Company: UVSP
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000102212-25-000006
Chunk: 88

Company: UNIVEST FINANCIAL Corp
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 88
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 Related Parties:(Dollars in thousands)At December 31, 2024Commitments to extend credit$130 Deposits received627 

110

Note 23.     Segment Reporting

At December 31, 2024, the Corporation had three reportable business segments, Banking, Wealth Management and Insurance, which were determined by the Chief Executive Officer ("CEO"), who is the designated Chief Operating Decision Maker ("CODM") of the Corporation. The CEO determines the segments based primarily upon product and service offerings, through the types of income generated and the regulatory environment. The CEO is responsible for allocating resources and assessing the performance of the Corporation based on each reportable business segment, and regularly receives information from the reportable segment managers. These segments represent how the Corporation strategically operates and has positioned itself in the marketplace. The parent holding company and intercompany eliminations are included in the "Other" segment. The accounting policies of the reportable segments are the same as those described in Note 1. Summary of Significant Accounting Policies.Each segment generates revenue from a variety of products and services it provides. Examples of products and services provided for each reportable segment are indicated as follows: ●The Banking segment provides financial services to individuals, businesses, municipalities and non-profit organizations. These services include a full range of banking services such as deposit taking, loan origination and servicing, mortgage banking, other general banking services and equipment lease financing.●The Wealth Management segment offers investment advisory, financial planning and trust and brokerage services. The Wealth Management segment serves a diverse client base of private families and individuals, municipal pension plans, retirement plans, trusts and guardianships.●The Insurance segment includes a full-service insurance brokerage agency offering commercial property and casualty insurance, employee benefit solutions, personal insurance lines and human resources consulting.Each reportable segment manager receives a monthly management report containing current-month and year-to-date actual and budgeted income statement data, which reflects the segments interest income, interest expense, provision for credit losses, noninterest income, noninterest expense, and income before taxes. Income before taxes is the most important measurement used by the segment managers, Chief Operating Officer, Chief Financial Officer and CEO to assess performance of the segments and the Corporation as a whole.The monthly management reports and results are regularly reviewed by the segment managers and the CEO. In addition, the CEO regularly meets with the segment managers to discuss operating results, forecasts and business issues. The CEO uses total revenue and noninterest expense for each segment predominantly in the annual budget and forecasting process. The