Company: UVSP
Filing Date: 2025-04-29
Form Type: 10-Q
Source: 0000102212-25-000019
Chunk: 118

Company: UNIVEST FINANCIAL Corp
Filing Date: 2025-04-29
Form: 10-Q
Item: Item 8
Chunk 118
---
 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.

29

Mortgage Banking DerivativesDerivative 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 TablesThe Corporation had no derivatives designated as hedging instruments recorded on the condensed consolidated balance sheets at March 31, 2025 or December 31, 2024. The following table presents the notional amounts and fair values of derivatives not designated as hedging instruments recorded on the condensed consolidated balance sheets at March 31, 2025 and December 31, 2024:  Derivative AssetsDerivative Liabilities(Dollars in thousands)NotionalAmountBalance SheetClassificationFairValueBalance SheetClassificationFairValueAt March 31, 2025Credit derivatives$854,844  $— Other liabilities$79 Interest rate locks with customers25,050 Other assets422  — Forward loan sale commitments38,200  — Other liabilities141 Total$918,094 $422 $220 At December 31, 2024Credit derivatives$860,423 $— Other liabilities$67 Interest rate locks with customers23,291 Other assets214  — Forward loan sale commitments39,944 Other assets12  — Total$923,658 $226 $67 The following table presents amounts included in the condensed consolidated statements of income for derivatives designated as hedging instruments for the periods indicated:Statement of IncomeClassificationThree Months EndedMarch 31,(Dollars in thousands)20252024Interest rate swap—cash flow hedge—net interest paymentsInterest expense$— $1,586 Reclassification adjustment included in earnings (1)Interest income(565)— Total net loss$(565)$(1,586)(1) Represents reclassification to earnings as a reduction to interest income of amounts included in accumulated other comprehensive income on the condensed consolidated balance sheet related to the interest rate swap terminated on August 2, 2024.The following table presents amounts included in the condensed