Company: UVSP
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000102212-25-000006
Chunk: 161

Company: UNIVEST FINANCIAL Corp
Filing Date: 2025-02-24
Form: 10-K
Item: Item 7
Chunk 161
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2 quarters across all poolsReversion period(1,200)If the reversion period was decreased by 2 quarters across all pools

Readers of the Corporation’s financial statements should be aware that the estimates and assumptions used in the Corporation’s current financial statements may need to be updated in future financial presentations for changes in circumstances, business or economic conditions in order to fairly represent the condition of the Corporation at that time.

General

The Corporation earns revenues primarily from the margins and fees generated from lending and depository services as well as fee-based income from trust, insurance, mortgage banking, treasury management and investment services. The Corporation seeks to achieve adequate and reliable earnings through business growth while maintaining adequate levels of capital and liquidity and limiting exposure to credit and interest rate risk.

30

Selected Financial Data

As of or For the Years Ended December 31,(Dollars in thousands, except per share data)20242023202220212020Results of OperationsInterest income$412,355 $371,730 $252,193 $209,731 $203,945 Interest expense201,185 151,733 33,896 21,348 29,584 Net interest income211,170 219,997 218,297 188,383 174,361 Provision (reversal of provision) for credit losses5,933 10,770 12,198 (10,132)40,794 Net interest income after provision for credit losses 205,237 209,227 206,099 198,515 133,567 Noninterest income88,055 76,824 77,885 83,224 78,328 Noninterest expense197,992 197,362 186,774 167,409 154,998 Net income before income taxes95,300 88,689 97,210 114,330 56,897 Income taxes19,369 17,585 19,090 22,529 9,981 Net income$75,931 $71,104 $78,120 $91,801 $46,916 Financial Condition at Year EndCash and cash equivalents$328,844 $249,799 $152,799 $890,150 $219,858 Investment securities, net of allowance for credit losses493,978 500,623 507,562 496,989 373,176 Net loans and