Company: UVSP
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000102212-25-000006
Chunk: 62

Company: UNIVEST FINANCIAL Corp
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 62
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 has a state net operating loss carry-forward of $108.7 million which will begin to expire in 2025 if not utilized. A valuation allowance at December 31, 2024 and 2023 was attributable to deferred tax assets generated in certain state jurisdictions for which management believes it is more likely than not that such deferred tax assets will not be realized. Other than the valuation allowance on certain state deferred tax assets, management has determined that no additional valuation allowance is necessary for deferred tax assets because it is more likely than not that these assets will be realized through future reversals of existing temporary differences and through future taxable income. The Corporation will continue to review the criteria related to the recognition of deferred tax assets on a regular basis.The assets and liabilities giving rise to the Corporation's deferred tax assets and liabilities are as follows:At December 31,(Dollars in thousands)20242023Deferred tax assets:Allowance for credit losses, loans and leases$19,447 $18,838 Deferred compensation1,693 1,795 Actuarial adjustments on retirement benefits*1,715 3,126 State net operating losses4,285 3,778 Other-than-temporary impairments on equity securities— 99 Net unrealized holding losses on securities available-for-sale and swaps*9,984 10,342 Lease liability7,029 7,687 Other deferred tax assets2,775 2,577 Gross deferred tax assets46,928 48,242 Valuation allowance(3,959)(3,527)Total deferred tax assets, net of valuation allowance42,969 44,715 Deferred tax liabilities:Mortgage servicing rights1,350 1,885 Retirement plans4,768 4,719 Deferred loan fees and costs1,549 1,539 Acquisition-related fair value adjustments554 779 Intangible assets4,843 4,349 Depreciation1,123 1,534 Right of use asset6,369 7,013 Other deferred tax liabilities1,118 1,104 Total deferred tax liabilities21,674 22,922 Net deferred tax assets$21,295 $21,793 *Represents the amount of deferred taxes recorded in accumulated other comprehensive income.

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Note 13.     Retirement Plans and Other Postretirement Benefits

Information with respect to the Retirement Plans and Other Postretirement Benefits follows:Retirement PlansOther Post