Company: UVSP
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000102212-25-000006
Chunk: 176

Company: UNIVEST FINANCIAL Corp
Filing Date: 2025-02-24
Form: 10-K
Item: Item 7
Chunk 176
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 December 31,(Dollars in thousands)20242023$ Change% ChangeCash and cash equivalents$328,844 $249,799 $79,045 31.6 %Investment securities, net of allowance for credit losses 493,978 500,623 (6,645)(1.3)Federal Home Loan Bank, Federal Reserve Bank and other stock, at cost38,980 40,499 (1,519)(3.8)Loans held for sale16,653 11,637 5,016 43.1 Loans and leases held for investment6,826,583 6,567,214 259,369 3.9 Allowance for credit losses, loans and leases(87,091)(85,387)(1,704)2.0 Premises and equipment, net46,671 51,441 (4,770)(9.3)Operating lease right-of-use asset28,531 31,795 (3,264)(10.3)Goodwill and other intangibles, net183,819 186,460 (2,641)(1.4)Bank owned life insurance139,351 131,344 8,007 6.1 Accrued interest receivable and other assets112,098 95,203 16,895 17.7 Total assets$8,128,417 $7,780,628 $347,789 4.5 %

Cash and Interest-Earning Deposits

Cash and interest-earning deposits increased $79.0 million, or 31.6%, from December 31, 2023, primarily due to increased interest-earning deposits at the Federal Reserve Bank of $82.5 million due to increases in deposits outpacing loan growth, partially offset by the repayment of long-term debt.

38

 Investment Securities

Total investment securities at December 31, 2024 decreased $6.6 million, or 1.3%, from December 31, 2023. Maturities and pay-downs of $69.8 million, sales of $5.4 million net amortization of purchased premiums and discounts of $1.1 million, decreases in the fair value of available-for-sale investment securities of $1.0 million and a provision for credit losses of $108 thousand were partially offset by purchases of $70.7 million, which were primarily residential mortgage-backed