Company: UVSP
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000102212-25-000006
Chunk: 30

Company: UNIVEST FINANCIAL Corp
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 30
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Note 3.     Restrictions on Cash and Due from Banks and Interest-earning Deposit Accounts

The average balances of cash on deposit at the Federal Reserve Bank of Philadelphia were $207.8 million and $115.3 million for the years ended December 31, 2024 and 2023, respectively. There were no reserve requirements at December 31, 2024 or 2023.  

The Corporation maintains interest-earning deposit accounts at other financial institutions that may represent collateral requirements for credit derivatives and interest rate swap agreements. At December 31, 2023, the Corporation pledged $5.8 million of cash to secure a $250 million cash flow hedge. The Corporation terminated the cash flow hedge in the third quarter of 2024. At December 31, 2024 and 2023, the Corporation had $1.0 million and $2.5 million of cash pledged for credit derivatives, respectively. See Note 18, "Derivative Instruments and Hedging Activities" for additional information. 

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Note 4.     Investment Securities 

The following tables show the amortized cost, the estimated fair value and the allowance for credit losses of the held-to-maturity securities and available-for-sale securities at December 31, 2024 and 2023, by contractual maturity within each type: At December 31, 2024(Dollars in thousands)AmortizedCostGrossUnrealizedGainsGrossUnrealizedLossesAllowance for Credit LossesFair ValueSecurities Held-to-MaturityResidential mortgage-backed securities:After 1 year to 5 years$1,114 $— $(24)$— $1,090 After 5 years to 10 years10,208 — (450)— 9,758 Over 10 years122,789 — (18,630)— 104,159 134,111 — (19,104)— 115,007 Total$134,111 $— $(19,104)$— $115,007 Securities Available-for-SaleState and political subdivisions:Within 1 year$1,300 $— $(5)$— $1,295 1,300 — (5)— 1,295 Residential mortgage-backed securities:Within 1 year20 — — — 20 After 1 year to 5 years298 — (