(Dollars in thousands)Level 1Level 2Level 3Assets/
Liabilities at
Fair Value
Assets:
Available-for-sale securities:
State and political subdivisions$— $2,301 $— $2,301 
Residential mortgage-backed securities— 264,552 — 264,552 
Collateralized mortgage obligations— 2,001 — 2,001 
Corporate bonds— 82,699 — 82,699 
Total available-for-sale securities— 351,553 — 351,553 
Equity securities:
Equity securities - financial services industry764 — — 764 
Money market mutual funds2,529 — — 2,529 
Total equity securities3,293 — — 3,293 
Loans held for sale— 11,637 — 11,637 
Interest rate locks with customers*— 717 — 717 
Total assets$3,293 $363,907 $— $367,200 
Liabilities:
Contingent consideration liability$— $— $1,224 $1,224 
Interest rate swaps*— 5,779 — 5,779 
Credit derivatives*— — 186 186 
Forward loan sale commitments*— 427 — 427 
Total liabilities$— $6,206 $1,410 $7,616 
* Such financial instruments are recorded at fair value as further described in Note 11, "Derivative Instruments and Hedging Activities."
The $186 thousand of credit derivatives liability represented the CVA, which is obtained from real-time financial market data, of 133 interest rate swaps with a notional amount of $862.8 million. The December 31, 2023 CVA is calculated using a 40% loss given default rate on the most recent investment grade credit curve.

The contingent consideration liability resulting from the Sheaffer acquisition was calculated using a discount rate of 8.3% on the acquisition date. During the year ended December 31, 2023, the Corporation paid $653 thousand in contingent consideration related to this acquisition. The contingent consideration liability was $1.2 million at December 31, 2023. The remaining potential cash payments that could result from the contingent consideration arrangement for the Sheaffer acquisition range from $0 to a maximum of $1.3 million through the period ending November 30, 2024.
The following table includes a roll forward of credit derivatives for which the Corporation utilized Level 3 inputs to determine fair value on a recurring basis for the nine months ended September 30, 2024 and 2023:
 Nine Months Ended September 30, 2024
(Dollars in thousands)Balance at
December 31,
2023		AdditionsIncrease in valueBalance at September 30, 2024
Credit derivatives$(186)$(297)$360 $(123)
Net total $(186)$(297)$360 $(123)
 Nine Months Ended September 30, 2023
(Dollars in thousands)Balance at
December 31,
2022		AdditionsIncrease in valueBalance at September 30, 2023
Credit derivatives$(360)$(973)$1,166 $(167)
Net total$(360)$(973)$1,166 $(167)

40
Table of Contents
The following table presents the change in the balance of the contingent consideration liability related to acquisitions for which the Corporation utilized Level 3 inputs to determine fair value on a recurring basis for the nine months ended September 30, 2024 and 2023:
 Nine Months Ended September 30, 2024
(Dollars in thousands)Balance at
December 31,
2023		Payment of
Contingent
Consideration		Adjustment
of Contingent
Consideration		Balance at September 30, 2024
Paul I. Sheaffer Insurance Agency$1,224 $635 $38 $627 
Total contingent consideration liability$1,224 $635 $38 $627 
 Nine Months Ended September 30, 2023
(Dollars in thousands)Balance at
December 31,
2022		Payment of
Contingent
Consideration		Adjustment
of Contingent
Consideration		Balance at September 30, 2023
Paul I. Sheaffer Insurance Agency$1,765 $635 $73 $1,203 
Total contingent consideration liability$1,765 $635 $73 $1,203 

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 September 30, 2024 and December 31, 2023:
 At September 30, 2024
(Dollars in thousands)Level 1Level 2Level 3Assets at
Fair Value
Individually analyzed loans held for investment$— $— $13,782 $13,782 
Other real estate owned— — 20,915 20,915 
Repossessed assets — — 79 79 
Total$— $— $34,776 $34,776 
 At December 31, 2023
(Dollars in thousands)Level 1Level 2Level 3Assets at
Fair Value
Individually analyzed loans held for investment$— $— $18,960 $18,960 
Other real estate owned— — 19,032 19,032 
Total$— $— $37,992 $37,992 

41
Table of Contents
The following table presents assets and liabilities not measured at fair value on a recurring or non-recurring basis in the Corporation’s condensed consolidated balance sheets but for which the fair value is required to be disclosed at September 30, 2024 and December 31, 2023. The disclosed fair values are classified using the fair value hierarchy.
 At September 30, 2024
(Dollars in thousands)Level 1Level 2Level 3Fair
Value		Carrying
Amount
Assets:
Cash and short-term interest-earning assets$504,700 $— $— $504,700 $504,700 
Held-to-maturity securities— 123,103 — 123,103 137,681 
Federal Home Loan Bank, Federal Reserve Bank and other stockNANANANA40,235 
Net loans and leases held for investment— — 6,444,735 6,444,735 6,630,911 
Servicing rights— — 9,693 9,693 5,692 
Total assets$504,700 $123,103 $6,454,428 $7,082,231 $7,319,219 
Liabilities:
Deposits:
Demand and savings deposits, non-maturity$5,336,406 $— $— $5,336,406 $5,336,406 
Time deposits— 1,525,692 — 1,525,692 1,517,742 
Total deposits5,336,406 1,525,692 — 6,862,098 6,854,148 
Short-term borrowings8,256 — — 8,256 8,256 
Long-term debt— 227,096 — 227,096 225,000 
Subordinated notes— 146,750 — 146,750 149,136 
Total liabilities$5,344,662 $1,899,538 $— $7,244,200 $7,236,540 

 At December 31, 2023
(Dollars in thousands)Level 1Level 2Level 3Fair
Value		Carrying
Amount
Assets:
Cash and short-term interest-earning assets$249,799 $— $— $249,799 $249,799 
Held-to-maturity securities— 128,277 — 128,277 145,777 
Federal Home Loan Bank, Federal Reserve Bank and other stockNANANANA40,499 
Net loans and leases held for investment— — 6,290,455 6,290,455 6,462,867 
Servicing rights— — 17,724 17,724 8,982 
Total assets$249,799 $128,277 $6,308,179 $6,686,255 $6,907,924 
Liabilities:
Deposits:
Demand and savings deposits, non-maturity$5,221,989 $— $— $5,221,989 $5,221,989 
Time deposits— 1,153,775 — 1,153,775 1,153,792 
Total deposits5,221,989 1,153,775 — 6,375,764 6,375,781 
Short-term borrowings6,306 — — 6,306 6,306 
Long-term debt— 310,817 — 310,817 310,000 
Subordinated notes— 140,500 — 140,500 148,761 
Total liabilities$5,228,295 $1,605,092 $— $6,833,387 $6,840,848 

42
Table of Contents
The following valuation methods and assumptions were used by the Corporation in estimating the fair value for financial instruments measured at fair value on a non-recurring basis and financial instruments not measured at fair value on a recurring or non-recurring basis in the Corporation’s condensed consolidated balance sheets but for which the fair value is required to be disclosed:

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

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

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

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

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

Individually analyzed loans and leases held for investment: For individually analyzed loans and leases, the Corporation uses a variety of techniques to measure fair value, such as using the current appraised value of the collateral, agreements of sale, discounting the contractual cash flows, and analyzing market data that the Corporation may adjust due to specific characteristics of the loan/lease or collateral. At September 30, 2024, individually analyzed loans held for investment had a carrying amount of $14.8 million with a valuation allowance of $1.0 million. At December 31, 2023, individually analyzed loans held for investment had a carrying amount of $20.7 million with a valuation allowance of $1.8 million. The Corporation had no individually analyzed leases at September 30, 2024 or December 31, 2023.

