Company: UVSP
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000102212-25-000006
Chunk: 4

Company: UNIVEST FINANCIAL Corp
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 4
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 documentation and through comparisons against Company specific metrics and applicable industry and regulatory practices

•determining whether loans are pooled by similar risk characteristics by comparing to the Company's business and environment and relevant industry practices.

We also assessed the sufficiency of the audit evidence obtained related to the collective ACL estimate by evaluating the:

•cumulative results of the audit procedures

•qualitative aspects of the Company's accounting practices

•potential bias in the accounting estimate.

We have served as the Company's auditor since 2004.

Philadelphia, Pennsylvania

February 24, 2025 

53

UNIVEST FINANCIAL CORPORATION

CONSOLIDATED BALANCE SHEETSAt December 31,(Dollars in thousands, except share data)20242023ASSETSCash and due from banks$75,998 $72,815 Interest-earning deposits with other banks252,846 176,984 Cash and cash equivalents328,844 249,799 Investment securities held-to-maturity (fair value $115,007 and $128,277 at December 31, 2024 and 2023, respectively)134,111 145,777 Investment securities available-for-sale (amortized cost $402,651 and $395,727, net of allowance for credit losses of $839 and $731 at December 31, 2024 and 2023, respectively)357,361 351,553 Investments in equity securities2,506 3,293 Federal Home Loan Bank, Federal Reserve Bank and other stock, at cost38,980 40,499 Loans held for sale16,653 11,637 Loans and leases held for investment6,826,583 6,567,214 Less: Allowance for credit losses, loans and leases(87,091)(85,387)Net loans and leases held for investment6,739,492 6,481,827 Premises and equipment, net46,671 51,441 Operating lease right-of-use asset28,531 31,795 Goodwill175,510 175,510 Other intangibles, net of accumulated amortization8,309 10,950 Bank owned life insurance139,351 131,344 Accrued interest receivable and other assets112,098 95,203 Total assets$8,128,417 $7,780,628 LIABILITIESNoninterest-bearing deposits$1,414,