Company: UVSP
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000102212-25-000006
Chunk: 186

Company: UNIVEST FINANCIAL Corp
Filing Date: 2025-02-24
Form: 10-K
Item: Item 7
Chunk 186
---
2023, the Corporation had $276.0 million and $187.0 million, respectively, in time deposits in excess of $250,000 maturing disclosed in the table below. Brokered deposits in the amount of $360.0 million and $305.4 million at December 31, 2024 and December 31, 2023, respectively, are not included in time deposits more than $250,000.

(Dollars in thousands)For the Years Ended December 31,Maturity Period20242023Due Three Months or Less$76,621 $40,475 Due Over Three Months to Six Months94,290 30,090 Due Over Six Months to Twelve Months81,338 47,709 Due Over Twelve Months23,734 68,681 Total$275,983 $186,955 

44

Borrowings

Total borrowings decreased $79.6 million from December 31, 2023, primarily due to pay-downs of $85.0 million in long-term debt, partially offset by an increase of $4.9 million in customer repurchase agreements. These borrowings were replaced with lower cost deposits during the year.

Short-term borrowings at December 31, 2024 consisted of $11.2 million of customer repurchase agreements. Long-term debt at December 31, 2024 consisted of $225.0 million of FHLB advances and $149.3 million of subordinated notes. At December 31, 2024 and 2023, the Bank had outstanding short-term letters of credit with the FHLB totaling $1.3 billion and $1.1 billion, respectively, which were utilized to collateralize public fund deposits and other secured deposits.

SHAREHOLDERS' EQUITY

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

At December 31,(Dollars in thousands)20242023$ Change% ChangeCommon stock$157,784 $157,784 $— — %Additional paid-in capital302,829 301,066 1,763 0.6 Retained earnings525,780 474,691 51,089 10.8 Accumulated other comprehensive loss(43,992)(50,646)6,654 (13.1)Treasury stock(55,100)(43,687)(11,413)26.1   Total shareholders' equity $887,301