Servicing rights: The Corporation estimates the fair value of servicing rights using discounted cash flow models that calculate the present value of estimated future net servicing income. The model uses readily available prepayment speed assumptions for the interest rates of the portfolios serviced. Servicing rights are classified within Level 3 in the fair value hierarchy based upon management's assessment of the inputs. The Corporation reviews the servicing rights portfolio on a quarterly basis for impairment and the servicing rights are carried at the lower of amortized cost or estimated fair value. At September 30, 2024, servicing rights had a net carrying amount of $6.5 million, which included a valuation allowance of $798 thousand. At December 31, 2023, servicing rights had a net carrying amount of $9.1 million, which included a valuation allowance of $98 thousand.

Goodwill and other identifiable assets: Certain non-financial assets subject to measurement at fair value on a non-recurring basis include goodwill and other identifiable intangible assets. During the nine months ended September 30, 2024, there were no required valuation adjustments of goodwill and other identifiable intangible assets.

Other real estate owned: Other real estate owned (OREO) represents properties that the Corporation has acquired through foreclosure by either accepting a deed in lieu of foreclosure, or by taking possession of assets that were used as loan collateral. The Corporation reports OREO at the lower of cost or fair value less cost to sell, adjusted periodically based on a current appraisal or an executed agreement of sale. Capital improvement expenses associated with the construction or repair of the property are capitalized as part of the cost of the OREO asset. Write-downs and any gain or loss upon the sale of OREO is recorded in other noninterest income. OREO is reported in other assets on the condensed consolidated balance sheet. At September 30, 2024 and December 31, 2023, OREO had a carrying amount of $20.9 million and $19.0 million, respectively. During the quarter, one residential real estate property was transferred to OREO with a carrying value of $156 thousand and during the second quarter, one commercial real estate property was transferred to OREO with a carrying value of $252 thousand. Additionally, during the nine months ended September 30, 2024, $1.6 million in capitalizable costs were
43
Table of Contents
recorded related to an existing property. 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 was used as loan or lease collateral. 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 September 30, 2024, repossessed assets had a carrying amount of $79 thousand. During the quarter, repossessed assets totaling $68 thousand were sold. The Corporation had no repossessed assets at December 31, 2023. 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 2 in the fair value hierarchy.

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

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

Note 13. Segment Reporting

At September 30, 2024, the Corporation had three reportable business segments: Banking, Wealth Management and Insurance. The Corporation determines the segments based primarily upon product and service offerings, through the types of income generated and the regulatory environment. This is strategically how the Corporation operates and has positioned itself in the marketplace. Accordingly, significant operating decisions are based upon analysis of each of these segments. The parent holding company and intercompany eliminations are included in the "Other" segment.
Each segment generates revenue from a variety of products and services it provides. Examples of products and services provided for each reportable segment are indicated as follows:
●The Banking segment provides financial services to individuals, businesses, municipalities and nonprofit organizations. These services include a full range of banking services such as deposit taking, loan origination and servicing, mortgage banking, other general banking services and equipment lease financing.
●The Wealth Management segment offers investment advisory, financial planning, trust and brokerage services. The Wealth Management segment serves a diverse client base of private families and individuals, municipal pension plans, retirement plans, trusts and guardianships.
●The Insurance segment includes a full-service insurance brokerage agency offering commercial property and casualty insurance, employee benefit solutions, personal insurance lines and human resources consulting.
The following table provides total assets by reportable business segment as of the dates indicated.
(Dollars in thousands)At September 30, 2024At December 31, 2023At September 30, 2023
Banking$8,069,321 $7,656,154 $7,706,141 
Wealth Management65,355 57,715 57,845 
Insurance53,388 48,535 47,507 
Other17,673 18,224 16,573 
Consolidated assets$8,205,737 $7,780,628 $7,828,066 
44
Table of Contents
The following tables provide reportable segment-specific information and reconciliations to consolidated financial information for the three and nine months ended September 30, 2024 and 2023.
Three Months Ended
September 30, 2024
(Dollars in thousands)BankingWealth ManagementInsuranceOtherConsolidated
Interest income$106,419 $19 $— $— $106,438 
Interest expense50,953 — — 2,281 53,234 
Net interest income (expense)55,466 19 — (2,281)53,204 
Provision for credit losses1,414 — — — 1,414 
Noninterest income7,281 7,481 5,247 141 20,150 
Noninterest expense39,392 5,587 4,018 (445)48,552 
Intersegment (revenue) expense*(560)437 123 — — 
Income (loss) before income taxes22,501 1,476 1,106 (1,695)23,388 
Income tax expense (benefit)4,688 302 259 (439)4,810 
Net income (loss)$17,813 $1,174 $847 $(1,256)$18,578 
Net capital expenditures$544 $— $6 $60 $610 

Three Months Ended
September 30, 2023
(Dollars in thousands)BankingWealth ManagementInsuranceOtherConsolidated
Interest income$97,079 $18 $— $9 $97,106 
Interest expense41,235 — — 2,281 43,516 
Net interest income (expense)55,844 18 — (2,272)53,590 
Provision for credit losses2,024 — — — 2,024 
Noninterest income6,950 6,803 4,912 26 18,691 
Noninterest expense39,299 5,130 3,987 572 48,988 
Intersegment (revenue) expense*(236)114 122 — — 
Income (loss) before income taxes21,707 1,577 803 (2,818)21,269 
Income tax expense (benefit)4,452 284 185 (668)4,253 
Net income (loss)$17,255 $1,293 $618 $(2,150)$17,016 
Net capital expenditures$560 $9 $5 $33 $607 

Nine Months Ended
September 30, 2024
(Dollars in thousands)BankingWealth ManagementInsuranceOtherConsolidated
Interest income$304,805 $56 $— $18 $304,879 
Interest expense142,336 — — 6,845 149,181 
Net interest income (expense)162,468 56 — (6,826)155,698 
Provision for credit losses3,553 — — — 3,553 
Noninterest income26,706 22,134 17,721 164 66,725 
Noninterest expense116,211 16,591 12,058 2,474 147,334 
Intersegment (revenue) expense*(1,680)1,310 370 — — 
Income (loss) before income taxes71,090 4,289 5,293 (9,136)71,536 
Income tax expense (benefit)14,553 839 1,184 (2,030)14,546 
Net income (loss)$56,537 $3,450 $4,109 $(7,106)$56,990 
Net capital expenditures$(234)$11 $73 $167 $17 
45
Table of Contents
Nine Months Ended
September 30, 2023
(Dollars in thousands)BankingWealth ManagementInsuranceOtherConsolidated
Interest income$270,422 $49 $— $27 $270,498 
Interest expense96,417 — — 6,844 103,261 
Net interest income (expense)174,005 49 — (6,817)167,237 
Provision for credit losses8,839 — — — 8,839 
Noninterest income21,139 20,246 16,846 (27)58,204 
Noninterest expense119,984 14,790 11,877 1,665 148,316 
Intersegment (revenue) expense*(709)344 365 — — 
Income (loss) before income taxes67,030 5,161 4,604 (8,509)68,286 
Income tax expense (benefit)13,913 580 1,015 (2,072)13,436 
Net income (loss)$53,117 $4,581 $3,589 $(6,437)$54,850 
Net capital expenditures$3,595 $15 $124 $454 $4,188 
*Includes an allocation of general and administrative expenses from both the parent holding company and the Bank. These expenses are generally allocated based upon number of employees and square footage utilized.

