Company: UVSP
Filing Date: 2025-04-29
Form Type: 10-Q
Source: 0000102212-25-000019
Chunk: 169

Company: UNIVEST FINANCIAL Corp
Filing Date: 2025-04-29
Form: 10-Q
Item: Item 2
Chunk 169
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0.8 Premises and equipment, net47,175 46,671 504 1.1 Operating lease right-of-use assets27,182 28,531 (1,349)(4.7)Goodwill and other intangibles, net183,571 183,819 (248)(0.1)Bank owned life insurance139,482 139,351 131 0.1 Accrued interest receivable and other assets117,435 112,098 5,337 4.8         Total assets$7,975,167 $8,128,417 $(153,250)(1.9)%

Cash and Interest-Earning Deposits

Cash and interest-earning deposits decreased $159.7 million, or 48.6%, from December 31, 2024, primarily due to a decrease in interest-earning deposits at the Federal Reserve Bank of $162.7 million due to seasonal decreases in public funds, reflecting decreases in deposits and long-term debt.

Investment Securities

Total investment securities at March 31, 2025 increased $3.1 million, or 0.6%, from December 31, 2024. Purchases of $12.7 million, which were primarily residential mortgage-backed securities, increases in the fair value of available-for-sale investment securities of $7.1 million and a reversal of provision for credit losses of $93 thousand were partially offset by maturities and pay-downs of $14.6 million, sales of $2.0 million and net amortization of purchased premiums and discounts of $236 thousand.

Loans and Leases

Gross loans and leases held for investment increased $6.5 million, or 0.1%, from December 31, 2024. The growth in gross loans and leases held for investment was primarily due to increases in commercial real estate and construction loans, partially offset by decreases in commercial loans lease financings. For more information on the composition of the commercial loan portfolio, see "Table 4 - Loan Portfolio Overview."

Asset Quality

The Bank's strategy for credit risk management focuses on having well-defined credit policies and uniform underwriting criteria and providing prompt attention to potential problem loans and leases. Performance of the loan and lease portfolio is monitored on a regular basis by Bank management and lending officers.

Nonaccrual loans and leases are loans or leases for which it is probable that not all principal and interest payments due will be