Company: UVSP
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000102212-25-000006
Chunk: 55

Company: UNIVEST FINANCIAL Corp
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 55
---
31, 2023. The change in the fair value of servicing rights from December 31, 2023 was primarily related to the sale of servicing rights associated with $591.1 million of serviced loans in the first quarter of 2024.

87

Changes in the servicing rights balance are summarized as follows: For the Years Ended December 31,(Dollars in thousands)202420232022Beginning of period$8,982 $8,572 $7,878 Servicing rights capitalized2,724 1,946 2,344 Amortization of servicing rights(1,341)(1,443)(1,658)Sold servicing rights(3,466)— — Changes in valuation allowance91 (93)8 End of period$6,990 $8,982 $8,572 Loans serviced for others$1,032,011 $1,630,032 $1,503,149 The change in loans serviced for others from December 31, 2023 was primarily related to the sale of mortgage servicing rights associated with $591.1 million of serviced loans in the first quarter of 2024.Activity in the valuation allowance for servicing rights are summarized as follows: For the Years Ended December 31,(Dollars in thousands)202420232022Valuation allowance, beginning of period$(98)$(5)$(13)Additions— (93)— Reductions91 — 8 Valuation allowance, end of period$(7)$(98)$(5)The estimated amortization expense of servicing rights for each of the five succeeding fiscal years and thereafter is as follows:                     Year(Dollars in thousand)Amount2025$972 2026847 2027738 2028643 2029562 Thereafter3,228 Total$6,990 

Note 8.     Accrued Interest Receivable and Other Assets

The following table provides the details of accrued interest receivable and other assets:At December 31,(Dollars in thousands)20242023Other real estate owned and repossessed assets$20,217 $19,032 Accrued interest receivable28,651 27,872 Accrued income and other receivables7,384 4,534 Retirement plans10,154 3,409 Fair market value of derivative financial instruments226 717 Other prepaid expenses12