Company: UVSP
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000102212-25-000006
Chunk: 184

Company: UNIVEST FINANCIAL Corp
Filing Date: 2025-02-24
Form: 10-K
Item: Item 7
Chunk 184
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.7 4.0 6,543 7.7 6.0 Real estate-residential secured for business purpose7,491 8.6 7.9 8,692 10.2 7.9 Real estate-residential secured for personal purpose7,222 8.3 14.6 6,349 7.4 13.8 Real estate-home equity secured for personal purpose1,706 2.0 2.7 1,289 1.5 2.7 Loans to individuals342 0.4 0.3 392 0.5 0.4 Lease financings2,460 2.8 3.6 2,574 3.0 3.8 Total$87,091 100.0 %100.0 %$85,387 100.0 %100.0 %

At December 31, 2024, the allowance for credit losses on individually analyzed loans was $1.9 million, or 16.1% of the balance of individually analyzed loans of $12.1 million. At December 31, 2023, the allowance for credit losses on individually analyzed loans was $1.8 million, or 8.6% of the balance of individually analyzed loans of $20.7 million.

Goodwill and Other Intangible Assets

Goodwill and other intangible assets have been recorded on the books of the Corporation in connection with acquisitions. There was no impairment of goodwill or identifiable intangibles recorded during 2022 through 2024. There can be no assurance that future impairment assessments or tests will not result in a charge to earnings.

Bank Owned Life Insurance

The Bank purchases bank owned life insurance to protect itself against the loss of key employees due to death and to offset 

43

or finance the Corporation's future costs and obligations to employees under its benefits plans. Bank owned life insurance increased $8.0 million, or 6.1%, from December 31, 2023, primarily due to $5.7 million of policies purchased during the first quarter of 2024. 

LIABILITIES 

The following table presents liabilities at the dates indicated:

At December 31,(Dollars in thousands)20242023$ Change% ChangeDeposits$6,759,259 $6,375,781 $383,478 6.0 %Short-term