Company: UVSP
Filing Date: 2025-04-29
Form Type: 10-Q
Source: 0000102212-25-000019
Chunk: 39

Company: UNIVEST FINANCIAL Corp
Filing Date: 2025-04-29
Form: 10-Q
Item: Item 1
Chunk 39
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 not designated as hedging instruments recorded on the condensed consolidated balance sheets at March 31, 2025 and December 31, 2024:  Derivative AssetsDerivative Liabilities(Dollars in thousands)NotionalAmountBalance SheetClassificationFairValueBalance SheetClassificationFairValueAt March 31, 2025Credit derivatives$854,844  $— Other liabilities$79 Interest rate locks with customers25,050 Other assets422  — Forward loan sale commitments38,200  — Other liabilities141 Total$918,094 $422 $220 At December 31, 2024Credit derivatives$860,423 $— Other liabilities$67 Interest rate locks with customers23,291 Other assets214  — Forward loan sale commitments39,944 Other assets12  — Total$923,658 $226 $67 The following table presents amounts included in the condensed consolidated statements of income for derivatives designated as hedging instruments for the periods indicated:Statement of IncomeClassificationThree Months EndedMarch 31,(Dollars in thousands)20252024Interest rate swap—cash flow hedge—net interest paymentsInterest expense$— $1,586 Reclassification adjustment included in earnings (1)Interest income(565)— Total net loss$(565)$(1,586)(1) Represents reclassification to earnings as a reduction to interest income of amounts included in accumulated other comprehensive income on the condensed consolidated balance sheet related to the interest rate swap terminated on August 2, 2024.The following table presents amounts included in the condensed consolidated statements of income for derivatives not designated as hedging instruments for the periods indicated:Statement of Income ClassificationThree Months EndedMarch 31,(Dollars in thousands)20252024Credit derivativesOther noninterest income$18 $227 Interest rate locks with customersNet gain (loss) on mortgage banking activities208 (206)Forward loan sale commitmentsNet (loss) gain on mortgage banking activities(153)381 Total net gain$73 $402 

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The following table presents amounts included in accumulated other comprehensive (loss) income for derivatives designated as hedging instruments at March 31, 2025 and December 31, 2024:(Dollars in thousands)Accumulated Other Comprehensive (Loss) IncomeAt March 31, 2025At December 31, 2024Interest rate swap—