Company: UVSP
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000102212-25-000006
Chunk: 179

Company: UNIVEST FINANCIAL Corp
Filing Date: 2025-02-24
Form: 10-K
Item: Item 7
Chunk 179
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132,248 $58,595 Loans and leases with variable or floating interest rates:Commercial, financial and agricultural$802,979 $694,980 $87,110 $20,889 $— Real estate-commercial2,087,791 1,201,642 874,783 11,366 — Real estate-construction208,974 130,256 23,209 55,509 — Real estate-residential secured for business purpose322,360 65,000 256,148 1,212 — Real estate-residential secured for personal purpose934,636 26,911 104,111 803,614 — Real estate-home equity secured for personal purpose179,511 178,865 646 — — Loans to individuals11,527 11,379 34 83 31 Loans with variable or floating interest rates$4,547,778 $2,309,033 $1,346,041 $892,673 $31 Total gross loans and leases held for investment$6,826,583 $2,655,743 $3,087,293 $1,024,921 $58,626 

Asset Quality

The Bank's strategy for credit risk management focuses on having well-defined credit policies and uniform underwriting criteria and providing prompt attention to potential problem loans and leases. Performance of the loan and lease portfolio is monitored on a regular basis by Bank management and lending officers.

Nonaccrual loans and leases are loans or leases for which it is probable that not all principal and interest payments due will be collectible in accordance with the original contractual terms. Factors considered by management in determining accrual status include payment status, borrower cash flows, collateral value and the probability of collecting scheduled principal and interest payments when due.

At December 31, 2024, nonaccrual loans and leases were $12.7 million and had a related allowance for credit losses on loans and leases of $1.9 million. At December 31, 2023, nonaccrual loans and leases were $20.5 million and had a related allowance for credit losses on loans and leases of $1.8 million. During the year, two nonaccrual modified construction loans to one borrower totaling $6.1 million were paid-off. At December 31, 2023, these loans had an individual reserve of $