株探米国株
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 Form 10-Q
☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended March 31, 2026
or
☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from __________ to __________
Commission File Number: 0-7617

 UNIVEST FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
Pennsylvania 23-1886144
(State or other jurisdiction of
incorporation or organization)		 (IRS Employer
Identification No.)
14 North Main Street, Souderton, Pennsylvania 18964
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (215) 721-2400
Not applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of class Trading symbol Name of exchange on which registered
Common Stock, $5 par value UVSP The NASDAQ Stock Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☒
Accelerated filer
 ☐
Non-accelerated filer ☐ Smaller reporting company ☐
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☒
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Common Stock, $5 par value 27,845,802
(Title of Class) (Number of shares outstanding at April 27, 2026)


Table of Contents

UNIVEST FINANCIAL CORPORATION AND SUBSIDIARIES
INDEX
 
    Page Number
Part I.
Item 1.
Item 2.
Item 3.
Item 4.
Part II.
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.

1
Table of Contents
PART I. FINANCIAL INFORMATION
 
Item 1. Financial Statements
UNIVEST FINANCIAL CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Dollars in thousands, except share data) At March 31, 2026 At December 31, 2025
ASSETS
Cash and due from banks $ 69,645  $ 63,579 
Interest-earning deposits with other banks 152,712  490,133 
Cash and cash equivalents 222,357  553,712 
Investment securities held-to-maturity (fair value $106,161 and $109,724 at March 31, 2026 and December 31, 2025, respectively)
 119,490  123,024 
Investment securities available-for-sale (amortized cost $407,444 and $398,476, net of allowance for credit losses of $31 and $11 at March 31, 2026 and December 31, 2025, respectively)
 379,028  371,251 
Investments in equity securities 2,898  2,014 
       Federal Home Loan Bank, Federal Reserve Bank and other stock, at cost 35,511  37,808 
Loans held for sale 14,371  15,288 
Loans and leases held for investment 6,940,212  6,914,804 
Less: Allowance for credit losses, loans and leases (88,900) (88,165)
Net loans and leases held for investment 6,851,312  6,826,639 
Premises and equipment, net 44,774  45,554 
Operating lease right-of-use assets 25,032  25,795 
Goodwill 175,510  175,510 
Other intangibles, net of accumulated amortization 7,583  7,328 
Bank owned life insurance 142,141  140,001 
Accrued interest receivable and other assets 121,575  112,973 
Total assets $ 8,141,582  $ 8,436,897 
LIABILITIES
Noninterest-bearing deposits $ 1,475,851  $ 1,431,974 
Interest-bearing deposits 5,337,912  5,655,339 
Total deposits 6,813,763  7,087,313 
Short-term borrowings 26,156  24,411 
Long-term debt 175,000  200,000 
Subordinated notes 98,908  98,867 
Operating lease liabilities 27,699  28,531 
Accrued interest payable and other liabilities 48,106  54,457 
Total liabilities 7,189,632  7,493,579 
SHAREHOLDERS’ EQUITY
Common stock, $5 par value: 48,000,000 shares authorized at March 31, 2026 and December 31, 2025; 31,556,799 shares issued at March 31, 2026 and December 31, 2025; 27,949,173 and 28,156,917 shares outstanding at March 31, 2026 and December 31, 2025, respectively
 157,784  157,784 
Additional paid-in capital 301,154  304,021 
Retained earnings 611,771  591,202 
Accumulated other comprehensive loss, net of tax benefit (25,951) (25,467)
Treasury stock, at cost; 3,607,626 and 3,399,882 shares at March 31, 2026 and December 31, 2025, respectively
 (92,808) (84,222)
Total shareholders’ equity 951,950  943,318 
Total liabilities and shareholders’ equity $ 8,141,582  $ 8,436,897 
Note: See accompanying notes to the unaudited condensed consolidated financial statements.
2
Table of Contents
UNIVEST FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three Months Ended
  March 31,
(Dollars in thousands, except per share data) 2026 2025
Interest income
Interest and fees on loans and leases $ 98,784  $ 97,346 
Interest and dividends on investment securities:
Taxable 4,053  4,019 
Exempt from federal income taxes —  4 
Interest on deposits with other banks 2,810  1,360 
Interest and dividends on other earning assets 704  687 
Total interest income 106,351  103,416 
Interest expense
Interest on deposits 39,142  41,979 
Interest on short-term borrowings 3  14 
Interest on long-term debt and subordinated notes 3,841  4,642 
Total interest expense 42,986  46,635 
Net interest income 63,365  56,781 
Provision for credit losses 1,303  2,311 
Net interest income after provision for credit losses 62,062  54,470 
Noninterest income
Trust fee income 2,236  2,161 
Service charges on deposit accounts 2,279  2,194 
Investment advisory commission and fee income 6,154  5,613 
Insurance commission and fee income 7,423  6,889 
Other service fee income 3,041  2,707 
Bank owned life insurance income 1,332  1,959 
Net gain on mortgage banking activities 791  647 
Other income 832  245 
Total noninterest income 24,088  22,415 
Noninterest expense
Salaries, benefits and commissions 33,459  30,826 
Net occupancy 2,998  2,853 
Equipment 1,079  1,122 
Data processing 4,480  4,364 
Professional fees 1,677  1,797 
Marketing and advertising 634  353 
Deposit insurance premiums 1,170  1,151 
Intangible expenses 93  130 
Restructuring charges 427  — 
Other expense 6,652  6,732 
Total noninterest expense 52,669  49,328 
Income before income taxes 33,481  27,557 
Income tax expense 6,389  5,162 
Net income $ 27,092  $ 22,395 
Net income per share:
Basic $ 0.97  $ 0.77 
Diluted 0.96  0.77 
Note: See accompanying notes to the unaudited condensed consolidated financial statements.
3
Table of Contents
UNIVEST FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
Three Months Ended March 31,
(Dollars in thousands) 2026 2025
Before
Tax
Amount		 Tax
Expense
(Benefit)		 Net of
Tax
Amount		 Before
Tax
Amount		 Tax
Expense
(Benefit)		 Net of
Tax
Amount
Income $ 33,481  $ 6,389  $ 27,092  $ 27,557  $ 5,162  $ 22,395 
Other comprehensive income:
Net unrealized (losses) gains on available-for-sale investment securities:
Net unrealized holding (losses) gains arising during the period (1,192) (250) (942) 7,160  1,504  5,656 
Provision (reversal of provision) for credit losses 20  4  16  (93) (20) (73)
Total net unrealized (losses) gains on available-for-sale investment securities (1,172) (246) (926) 7,067  1,484  5,583 
Net unrealized gains on interest rate swaps used in cash flow hedges:
Reclassification adjustment recorded in earnings (1) 565  119  446  565  119  446 
Total net unrealized gains on interest rate swaps used in cash flow hedges 565  119  446  565  119  446 
Defined benefit pension plans:
Amortization of net actuarial (losses) gains included in net periodic pension costs (2) (5) (1) (4) 52  11  41 
Total defined benefit pension plans (5) (1) (4) 52  11  41 
Other comprehensive (losses) income (612) (128) (484) 7,684  1,614  6,070 
Total comprehensive income $ 32,869  $ 6,261  $ 26,608  $ 35,241  $ 6,776  $ 28,465 
(1) Represents reclassification to earnings as a reduction to interest income of amounts included in accumulated other comprehensive income on the condensed consolidated balance sheet related to the interest rate swap terminated on August 2, 2024.
(2) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost (before tax amount). See Note 8, "Retirement Plans and Other Postretirement Benefits" for additional details.
Note: See accompanying notes to the unaudited condensed consolidated financial statements.

4
Table of Contents
UNIVEST FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(Unaudited)
(Dollars in thousands, except per share data) Common
Shares
Outstanding		 Common
Stock		 Additional
Paid-in
Capital		 Retained
Earnings		 Accumulated
Other
Comprehensive
Loss		 Treasury
Stock		 Total
Three Months Ended March 31, 2026
Balance at December 31, 2025 28,156,917  $ 157,784  $ 304,021  $ 591,202  $ (25,467) $ (84,222) $ 943,318 
Net income —  —  —  27,092  —  —  27,092 
Other comprehensive loss, net of income tax benefit —  —  —  —  (484) —  (484)
Cash dividends declared ($0.22 per share)
 —  —  —  (6,168) —  —  (6,168)
Stock-based compensation —  —  1,526  (355) —  —  1,171 
Stock issued under dividend reinvestment and employee stock purchase plans 16,672  —  60  —  —  516  576 
Vesting of restricted stock units, net of shares withheld to cover taxes 118,722  —  (4,464) —  —  2,591  (1,873)
Issuance of common stock —  —  —  —  —  —  — 
Exercise of stock options 8,000  —  11  —  —  201  212 
Purchases of treasury stock (351,138) —  —  —  —  (11,894) (11,894)
Balance at March 31, 2026 27,949,173  $ 157,784  $ 301,154  $ 611,771  $ (25,951) $ (92,808) $ 951,950 
(Dollars in thousands, except per share data) Common
Shares
Outstanding		 Common
Stock		 Additional
Paid-in
Capital		 Retained
Earnings		 Accumulated
Other
Comprehensive
Loss		 Treasury
Stock		 Total
Three Months Ended March 31, 2025
Balance at December 31, 2024 29,045,877  $ 157,784  $ 302,829  $ 525,780  $ (43,992) $ (55,100) $ 887,301 
Net income —  —  —  22,395  —  —  22,395 
Other comprehensive income, net of income tax —  —  —  —  6,070  —  6,070 
Cash dividends declared ($0.21 per share)
 —  —  —  (6,088) —  —  (6,088)
Stock-based compensation —  —  1,370  (311) —  —  1,059 
Stock issued under dividend reinvestment and employee stock purchase plans 19,136  —  50  —  —  524  574 
Vesting of restricted stock units, net of shares withheld to cover taxes 107,895  —  (3,641) —  —  2,066  (1,575)
Exercise of stock options 11,500  —  26  —  —  254  280 
Purchases of treasury stock (221,760) —  —  —  —  (6,544) (6,544)
Balance at March 31, 2025 28,962,648  $ 157,784  $ 300,634  $ 541,776  $ (37,922) $ (58,800) $ 903,472 
Note: See accompanying notes to the unaudited condensed consolidated financial statements.


