Company: UVSP
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000102212-25-000006
Chunk: 71

Company: UNIVEST FINANCIAL Corp
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 71
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 and remaining maturities ranging from 4 months to 10 years. At December 31, 2024, the fair value of the Corporation's interest rate swap credit derivatives was a liability of $67 thousand. At December 31, 2024, the fair value of the swaps to the customers was a net gain of $56.6 million. At December 31, 2024, the Corporation's credit exposure related to the customer totaled $959 thousand.The maximum potential payments by the Corporation to the third-party financial institution under these credit derivatives are not estimable as they are contingent on future interest rates and the agreements do not provide for a limitation of the maximum potential payment amount.Mortgage Banking DerivativesDerivative loan commitments represent agreements for delayed delivery of financial instruments in which the buyer agrees to purchase, and the seller agrees to deliver, at a specified future date, a specified instrument at a specified price or yield. The Corporation's derivative loan commitments are commitments to sell loans secured by 1- to 4-family residential properties whose predominant risk characteristic is interest rate risk. Derivatives TablesThe following table presents the notional amounts and fair values of derivatives designated as hedging instruments recorded on the consolidated balance sheets at December 31, 2024 and 2023. The Corporation pledges cash or securities to cover the negative fair value of derivative instruments. Cash collateral associated with derivative instruments are not added to or netted against the fair value amounts.  Derivative AssetsDerivative Liabilities(Dollars in thousands)NotionalAmountBalance SheetClassificationFairValueBalance SheetClassificationFairValueAt December 31, 2024Total$— $— $— At December 31, 2023Interest rate swap - cash flow hedge $250,000  $— Other liabilities$5,779 Total$250,000 $— $5,779 The following table presents the notional amounts and fair values of derivatives not designated as hedging instruments recorded on the consolidated balance sheets at December 31, 2024 and 2023:  Derivative AssetsDerivative Liabilities(Dollars in thousands)NotionalAmountBalance SheetClassificationFairValueBalance SheetClassificationFairValueAt December 31, 2024Credit derivatives$860,423  $— Other liabilities$67 Interest rate locks with customers23,291 Other assets214  — Forward loan sale commitments39,944 Other assets