Note 14. Contingencies

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

46
Table of Contents
Item 2.     Management’s Discussion and Analysis of Financial Condition and Results of Operations

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

Forward-Looking Statements

The information contained in this report may contain forward-looking statements. When used or incorporated by reference in disclosure documents, the words "believe," "anticipate," "estimate," "expect," "project," "target," "goal" and similar expressions are intended to identify forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements may include but are not limited to: statements of our goals, intentions and expectations; statements regarding our business plans, prospects, growth and operating strategies; statements regarding the quality, growth and composition of our loan and investment portfolios; and estimates of our risks and future credit provisions, costs and benefits. These forward-looking statements are based on current beliefs and expectations of our management and are subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to certain risks, uncertainties and assumptions, including but not limited to those set forth below:
 
•Operating, legal and regulatory risks;
•Economic, political and competitive forces;
•General economic conditions, either nationally or in our market areas, that are worse than expected, including as a result of employment levels and labor shortages, and the effect of inflation, a potential recession or slowed economic growth caused by supply chain disruptions or otherwise;
•Legislative, regulatory and accounting changes, including increased assessments by the Federal Deposit Insurance Corporation;
•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;
•Fluctuations in real estate values in our market area;
•A failure to maintain adequate levels of capital and liquidity to support our operations;
•The composition and credit quality of our loan and investment portfolios;
•Changes in the level and direction of loan delinquencies, classified and criticized loans and charge-offs and changes in estimates of the adequacy of the allowance for credit losses;
•Changes in the economic and other assumptions utilized to calculate the allowance for credit losses;
•Our ability to access cost-effective funding;
•Changes in liquidity, including the size and composition of our deposit portfolio and the percentage of uninsured deposits in the portfolio;
•Our ability to implement our business strategies;
•Our ability to manage market risk, credit risk, interest rate risk and operational risk;
•Timing and amount of revenue and expenditures;
•Adverse changes in the securities markets;
•The impact of any military conflict, terrorist act or other geopolitical acts;
•Our ability to enter new markets successfully and capitalize on growth opportunities;
•Competition for loans, deposits and employees;
•System failures or cyber-security breaches of our information technology infrastructure and those of our third-party service providers;
•The failure to maintain current technologies and/or to successfully implement future information technology enhancements;
•Our ability to 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.
47
Table of Contents
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, 2023 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 at the date of the report. The Corporation expressly disclaims any obligation to publicly release any updates or revisions to reflect any change in the Corporation’s expectations with regard to any change in events, conditions or circumstances on which any such statement is based.

Critical Accounting Policies

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 2023 Annual Report on Form 10-K.

General

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

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

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

Executive Overview

The Corporation’s consolidated net income, earnings per share and return on average assets and average equity were as follows:
Three Months EndedNine Months Ended
 September 30,ChangeSeptember 30,Change
(Dollars in thousands, except per share data)20242023AmountPercent20242023AmountPercent
Net income$18,578 $17,016 $1,562 9.2 %$56,990 $54,850 $2,140 3.9 %
Net income per share:
Basic$0.64 $0.58 $0.06 10.3 $1.95 $1.86 $0.09 4.8 
Diluted0.63 0.58 0.05 8.6 1.94 1.86 0.08 4.3 
Return on average assets0.92 %0.88 %4 BP4.5 0.97 %0.98 %(1 BP)(1.0)
Return on average equity8.55 %8.32 %23 BP2.8 8.95 %9.14 %(19 BP)(2.1)

The Corporation reported net income of $18.6 million, or $0.63 diluted earnings per share, for the three months ended September 30, 2024, compared to net income of $17.0 million, or $0.58 diluted earnings per share, for the three months ended September 30, 2023. The Corporation reported net income of $57.0 million, or $1.94 diluted earnings per share, for the nine
48
Table of Contents
months ended September 30, 2024, compared to net income of $54.9 million, or $1.86 diluted earnings per share, for the nine months ended September 30, 2023. The financial results for the nine months ended September 30, 2024 included a $3.4 million net gain ($2.7 million after-tax), or $0.09 diluted earnings per share, generated from the sale of mortgage servicing rights associated with $591.1 million of serviced loans in the first quarter of 2024 and tax-free bank owned life insurance ("BOLI") death benefit claims of $171 thousand, which represented $0.01 diluted earnings per share for the quarter. Additionally, the financial results for the third quarter of 2023 included a $1.3 million ($1.1 million after-tax), or $0.04 diluted earnings per share, restructuring charge associated with expense management strategies deployed in response to macroeconomic headwinds.

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 and nine months ended September 30, 2024 and 2023. The tax-equivalent net interest margin is tax-equivalent net interest income as a percentage of average interest-earning assets. The tax-equivalent net interest spread represents the weighted average tax-equivalent yield on interest-earning assets less the weighted average cost of interest-bearing liabilities. The effect of net interest-free funding sources represents the effect on the net interest margin of net funding provided by noninterest-earning assets, noninterest-bearing liabilities and shareholders' equity. Table 2 analyzes the changes in the tax-equivalent net interest income for the periods broken down by their rate and volume components.

Three and nine months ended September 30, 2024 versus 2023

Net interest income on a tax-equivalent basis for the three months ended September 30, 2024 was $53.5 million, a decrease of $371 thousand, or 0.7%, compared to $53.9 million for the three months ended September 30, 2023. Net interest income on a tax-equivalent basis for the nine months ended September 30, 2024 was $156.6 million, a decrease of $11.6 million, or 6.9%, compared to $168.2 million for the nine months ended September 30, 2023. The decrease in tax-equivalent net interest income for the three and nine months ended September 30, 2024 compared to the comparable periods in the prior year reflects the continued pressure on the cost of deposits due to the shift of balances from lower to higher cost deposit products, which has exceeded the increase in interest income from asset yield expansion and the increase in average interest-earning assets. However, we continue to see indicators of stabilization in the cost of funds and our funding mix.

The net interest margin, on a tax-equivalent basis, was 2.82% and 2.85% for the three and nine months ended September 30, 2024, respectively, compared to 2.96% and 3.22% for the three and nine months ended September 30, 2023, respectively. Excess liquidity reduced net interest margin by approximately nine and four basis points for the three and nine months ended September 30, 2024. Excess liquidity reduced net interest margin by approximately four and one basis point for the three and nine months ended September 30, 2023.