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UNIVEST FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
  Three Months Ended March 31,
(Dollars in thousands) 2026 2025
Cash flows from operating activities:
Net income $ 27,092  $ 22,395 
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses 1,303  2,311 
Depreciation of premises and equipment 1,358  1,351 
Net amortization of investment securities premiums and discounts 210  229 
Amortization, fair market value adjustments and capitalization of servicing rights (348) 118 
Net gain on mortgage banking activities (791) (647)
Bank owned life insurance income (1,332) (1,959)
Stock-based compensation 1,238  1,067 
Intangible expenses 93  130 
Other adjustments to reconcile net income to cash used in operating activities (756) (480)
Originations of loans held for sale (43,323) (37,126)
Proceeds from the sale of loans held for sale 49,410  41,441 
Contributions to pension and other postretirement benefit plans (68) (62)
Increase in accrued interest receivable and other assets (7,701) (4,472)
Decrease in accrued interest payable and other liabilities (4,251) (8,693)
Net cash provided by operating activities 22,134  15,603 
Cash flows from investing activities:
Proceeds from sale of premises and equipment 9  83 
Purchases of premises and equipment (578) (1,948)
Proceeds from maturities, calls and principal repayments of securities held-to-maturity 3,461  3,140 
Proceeds from maturities, calls and principal repayments of securities available-for-sale 17,170  11,429 
Purchases of investment securities available-for-sale (26,281) (11,565)
Proceeds from sales of equity securities 2,290  1,981 
Purchases of money market mutual funds (3,174) (1,142)
Net decrease in other investments 2,297  3,248 
Net increase in loans and leases (30,679) (10,393)
Proceeds from sales of foreclosed / repossessed assets —  239 
Purchases of bank owned life insurance (1,646) — 
Proceeds from bank owned life insurance —  1,828 
Net cash used in investing activities (37,131) (3,100)
Cash flows from financing activities:
Net decrease in deposits (273,550) (100,764)
Net increase (decrease) in short-term borrowings 1,745  (7,150)
Proceeds from issuance of long-term debt 25,000  — 
Repayment of long-term debt (50,000) (50,000)
Repayment of subordinated debt (51) — 
Payment of contingent consideration on acquisitions —  (635)
Payment for shares withheld to cover taxes on vesting of restricted stock units (1,873) (1,575)
Purchases of treasury stock (11,894) (6,544)
Stock issued under dividend reinvestment and employee stock purchase plans 576  574 
Proceeds from exercise of stock options 212  280 
Cash dividends paid (6,523) (6,399)
Net cash used in financing activities (316,358) (172,213)
Net decrease in cash and cash equivalents (331,355) (159,710)
Cash and cash equivalents at beginning of year 553,712  328,844 
Cash and cash equivalents at end of period $ 222,357  $ 169,134 
Supplemental disclosures of cash flow information:
Cash paid for interest $ 42,554  $ 49,547 
Non cash transactions:
Transfer of loans to other real estate owned $ —  $ 2,526 
Transfer of leases to repossessed assets 78  17 
Transfer of loans to loans held for sale 4,310  — 
Note: See accompanying notes to the unaudited condensed consolidated financial statements.
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UNIVEST FINANCIAL CORPORATION AND SUBSIDIARIES
Notes to the Condensed Consolidated Financial Statements (Unaudited)
Note 1. Summary of Significant Accounting Policies

Principles of Consolidation and Basis of Presentation

The accompanying unaudited condensed consolidated financial statements include the accounts of Univest Financial Corporation (the Corporation) and its wholly owned subsidiaries. The Corporation’s direct subsidiaries are Univest Bank and Trust Co. (the Bank) and 1876 Double Eagle, LLC. All significant intercompany balances and transactions have been eliminated in consolidation. The unaudited condensed consolidated financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the SEC). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) have been condensed or omitted pursuant to the rules and regulations for interim financial information. The accompanying unaudited condensed consolidated financial statements reflect all adjustments, which are of a normal recurring nature and are, in the opinion of management, necessary for a fair presentation of the financial statements for the interim periods presented. Certain prior period amounts have been reclassified to conform to the current period presentation. Operating results for the three-month period ended March 31, 2026 are not necessarily indicative of the results that may be expected for the year ended December 31, 2026 or for any other period. These unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and the notes thereto included in the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2025, which was filed with the SEC on February 23, 2026.

Use of Estimates

The preparation of the unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant changes include the fair value measurement of investment securities available-for-sale and the determination of the allowance for credit losses on loans and leases.

Accounting Pronouncement Adopted in 2026

In November 2024, the FASB issued ASU No. 2024-04, "Debt—Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments." This ASU clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion. This ASU became effective on January 1, 2026 for the Corporation. The adoption of this ASU did not have a material impact on the Corporation's financial statements.

In July 2025, the FASB issued ASU 2025-05, "Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets." This ASU amends ASC 326-202 to provide a practical expedient (for all entities) and an accounting policy election (for all entities, other than public business entities that elect the practical expedient) related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under ASC 606, "Revenue From Contracts with Customers". This ASU became effective on January 1, 2026 for the Corporation. The adoption of this ASU did not have a material impact on the Corporation's financial statements.

Recent Accounting Pronouncements Yet to Be Adopted

In October 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-06, "Disclosure Improvements: Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative." This ASU amends the disclosure or presentation requirements related to various subtopics in the FASB Accounting Standards Codification. The amendments in this ASU are expected to clarify or improve disclosure and presentation requirements of a variety of Codification Topics, allow users to more easily compare entities subject to the SEC's existing disclosures with those entities that were not previously subject to the requirements, and align the requirements in the Codification with the SEC's regulations. For entities subject to the SEC's existing disclosure requirements and for entities required to file or furnish financial statements with or to the SEC in preparation for the sale of or for purposes of issuing securities that are not subject to contractual restrictions on transfer, the effective date for each amendment will be the date on which the SEC removes that related disclosure from its rules. For all other entities, the amendments will be effective two years later.
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However, if by June 30, 2027, the SEC has not removed the related disclosure from its regulations, the amendments will be removed from the Codification and not become effective for any entity. The Corporation does not expect the adoption of this ASU will have a material impact on the Corporation's financial statements.

In November 2024, the FASB issued ASU No. 2024-03, "Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses." This ASU requires new financial statement disclosures in tabular format, disaggregating information about prescribed categories underlying any relevant income statement expense caption. This ASU is effective for public business entities for annual reporting periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Early adoption is permitted. This ASU applies on a prospective basis for periods beginning after the effective date. However, retrospective application to any or all prior periods presented is permitted. In January 2025, the FASB issued ASU No. 2025-01 to amend the effective date of ASU No. 2024-03 to clarify that all public business entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. The Corporation does not expect the adoption of this ASU will have a material impact on the Corporation's financial statements.

In November 2025, the FASB issued ASU 2025-08, "Financial Instruments—Credit Losses (Topic 326): Purchased Loans." This ASU expands the population of acquired financial assets subject to the "gross-up approach" in Topic 326. All non-PCD loans (excluding credit cards) that are acquired in a business combination are deemed seasoned. Other non-PCD loans (excluding credit cards) are considered to be seasoned if they were purchased more than 90 days after origination and the acquirer was not involved in the origination of the loans. This ASU is effective for all entities for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. Early adoption is permitted for financial statements that have not yet been issued. The Corporation does not expect the adoption of this ASU will have a material impact on the Corporation's financial statements.
In November 2025, the FASB issued ASU 2025-09, "Derivatives and Hedging (Topic 815): Hedge Accounting Improvements." This ASU is designed to align hedge accounting more closely with the economics of an entity's risk management activities. This ASU addresses five issues intended to enable financial statements to better reflect certain hedging strategies by allowing entities to achieve and maintain hedge accounting for a greater number of highly effective economic hedges. This ASU is effective for all entities for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. Early adoption is permitted any date on or after its issuance. The Corporation does not expect the adoption of this ASU will have a material impact on the Corporation's financial statements.

