Company: UVSP
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000102212-25-000006
Chunk: 53

Company: UNIVEST FINANCIAL Corp
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 53
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, 20232024N/A$87,101 202591,125 74,002 202676,977 56,525 202756,881 36,944 202832,899 14,945 202912,101 2,565 Thereafter1,964 941 Total future minimum lease payments receivable271,947 273,023 Plus: Unguaranteed residual1,485 1,242 Plus: Initial direct costs3,156 3,403 Less: Imputed interest(31,927)(30,485)Lease financings$244,661 $247,183 

Note 6.     Premises and Equipment

The following table reflects the components of premises, equipment and computer software:At December 31,(Dollars in thousands)20242023Land and land improvements$11,487 $11,820 Premises and improvements50,277 51,515 Furniture, equipment and computer software33,809 37,423 Total cost95,573 100,758 Less: accumulated depreciation(48,902)(49,317)Net book value$46,671 $51,441 

Note 7.     Goodwill and Other Intangible Assets

The Corporation has goodwill from acquisitions which is deemed to be an indefinite intangible asset and is not amortized. In accordance with ASC Topic 350, goodwill is tested at least annually for impairment at the reporting unit level. The Corporation performs an annual test of goodwill for impairment during the fourth quarter of each year. The Corporation concluded there was no impairment of goodwill during 2022 through 2024.

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Changes in the carrying amount of the Corporation's goodwill by business segment for the years ended December 31, 2024 and 2023 were as follows:(Dollars in thousands)BankingWealth ManagementInsuranceConsolidatedBalance at December 31, 2022$138,476 $15,434 $21,600 $175,510 Addition to goodwill from acquisitions— — — — Balance at December 31, 2023138,476 15,434 21,600 175,510 Addition to goodwill from acquisitions— — — — Balance at December 31, 2024$138,476 $15,434 $21,600 $175,510 The Corporation also has core deposit and