Company: UVSP
Filing Date: 2025-04-29
Form Type: 10-Q
Source: 0000102212-25-000019
Chunk: 35

Company: UNIVEST FINANCIAL Corp
Filing Date: 2025-04-29
Form: 10-Q
Item: Item 1
Chunk 35
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99 202825,000 4.61 2029— — Thereafter— — Total$175,000 4.28 %

Note 8. Retirement Plans and Other Postretirement Benefits

Information with respect to the Retirement Plans and Other Postretirement Benefits follows:  Three Months Ended March 31, 2025202420252024(Dollars in thousands)Retirement PlansOther Post RetirementBenefitsService cost$132 $148 $11 $14 Interest cost604 592 27 27 Expected loss on plan assets(891)(871)— — Amortization of net actuarial loss (gain)63 175 (11)(28)Net periodic benefit (income) cost$(92)$44 $27 $13 The components of net periodic benefit cost, other than the service cost component, are included in other noninterest expense in the condensed consolidated statements of income.The Corporation expects to make total contributions of $156 thousand to the Retirement Plans and $107 thousand to Other Postretirement Benefit Plans in 2025. During the three months ended March 31, 2025, the Corporation contributed $39 thousand to its Retirement Benefit Plans and $23 thousand to its Other Postretirement Benefit Plans. During the three months ended March 31, 2025, $706 thousand was paid to participants from the Retirement Plans and $23 thousand was paid to participants from the Other Postretirement Benefit Plans.

Note 9. Stock-Based Incentive Plan

On April 26, 2023, the 2023 Equity Incentive Plan (the Plan) was approved by shareholders. This Plan replaced the Amended and Restated Univest 2013 Long-Term Incentive Plan (the 2013 Plan), which expired in April 2023. No new grants are permitted under the 2013 Plan. However, certain options and restricted stock units granted under the 2013 Plan remain outstanding.

27

The following is a summary of the Corporation's stock option activity and related information for the three months ended March 31, 2025:(Dollars in thousands, except per share data)Shares Under OptionWeighted Average Exercise Price Per ShareWeighted Average Remaining Contractual Life (Years)Aggregate Intrinsic Value at March 31, 2025Outstanding at December 31, 2024127,782 $27.72 Exercised(11,500)