Company: UVSP
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000102212-25-000006
Chunk: 60

Company: UNIVEST FINANCIAL Corp
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 60
---
 events. The redemption price for any redemption is 100% of the principal amount of the subordinated notes being redeemed, plus accrued and unpaid interest thereon to, but excluding, the date of redemption. Any redemption of the subordinated notes will be subject to the receipt of the approval of the Board of Governors of the Federal Reserve System to the extent then required under applicable laws or regulations.Subordinated notes qualify as Tier 2 capital for regulatory capital purposes for the first five years of the notes' terms. The Tier 2 capital benefit is phased out at 20% per year after the fifth year (from years six to ten) and have no benefit in the tenth year.

91

Note 11.     Accrued Interest Payable and Other Liabilities

The following table provides the details of accrued interest payable and other liabilities:At December 31,(Dollars in thousands)20242023Accrued compensation costs$17,115 $12,424 Retirement plans2,245 2,475 Accrued interest payable  26,160 16,966 Accrued expenses and other payables5,999 5,772 Other reserves4,904 4,458 Contingent consideration liability635 1,224 Other liabilities fair value of derivative financial instruments 67 6,393 Accounts payable5,230 11,759 Other2,575 4,250 Total accrued interest payable and other liabilities $64,930 $65,721 

 Note 12.     Income Taxes

The provision for federal and state income taxes included in the accompanying consolidated statement of income consists of the following:For the Years Ended December 31,(Dollars in thousands)202420232022Current:Federal$18,535 $16,775 $18,188 State2,105 1,520 1,447 Deferred:Federal(1,048)(609)(458)State(223)(101)(87)$19,369 $17,585 $19,090 The provision for income taxes differs from the expected statutory provision as follows:For the Years Ended December 31,202420232022Expected provision at statutory rate21.0 %21.0 %21.0 %Difference resulting from:Tax exempt interest income, net of disallowance(1.8)(1.9)(1.7)Increase in value of bank owned life insurance assets(0.8)(0