Note 2. Earnings per Share

The following table sets forth the computation of basic and diluted earnings per share.
Three Months Ended
  March 31,
(Dollars and shares in thousands, except per share data) 2026 2025
Numerator for basic and diluted earnings per share—net income available to common shareholders
 $ 27,092  $ 22,395 
Denominator for basic earnings per share—weighted-average shares outstanding
 28,033  29,001 
Effect of dilutive securities—stock options and restricted stock units 276  270 
Denominator for diluted earnings per share—adjusted weighted-average shares outstanding
 28,309  29,271 
Basic earnings per share $ 0.97  $ 0.77 
Diluted earnings per share $ 0.96  $ 0.77 
Average antidilutive options and restricted stock units excluded from computation of diluted earnings per share 2  115 

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Note 3. Investment Securities

The following table shows the amortized cost, the estimated fair value and the allowance for credit losses of the held-to-maturity securities and available-for-sale securities at March 31, 2026 and December 31, 2025, by contractual maturity within each type:
  At March 31, 2026
(Dollars in thousands) Amortized
Cost		 Gross
Unrealized
Gains		 Gross
Unrealized
Losses		 Allowance for Credit Losses Fair Value
Securities Held-to-Maturity
Residential mortgage-backed securities:
Within 1 year $ 83  $ —  $ (1) $ —  $ 82 
After 1 year to 5 years 87  —  (1) —  86 
After 5 years to 10 years 10,776  —  (318) —  10,458 
Over 10 years 108,544  13  (13,022) —  95,535 
119,490  13  (13,342) —  106,161 
Total $ 119,490  $ 13  $ (13,342) $ —  $ 106,161 
Securities Available-for-Sale
Residential mortgage-backed securities:
Within 1 year $ 37  $ —  $ —  $ —  $ 37 
After 1 year to 5 years 80  —  (1) —  79 
After 5 years to 10 years 13,150  —  (947) —  12,203 
Over 10 years 310,665  653  (25,301) —  286,017 
323,932  653  (26,249) —  298,336 
Collateralized mortgage obligations:
After 1 year to 5 years 54  —  (1) —  53 
Over 10 years 1,308  —  (74) —  1,234 
1,362  —  (75) —  1,287 
Corporate bonds:
Within 1 year 10,497  —  (46) (5) 10,446 
After 1 year to 5 years 71,653  61  (2,729) (26) 68,959 
82,150  61  (2,775) (31) 79,405 
Total $ 407,444  $ 714  $ (29,099) $ (31) $ 379,028 

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  At December 31, 2025
(Dollars in thousands) Amortized
Cost		 Gross
Unrealized
Gains		 Gross
Unrealized
Losses		 Allowance for Credit Losses Fair Value
Securities Held-to-Maturity
Residential mortgage-backed securities:
After 1 year to 5 years $ 514  $ —  $ (5) $ —  $ 509 
After 5 years to 10 years 10,714  —  (249) —  10,465 
Over 10 years 111,796  42  (13,088) —  98,750 
123,024  42  (13,342) —  109,724 
Total $ 123,024  $ 42  $ (13,342) $ —  $ 109,724 
Securities Available-for-Sale
Residential mortgage-backed securities:
After 1 year to 5 years $ 130  $ —  $ (1) $ —  $ 129 
After 5 years to 10 years 13,829  —  (933) —  12,896 
Over 10 years 300,227  1,279  (24,951) —  276,555 
314,186  1,279  (25,885) —  289,580 
Collateralized mortgage obligations:
After 1 year to 5 years 71  —  (1) —  70 
Over 10 years 1,371  —  (73) —  1,298 
1,442  —  (74) —  1,368 
Corporate bonds:
Within 1 year 7,482  2  (55) (7) 7,422 
After 1 year to 5 years 75,366  129  (2,609) (4) 72,881 
82,848  131  (2,664) (11) 80,303 
Total $ 398,476  $ 1,410  $ (28,623) $ (11) $ 371,251 

Gross unrealized gains and losses on available-for-sale securities are recognized in accumulated other comprehensive income (loss) and changes in the allowance for credit loss are recorded through provision for credit loss expense. Expected maturities may differ from contractual maturities because debt issuers may have the right to call or prepay obligations without call or prepayment penalties and mortgage-backed securities typically prepay at a rate faster than contractually due.

Securities with a carrying value of $441.5 million and $439.4 million at March 31, 2026 and December 31, 2025, respectively, were pledged to secure various deposit obligations and contingency funding. There were no pledged securities to secure credit derivatives and interest rate swaps at March 31, 2026 or December 31, 2025.

There were no sales of securities available-for-sale during the three months ended March 31, 2026 or 2025.
At March 31, 2026 and December 31, 2025, there were no reportable investments in any single issuer representing more than 10% of shareholders’ equity.

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The following table shows the fair value of securities that were in an unrealized loss position for which an allowance for credit losses has not been recorded at March 31, 2026 and December 31, 2025, by the length of time those securities were in a continuous loss position.
  Less than
Twelve Months		 Twelve Months
or Longer		 Total
(Dollars in thousands) Fair Value Unrealized
Losses		 Fair Value Unrealized
Losses		 Fair Value Unrealized
Losses
At March 31, 2026
Securities Held-to-Maturity
Residential mortgage-backed securities $ 6,014  $ (40) $ 97,349  $ (13,302) $ 103,363  $ (13,342)
Total $ 6,014  $ (40) $ 97,349  $ (13,302) $ 103,363  $ (13,342)
Securities Available-for-Sale
Residential mortgage-backed securities $ 57,546  $ (570) $ 180,674  $ (25,679) $ 238,220  $ (26,249)
Collateralized mortgage obligations —  —  1,287  (75) 1,287  (75)
Corporate bonds 1,003  (1) 57,800  (2,700) 58,803  (2,701)
Total $ 58,549  $ (571) $ 239,761  $ (28,454) $ 298,310  $ (29,025)
At December 31, 2025
Securities Held-to-Maturity
Residential mortgage-backed securities $ —  $ —  $ 102,819  $ (13,342) $ 102,819  $ (13,342)
Total $ —  $ —  $ 102,819  $ (13,342) $ 102,819  $ (13,342)
Securities Available-for-Sale
Residential mortgage-backed securities $ 15,254  $ (42) $ 189,259  $ (25,843) $ 204,513  $ (25,885)
Collateralized mortgage obligations —  —  1,368  (74) 1,368  (74)
Corporate bonds —  —  57,409  (2,591) 57,409  (2,591)
Total $ 15,254  $ (42) $ 248,036  $ (28,508) $ 263,290  $ (28,550)

At March 31, 2026, the fair value of held-to-maturity securities in an unrealized loss position for which an allowance for credit losses has not been recorded was $103.4 million, which includes unrealized losses of $13.3 million. These holdings were comprised of 90 federal agency mortgage-backed securities, which are U.S. government entities and agencies and are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses. The Corporation did not recognize any credit losses on held-to-maturity debt securities for the three months ended March 31, 2026.

At March 31, 2026, the fair value of available-for-sale securities in an unrealized loss position for which an allowance for credit losses has not been recorded was $298.3 million, which includes unrealized losses of $29.0 million. These holdings were comprised of: (1) 109 federal agency mortgage-backed securities, which are U.S. government entities and agencies and are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses; (2) nine investment grade corporate bonds, and (3) two collateralized mortgage obligation bonds. The Corporation does not intend to sell the securities in an unrealized loss position and is unlikely to be required to sell these securities before a recovery of fair value, which may be maturity. The Corporation concluded that the unrealized loss of these securities was not indicative of a credit loss. Accrued interest receivable on available-for-sale debt securities totaled $1.3 million at March 31, 2026 and was included within accrued interest receivable and other assets on the condensed consolidated balance sheet. This amount is excluded from the estimate of expected credit losses.

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The table below presents a roll forward by major security type for the three months ended March 31, 2026 and March 31, 2025 of the allowance for credit losses on securities available-for-sale.

(Dollars in thousands) Corporate Bonds
Three months ended March 31, 2026
Securities Available-for-Sale
Beginning balance $ (11)
Additions for securities for which no previous expected credit losses were recognized (25)
Change in securities for which a previous expected credit loss was recognized 5 
Ending balance $ (31)
Three months ended March 31, 2025
Securities Available-for-Sale
Beginning balance $ (839)
Change in securities for which a previous expected credit loss was recognized 93 
Ending balance $ (746)

At March 31, 2026, the fair value of available-for-sale securities in an unrealized loss position for which an allowance for credit losses has been recorded was $9.1 million, which includes unrealized losses of $105 thousand, and an allowance for credit losses of $31 thousand. These holdings were comprised of 19 investment grade corporate bonds, all of which fluctuate in value based on changes in market conditions. For these securities, fluctuations were primarily due to changes in the interest rate environment. The Corporation does not intend to sell these securities, and it is not likely that it will be required to sell the securities before their anticipated recovery. The underlying issuers continue to make timely principal and interest payments on the securities.

There were no sales of equity securities during the three months ended March 31, 2026 and 2025.
Note 4. Loans and Leases

Summary of Major Loan and Lease Categories

(Dollars in thousands) At March 31, 2026 At December 31, 2025
Commercial, financial and agricultural $ 1,038,947  $ 1,027,434 
Real estate-commercial 3,656,779  3,621,536 
Real estate-construction 299,962  306,793 
Real estate-residential secured for business purpose 556,040  554,178 
Real estate-residential secured for personal purpose 942,054  959,610 
Real estate-home equity secured for personal purpose 201,244  200,394 
Loans to individuals 12,319  12,793 
Lease financings 232,867  232,066 
Total loans and leases held for investment, net of deferred income $ 6,940,212  $ 6,914,804 
Less: Allowance for credit losses, loans and leases (88,900) (88,165)
Net loans and leases held for investment $ 6,851,312  $ 6,826,639 
Imputed interest on lease financings, included in the above table $ (30,695) $ (30,646)
Net deferred costs, included in the above table 6,207  6,194 
Overdraft deposits included in the above table 106  153 

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Age Analysis of Past Due Loans and Leases

