Company: UVSP
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000102212-25-000006
Chunk: 78

Company: UNIVEST FINANCIAL Corp
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 78
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 liability$1,224 $635 $46 $635  For the Year Ended December 31, 2023(Dollars in thousands)Balance atDecember 31,2022Payment ofContingentConsiderationAdjustmentof ContingentConsiderationBalance at December 31, 2023Paul I. Sheaffer Insurance Agency1,765 635 94 1,224 Total contingent consideration liability$1,765 $635 $94 $1,224 The Corporation may be required to periodically measure certain assets and liabilities at fair value on a non-recurring basis in accordance with GAAP. These adjustments to fair value usually result from the application of lower of cost or market accounting or changes in the value of individual assets. The following table represents assets measured at fair value on a non-recurring basis at December 31, 2024 and 2023: At December 31, 2024(Dollars in thousands)Level 1Level 2Level 3Assets atFair ValueIndividually analyzed loans held for investment$— $— $10,111 $10,111 Other real estate owned— — 20,141 20,141 Repossessed assets— — 76 76 Total$— $— $30,328 $30,328  At December 31, 2023(Dollars in thousands)Level 1Level 2Level 3Assets atFair ValueIndividually analyzed loans held for investment$— $— $18,960 $18,960 Other real estate owned— — 19,032 19,032 Total$— $— $37,992 $37,992 

105

The following table presents assets and liabilities not measured at fair value on a recurring or non-recurring basis in the Corporation's consolidated balance sheet but for which the fair value is required to be disclosed at December 31, 2024 and 2023. The disclosed fair values are classified using the fair value hierarchy. At December 31, 2024(Dollars in thousands)Level 1Level 2Level 3FairValueCarryingAmountAssets:Cash and short-term interest-earning assets$328,844 $— $— $328,844 $328,844 Held-to-maturity securities— 115,007 — 115,007