Company: UVSP
Filing Date: 2025-04-29
Form Type: 10-Q
Source: 0000102212-25-000019
Chunk: 148

Company: UNIVEST FINANCIAL Corp
Filing Date: 2025-04-29
Form: 10-Q
Item: Item 8
Chunk 148
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31, 2025 or 2024. There can be no assurance that future impairment assessments or tests will not result in a charge to earnings.

Liabilities

The following table presents liabilities at the dates indicated:

(Dollars in thousands)At March 31, 2025At December 31, 2024ChangeAmountPercentDeposits$6,658,498 $6,759,259 $(100,761)(1.5 %)Short-term borrowings4,031 11,181 (7,150)(63.9)Long-term debt175,000 225,000 (50,000)(22.2)Subordinated notes149,386 149,261 125 0.1 Operating lease liabilities30,062 31,485 (1,423)(4.5)Accrued interest payable and other liabilities54,718 64,930 (10,212)(15.7)Total liabilities$7,071,695 $7,241,116 $(169,421)(2.3 %)

Deposits

Total deposits decreased $100.8 million, or 1.5%, from December 31, 2024, primarily due to seasonal declines in public funds deposits and decreases in commercial and consumer deposits, partially offset by an increase in brokered deposits. At March 31, 2025, noninterest bearing deposits totaling $1.4 billion represented 21.5% of total deposits compared to $1.4 billion representing 20.9% of total deposits at December 31, 2024. At March 31, 2025 and December 31, 2024, unprotected deposits, which excludes insured, internal, and collateralized deposit accounts, totaled $1.5 billion, which represented 21.9% and 22.0% of total deposits at the respective periods.

Borrowings

Total borrowings decreased $57.0 million, or 14.8%, from December 31, 2024, primarily due to maturities of long-term FHLB advances totaling $50.0 million. These borrowings were replaced with brokered deposits during the quarter. Additionally, customer repurchase agreements decreased $7.2 million from December 31, 2024.

Other Liabilities

Other liabilities decreased $10.2 million, or 15.7%, from December 31, 2024, primarily due to the payment of previously accrued annual