Company: UVSP
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000102212-25-000006
Chunk: 65

Company: UNIVEST FINANCIAL Corp
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 65
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 %4.8 %— — The net periodic costs for the years ended December 31, 2024 and 2023 was based on the Pri-2012 White Collar Mortality Table with scale MP-2021 fully generational published by the Society of Actuaries. The discount rate was based on matching the Plan's projected cash flows to the spot rates in FTSE Pension Above Median Double-A Curve as of the disclosure date. Historical investment returns was the basis used to determine the overall expected long-term rate of return on assets. The assumed salary increase rate considers available service years from the valuation date through the participant's normal retirement date.The Corporation's pension plan asset allocation at December 31, 2024 and 2023, by asset category was as follows:Percentage of Plan Assets at December 31,20242023Asset Category:Equity securities60 %64 %Debt securities38 34 Other2 2 Total100 %100 %

95

Plan assets include marketable equity securities, corporate and government debt securities, and certificates of deposit. The investment strategy is to keep a 60% equity to 40% fixed income mix to achieve the overall expected long-term rate of return of 6.5%. Equity securities do not include any common stock of the Corporation.The major categories of assets in the Corporation's pension plan at year-end are presented in the following table. Assets are segregated by the level of the valuation inputs within the fair value hierarchy described in Note 19, "Fair Value Disclosures."Fair Value Measurements at December 31,(Dollars in thousands)20242023Level 1:Mutual funds$35,030 $35,554 Short-term investments1,042 1,208 U.S. treasury bonds1,641 243 Level 2:U.S. government obligations7,427 7,699 Corporate bonds9,855 6,937 Certificates of deposit1,782 2,707 Total fair value of plan assets$56,777 $54,348 The Corporation sponsors a 401(k) deferred salary savings plan, which is a qualified defined contribution plan, and which covers all employees of the Corporation and its subsidiaries, and provides that the Corporation makes matching contributions as defined by the plan. Expense recorded by the Corporation for the 401(k) deferred salary savings plan was $2.2 million for the years ended December 31, 2024 and 2023