The following presents, by class of loans and leases held for investment, an aging of past due loans and leases, loans and leases which are current and nonaccrual loans and leases at March 31, 2026 and December 31, 2025:
Accruing Loans and Leases
(Dollars in thousands) 30-59
Days
Past Due		 60-89
Days
Past Due		 90 Days
or more
Past Due		 Total
Past Due		 Current Total Accruing Loans and Leases Nonaccrual Loans and Leases Total Loans
and Leases
Held for
Investment
At March 31, 2026
Commercial, financial and agricultural $ 4,150  $ —  $ —  $ 4,150  $ 1,030,749  $ 1,034,899  $ 4,048  $ 1,038,947 
Real estate—commercial real estate and construction:
Commercial real estate 483  —  —  483  3,652,748  3,653,231  3,548  3,656,779 
Construction 124  —  3,641  3,765  296,197  299,962  —  299,962 
Real estate—residential and home equity:
Residential secured for business purpose 219  344  —  563  554,195  554,758  1,282  556,040 
Residential secured for personal purpose 5,671  —  —  5,671  934,419  940,090  1,964  942,054 
Home equity secured for personal purpose 1,181  43  48  1,272  198,296  199,568  1,676  201,244 
Loans to individuals 119  72  —  191  12,128  12,319  —  12,319 
Lease financings 659  392  61  1,112  230,984  232,096  771  232,867 
Total $ 12,606  $ 851  $ 3,750  $ 17,207  $ 6,909,716  $ 6,926,923  $ 13,289  $ 6,940,212 
Accruing Loans and Leases
(Dollars in thousands) 30-59
Days
Past Due		 60-89
Days
Past Due		 90 Days
or more
Past Due		 Total
Past Due		 Current Total Accruing Loans and Leases Nonaccrual Loans and Leases Total Loans
and Leases
Held for
Investment
At December 31, 2025
Commercial, financial and agricultural $ 1,142  $ 749  $ —  $ 1,891  $ 1,021,268  $ 1,023,159  $ 4,275  $ 1,027,434 
Real estate—commercial real estate and construction:
Commercial real estate 3,943  4,236  —  8,179  3,611,002  3,619,181  2,355  3,621,536 
Construction 380  —  —  380  305,678  306,058  735  306,793 
Real estate—residential and home equity:
Residential secured for business purpose 781  1,029  —  1,810  550,651  552,461  1,717  554,178 
Residential secured for personal purpose 5,500  —  —  5,500  951,892  957,392  2,218  959,610 
Home equity secured for personal purpose 2,021  427  —  2,448  196,290  198,738  1,656  200,394 
Loans to individuals 148  63  7  218  12,575  12,793  —  12,793 
Lease financings 706  452  82  1,240  230,039  231,279  787  232,066 
Total $ 14,621  $ 6,956  $ 89  $ 21,666  $ 6,879,395  $ 6,901,061  $ 13,743  $ 6,914,804 

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Nonperforming Loans and Leases

The following presents, by class of loans and leases, nonperforming loans and leases held for investment at March 31, 2026 and December 31, 2025.
  At March 31, 2026 At December 31, 2025
(Dollars in thousands) Nonaccrual
Loans and
Leases		 Loans and
Leases
90 Days
or more
Past Due
and
Accruing
Interest		 Total Nonperforming
Loans and
Leases		 Nonaccrual
Loans and
Leases		 Loans and
Leases
90 Days
or more
Past Due
and
Accruing
Interest		 Total Nonperforming
Loans and
Leases
Commercial, financial and agricultural $ 4,048  $ —  $ 4,048  $ 4,275  $ —  $ 4,275 
Real estate—commercial real estate and construction:
Commercial real estate 3,548  —  3,548  2,355  —  2,355 
Construction —  3,641  3,641  735  —  735 
Real estate—residential and home equity:
Residential secured for business purpose 1,282  —  1,282  1,717  —  1,717 
Residential secured for personal purpose 1,964  —  1,964  2,218  —  2,218 
Home equity secured for personal purpose 1,676  48  1,724  1,656  —  1,656 
Loans to individuals —  —  —  —  7  7 
Lease financings 771  61  832  787  82  869 
Total $ 13,289  $ 3,750  $ 17,039  $ 13,743  $ 89  $ 13,832 

The following table presents the amortized cost basis of loans and leases held for investment on nonaccrual status and loans and leases held for investment 90 days or more past due and still accruing as of March 31, 2026 and December 31, 2025.
(Dollars in thousands) Nonaccrual With No Allowance for Credit Losses Nonaccrual With Allowance for Credit Losses Total Nonaccrual Loans and Leases 90 Days or more Past Due and Accruing Interest
At March 31, 2026
Commercial, financial and agricultural $ 154  $ 3,894  $ 4,048  $ — 
Real estate-commercial 3,188  360  3,548  — 
Real estate-construction —  —  —  3,641 
Real estate-residential secured for business purpose 1,231  51  1,282  — 
Real estate-residential secured for personal purpose 1,964  —  1,964  — 
Real estate-home equity secured for personal purpose 1,517  159  1,676  48 
Lease financings —  771  771  61 
Total $ 8,054  $ 5,235  $ 13,289  $ 3,750 
At December 31, 2025
Commercial, financial and agricultural $ 154  $ 4,121  $ 4,275  $ — 
Real estate-commercial 1,995  360  2,355  — 
Real estate-construction 735  —  735  — 
Real estate-residential secured for business purpose 1,666  51  1,717  — 
Real estate-residential secured for personal purpose 2,218  —  2,218  — 
Real estate-home equity secured for personal purpose 1,570  86  1,656  — 
Loans to individuals —  —  —  7 
Lease financings —  787  787  82 
Total $ 8,338  $ 5,405  $ 13,743  $ 89 

For the three months ended March 31, 2026, $59 thousand of interest income was recognized on nonaccrual loans and leases.

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The following table presents, by class of loans and leases, the amortized cost basis of collateral-dependent nonaccrual loans and leases and type of collateral as of March 31, 2026 and December 31, 2025.

(Dollars in thousands) Real Estate
Other (1)
None (2)
 Total
At March 31, 2026
Commercial, financial and agricultural $ 1,979  $ 2,069  $ —  $ 4,048 
Real estate-commercial 3,548  —  —  3,548 
Real estate-construction —  —  —  — 
Real estate-residential secured for business purpose 1,231  51  —  1,282 
Real estate-residential secured for personal purpose 1,964  —  —  1,964 
Real estate-home equity secured for personal purpose 1,676  —  —  1,676 
Lease financings —  771  —  771 
Total $ 10,398  $ 2,891  $ —  $ 13,289 
(Dollars in thousands) Real Estate
Other (1)
None (2)
 Total
At December 31, 2025
Commercial, financial and agricultural $ 1,907  $ 1,937  $ 431  $ 4,275 
Real estate-commercial 2,355  —  —  2,355 
Real estate-construction 735  —  —  735 
Real estate-residential secured for business purpose 1,666  51  —  1,717 
Real estate-residential secured for personal purpose 2,218  —  —  2,218 
Real estate-home equity secured for personal purpose 1,656  —  —  1,656 
Lease financings —  787  —  787 
Total $ 10,537  $ 2,775  $ 431  $ 13,743 
(1) Collateral consists of business assets, including accounts receivable, personal property and equipment.
(2) Loans fully guaranteed or fully reserved given lack of collateral.

Credit Quality Indicators

The Corporation categorizes risk based on relevant information about the ability of the borrower to service their debt. Loans with a relationship balance of less than $1 million are reviewed when necessary based on their performance, primarily when such loans are delinquent. Commercial, financial and agricultural loans, real estate-commercial loans, real estate-construction loans and real estate-residential secured for a business purpose loans with relationships greater than $1 million are reviewed at least annually. Loan relationships with a higher risk profile or classified as special mention or substandard are reviewed at least quarterly. The Corporation reviews credit quality key risk indicators on at least an annual basis and last completed this review in conjunction with the period ended December 31, 2025. The following is a description of the internal risk ratings and the likelihood of loss related to the credit quality of commercial, financial and agricultural loans, real estate-commercial loans, real estate-construction loans and real estate-residential secured for a business purpose loans.

1.Pass—Loans considered satisfactory with no indications of deterioration
2.Special Mention—Potential weakness that deserves management's close attention
3.Substandard—Well-defined weakness or weaknesses that jeopardize the liquidation of the debt
4.Doubtful—Collection or liquidation in-full, on the basis of current existing facts, conditions and values, highly questionable and improbable

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Based on the most recent analysis performed, the following table presents the recorded investment in loans and leases held for investment for commercial, financial and agricultural loans, real estate-commercial loans, real estate-construction loans and real estate-residential secured for a business purpose loans by credit quality indicator at March 31, 2026 and December 31, 2025.
Term Loans Amortized Cost Basis by Origination Year
(Dollars in thousands) 2026 2025 2024 2023 2022 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Total
At March 31, 2026
Commercial, Financial and Agricultural
Risk Rating
1. Pass $ 50,527  $ 164,925  $ 85,371  $ 36,898  $ 33,203  $ 110,974  $ 471,821  $ 977  $ 954,696 
2. Special Mention —  265  724  1,218  1,313  616  10,518  —  14,654 
3. Substandard —  480  4,178  5,468  19,341  5,113  35,017  —  69,597 
Total $ 50,527  $ 165,670  $ 90,273  $ 43,584  $ 53,857  $ 116,703  $ 517,356  $ 977  $ 1,038,947 
Current period gross charge-offs $ 4  $ 71  $ —  $ —  $ —  $ —  $ 303  $ —  $ 378 
Real Estate-Commercial
Risk Rating
1. Pass $ 206,912  $ 702,833  $ 375,635  $ 382,688  $ 828,463  $ 1,037,791  $ 98,362  $ —  $ 3,632,684 
2. Special Mention —  861  2,892  250  1,125  1,720  —  —  6,848 
3. Substandard —  —  999  1,385  1,493  13,370  —  —  17,247 
Total $ 206,912  $ 703,694  $ 379,526  $ 384,323  $ 831,081  $ 1,052,881  $ 98,362  $ —  $ 3,656,779 
Current period gross charge-offs $ —  $ —  $ —  $ —  $ 195  $ —  $ —  $ —  $ 195 
Real Estate-Construction
Risk Rating
1. Pass $ 25,433  $ 180,046  $ 30,397  $ 22,562  $ 17,988  $ 4,011  $ 14,540  $ —  $ 294,977 
2. Special Mention —  —  —  —  —  —  —  —  — 
3. Substandard —  —  —  3,641  728  616  —  —  4,985 
Total $ 25,433  $ 180,046  $ 30,397  $ 26,203  $ 18,716  $ 4,627  $ 14,540  $ —  $ 299,962 
Real Estate-Residential Secured for Business Purpose
Risk Rating
1. Pass $ 32,771  $ 109,158  $ 78,817  $ 77,774  $ 114,075  $ 110,612  $ 31,106  $ —  $ 554,313 
2. Special Mention —  —  —  —  216  —  —  —  216 
3. Substandard —  —  149  230  —  1,007  125  —  1,511 
Total $ 32,771  $ 109,158  $ 78,966  $ 78,004  $ 114,291  $ 111,619  $ 31,231  $ —  $ 556,040 
Current period gross charge-offs $ —  $ —  $ —  $ 457  $ —  $ —  $ —  $ —  $ 457 
Totals By Risk Rating
1. Pass $ 315,643  $ 1,156,962  $ 570,220  $ 519,922  $ 993,729  $ 1,263,388  $ 615,829  $ 977  $ 5,436,670 
2. Special Mention —  1,126  3,616  1,468  2,654  2,336  10,518  —  21,718 
3. Substandard —  480  5,326  10,724  21,562  20,106  35,142  —  93,340 
Total $ 315,643  $ 1,158,568  $ 579,162  $ 532,114  $ 1,017,945  $ 1,285,830  $ 661,489  $ 977  $ 5,551,728 
Total current period gross charge-offs $ 4  $ 71  $ —  $ 457  $ 195  $ —  $ 303  $ —  $ 1,030 

