Company: UVSP
Filing Date: 2025-04-29
Form Type: 10-Q
Source: 0000102212-25-000019
Chunk: 64

Company: UNIVEST FINANCIAL Corp
Filing Date: 2025-04-29
Form: 10-Q
Item: Item 1
Chunk 64
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8% for the three months ended March 31, 2024.

47

Financial Condition

Assets

The following table presents assets at the dates indicated:

 At March 31, 2025At December 31, 2024Change(Dollars in thousands)AmountPercentCash, interest-earning deposits and federal funds sold$169,134 $328,844 $(159,710)(48.6)%Investment securities497,059 493,978 3,081 0.6 Federal Home Loan Bank, Federal Reserve Bank and other stock, at cost35,732 38,980 (3,248)(8.3)Loans held for sale13,150 16,653 (3,503)(21.0)Loans and leases held for investment6,833,037 6,826,583 6,454 0.1 Allowance for credit losses, loans and leases(87,790)(87,091)(699)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 m