49
Table of Contents
Table 1—Average Balances and Interest Rates—Tax-Equivalent Basis
 Three Months Ended September 30,
 20242023
(Dollars in thousands)Average
Balance		Income/
Expense		Average
Rate		Average
Balance		Income/
Expense		Average
Rate
Assets:
Interest-earning deposits with other banks$270,724 $3,624 5.33 %$143,109 $1,865 5.17 %
Obligations of states and political subdivisions*1,283 7 2.17 2,281 16 2.78 
Other debt and equity securities492,051 3,706 3.00 504,060 3,540 2.79 
Federal Home Loan Bank, Federal Reserve Bank and other stock38,769 742 7.61 40,406 712 6.99 
Total interest-earning deposits, investments and other interest-earning assets802,827 8,079 4.00 689,856 6,133 3.53 
Commercial, financial and agricultural loans997,465 18,459 7.36 995,355 17,545 6.99 
Real estate—commercial and construction loans3,592,556 52,672 5.83 3,552,709 49,548 5.53 
Real estate—residential loans1,692,361 21,127 4.97 1,543,360 18,270 4.70 
Loans to individuals26,651 549 8.20 26,538 525 7.85 
Tax-exempt loans and leases232,159 2,565 4.40 234,685 2,430 4.11 
Lease financings189,599 3,275 6.87 184,522 2,928 6.30 
Gross loans and leases6,730,791 98,647 5.83 6,537,169 91,246 5.54 
Total interest-earning assets7,533,618 106,726 5.64 7,227,025 97,379 5.35 
Cash and due from banks62,902 62,673 
Allowance for credit losses, loans and leases(86,517)(83,827)
Premises and equipment, net47,989 52,071 
Operating lease right-of-use assets29,620 31,647 
Other assets417,653 404,394 
Total assets$8,005,265 $7,693,983 
Liabilities:
Interest-bearing checking deposits$1,215,166 $8,824 2.89 %$1,070,063 $6,703 2.49 %
Money market savings1,849,628 21,213 4.56 1,645,210 17,850 4.30 
Regular savings727,395 878 0.48 828,672 861 0.41 
Time deposits1,491,560 17,255 4.60 1,140,622 11,668 4.06 
     Total time and interest-bearing deposits5,283,749 48,170 3.63 4,684,567 37,082 3.14 
Short-term borrowings8,210 1 0.05 93,028 1,117 4.76 
Long-term debt247,826 2,781 4.46 320,000 3,036 3.76 
Subordinated notes149,068 2,282 6.09 148,568 2,281 6.09 
Total borrowings405,104 5,064 4.97 561,596 6,434 4.55 
Total interest-bearing liabilities5,688,853 53,234 3.72 5,246,163 43,516 3.29 
Noninterest-bearing deposits1,357,575 1,538,143 
Operating lease liabilities32,627 34,788 
Accrued expenses and other liabilities61,804 63,374 
Total liabilities7,140,859 6,882,468 
Total interest-bearing liabilities and noninterest-bearing deposits ("Cost of Funds")7,046,428 3.01 6,784,306 2.54 
Shareholders’ Equity:
Common stock157,784 157,784 
Additional paid-in capital300,565 299,575 
Retained earnings and other equity406,057 354,156 
Total shareholders’ equity864,406 811,515 
Total liabilities and shareholders’ equity$8,005,265 $7,693,983 
Net interest income$53,492 $53,863 
Net interest spread1.92 2.06 
Effect of net interest-free funding sources0.90 0.90 
Net interest margin2.82 %2.96 %
Ratio of average interest-earning assets to average interest-bearing liabilities132.43 %137.76 %
*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 $897 thousand and $563 thousand for the three months ended September 30, 2024 and 2023, respectively.
Nonaccrual loans and leases have been included in the average loan and lease balances. Loans held for sale have been included in the average loan balances. Tax-equivalent amounts for the three months ended September 30, 2024 and 2023 have been calculated using the Corporation's federal applicable rate of 21%.

50
Table of Contents
 Nine Months Ended September 30,
 20242023
(Dollars in thousands)Average
Balance		Income/
Expense		Average
Rate		Average
Balance		Income/
Expense		Average
Rate
Assets:
Interest-earning deposits with other banks$159,114 $6,341 5.32 %$79,630 $2,856 4.80 %
Obligations of states and political subdivisions*1,500 26 2.32 2,284 48 2.81 
Other debt and equity securities494,310 11,094 3.00 511,420 10,547 2.76 
Federal Home Loan Bank, Federal Reserve Bank and other stock38,392 2,166 7.54 39,664 2,102 7.09 
Total interest-earning deposits, investments and other interest-earning assets693,316 19,627 3.78 632,998 15,553 3.29 
Commercial, financial and agricultural loans972,003 52,429 7.21 997,590 50,002 6.70 
Real estate—commercial and construction loans3,572,375 153,890 5.75 3,447,551 137,929 5.35 
Real estate—residential loans1,657,142 61,095 4.92 1,478,871 51,216 4.63 
Loans to individuals26,928 1,639 8.13 26,859 1,453 7.23 
Tax-exempt loans and leases231,679 7,505 4.33 233,211 7,159 4.10 
Lease financings189,733 9,549 6.72 175,416 8,128 6.20 
Gross loans and leases6,649,860 286,107 5.75 6,359,498 255,887 5.38 
Total interest-earning assets7,343,176 305,734 5.56 6,992,496 271,440 5.19 
Cash and due from banks58,070 59,811 
Allowance for credit losses, loans and leases(86,435)(81,829)
Premises and equipment, net49,098 52,067 
Operating lease right-of-use assets30,359 31,384 
Other assets414,246 399,141 
Total assets$7,808,514 $7,453,070 
Liabilities:
Interest-bearing checking deposits$1,163,526 $24,353 2.80 %$980,725 $15,259 2.08 %
Money market savings1,749,592 59,564 4.55 1,532,318 43,020 3.75 
Regular savings752,336 2,712 0.48 900,448 2,375 0.35 
Time deposits1,384,576 47,019 4.54 845,635 22,231 3.51 
     Total time and interest-bearing deposits5,050,030 133,648 3.54 4,259,126 82,885 2.60 
Short-term borrowings15,919 248 2.08 195,606 7,094 4.85 
Long-term debt 263,380 8,441 4.28 245,366 6,438 3.51 
Subordinated notes148,944 6,844 6.14 148,444 6,844 6.16 
Total borrowings428,243 15,533 4.85 589,416 20,376 4.62 
Total interest-bearing liabilities5,478,273 149,181 3.64 4,848,542 103,261 2.85 
Noninterest-bearing deposits1,383,707 1,709,533 
Operating lease liabilities33,389 34,548 
Accrued expenses and other liabilities62,586 57,906 
Total liabilities6,957,955 6,650,529 
Total interest-bearing liabilities and noninterest-bearing deposits ("Cost of Funds")6,861,980 2.90 6,558,075 2.11 
Shareholders’ Equity:
Common stock157,784 157,784 
Additional paid-in capital300,224 299,550 
Retained earnings and other equity392,551 345,207 
Total shareholders’ equity850,559 802,541 
Total liabilities and shareholders’ equity$7,808,514 $7,453,070 
Net interest income$156,553 $168,179 
Net interest spread1.92 2.34 
Effect of net interest-free funding sources0.93 0.88 
Net interest margin2.85 %3.22 %
Ratio of average interest-earning assets to average interest-bearing liabilities134.04 %144.22 %
*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 $2.0 million and $1.7 million for the nine months ended September 30, 2024 and 2023, respectively.
Nonaccrual loans and leases have been included in the average loan and lease balances. Loans held for sale have been included in the average loan balances. Tax-equivalent amounts for the nine months ended September 30, 2024 and 2023 have been calculated using the Corporation's federal applicable rate of 21%.
51
Table of Contents
Table 2—Analysis of Changes in Net Interest Income

The rate-volume variance analysis set forth in the table below compares changes in tax-equivalent net interest income for the periods indicated by their rate and volume components. The change in interest income/expense due to both volume and rate has been allocated proportionately.
Three Months EndedNine Months Ended
 September 30, 2024 Versus 2023September 30, 2024 Versus 2023
(Dollars in thousands)Volume
Change		Rate
Change		TotalVolume
Change		Rate
Change		Total
Interest income:
Interest-earning deposits with other banks$1,700 $59 $1,759 $3,144 $341 $3,485 
Obligations of states and political subdivisions(6)(3)(9)(15)(7)(22)
Other debt and equity securities(88)254 166 (359)906 547 
Federal Home Loan Bank, Federal Reserve Bank and other stock(30)60 30 (68)132 64 
Interest on deposits, investments and other earning assets1,576 370 1,946 2,702 1,372 4,074 
Commercial, financial and agricultural loans35 879 914 (1,307)3,734 2,427 
Real estate—commercial and construction loans534 2,590 3,124 5,211 10,750 15,961 
Real estate—residential loans1,789 1,068 2,857 6,503 3,376 9,879 
Loans to individuals2 22 24 4 182 186 
Tax-exempt loans and leases(27)162 135 (48)394 346 
Lease financings80 267 347 702 719 1,421 
Interest and fees on loans and leases2,413 4,988 7,401 11,065 19,155 30,220 
Total interest income3,989 5,358 9,347 13,767 20,527 34,294 
Interest expense:
Interest-bearing checking deposits969 1,152 2,121 3,185 5,909 9,094 
Money market savings2,260 1,103 3,363 6,609 9,935 16,544 
Regular savings(114)131 17 (434)771 337 
Time deposits3,898 1,689 5,587 16,978 7,810 24,788 
     Total time and interest-bearing deposits7,013 4,075 11,088 26,338 24,425 50,763 
Short-term borrowings(535)(581)(1,116)(4,223)(2,623)(6,846)
Long-term debt(757)502 (255)502 1,501 2,003 
Subordinated notes 1 — 1 — — — 
Interest on borrowings(1,291)(79)(1,370)(3,721)(1,122)(4,843)
Total interest expense5,722 3,996 9,718 22,617 23,303 45,920 
Net interest income$(1,733)$1,362 $(371)$(8,850)$(2,776)$(11,626)