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Term Loans Amortized Cost Basis by Origination Year
(Dollars in thousands) 2025 2024 2023 2022 2021 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Total
At December 31, 2025
Commercial, Financial and Agricultural
Risk Rating
1. Pass $ 190,229  $ 100,720  $ 38,778  $ 37,042  $ 68,428  $ 48,061  $ 449,957  $ 982  $ 934,197 
2. Special Mention 700  812  2,452  1,406  —  643  12,391  —  18,404 
3. Substandard 485  4,286  6,849  20,078  5,512  154  37,469  —  74,833 
Total $ 191,414  $ 105,818  $ 48,079  $ 58,526  $ 73,940  $ 48,858  $ 499,817  $ 982  $ 1,027,434 
Real Estate-Commercial
Risk Rating
1. Pass $ 705,601  $ 395,166  $ 389,163  $ 859,503  $ 507,262  $ 631,928  $ 100,794  $ —  $ 3,589,417 
2. Special Mention 2,432  2,914  807  —  1,735  —  —  —  7,888 
3. Substandard 429  1,010  187  5,435  246  16,924  —  —  24,231 
Total $ 708,462  $ 399,090  $ 390,157  $ 864,938  $ 509,243  $ 648,852  $ 100,794  $ —  $ 3,621,536 
Real Estate-Construction
Risk Rating
1. Pass $ 166,806  $ 42,023  $ 43,121  $ 28,330  $ 1,718  $ 2,434  $ 13,477  $ —  $ 297,909 
2. Special Mention —  —  —  —  —  —  —  —  — 
3. Substandard —  —  3,641  2,545  —  639  2,059  —  8,884 
Total $ 166,806  $ 42,023  $ 46,762  $ 30,875  $ 1,718  $ 3,073  $ 15,536  $ —  $ 306,793 
Real Estate-Residential Secured for Business Purpose
Risk Rating
1. Pass $ 114,828  $ 80,784  $ 81,481  $ 117,108  $ 94,503  $ 29,906  $ 33,062  $ —  $ 551,672 
2. Special Mention —  —  —  507  —  —  50  —  557 
3. Substandard —  149  232  —  360  1,083  125  —  1,949 
Total $ 114,828  $ 80,933  $ 81,713  $ 117,615  $ 94,863  $ 30,989  $ 33,237  $ —  $ 554,178 
Totals By Risk Rating
1. Pass $ 1,177,464  $ 618,693  $ 552,543  $ 1,041,983  $ 671,911  $ 712,329  $ 597,290  $ 982  $ 5,373,195 
2. Special Mention 3,132  3,726  3,259  1,913  1,735  643  12,441  —  26,849 
3. Substandard 914  5,445  10,909  28,058  6,118  18,800  39,653  —  109,897 
Total $ 1,181,510  $ 627,864  $ 566,711  $ 1,071,954  $ 679,764  $ 731,772  $ 649,384  $ 982  $ 5,509,941 

The Corporation had no loans with a risk rating of Doubtful included within recorded investment in loans and leases held for investment at March 31, 2026 or December 31, 2025.

The Corporation monitors the credit risk profile by payment activity for the following classifications of loans and leases: real estate-residential secured for personal purpose loans, real estate-home equity secured for personal purpose loans, loans to individuals and lease financings. The Corporation reviews credit quality indicators on at least an annual basis and last completed this review in conjunction with the period ended December 31, 2025. Loans and leases past due 90 days or more and loans and leases on nonaccrual status are considered nonperforming. Nonperforming loans and leases are reviewed monthly. Performing loans and leases are reviewed only if the loan becomes 60 days or more past due.
Based on the most recent analysis performed, the following table presents the recorded investment in loans and leases held for investment for real estate-residential secured for personal purpose loans, real estate-home equity secured for personal purpose loans, loans to individuals and lease financings by credit quality indicator at March 31, 2026 and December 31, 2025.
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Term Loans Amortized Cost Basis by Origination Year
(Dollars in thousands) 2026 2025 2024 2023 2022 Prior Revolving Loans Amortized Cost Basis Total
At March 31, 2026
Real Estate-Residential Secured for Personal Purpose
Payment Performance
1. Performing $ 10,731  $ 33,637  $ 26,465  $ 180,243  $ 330,238  $ 358,692  $ 84  $ 940,090 
2. Nonperforming —  —  —  —  1,747  217  —  1,964 
Total $ 10,731  $ 33,637  $ 26,465  $ 180,243  $ 331,985  $ 358,909  $ 84  $ 942,054 
Real Estate-Home Equity Secured for Personal Purpose
Payment Performance
1. Performing $ —  $ 307  $ 228  $ 177  $ 1,600  $ 1,404  $ 195,804  $ 199,520 
2. Nonperforming —  —  —  76  —  —  1,648  1,724 
Total $ —  $ 307  $ 228  $ 253  $ 1,600  $ 1,404  $ 197,452  $ 201,244 
Loans to Individuals
Payment Performance
1. Performing $ 707  $ 1,459  $ 1,079  $ 360  $ 140  $ 473  $ 8,101  $ 12,319 
2. Nonperforming —  —  —  —  —  —  —  — 
Total $ 707  $ 1,459  $ 1,079  $ 360  $ 140  $ 473  $ 8,101  $ 12,319 
Current period gross charge-offs $ 20  $ 37  $ 19  $ 17  $ —  $ —  $ 107  $ 200 
Lease Financings
Payment Performance
1. Performing $ 23,622  $ 73,348  $ 58,233  $ 48,501  $ 21,131  $ 7,200  $ —  $ 232,035 
2. Nonperforming —  121  5  391  271  44  —  832 
Total $ 23,622  $ 73,469  $ 58,238  $ 48,892  $ 21,402  $ 7,244  $ —  $ 232,867 
Current period gross charge-offs $ —  $ 101  $ 57  $ 20  $ 72  $ 8  $ —  $ 258 
Totals by Payment Performance
1. Performing $ 35,060  $ 108,751  $ 86,005  $ 229,281  $ 353,109  $ 367,769  $ 203,989  $ 1,383,964 
2. Nonperforming —  121  5  467  2,018  261  1,648  4,520 
Total $ 35,060  $ 108,872  $ 86,010  $ 229,748  $ 355,127  $ 368,030  $ 205,637  $ 1,388,484 
Total current period gross charge-offs $ 20  $ 138  $ 76  $ 37  $ 72  $ 8  $ 107  $ 458 
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Term Loans Amortized Cost Basis by Origination Year
(Dollars in thousands) 2025 2024 2023 2022 2021 Prior Revolving Loans Amortized Cost Basis Total
At December 31, 2025
Real Estate-Residential Secured for Personal Purpose
Payment Performance
1. Performing $ 34,439  $ 29,536  $ 190,287  $ 333,364  $ 183,622  $ 186,144  $ —  $ 957,392 
2. Nonperforming —  —  —  1,824  —  394  —  2,218 
Total $ 34,439  $ 29,536  $ 190,287  $ 335,188  $ 183,622  $ 186,538  $ —  $ 959,610 
Real Estate-Home Equity Secured for Personal Purpose
Payment Performance
1. Performing $ 468  $ 232  $ 257  $ 1,654  $ 311  $ 1,162  $ 194,654  $ 198,738 
2. Nonperforming —  —  —  —  —  —  1,656  1,656 
Total $ 468  $ 232  $ 257  $ 1,654  $ 311  $ 1,162  $ 196,310  $ 200,394 
Loans to Individuals
Payment Performance
1. Performing $ 1,696  $ 1,268  $ 464  $ 181  $ 26  $ 486  $ 8,665  $ 12,786 
2. Nonperforming —  —  —  —  —  7  —  7 
Total $ 1,696  $ 1,268  $ 464  $ 181  $ 26  $ 493  $ 8,665  $ 12,793 
Lease Financings
Payment Performance
1. Performing $ 77,223  $ 63,335  $ 54,777  $ 25,549  $ 8,253  $ 2,060  $ —  $ 231,197 
2. Nonperforming 293  67  236  233  26  14  —  869 
Total $ 77,516  $ 63,402  $ 55,013  $ 25,782  $ 8,279  $ 2,074  $ —  $ 232,066 
Totals by Payment Performance
1. Performing $ 113,826  $ 94,371  $ 245,785  $ 360,748  $ 192,212  $ 189,852  $ 203,319  $ 1,400,113 
2. Nonperforming 293  67  236  2,057  26  415  1,656  4,750 
Total $ 114,119  $ 94,438  $ 246,021  $ 362,805  $ 192,238  $ 190,267  $ 204,975  $ 1,404,863 

The Corporation had no revolving loans which were converted to term loans included within recorded investment in loans and leases held for investment at March 31, 2026 or December 31, 2025.

