Company: UVSP
Filing Date: 2025-07-29
Form Type: 10-Q
Source: 0001628280-25-036392
Chunk: 81

Company: UNIVEST FINANCIAL Corp
Filing Date: 2025-07-29
Form: 10-Q
Item: Item 1
Chunk 81
---
 the books of the Corporation in connection with acquisitions. The Corporation has core deposit and customer-related intangibles, which are not deemed to have an indefinite life and therefore will continue to be amortized over their useful life using the present value of projected cash flows. The amortization of core deposit and customer-related intangibles was $131 thousand and $175 thousand for the three months ended June 30, 2025 and 2024, respectively. The amortization of core deposit and customer-related intangibles was $261 thousand and $350 thousand for the six months ended June 30, 2025 and 2024. See Note 5 to the Condensed Unaudited Consolidated Financial Statements, "Goodwill and Other Intangible Assets," for a summary of intangible assets at June 30, 2025 and December 31, 2024.

56

The Corporation also has goodwill with a net carrying value of $175.5 million at June 30, 2025 and December 31, 2024, which is deemed to be an indefinite intangible asset and is not amortized. The Corporation completes a goodwill impairment analysis on an annual basis, or more often if events and circumstances indicate that there may be impairment. The Corporation also completes an impairment test for other identifiable intangible assets on an annual basis or more often if events and circumstances indicate there may be impairment. There was no impairment of goodwill or identifiable intangibles during the six months ended June 30, 2025 or 2024. There can be no assurance that future impairment assessments or tests will not result in a charge to earnings.

Liabilities

The following table presents liabilities at the dates indicated:

(Dollars in thousands)At June 30, 2025At December 31, 2024ChangeAmountPercentDeposits$6,582,660 $6,759,259 $(176,599)(2.6 %)Short-term borrowings6,271 11,181 (4,910)(43.9)Long-term debt200,000 225,000 (25,000)(11.1)Subordinated notes149,511 149,261 250 0.2 Operating lease liabilities30,106 31,485 (1,379)(4.4)Accrued interest payable and other liabilities53,775 64,930 (11,155)(17.2)Total liabilities$7