52
Table of Contents
Provision for Credit Losses

The provision for credit losses for the three months ended September 30, 2024 and 2023 was $1.4 million and $2.0 million, respectively. The provision for credit losses for the nine months ended September 30, 2024 and 2023 was $3.6 million and $8.8 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)September 30, 2024June 30, 2024March 31, 2024December 31, 2023September 30, 2023
Allowance for credit losses, loans and leases$86,041 $85,745 $85,632 $85,387 $83,837 
Loans and leases held for investment6,730,734 6,684,837 6,579,086 6,567,214 6,574,958 
Allowance for credit losses, loans and leases / loans and leases held for investment1.28 %1.28 %1.30 %1.30 %1.28 %

Noninterest Income

The following table presents noninterest income for the three and nine months ended September 30, 2024 and 2023:
Three Months EndedNine Months Ended
 September 30,ChangeSeptember 30,Change
(Dollars in thousands)20242023AmountPercent20242023AmountPercent
Trust fee income$2,110 $1,910 $200 10.5 %$6,226 $5,789 $437 7.5 %
Service charges on deposit accounts2,037 1,816 221 12.2 5,890 5,088 802 15.8 
Investment advisory commission and fee income5,319 4,843 476 9.8 15,751 14,303 1,448 10.1 
Insurance commission and fee income5,238 4,852 386 8.0 17,606 16,447 1,159 7.0 
Other service fee income1,815 3,020 (1,205)(39.9)11,274 9,414 1,860 19.8 
Bank owned life insurance income921 806 115 14.3 2,849 2,362 487 20.6 
Net gain on sales of investment securities18 — 18 N/M18 — 18 N/M
Net gain on mortgage banking activities1,296 1,216 80 6.6 3,945 2,880 1,065 37.0 
Other income1,396 228 1,168 512.3 3,166 1,921 1,245 64.8 
Total noninterest income$20,150 $18,691 $1,459 7.8 %$66,725 $58,204 $8,521 14.6 %

Three and nine months ended September 30, 2024 versus 2023

Noninterest income for the three months ended September 30, 2024 was $20.2 million, an increase of $1.5 million, or 7.8%, from the three months ended September 30, 2023. Noninterest income for the nine months ended September 30, 2024 was $66.7 million, an increase of $8.5 million, or 14.6%, from the nine months ended September 30, 2023.

Investment advisory commission and fee income increased $476 thousand, or 9.8%, for the three months ended September 30, 2024 and $1.4 million, or 10.1%, for the nine months ended September 30, 2024 from the comparable periods in the prior year, primarily due to increased assets under management and supervision driven by new business and market appreciation.

Insurance commission and fee income increased $386 thousand, or 8.0%, for the three months ended September 30, 2024 and $1.2 million, or 7.0%, for the nine months ended September 30, 2024 from the comparable periods in the prior year. The increase for the three months end September 30, 2024 was primarily due to an increase in commercial lines premiums. The increase for the nine months ended September 30, 2024 was primarily due to increases in commercial lines premiums and contingent commission income of $451 thousand, which was $2.3 million and $1.9 million for the nine months ended September 30, 2024 and 2023, respectively. Contingent income is largely recognized in the first quarter of the year.

Other service fee income decreased $1.2 million, or 39.9%, for the three months ended September 30, 2024 and increased $1.9 million, or 19.8%, for the nine months ended September 30, 2024 from the comparable periods in the prior year. The decrease for the three months ended September 30, 2024 was primarily due to a $785 thousand valuation allowance recorded on mortgage servicing rights driven by the increase in prepayment speed assumptions as a result of the decrease in interest rates during the quarter. Additionally, net servicing fees on sold mortgage loans decreased by $307 thousand, primarily attributable
53
Table of Contents
to the sale of mortgage servicing rights associated with $591.1 million of serviced loans in the first quarter of 2024 and increased amortization driven by prepayments. The increase for the nine months ended September 30, 2024 was primarily due to the net gain of $3.4 million generated from the sale of mortgage servicing rights associated with these serviced loans.

Bank owned life insurance income increased $115 thousand, or 14.3%, for the three months ended September 30, 2024 and $487 thousand, or 20.6%, for the nine months ended September 30, 2024 from the comparable periods in the prior year, primarily due to purchases of new policies in the first quarter of the year. Additionally, both periods included death benefits claims of $171 thousand received during the second quarter of the year.

Net gain on mortgage banking activities increased $1.1 million, or 37.0%, for the nine months ended September 30, 2024 from the comparable period in the prior year, primarily due to increased salable volume. Service charges on deposit accounts $802 thousand, or 15.8%, for the nine months ended September 30, 2024 from the comparable period in the prior year, primarily due to increased treasury management income.

Other income increased $1.2 million for the three and nine months ended September 30, 2024, or 512.3% and 64.8%, respectively, from the comparable periods in the prior year, primarily due to increases of $705 thousand and $958 thousand in gains on the sale of Small Business Administration loans for the three and nine months ended September 30, 2024, respectively.

Noninterest Expense

The following table presents noninterest expense for the three and nine months ended September 30, 2024 and 2023:
Three Months EndedNine Months Ended
 September 30,ChangeSeptember 30,Change
(Dollars in thousands)20242023AmountPercent20242023AmountPercent
Salaries, benefits and commissions$30,702 $29,978 $724 2.4 %$92,227 $90,867 $1,360 1.5 %
Net occupancy2,723 2,594 129 5.0 8,274 7,935 339 4.3 
Equipment1,107 1,087 20 1.8 3,306 3,066 240 7.8 
Data processing4,154 4,189 (35)(0.8)12,810 12,355 455 3.7 
Professional fees1,579 1,763 (184)(10.4)4,733 5,373 (640)(11.9)
Marketing and advertising490 555 (65)(11.7)1,621 1,548 73 4.7 
Deposit insurance premiums1,097 1,258 (161)(12.8)3,330 3,475 (145)(4.2)
Intangible expenses164 220 (56)(25.5)539 726 (187)(25.8)
Restructuring charges— — — N/M— 1,330 (1,330)N/M
Other expense6,536 7,344 (808)(11.0)20,494 21,641 (1,147)(5.3)
Total noninterest expense$48,552 $48,988 $(436)(0.9 %)$147,334 $148,316 $(982)(0.7 %)
Three and nine months ended September 30, 2024 versus 2023

Noninterest expense for the three months ended September 30, 2024 was $48.6 million, a decrease of $436 thousand, or 0.9%, from the three months ended September 30, 2023. Noninterest expense for the nine months ended September 30, 2024 was $147.3 million, a decrease of $982 thousand, or 0.7%, from the nine months ended September 30, 2023. The financial results for the nine months ended September 30, 2023 included restructuring charges of $1.3 million.

Other expense decreased $808 thousand, or 11.0%, for the three months ended September 30, 2024 and $1.1 million, or 5.3%, for the nine months ended September 30, 2024 from the comparable periods in the prior year, primarily due to decreases in retirement plan costs, insurance expense and recruiter fees. Additionally, the three months ended September 30, 2024 benefited from a decrease in bank shares tax expense.