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Allowance for Credit Losses on Loans and Leases and Recorded Investment in Loans and Leases

The following presents, by portfolio segment, a summary of the activity in the allowance for credit losses, loans and leases, for the three months ended March 31, 2026 and 2025. There were no changes to the reasonable and supportable forecast period and the reversion period, or any other significant methodology changes during the three months ended March 31, 2026.
(Dollars in thousands) Beginning balance Provision (reversal of provision) for credit losses Charge-offs Recoveries Ending balance
Three Months Ended March 31, 2026
Allowance for credit losses, loans and leases:
Commercial, financial and agricultural $ 16,983  $ (1,783) $ (378) $ 83  $ 14,905 
Real estate-commercial 47,166  3,104  (195) 3  50,078 
Real estate-construction 5,475  (39) —  —  5,436 
Real estate-residential secured for business purpose 7,600  548  (457) —  7,691 
Real estate-residential secured for personal purpose 6,341  172  —  —  6,513 
Real estate-home equity secured for personal purpose 1,638  (270) —  —  1,368 
Loans to individuals 348  205  (200) 46  399 
Lease financings 2,614  61  (258) 93  2,510 
Total $ 88,165  $ 1,998  $ (1,488) $ 225  $ 88,900 
Three Months Ended March 31, 2025
Allowance for credit losses, loans and leases:
Commercial, financial and agricultural $ 16,079  $ 2,679  $ (1,557) $ 326  $ 17,527 
Real estate-commercial 46,867  315  (20) 4  47,166 
Real estate-construction 4,924  (174) —  —  4,750 
Real estate-residential secured for business purpose 7,491  16  —  —  7,507 
Real estate-residential secured for personal purpose 7,222  (828) —  —  6,394 
Real estate-home equity secured for personal purpose 1,706  (140) —  —  1,566 
Loans to individuals 342  144  (165) 7  328 
Lease financings 2,460  373  (289) 8  2,552 
Total $ 87,091  $ 2,385  $ (2,031) $ 345  $ 87,790 


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The following presents, by portfolio segment, the balance in the allowance for credit losses on loans and leases disaggregated on the basis of whether the loan or lease was measured for credit loss as a pooled loan or lease or if it was individually analyzed for a reserve at March 31, 2026 and 2025:
Allowance for credit losses, loans and leases Loans and leases held for investment
(Dollars in thousands) Ending balance: individually analyzed Ending balance: pooled Total ending balance Ending balance: individually analyzed Ending balance: pooled Total ending balance
At March 31, 2026
Commercial, financial and agricultural $ 2,530  $ 12,375  $ 14,905  $ 4,048  $ 1,034,899  $ 1,038,947 
Real estate-commercial 154  49,924  50,078  3,548  3,653,231  3,656,779 
Real estate-construction —  5,436  5,436  —  299,962  299,962 
Real estate-residential secured for business purpose 51  7,640  7,691  1,282  554,758  556,040 
Real estate-residential secured for personal purpose —  6,513  6,513  1,964  940,090  942,054 
Real estate-home equity secured for personal purpose 14  1,354  1,368  1,676  199,568  201,244 
Loans to individuals —  399  399  —  12,319  12,319 
Lease financings 386  2,124  2,510  386  232,481  232,867 
Total $ 3,135  $ 85,765  $ 88,900  $ 12,904  $ 6,927,308  $ 6,940,212 
At March 31, 2025
Commercial, financial and agricultural $ 2,343  $ 15,184  $ 17,527  $ 4,244  $ 1,030,117  $ 1,034,361 
Real estate-commercial 166  47,000  47,166  3,526  3,542,876  3,546,402 
Real estate-construction —  4,750  4,750  —  281,785  281,785 
Real estate-residential secured for business purpose —  7,507  7,507  449  535,633  536,082 
Real estate-residential secured for personal purpose —  6,394  6,394  1,232  991,535  992,767 
Real estate-home equity secured for personal purpose —  1,566  1,566  1,088  188,031  189,119 
Loans to individuals —  328  328  —  16,930  16,930 
Lease financings 67  2,485  2,552  67  235,524  235,591 
Total $ 2,576  $ 85,214  $ 87,790  $ 10,606  $ 6,822,431  $ 6,833,037 

Modified Loans to Borrowers Experiencing Financial Difficulty

The following presents, by class of loans, information regarding accruing and nonaccrual modified loans to borrowers experiencing financial difficulty during the three months ended March 31, 2026 and 2025.
Term Extension
  Three Months Ended March 31, 2026 Three Months Ended March 31, 2025
(Dollars in thousands) Number
of
Loans		 Amortized Cost Basis* % of Total Class of Financing Receivable Related
Reserve		 Number
of
Loans		 Amortized Cost Basis* % of Total Class of Financing Receivable Related
Reserve
Accruing Modified Loans to Borrowers Experiencing Financial Difficulty:
Commercial, financial and agricultural 3  $ 8,792  0.85  % $ 6  5  $ 15,238  1.47  % $ 23 
Real estate—commercial —  —  —  —  2  3,185  0.09  — 
Real estate—construction 1  728  0.24  1  2  4,726  1.68  12 
Total 4  $ 9,520  $ 7  9  $ 23,149  $ 35 
Nonaccrual Modified Loans to Borrowers Experiencing Financial Difficulty:
Real estate—commercial 1  $ 424  0.01  % $ —  —  $ —  —  % $ — 
Total 1  $ 424  $ —  —  $ —  $ — 
*Amortized cost excludes $90 thousand and $130 thousand of accrued interest receivable on modified loans for the three months ended March 31, 2026 and March 31, 2025, respectively.
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The following presents, by class of loans, information regarding the financial effect on accruing and nonaccrual modified loans to borrowers experiencing financial difficulty during the three months ended March 31, 2026 and 2025.
  Term Extension
(Dollars in thousands) No. of
Loans		 Financial Effect
Three Months Ended March 31, 2026
Accruing Modified Loans to Borrowers Experiencing Financial Difficulty:
Commercial, financial and agricultural 3 
Added a weighted-average 3 months to the life of the loans, which reduced monthly payment amounts for the borrowers.
Real estate—construction 1 
Added 3 months to the life of the loan, which reduced monthly payment amount for the borrower.
Total 4 
Nonaccrual Modified Loans to Borrowers Experiencing Financial Difficulty:
Real estate—commercial 1 
 Added 4 months to the life of the loan, which reduced monthly payment amount for the borrower.
Total 1 
Three Months Ended March 31, 2025
Accruing Modified Loans to Borrowers Experiencing Financial Difficulty:
Commercial, financial and agricultural 5 
Added a weighted-average 2 months to the life of the loans, which reduced monthly payment amounts for the borrowers.
Real estate—commercial 2 
Added a weighted-average 3 months to the life of the loans, which reduced monthly payment amounts for the borrowers.
Real estate—construction 2 
Added a weighted-average 5 months to the life of the loans, which reduced monthly payment amounts for the borrowers.
Total 9 
Nonaccrual Modified Loans to Borrowers Experiencing Financial Difficulty:
Total — 

The following presents, by class of loans, the amortized cost of accruing and nonaccrual modified loans to borrowers experiencing financial difficulty that had a payment default subsequent to modification during the three months ended March 31, 2026 and 2025 and were modified in the 12 months prior to that default.
  Three Months Ended March 31,
  2026 2024
Term Extension Term Extension
(Dollars in thousands) Number
of Loans		 Amortized Cost Basis Number
of Loans		 Amortized Cost Basis
Accruing Modified Loans to Borrowers Experiencing Financial Difficulty:
Total —  $ —  —  $ — 
Nonaccrual Modified Loans to Borrowers Experiencing Financial Difficulty:
Real estate—commercial 1  $ 424  —  $ — 
Total 1  $ 424  —  $ — 
The following presents, by class of loan, the amortized cost and performance status of accruing and nonaccrual modified loans to borrowers experiencing financial difficulty that have been modified in the last 12 months as of March 31, 2026 and 2025.
At March 31, 2026
(Dollars in thousands) Current 30-89 Days Past Due 90 Days or More Past Due Total
Accruing Modified Loans to Borrowers Experiencing Financial Difficulty:
Commercial, financial and agricultural $ 15,640  $ —  $ —  $ 15,640 
Real estate—construction 728  —  —  728 
Total $ 16,368  $ —  $ —  $ 16,368 
Nonaccrual Modified Loans to Borrowers Experiencing Financial Difficulty:
Real estate—commercial $ —  $ 424  $ —  $ 424 
Total $ —  $ 424  $ —  $ 424 
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At March 31, 2025
(Dollars in thousands) Current 30-89 Days Past Due 90 Days or More Past Due Total
Accruing Modified Loans to Borrowers Experiencing Financial Difficulty:
Commercial, financial and agricultural $ 15,238  $ —  $ —  $ 15,238 
Real estate—commercial 5,024  —  —  5,024 
Real estate—construction 4,726  —  —  4,726 
Total $ 24,988  $ —  $ —  $ 24,988 
Nonaccrual Modified Loans to Borrowers Experiencing Financial Difficulty:
Total $ —  $ —  $ —  $ — 

As of March 31, 2026 and March 31, 2025, the Bank had $2.0 million and $1.7 million, respectively, in commitments to extend credit to borrowers experiencing financial difficulty whose terms had been modified.

