Company: UVSP
Filing Date: 2025-07-29
Form Type: 10-Q
Source: 0001628280-25-036392
Chunk: 198

Company: UNIVEST FINANCIAL Corp
Filing Date: 2025-07-29
Form: 10-Q
Item: Item 2
Chunk 198
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5 and 2024, respectively, resulting in effective tax rates of 19.4% and 20.2% for the respective periods. The effective tax rates for the three and six months ended June 30, 2025 and 2024 reflects the benefits of tax-exempt income from investments in municipal securities and loans and leases. Additionally, the effective tax rates for the six months ended June 30, 2025 and 2024 were favorably impacted from the proceeds of BOLI death benefits. Excluding the impact of BOLI death benefits, the effective tax rates were 19.8% and 20.3% for the six months ended June 30, 2025 and 2024, respectively.

53

Financial Condition

Assets

The following table presents assets at the dates indicated:

 At June 30, 2025At December 31, 2024Change(Dollars in thousands)AmountPercentCash, interest-earning deposits and federal funds sold$160,365 $328,844 $(168,479)(51.2)%Investment securities496,677 493,978 2,699 0.5 Federal Home Loan Bank, Federal Reserve Bank and other stock, at cost36,482 38,980 (2,498)(6.4)Loans held for sale17,774 16,653 1,121 6.7 Loans and leases held for investment6,801,185 6,826,583 (25,398)(0.4)Allowance for credit losses, loans and leases(86,989)(87,091)102 (0.1)Premises and equipment, net47,140 46,671 469 1.0 Operating lease right-of-use assets27,278 28,531 (1,253)(4.4)Goodwill and other intangibles, net183,477 183,819 (342)(0.2)Bank owned life insurance140,086 139,351 735 0.5 Accrued interest receivable and other assets115,581 112,098 3,483 3.1         Total assets$7,939,056 $8,128,417 $(189,361)(2.3)%

Cash and Interest-Earning Deposits

Cash and interest-earning deposits decreased $168.5 million, or 51.2