Professional fees decreased $184 thousand, or 10.4%, for the three months ended September 30, 2024 and $640 thousand, or 11.9%, for the nine months ended September 30, 2024 from the comparable periods in the prior year, primarily driven by a reduction in consultant fees. Deposit insurance premiums decreased $161 thousand, or 12.8%, for the three months ended September 30, 2024 driven by an improvement in the financial ratios that contribute to our assessment rate.

Salaries, benefits and commissions increased $724 thousand, or 2.4%, for the three months ended September 30, 2024 and $1.4 million, or 1.5%, from the comparable periods in the prior year. The increase for the three months ended September 30,
54
Table of Contents
2024 was primarily due to increases in salary expense and incentive compensation due to increased profitability, partially offset by an increase in compensation capitalized driven by higher loan production. The increase for the nine months ended September 30, 2024 was primarily due to increases in incentive compensation due to increased profitability and medical claims.

Tax Provision

The Corporation recognized a tax expense of $4.8 million and $4.3 million for the three months ended September 30, 2024 and 2023, respectively, resulting in effective rates of 20.6% and 20.0% for the respective periods. The Corporation recognized a tax expense of $14.5 million and $13.4 million for the nine months ended September 30, 2024 and 2023, respectively, resulting in effective tax rates of 20.3% and 19.7% for the respective periods. The effective tax rates for the three and nine months ended September 30, 2024 and 2023 reflects the benefits of tax-exempt income from investments in municipal securities and loans and leases. The increase in the effective tax rate for the 2024 periods was primarily due to increases in the state tax rates. Additionally, the effective income tax rates for the nine months ended September 30, 2024 were favorably impacted by proceeds from BOLI death benefits.

Financial Condition

Assets

The following table presents assets at the dates indicated:
 At September 30, 2024At December 31, 2023Change
(Dollars in thousands)AmountPercent
Cash, interest-earning deposits and federal funds sold$504,700 $249,799 $254,901 102.0 %
Investment securities494,187 500,623 (6,436)(1.3)
Federal Home Loan Bank, Federal Reserve Bank and other stock, at cost40,235 40,499 (264)(0.7)
Loans held for sale17,131 11,637 5,494 47.2 
Loans and leases held for investment6,730,734 6,567,214 163,520 2.5 
Allowance for credit losses, loans and leases(86,041)(85,387)(654)0.8 
Premises and equipment, net47,411 51,441 (4,030)(7.8)
Operating lease right-of-use assets29,260 31,795 (2,535)(8.0)
Goodwill and other intangibles, net182,668 186,460 (3,792)(2.0)
Bank owned life insurance138,744 131,344 7,400 5.6 
Accrued interest receivable and other assets106,708 95,203 11,505 12.1 
        Total assets$8,205,737 $7,780,628 $425,109 5.5 %
Cash and Interest-Earning Deposits

Cash and interest-earning deposits increased $254.9 million, or 102.0%, from December 31, 2023, primarily due to an increase in interest-earning deposits at the Federal Reserve Bank of $249.6 million due to seasonal increases in public funds outpacing loan growth, partially offset by the repayment of long-term debt.

Investment Securities

Total investment securities at September 30, 2024 decreased $6.4 million, or 1.3%, from December 31, 2023. Maturities and pay-downs of $53.6 million, sales of $3.9 million, net amortization of purchased premiums and discounts of $820 thousand were partially offset by purchases of $42.9 million, which were primarily residential mortgage-backed securities, increases in the fair value of available-for-sale investment securities of $8.8 million and a reversal of provision for credit losses of $89 thousand.

Loans and Leases

Gross loans and leases held for investment increased $163.5 million, or 2.5%, from December 31, 2023. The growth in gross loans and leases held for investment was primarily due to increases in commercial, commercial real estate and residential
55

mortgage loans, partially offset by a decrease in construction 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 September 30, 2024, nonaccrual loans and leases were $15.3 million and had a related allowance for credit losses on loans and leases of $1.0 million. At December 31, 2023, nonaccrual loans and leases were $20.5 million and had a related allowance for credit losses on loans and leases of $1.8 million. During the nine months ended September 30, 2024, pay-offs totaling $4.6 million were received on nonaccrual loans and leases. Individual reserves have been established based on current facts and management's judgements about the ultimate outcome of these credits, including the most recent known data available on any related underlying collateral and the borrower's cash flows. The amount of individual reserve needed for these credits could change in future periods subject to changes in facts and judgements related to these credits.

Net loan and lease charge-offs for the three months ended September 30, 2024 were $820 thousand compared to $969 thousand for the same period in the prior year. Net loan and lease charge-offs for the nine months ended September 30, 2024 were $3.0 million compared to $4.3 million for the same period in the prior year. The decrease in charge-offs for the nine months ended September 30, 2024 was primarily due to $2.4 million of charge-offs related to one borrower in the first quarter of 2023.

Other real estate owned ("OREO") was $20.9 million at September 30, 2024, compared to $19.0 million at December 31, 2023, primarily due to capitalized costs on an existing OREO property, the transfer of a residential real estate property with a carrying value of $156 thousand during the quarter and the transfer of a commercial real estate property with a carrying value of $252 thousand during the second quarter of 2024. Repossessed assets were $79 thousand at September 30, 2024. The Corporation had no repossessed assets at December 31, 2023.

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 September 30, 2024At December 31, 2023
Nonaccrual loans held for sale$— $8 
Nonaccrual loans and leases held for investment 15,319 20,519 
Accruing loans and leases, 90 days or more past due310 534 
Total nonperforming loans and leases$15,629 $21,061 
Other real estate owned20,915 19,032 
Repossessed assets 79 — 
Total nonperforming assets$36,623 $40,093 
Loans and leases held for investment$6,730,734 $6,567,214 
Allowance for credit losses, loans and leases86,041 85,387 
Allowance for credit losses, loans and leases / loans and leases held for investment1.28 %1.30 %
Nonaccrual loans and leases / loans and leases held for investment0.23 %0.31 %
Allowance for credit losses, loans and leases / nonaccrual loans and leases561.66 %415.97 %

56

The following table provides additional information on the Corporation’s nonaccrual loans held for investment:
(Dollars in thousands)At September 30, 2024At December 31, 2023
Nonaccrual loans and leases, held for investment$15,319 $20,519 
Nonaccrual loans and leases with partial charge-offs349 814 
Life-to-date partial charge-offs on nonaccrual loans and leases682 885 
Reserves on individually analyzed loans1,033 1,787 

Table 4—Loan Portfolio Overview

The following table provides summarized detail related to outstanding commercial loan balances segmented by industry description as of September 30, 2024:
(Dollars in thousands)At September 30, 2024
Industry DescriptionTotal Outstanding Balance % of Commercial Loan Portfolio
CRE - Retail$458,230 8.6 %
Animal Production384,554 7.2 
CRE - Multi-family340,181 6.4 
CRE - 1-4 Family Residential Investment295,454 5.6 
CRE - Office294,508 5.6 
CRE - Industrial / Warehouse254,019 4.8 
Hotels & Motels (Accommodation)186,130 3.5 
Specialty Trade Contractors180,486 3.4 
Nursing and Residential Care Facilities167,467 3.2 
Education167,282 3.2 
Motor Vehicle and Parts Dealers129,799 2.4 
Repair and Maintenance127,927 2.4 
Merchant Wholesalers, Durable Goods125,009 2.4 
Homebuilding (tract developers, remodelers)120,040 2.2 
CRE - Mixed-Use - Residential110,137 2.1 
Crop Production104,343 2.0 
Wood Product Manufacturing93,505 1.8 
Food Services and Drinking Places88,178 1.7 
Real Estate Lenders, Secondary Market Financing85,171 1.6 
Rental and Leasing Services79,876 1.5 
Religious Organizations, Advocacy Groups73,802 1.4 
Fabricated Metal Product Manufacturing72,794 1.4 
CRE - Mixed-Use - Commercial72,268 1.4 
Administrative and Support Services71,787 1.4 
Personal and Laundry Services71,184 1.3 
Merchant Wholesalers, Nondurable Goods69,363 1.3 
Amusement, Gambling, and Recreation Industries69,052 1.3 
Miniwarehouse / Self-Storage65,176 1.2 
Food Manufacturing61,472 1.1 
Truck Transportation52,570 1.0 
Industries with >$50 million in outstandings$4,471,764 84.3 %
Industries with <$50 million in outstandings$830,652 15.7 %
Total Commercial Loans$5,302,416 100.0 %
Consumer Loans and Lease FinancingsTotal Outstanding Balance
Real Estate-Residential Secured for Personal Purpose$969,562 
Real Estate-Home Equity Secured for Personal Purpose182,901 
Loans to Individuals26,794 
Lease Financings249,061 
Total Consumer Loans and Lease Financings$1,428,318 
Total$6,730,734 

