Company: UVSP
Filing Date: 2025-04-29
Form Type: 10-Q
Source: 0000102212-25-000019
Chunk: 31

Company: UNIVEST FINANCIAL Corp
Filing Date: 2025-04-29
Form: 10-Q
Item: Item 1
Chunk 31
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244,661 

Note 5. Goodwill and Other Intangible Assets

The Corporation has goodwill from acquisitions which is deemed to be an indefinite intangible asset and is not amortized. Changes in the carrying amount of the Corporation's goodwill by business segment for the three months ended March 31, 2025 were as follows:(Dollars in thousands)BankingWealth ManagementInsuranceConsolidatedBalance at December 31, 2024$138,476 $15,434 $21,600 $175,510 Addition to goodwill from acquisitions— — — — Balance at March 31, 2025$138,476 $15,434 $21,600 $175,510 The Corporation also has core deposit and customer-related intangibles, which are not deemed to have an indefinite life and therefore will continue to be amortized over their useful life using the present value of projected cash flows. The following table reflects the components of intangible assets at the dates indicated:At March 31, 2025At December 31, 2024(Dollars in thousands)Gross Carrying AmountAccumulated Amortization (1)Net Carrying AmountGross Carrying AmountAccumulated Amortization (1)Net Carrying AmountAmortized intangible assets:Core deposit intangibles$5,268 $5,124 $144 $6,788 $6,597 $191 Customer related intangibles2,476 1,431 1,045 2,476 1,348 1,128 Servicing rights12,421 5,549 6,872 12,274 5,284 6,990 Total amortized intangible assets$20,165 $12,104 $8,061 $21,538 $13,229 $8,309 (1) Included within accumulated amortization is a valuation allowance of $26 thousand and $7 thousand on servicing rights at March 31, 2025 and December 31, 2024, respectively.

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The estimated aggregate amortization expense for core deposit and customer-related intangibles for the remainder of 2025 and the succeeding fiscal years is as follows:Year(Dollars in thousands)AmountRemainder of 2025$339 2026318 2027216 2028161 2029105