Company: UVSP
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000102212-25-000006
Chunk: 77

Company: UNIVEST FINANCIAL Corp
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 77
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 fair value as further described in Note 18, "Derivative Instruments and Hedging Activities."The $186 thousand of credit derivatives liability represents the CVA, which is obtained from real-time financial market data, of 133 interest rate swaps with a current notional amount of $862.8 million. The December 31, 2023 CVA is calculated using a 40% loss given default rate on the most recent investment grade credit curve.The contingent consideration liability resulting from the acquisition was $1.2 million, which was calculated using a discount rate of 8.3% on the acquisition date. During the year ended December 31, 2023, the Corporation paid $635 thousand in contingent consideration related to this acquisition. The remaining potential cash payments that could result from the contingent consideration arrangement for the Sheaffer acquisition ranges from $0 to a maximum of $1.3 million through the period ended November 30, 2024.The following table includes a rollforward of loans and credit derivatives for which the Corporation utilized Level 3 inputs to determine fair value on a recurring basis for the years ended December 31, 2024 and 2023. For the Year Ended December 31, 2024(Dollars in thousands)Balance at December 31, 2023AdditionsPayments receivedIncrease in valueBalance at December 31, 2024Credit derivatives(186)(443)— 562 (67)Net total $(186)$(443)$— $562 $(67) For the Year Ended December 31, 2023(Dollars in thousands)Balance atDecember 31,2022AdditionsPayments receivedIncrease in valueBalance at December 31, 2023Credit derivatives(360)(988)— 1,162 (186)Net total $(360)$(988)$— $1,162 $(186)

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The following table presents the change in the balance of the contingent consideration liability related to acquisitions for which the Corporation utilized Level 3 inputs to determine fair value on a recurring basis for the years ended December 31, 2024 and 2023: For the Year Ended December 31, 2024(Dollars in thousands)Balance at December 31, 2023Payment ofContingentConsiderationAdjustmentof ContingentConsiderationBalance at December 31, 2024Paul I. Sheaffer Insurance Agency$1,224 $635 $46 $635 Total contingent consideration