Company: UVSP
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000102212-25-000006
Chunk: 54

Company: UNIVEST FINANCIAL Corp
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 54
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 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 Corporation also performs an annual test of core deposit and customer-related intangibles for impairment during the fourth quarter of each year. The Corporation concluded there was no impairment of core deposit and customer-related intangibles during 2022 through 2024.The amortization of core deposit and customer-related intangibles for the years ended December 31, 2024, 2023 and 2022 was $648 thousand, $845 thousand and $1.2 million, respectively.  The following table reflects the components of intangible assets at the dates indicated:At December 31, 2024At December 31, 2023(Dollars in thousands)Gross Carrying AmountAccumulated Amortization (1)Net Carrying AmountGross Carrying AmountAccumulated Amortization (1)Net Carrying AmountAmortized intangible assets:Core deposit intangibles$6,788 $6,597 $191 $6,788 $6,329 $459 Customer-related intangibles2,476 1,348 1,128 4,162 2,653 1,509 Servicing rights12,274 5,284 6,990 30,850 21,868 8,982 Total amortized intangible assets$21,538 $13,229 $8,309 $41,800 $30,850 $10,950 (1) Included within accumulated amortization is a valuation allowance of $7 thousand and $98 thousand on servicing rights at December 31, 2024 and 2023, respectively.The estimated aggregate amortization expense for core deposit and customer-related intangibles for each of the five succeeding fiscal years and thereafter follows:                         Year(Dollars in thousands)Amount2025$469 2026318 2027216 2028161 2029105 Thereafter50 Total$1,319 The aggregate fair value of servicing rights was $12.7 million and $17.7 million at December 31, 2024 and 2023, respectively. The fair value of these rights was determined using a discount rate of 11.0% at December 31, 2024 and 12.3% at December