Company: UVSP
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000102212-25-000006
Chunk: 72

Company: UNIVEST FINANCIAL Corp
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 72
---
12  — Total$923,658 $226 $67 At December 31, 2023Credit derivatives$862,756  $— Other liabilities$186 Interest rate locks with customers21,174 Other assets717  — Forward loan sale commitments32,811  — Other liabilities427 Total$916,741 $717 $613  

100

The following table presents amounts included in the consolidated statements of income for derivatives designated as hedging instruments for the periods indicated: Statement of Income ClassificationFor the Years Ended December 31,(Dollars in thousands)202420232022Interest rate swaps—cash flow hedge—net interest paymentsInterest income$(3,747)$(5,593)$521 Reclassification adjustment included in earnings (1)Interest income(946)— — Total net (loss) gain$(4,693)$(5,593)$521 (1) Represents reclassification to earnings as a reduction to interest income of amounts included in accumulated other comprehensive income on the consolidated balance sheet related to the interest rate swap terminated on August 2, 2024.The following table presents amounts included in the consolidated statements of income for derivatives not designated as hedging instruments for the periods indicated: Statement of Income ClassificationFor the Years Ended December 31,(Dollars in thousands)202420232022Credit derivativesOther noninterest income$562 $1,167 $2,871 Interest rate locks with customersNet (loss) gain on mortgage banking activities(503)597 (646)Forward loan sale commitmentsNet gain (loss) on mortgage banking activities439 (456)(58)Total net gain$498 $1,308 $2,167 The following table presents amounts included in accumulated other comprehensive (loss) income for derivatives designated as hedging instruments at December 31, 2024 and 2023: Accumulated Other Comprehensive IncomeAt December 31,(Dollars in thousands)20242023Interest rate swap—cash flow hedge (1)Fair value, net of taxes$(2,422)$(4,566)Total$(2,422)$(4,566)

(1) The interest rate swap was terminated on August 2, 2024. This after-tax amount will be reclassified to earnings as a reduction to interest income over the remaining 16 months of the original swap.

Note 19.     Fair Value Disc