Company: UVSP
Filing Date: 2025-04-29
Form Type: 10-Q
Source: 0000102212-25-000019
Chunk: 174

Company: UNIVEST FINANCIAL Corp
Filing Date: 2025-04-29
Form: 10-Q
Item: Item 2
Chunk 174
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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 incentive compensation.

Shareholders’ Equity

The following table presents total shareholders’ equity at the dates indicated:

(Dollars in thousands)At March 31, 2025At December 31, 2024ChangeAmountPercentCommon stock$157,784 $157,784 $— — %Additional paid-in capital300,634 302,829 (2,195)(0.7)Retained earnings541,776 525,780 15,996 3.0 Accumulated other comprehensive loss(37,922)(43,992)6,070 (13.8)Treasury stock(58,800)(55,100)(3,700)6.7 Total shareholders’ equity$903,472 $887,301 $16,171 1.8 %

Total shareholders' equity increased $16.2 million, or 1.8%, from December 31, 2024. Retained earnings at March 31, 2025 increased by $16.0 million primarily due to net income of $22.4 million offset by $6.1 million in cash dividends paid during the three months ended March 31, 2025. Accumulated other comprehensive loss decreased by $6.1 million, which was primarily attributable to increases in the fair value of available-for-sale investment securities of $5.6 million, net of tax. Treasury stock increased $3.7 million from December 31, 2024, related to repurchases of 221,760 shares at a cost of $6.5 million, offset by 

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$2.8 million of stock issued under the dividend reinvestment and employee stock purchase plans and stock-based incentive plan activity. 

Discussion of Segments

The Corporation has three operating segments: Banking, Wealth Management and Insurance. Detailed