Company: UVSP
Filing Date: 2025-04-29
Form Type: 10-Q
Source: 0000102212-25-000019
Chunk: 111

Company: UNIVEST FINANCIAL Corp
Filing Date: 2025-04-29
Form: 10-Q
Item: Item 8
Chunk 111
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Servicing rights12,421 5,549 6,872 12,274 5,284 6,990 Total amortized intangible assets$20,165 $12,104 $8,061 $21,538 $13,229 $8,309 (1) Included within accumulated amortization is a valuation allowance of $26 thousand and $7 thousand on servicing rights at March 31, 2025 and December 31, 2024, respectively.

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The estimated aggregate amortization expense for core deposit and customer-related intangibles for the remainder of 2025 and the succeeding fiscal years is as follows:Year(Dollars in thousands)AmountRemainder of 2025$339 2026318 2027216 2028161 2029105 Thereafter50 Total$1,189 The aggregate fair value of servicing rights was $11.4 million and $12.7 million at March 31, 2025 and December 31, 2024, respectively. The fair value of these rights was determined using a discount rate of 11.1% and 11.0% at March 31, 2025 and December 31, 2024, respectively. Changes in the servicing rights balance are summarized as follows: Three Months Ended March 31,(Dollars in thousands)20252024Beginning of period$6,990 $8,982 Servicing rights capitalized283 426 Amortization of servicing rights(382)(341)Sold servicing rights— (3,466)Changes in valuation allowance(19)80 End of period$6,872 $5,681 Loans serviced for others$1,037,090 $1,480,074 The change in loans serviced for others for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 was primarily related to the sale of mortgage servicing rights associated with $591.1 million of serviced loans in the first quarter of 2024. Activity in the valuation allowance for servicing rights was as follows: Three Months Ended March 31,(Dollars in thousands)20252024Valuation allowance, beginning of period$(7)$(98)Additions(19)— Reductions— 80 Valuation allowance, end of period$(26)$(18)The estimated amortization expense of