The following presents the amount of consumer mortgages collateralized by residential real estate property that were in the process of foreclosure at March 31, 2026 or December 31, 2025.
(Dollars in thousands) At March 31, 2026 At December 31, 2025
Real estate-residential secured for personal purpose $ 3,700  $ 3,641 
Real estate-home equity secured for personal purpose 727  328 
Total $ 4,427  $ 3,969 

The following presents foreclosed residential real estate property included in other real estate owned at March 31, 2026 or December 31, 2025.
(Dollars in thousands) At March 31, 2026 At December 31, 2025
Foreclosed residential real estate $ 4,128  $ 3,981 

Lease Financings

The following presents the schedule of minimum lease payments receivable:
(Dollars in thousands) At March 31, 2026 At December 31, 2025
2026 (excluding the three months ended March 31, 2026) $ 72,800  $ 94,185 
2027 79,424  73,655 
2028 54,718  49,277 
2029 33,088  28,148 
2030 15,771  11,337 
Thereafter 3,359  1,729 
Total future minimum lease payments receivable 259,160  258,331 
Plus: Unguaranteed residual 1,397  1,446 
Plus: Initial direct costs 3,005  2,935 
Less: Imputed interest (30,695) (30,646)
Lease financings $ 232,867  $ 232,066 

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Note 5. Goodwill and Other Intangible Assets

The Corporation has goodwill from acquisitions which is deemed to be an indefinite intangible asset and is not amortized. Changes in the carrying amount of the Corporation's goodwill by business segment for the three months ended March 31, 2026 were as follows:
(Dollars in thousands) Banking Wealth Management Insurance Consolidated
Balance at December 31, 2025 $ 138,476  $ 15,434  $ 21,600  $ 175,510 
Addition to goodwill from acquisitions —  —  —  — 
Balance at March 31, 2026 $ 138,476  $ 15,434  $ 21,600  $ 175,510 

The Corporation also 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 following table reflects the components of intangible assets at the dates indicated:
At March 31, 2026 At December 31, 2025
(Dollars in thousands) Gross Carrying Amount
Accumulated Amortization (1)
 Net Carrying Amount Gross Carrying Amount
Accumulated Amortization (1)
 Net Carrying Amount
Amortized intangible assets:
Core deposit intangibles $ 5,268  $ 5,244  $ 24  $ 5,268  $ 5,220  $ 48 
Customer related intangibles 2,476  1,743  733  2,476  1,674  802 
Servicing rights 13,265  6,439  6,826  12,985  6,507  6,478 
Total amortized intangible assets $ 21,009  $ 13,426  $ 7,583  $ 20,729  $ 13,401  $ 7,328 
(1) Included within accumulated amortization is a valuation allowance of $23 thousand and $307 thousand on servicing rights at March 31, 2026 and December 31, 2025, respectively.

The estimated aggregate amortization expense for core deposit and customer-related intangibles for the remainder of 2026 and the succeeding fiscal years is as follows:
Year (Dollars in thousands) Amount
Remainder of 2026 $ 225 
2027 216 
2028 161 
2029 105 
2030 50 
Thereafter — 
Total $ 757 
The aggregate fair value of servicing rights was $11.8 million and $10.3 million at March 31, 2026 and December 31, 2025, respectively. The fair value of these rights was determined using a discount rate of 11.3% at March 31, 2026 and December 31, 2025.

Changes in the servicing rights balance are summarized as follows:
  Three Months Ended March 31,
(Dollars in thousands) 2026 2025
Beginning of period $ 6,478  $ 6,990 
Servicing rights capitalized 572  283 
Amortization of servicing rights (508) (382)
Changes in valuation allowance 284  (19)
End of period $ 6,826  $ 6,872 
Loans serviced for others $ 1,077,964  $ 1,037,090 
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Activity in the valuation allowance for servicing rights was as follows:
  Three Months Ended March 31,
(Dollars in thousands) 2026 2025
Valuation allowance, beginning of period $ (307) $ (7)
Additions —  (19)
Reductions 284  — 
Valuation allowance, end of period $ (23) $ (26)

The estimated amortization expense of servicing rights for the remainder of 2026 and the succeeding fiscal years is as follows:
Year (Dollars in thousands) Amount
Remainder of 2026 $ 1,119 
2027 942 
2028 794 
2029 670 
2030 566 
Thereafter 2,735 
Total $ 6,826 

Note 6. Deposits

Deposits and their respective weighted average interest rate at March 31, 2026 and December 31, 2025 consisted of the following:
At March 31, 2026 At December 31, 2025
Weighted Average Interest Rate Amount Weighted Average Interest Rate Amount
(Dollars in thousands)
Noninterest-bearing deposits — % $ 1,475,851  — % $ 1,431,974 
Demand deposits 2.86  3,203,058  2.90  3,478,924 
Savings deposits 0.69  773,050  0.70  762,130 
Time deposits 3.72  1,361,804  3.83  1,414,285 
Total 2.17 % $ 6,813,763  2.27 % $ 7,087,313 

Deposits are insured up to applicable limits by the Deposit Insurance Fund of the FDIC, which is currently $250 thousand per account owner. The aggregate amount of time deposits in denominations over $250 thousand was $265.8 million at March 31, 2026 and $281.9 million at December 31, 2025.

At March 31, 2026, the scheduled maturities of time deposits were as follows:
Year (Dollars in thousands) Amount
Remainder of 2026 $ 820,436 
2027 284,144 
2028 182,012 
2029 73,403 
2030 1,330 
Thereafter 479 
Total $ 1,361,804 

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Note 7. Borrowings

The following is a summary of borrowings by type. Short-term borrowings consist of overnight borrowings and term borrowings with an original maturity of one year or less.
At March 31, 2026 At December 31, 2025
(Dollars in thousands) Balance at End of Period Weighted Average Interest Rate at End of Period Balance at End of Period Weighted Average Interest Rate at End of Period
Short-term borrowings:
Customer repurchase agreements $ 26,156  0.05 % $ 24,411  0.05 %
Long-term debt:
FHLB advances $ 175,000  4.04 % $ 200,000  4.20 %
Subordinated notes 98,908  6.98 98,867  6.98

The Corporation, through the Bank, has a credit facility with the Federal Home Loan Bank (the FHLB) that had a maximum borrowing capacity of approximately $3.4 billion at March 31, 2026 and December 31, 2025. All borrowings and letters of credit from the FHLB are secured by qualifying commercial real estate and residential mortgage loans, investments and other assets. The Bank had outstanding short-term letters of credit with the FHLB totaling $1.2 billion and $1.4 billion at March 31, 2026 and December 31, 2025, respectively, which were utilized to collateralize public funds deposits and other secured deposits. The maximum borrowing capacity with the FHLB changes as a function of the Bank’s qualifying collateral assets as well as the FHLB’s internal credit rating of the Bank. The available borrowing capacity from the FHLB totaled $2.0 billion and $1.9 billion at March 31, 2026 and December 31, 2025, respectively.

The Corporation, through the Bank, holds investment securities at the Federal Reserve Bank of Philadelphia (the FRB) to provide access to the Discount Window Lending program. The Bank participates in the FRB Borrower in Custody program, which provides additional committed borrowing capacity for the Bank through the Discount Lending Window program based upon select loans pledged to the FRB. The total borrowing capacity based upon the qualifying pledged commercial loans and held investment securities was $375.4 million and $380.2 million at March 31, 2026 and December 31, 2025, respectively. At March 31, 2026 and December 31, 2025, the Corporation had no outstanding borrowings under the Discount Window Lending program.

The Corporation has a $10.0 million committed line of credit with a correspondent bank. At March 31, 2026 and December 31, 2025, the Corporation had no outstanding borrowings under this line.

The Corporation and the Bank had $3.7 billion and $3.8 billion of committed borrowing capacity at March 31, 2026 and December 31, 2025, respectively, of which $2.4 billion and $2.3 billion was available as of March 31, 2026 and December 31, 2025, respectively. The Corporation, through the Bank, also maintained uncommitted funding sources from correspondent banks of $472.0 million and $457.0 million at March 31, 2026 and December 31, 2025, respectively. Future availability under these lines is subject to the prerogatives of the granting banks and may be withdrawn at will.
Long-term advances with the FHLB of Pittsburgh mature as follows:
(Dollars in thousands) As of March 31, 2026 Weighted Average Rate
Remainder of 2026 $ 50,000  4.16 %
2027 25,000  3.99 
2028 40,000  4.33 
2029 50,000  3.74 
2030 10,000  3.94 
Thereafter —  — 
Total $ 175,000  4.04 %

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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,
  2026 2025 2026 2025
(Dollars in thousands) Retirement Plans Other Post Retirement
Benefits
Service cost $ 141  $ 132  $ 10  $ 11 
Interest cost 600  604  28  27 
Expected loss on plan assets (984) (891) —  — 
Amortization of net actuarial loss (gain) 18  63  (23) (11)
Net periodic benefit (income) cost $ (225) $ (92) $ 15  $ 27 
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 contributions of $155 thousand to the Retirement Plans and $120 thousand to Other Postretirement Benefit Plans in 2026. During the three months ended March 31, 2026, the Corporation contributed $39 thousand to its Retirement Benefit Plans and $29 thousand to its Other Postretirement Benefit Plans. During the three months ended March 31, 2026, $729 thousand was paid to participants from the Retirement Plans and $29 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.

