Company: UVSP
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000102212-25-000006
Chunk: 169

Company: UNIVEST FINANCIAL Corp
Filing Date: 2025-02-24
Form: 10-K
Item: Item 7
Chunk 169
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 calculation purposes, average loan and lease categories include deferred fees and costs and purchase accounting adjustments.

Net interest income includes net deferred costs amortization of $2.7 million, $2.1 million and $1.8 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Nonaccrual loans and leases have been included in the average loan and lease balances. Loans held for sale have been included in the average loan balances.

Tax-equivalent amounts for the years ended December 31, 2024, 2023 and 2022 have been calculated using the Corporation's federal applicable rate of 21%.

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Table 2—Analysis of Changes in Net Interest Income

The rate-volume variance analysis set forth in the table below compares changes in tax-equivalent net interest income for the year ended December 31, 2024 compared to 2023 and for the year ended December 31, 2023 compared to 2022, indicated by their rate and volume components. The change in interest income/expense due to both volume and rate has been allocated proportionately.

 For the Years Ended December 31, 2024 Versus 2023For the Years Ended December 31, 2023 Versus 2022(Dollars in thousands)VolumeChangeRateChangeTotalVolumeChangeRateChangeTotalInterest income:Interest-earning deposits with other banks$4,572 $(39)$4,533 $(1,796)$6,536 $4,740 U.S. government obligations— — — (40)— (40)Obligations of states and political subdivisions(20)(9)(29)(1)(8)(9)Other debt and equity securities(285)969 684 (125)2,958 2,833 Federal Home Loan Bank, Federal Reserve Bank and other stock(104)147 43 828 414 1,242 Interest on deposits, investments and other interest-earning assets4,163 1,068 5,231 (1,134)9,900 8,766 Commercial, financial and agricultural loans(1,319)3,753 2,434 1,295 22,331 23,626 Real estate—commercial and construction loans5,804 12,605 18,409 19,300 41,438 60,738 Real estate—residential loans7,943