57

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 $175 thousand and $229 thousand for the three months ended September 30, 2024 and 2023, respectively. The amortization of core deposit and customer-related intangibles was $350 thousand and $458 thousand for the nine months ended September 30, 2024 and 2023, respectively. See Note 5 to the Condensed Unaudited Consolidated Financial Statements, "Goodwill and Other Intangible Assets," for a summary of intangible assets at September 30, 2024 and December 31, 2023.

The Corporation also has goodwill with a net carrying value of $175.5 million at September 30, 2024 and December 31, 2023, which is deemed to be an indefinite intangible asset and is not amortized. The Corporation completes a goodwill impairment analysis on an annual basis, or more often if events and circumstances indicate that there may be impairment. The Corporation also completes an impairment test for other identifiable intangible assets on an annual basis or more often if events and circumstances indicate there may be impairment. There was no impairment of goodwill or identifiable intangibles during the nine months ended September 30, 2024 or 2023. There can be no assurance that future impairment assessments or tests will not result in a charge to earnings.

Bank Owned Life Insurance

The Bank purchases bank owned life insurance to protect itself against the loss of key employees due to death and to offset or finance the Corporation's future costs and obligations to employees under its benefits plans. Bank owned life insurance increased $7.4 million, or 5.6%, from December 31, 2023, primarily due to $5.7 million of policies purchased during the first quarter of 2024.

Other Assets

Other assets increased $11.5 million, or 12.1%, from December 31, 2023, primarily due to increases of $3.9 million in pension plan assets and $5.2 million in prepaid expenses.

Liabilities
The following table presents liabilities at the dates indicated:
(Dollars in thousands)At September 30, 2024At December 31, 2023Change
AmountPercent
Deposits$6,854,148 $6,375,781 $478,367 7.5 %
Short-term borrowings8,256 6,306 1,950 30.9 
Long-term debt225,000 310,000 (85,000)(27.4)
Subordinated notes149,136 148,761 375 0.3 
Operating lease liabilities32,246 34,851 (2,605)(7.5)
Accrued interest payable and other liabilities59,880 65,721 (5,841)(8.9)
Total liabilities$7,328,666 $6,941,420 $387,246 5.6 %

Deposits

Total deposits increased $478.4 million, or 7.5%, from December 31, 2023, primarily due to increases in commercial, brokered and seasonal public funds deposits. At September 30, 2024, noninterest bearing deposits totaling $1.3 billion represented 19.3% of total deposits compared to $1.5 billion representing 23.0% of total deposits at December 31, 2023. At September 30, 2024, unprotected deposits, which excludes insured, internal, and collateralized deposit accounts, totaled $1.4 billion and represented 20.3% of total deposits compared to $1.5 billion at December 31, 2023 representing 23.3% of total deposits.

Borrowings

Total borrowings decreased $82.7 million, or 17.8%, from December 31, 2023, primarily due to pay-downs of long-term FHLB advances of $85.0 million, partially offset by an increase of $2.0 million in customer repurchase agreements. These
58

borrowings were replaced with lower cost deposits during the year.

Other Liabilities

Other liabilities decreased $5.8 million, or 8.9%, from December 31, 2023, primarily due to the termination of an interest rate swap.

Shareholders’ Equity

The following table presents total shareholders’ equity at the dates indicated:
(Dollars in thousands)At September 30, 2024At December 31, 2023Change
AmountPercent
Common stock$157,784 $157,784 $— — %
Additional paid-in capital301,262 301,066 196 0.1 
Retained earnings512,938 474,691 38,247 8.1 
Accumulated other comprehensive loss(41,623)(50,646)9,023 (17.8)
Treasury stock(53,290)(43,687)(9,603)22.0 
Total shareholders’ equity$877,071 $839,208 $37,863 4.5 %

Total shareholders' equity increased $37.9 million, or 4.5%, from December 31, 2023. Retained earnings at September 30, 2024 increased by $38.2 million primarily due to net income of $57.0 million offset by $18.5 million in cash dividends paid during the nine months ended September 30, 2024. Accumulated other comprehensive loss decreased by $9.0 million, which was primarily attributable to increases in the fair value of available-for-sale investment securities of $7.0 million, net of tax. Treasury stock increased $9.6 million from December 31, 2023, related to repurchases of 664,201 shares at a cost of $14.7 million, offset by $5.1 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 $22.5 million and $21.7 million for the three months ended September 30, 2024 and 2023, respectively, and pre-tax income of $71.1 million and $67.0 million for the nine months ended September 30, 2024 and 2023, respectively. See the section of this Management's Discussion & 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 noninterest income of $7.5 million and $6.8 million for the three months ended September 30, 2024 and 2023, respectively, and $22.1 million and $20.2 million for the nine months ended September 30, 2024 and 2023, respectively. Noninterest expense was $5.6 million and $5.1 million for the three months ended September 30, 2024 and 2023, respectively, and $16.6 million and $14.8 million for the nine months ended September 30, 2024 and 2023, respectively. The increase in noninterest income for the three and nine months ended September 30, 2024 compared to the three and nine months ended September 30, 2023 was due to new customer relationships and appreciation of assets under management and supervision as a majority of investment advisory fees are billed based on the prior quarter-end assets under management and supervision balance. The increase in noninterest expense for the three and nine months ended September 30, 2024 compared to the three and nine months ended September 30, 2023 was due to increase in salary and benefits expense as we continue to invest in revenue-producing positions. Assets under management and supervision were $5.3 billion as of September 30, 2024, $5.0 billion as of June 30, 2024, $4.3 billion as of September 30, 2023 and $4.5 billion as of June 30, 2023.

The Insurance segment reported noninterest income of $5.2 million and $4.9 million for the three months ended September 30, 2024 and 2023, respectively, and $17.7 million and $16.8 million for the nine months ended September 30, 2024 and 2023, respectively. Noninterest expense was $4.0 million for the three months ended September 30, 2024 and 2023, and $12.1 million and $11.9 million for the nine months ended September 30, 2024 and 2023, respectively. The increase for the nine months ended September 30, 2024 included increases in commercial lines premiums of $745 thousand and contingent commission
59

income of $451 thousand, which was $2.3 million and $1.9 million for the nine months ended September 30, 2024 and 2023, respectively. 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 September 30, 2024.
Table 5—Regulatory Capital

The Corporation's and Bank's actual and required capital ratios as of September 30, 2024 and December 31, 2023 under regulatory capital rules were as follows.
 ActualFor Capital Adequacy
Purposes		To Be Well-Capitalized
Under Prompt
Corrective Action
Provisions
(Dollars in thousands)AmountRatioAmountRatioAmount  Ratio  
At September 30, 2024
Total Capital (to Risk-Weighted Assets):
Corporation$984,852 14.27 %$552,226 8.00 %$690,282 10.00 %
Bank852,945 12.41 549,899 8.00 687,374 10.00 
Tier 1 Capital (to Risk-Weighted Assets):
Corporation751,271 10.88 414,169 6.00 552,226 8.00 
Bank768,500 11.18 412,424 6.00 549,899 8.00 
Tier 1 Common Capital (to Risk-Weighted Assets):
Corporation751,271 10.88 310,627 4.50 448,683 6.50 
Bank768,500 11.18 309,318 4.50 446,793 6.50 
Tier 1 Capital (to Average Assets):
Corporation751,271 9.53 315,213 4.00 394,016 5.00 
Bank768,500 9.78 314,367 4.00 392,959 5.00 
At December 31, 2023
Total Capital (to Risk-Weighted Assets):
Corporation$953,889 13.90 %$549,160 8.00 %$686,450 10.00 %
Bank810,449 11.86 546,782 8.00 683,478 10.00 
Tier 1 Capital (to Risk-Weighted Assets):
Corporation726,478 10.58 411,870 6.00 549,160 8.00 
Bank731,799 10.71 410,087 6.00 546,782 8.00 
Tier 1 Common Capital (to Risk-Weighted Assets):
Corporation726,478 10.58 308,903 4.50 446,193 6.50 
Bank731,799 10.71 307,565 4.50 444,260 6.50 
Tier 1 Capital (to Average Assets):
Corporation726,478 9.36 310,520 4.00 388,150 5.00 
Bank731,799 9.45 309,753 4.00 387,191 5.00 
At September 30, 2024 and December 31, 2023, the Corporation and the Bank continued to meet all capital adequacy requirements to which they are subject. At September 30, 2024, the Bank was categorized as "well capitalized" under the
60

regulatory framework for prompt corrective action. There are no conditions or events since that management believes have changed the Bank’s category.

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

Asset/Liability Management

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

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

Liquidity

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

The Corporation and its subsidiaries maintain ample ability to meet the liquidity needs of its customers. Our most liquid asset, unencumbered cash and cash equivalents, were $492.3 million and $241.5 million at September 30, 2024 and December 31, 2023, respectively. Unencumbered securities classified as available-for-sale, which provide additional sources of liquidity, totaled $32.3 million and $23.3 million at September 30, 2024 and December 31, 2023, respectively. Further, the Corporation and its subsidiaries had committed borrowing capacity from the Federal Home Loan Bank and Federal Reserve Bank of $3.6 billion and $3.4 billion at September 30, 2024 and December 31, 2023, respectively, of which $1.8 billion and $1.9 billion was available as of September 30, 2024 and December 31, 2023, respectively. The Corporation and its subsidiaries also maintained uncommitted funding sources from correspondent banks of $468.0 million at September 30, 2024 and $369.0 million at December 31, 2023. Future availability under these uncommitted funding sources is subject to the prerogatives of the granting banks and may be withdrawn at will.

61

Sources of Funds

Core 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. 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 September 30, 2024. 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, 2023.

Item 4.    Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Management is responsible for the disclosure controls and procedures of the Corporation. Disclosure controls and procedures are controls and other procedures of an issuer that are designed to ensure that information required to be disclosed by the issuer in the reports that it files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods required by the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be so disclosed by an issuer is accumulated and communicated to the issuer’s management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. As of the end of the period covered by this report, an evaluation was performed under the supervision and with the participation of the Corporation’s management, including the Chief Executive Officer (Principal Executive Officer) and Chief Financial Officer (Principal Financial and Accounting Officer), of the effectiveness of the design and operation of the Corporation’s disclosure controls and procedures. Based on that evaluation, the Corporation’s Chief Executive Officer and Chief Financial Officer concluded that the disclosure controls and procedures were effective as of September 30, 2024.

Changes in Internal Control over Financial Reporting

There were no changes in the Corporation's internal control over financial reporting (as defined in Rule 13a-15(f)) during the quarter ended September 30, 2024 that materially affected, or are reasonably likely to materially affect, the Corporation’s internal control over financial reporting.
62


PART II. OTHER INFORMATION
 
Item 1.    Legal Proceedings

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

Item 1A. Risk Factors

There have been no material changes in risk factors applicable to the Corporation from those disclosed in "Risk Factors" in Item 1A of the Corporation's Annual Report on Form 10-K for the year ended December 31, 2023.


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

The following table provides information on repurchases by the Corporation of its common stock under the Corporation's Board approved program.
ISSUER PURCHASES OF EQUITY SECURITIES
PeriodTotal Number
of Shares
Purchased
Average
Price Paid
per Share 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
July 1 – 31, 202421,603 $22.95 21,603 674,771 
August 1 – 31, 202473,411 26.72 73,411 601,360 
September 1 – 30, 202461,714 28.08 61,714 539,646 
Total156,728 $26.74 156,728 
1.Average price paid per share includes stock repurchase excise tax.

On October 26, 2022, the Corporation's Board of Directors approved the repurchase of 1,000,000 shares, or approximately 3.4% of the Corporation's common stock outstanding as of September 30, 2022. On October 23, 2024, the Corporation's Board of Directors approved the repurchase of an additional 1,000,000 shares, or approximately 3.4% of the Corporation's common stock outstanding as of September 30, 2024. The stock repurchase plans do not include normal treasury activity such as purchases to fund the dividend reinvestment, employee stock purchase and equity compensation plans. The stock repurchase plan has no scheduled expiration date, and the Board of Directors has the right to suspend or discontinue the plan at any time.

In addition to the repurchases disclosed above, participants in the Corporation's stock-based incentive plans may have shares withheld to cover income taxes upon the vesting of restricted stock awards and may use a stock swap to exercise stock options. Shares withheld to cover income taxes upon the vesting of restricted stock awards and stock swaps to exercise stock options are repurchased pursuant to the terms of the applicable plan and not under the Corporation's share repurchase program. Shares repurchased pursuant to these plans during the three months ended September 30, 2024 were as follows:

PeriodTotal Number of Shares PurchasedAverage Price Paid per Share
July 1 – 31, 2024— $— 
August 1 – 31, 2024— — 
September 1 – 30, 2024— — 
Total— $— 

Item 3.    Defaults Upon Senior Securities
None.

Item 4.    Mine Safety Disclosures
63

Not Applicable.

 Item 5.    Other Information
Securities Trading Plans of Directors and Executive Officers
During the three months ended September 30, 2024, 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."
64

Item 6.    Exhibits
 
a.Exhibits
Exhibit 3.1
Exhibit 3.2
Exhibit 31.1
Exhibit 31.2
Exhibit 32.1
Exhibit 32.2
Exhibit 101
The following financial statements from the Corporation's Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, formatted in Inline XBRL: (i) Condensed Consolidated Balance Sheets, (ii) Condensed Consolidated Statements of Income, (iii) Condensed Consolidated Statements of Comprehensive Income, (iv) Condensed Consolidated Statements of Changes in Shareholders' Equity, (v) Condensed Consolidated Statements of Cash Flows, and (vi) Notes to the Condensed Unaudited Consolidated Financial Statements, tagged as blocks of text and including detailed tags.
Exhibit 104
The cover page from the Corporation's Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, formatted in Inline XBRL.

65

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
Univest Financial Corporation
(Registrant)
Date: October 29, 2024/s/ Jeffrey M. Schweitzer
Jeffrey M. Schweitzer
Chairman, President and Chief Executive Officer
(Principal Executive Officer)
Date: October 29, 2024/s/ Brian J. Richardson
Brian J. Richardson
Senior Executive Vice President and Chief Financial Officer
(Principal Financial and Accounting Officer)

66