The following is a summary of the Corporation's stock option activity and related information for the three months ended March 31, 2026:
(Dollars in thousands, except per share data) Shares Under Option Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value at March 31, 2026
Outstanding at December 31, 2025 74,268  $ 28.20 
Exercised (8,000) 26.44 
Outstanding at March 31, 2026 66,268  $ 28.41  1.7 $ 388 
Exercisable at March 31, 2026 66,268  $ 28.41  1.7 $ 388 
The Corporation did not grant any stock options during the three months ended March 31, 2026 or March 31, 2025.
The following is a summary of nonvested restricted stock units at March 31, 2026, including changes during the three months then ended:
(Dollars in thousands, except per share data)  Nonvested Stock Units  Weighted Average Grant Date Fair Value
Nonvested stock units at December 31, 2025 521,838  $ 24.03 
Granted 184,909  32.75 
Cancelled by performance factor (18,382) 24.88 
Vested (175,957) 23.92 
Forfeited (543) 23.57 
Nonvested stock units at March 31, 2026 511,865  $ 27.19 

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Certain information regarding restricted stock units is summarized below for the periods indicated:
Three Months Ended March 31,
(Dollars in thousands, except per share data) 2026 2025
Restricted stock units granted 184,909  196,666 
Weighted average grant date fair value $ 32.75  $ 28.44 
Intrinsic value of units granted $ 6,046  $ 5,592 
Restricted stock units vested 175,957  163,625 
Weighted average grant date fair value $ 23.92  $ 25.34 
Intrinsic value of units vested $ 5,765  $ 4,650 

The total unrecognized compensation expense and the weighted average period over which unrecognized compensation expense is expected to be recognized related to nonvested restricted stock units at March 31, 2026 is presented below:
(Dollars in thousands) Unrecognized Compensation Cost Weighted-Average Period Remaining (Years)
Restricted stock units $ 10,890  2.3

The following table presents information related to the Corporation’s compensation expense related to stock incentive plans recognized for the periods indicated:
Three Months Ended March 31,
(Dollars in thousands) 2026 2025
Stock-based compensation expense:
Restricted stock units $ 1,238  $ 1,067 
Employee stock purchase plan 24  26 
Total $ 1,262  $ 1,093 
Total tax benefits recognized from share-based compensation $ 701  $ 420 

Note 10. Accumulated Other Comprehensive (Loss) Income

The following table shows the components of accumulated other comprehensive (loss) income, net of taxes, for the periods presented:
(Dollars in thousands) Net Unrealized
Losses on
Available-for-Sale
Investment
Securities		 Net Change
Related to
Derivatives Used for Cash Flow Hedges		 Net Change
Related to
Defined Benefit
Pension Plans		 Accumulated
Other
Comprehensive
Loss
Balance, December 31, 2025 $ (21,499) $ (614) $ (3,354) $ (25,467)
Other comprehensive income (926) —  (4) (930)
Reclassification adjustment recorded in earnings (1) —  446  —  446 
Balance, March 31, 2026 $ (22,425) $ (168) $ (3,358) $ (25,951)
Balance, December 31, 2024 $ (35,117) $ (2,422) $ (6,453) $ (43,992)
Other comprehensive income 5,583  —  41  5,624 
Reclassification adjustment recorded in earnings (1) —  446  —  446 
Balance, March 31, 2025 $ (29,534) $ (1,976) $ (6,412) $ (37,922)
(1) Represents reclassification to earnings as a reduction to interest income of amounts included in accumulated other comprehensive income on the condensed consolidated balance sheet related to the interest rate swap terminated on August 2, 2024.

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Note 11. Derivative Instruments and Hedging Activities

Interest Rate Swaps

The Corporation periodically uses interest rate swap agreements to modify interest rate characteristics from variable to fixed or fixed to variable in order to reduce the impact of interest rate changes on future net interest income. The Corporation’s credit exposure on interest rate swaps includes changes in fair value and any collateral that is held by a third party.

In May 2022, the Corporation entered into an interest rate swap classified as a cash flow hedge with a notional amount of $250.0 million to hedge the interest payments received on a pool of variable rate loans. Under the terms of the swap agreement, the Corporation paid a variable rate equal to the Prime Rate and received a fixed rate of 5.99% with a maturity date of May 4, 2026. On August 2, 2024, the Corporation terminated the swap. In connection with the termination, the Corporation incurred an unwind fee of $4.0 million, of which $3.8 million has been reclassified to earnings as a reduction to interest income since termination. Additionally, unamortized origination and third-party fees totaled $12 thousand at March 31, 2026. The $226 thousand will be amortized into interest income over the remaining one month of the original swap.

Credit Derivatives

The Corporation has agreements with third-party financial institutions whereby the third-party financial institution enters into interest rate derivative contracts with loan customers referred to them by the Corporation. By the terms of the agreements, the third-party financial institution has recourse to the Corporation for any exposure created under each swap contract in the event the customer defaults on the swap agreement and the agreement is in a paying position to the third-party financial institution. These transactions represent credit derivatives and are a customary arrangement that allows the Corporation to provide access to interest rate swap transactions for customers without issuing the swap.

At March 31, 2026, the Corporation had exposure to 137 variable-rate to fixed-rate interest rate swap transactions between the third-party financial institution and customers with a notional amount of $870.9 million and remaining maturities ranging from two months to nine years. At March 31, 2026, the fair value of the Corporation's interest rate swap credit derivatives was a liability of $104 thousand. At March 31, 2026, the fair value of the swaps to the customers was a net gain of $27.0 million. At March 31, 2026, the Corporation's credit exposure related to customers totaled $2.3 million.

The maximum potential payments by the Corporation to the third-party financial institution under these credit derivatives are not estimable as they are contingent on future interest rates and the agreements do not provide for a limitation of the maximum potential payment amount.

Mortgage Banking Derivatives

Derivative loan commitments represent agreements for delayed delivery of financial instruments in which the buyer agrees to purchase, and the seller agrees to deliver, at a specified future date, a specified instrument at a specified price or yield. The Corporation’s derivative loan commitments are commitments to sell loans secured by 1- to 4-family residential properties whose predominant risk characteristic is interest rate risk.

Derivatives Tables

The Corporation had no derivatives designated as hedging instruments recorded on the condensed consolidated balance sheets at March 31, 2026 or December 31, 2025.
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The following table presents the notional amounts and fair values of derivatives not designated as hedging instruments recorded on the condensed consolidated balance sheets at March 31, 2026 and December 31, 2025:
    Derivative Assets Derivative Liabilities
(Dollars in thousands) Notional
Amount		 Balance Sheet
Classification		 Fair
Value		 Balance Sheet
Classification		 Fair
Value
At March 31, 2026
Credit derivatives $ 870,877    $ —  Other liabilities $ 104 
Interest rate locks with customers 26,063  Other assets 57    — 
Forward loan sale commitments 36,124  Other assets 221    — 
Total $ 933,064  $ 278  $ 104 
At December 31, 2025
Credit derivatives $ 873,568  $ —  Other liabilities $ 140 
Interest rate locks with customers 16,954  Other assets 331    — 
Forward loan sale commitments 32,242    —  Other liabilities 82 
Total $ 922,764  $ 331  $ 222 

The following table presents amounts included in the condensed consolidated statements of income for derivatives designated as hedging instruments for the periods indicated:
Statement of Income
Classification		 Three Months Ended
March 31,
(Dollars in thousands) 2026 2025
Reclassification adjustment included in earnings (1) Interest income $ (565) $ (565)
Total net loss $ (565) $ (565)
(1) Represents reclassification to earnings as a reduction to interest income of amounts included in accumulated other comprehensive income on the condensed consolidated balance sheet related to the interest rate swap terminated on August 2, 2024.

The following table presents amounts included in the condensed consolidated statements of income for derivatives not designated as hedging instruments for the periods indicated:
Statement of Income Classification Three Months Ended
March 31,
(Dollars in thousands) 2026 2025
Credit derivatives Other noninterest income $ 237  $ 18 
Interest rate locks with customers Net (loss) gain on mortgage banking activities (275) 208 
Forward loan sale commitments Net gain (loss) on mortgage banking activities 302  (153)
Total net gain $ 264  $ 73 

The following table presents amounts included in accumulated other comprehensive (loss) income for derivatives designated as hedging instruments at March 31, 2026 and December 31, 2025:
(Dollars in thousands) Accumulated Other
Comprehensive (Loss) Income		 At March 31, 2026 At December 31, 2025
Interest rate swap—cash flow hedge (1) Fair value, net of taxes $ (168) $ (614)
Total $ (168) $ (614)
(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 one month of the original swap.

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Note 12. Fair Value Disclosures

Fair value is the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. The Corporation determines the fair value of financial instruments based on the fair value hierarchy. The Corporation maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Corporation. Unobservable inputs are inputs that reflect the Corporation’s assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances, including assumptions about risk. Three levels of inputs are used to measure fair value. A financial instrument’s level within the fair value hierarchy is based on the lowest level of input significant to the fair value measurement. Transfers between levels are recognized at the end of the reporting periods.
Level 1: Valuations are based on quoted prices in active markets for identical assets or liabilities that the Corporation can access at the measurement date. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these products does not entail a significant degree of judgment.
Level 2: Valuations are based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.
Level 3: Valuations are based on inputs that are unobservable and significant to the overall fair value measurement. Assets and liabilities utilizing Level 3 inputs include: financial instruments whose value is determined using pricing models, discounted cash-flow methodologies, or similar techniques, as well as instruments for which the fair value calculation requires significant management judgment or estimation.

Following is a description of the valuation methodologies used for instruments measured at fair value on a recurring basis, as well as the general classification of such instruments pursuant to the valuation hierarchy.

Investment Securities

Where quoted prices are available in an active market for identical instruments, investment securities are classified within Level 1 of the valuation hierarchy. Level 1 investment securities include U.S. Treasury securities, most equity securities and money market mutual funds. Mutual funds are registered investment companies which are valued at net asset value of shares on a market exchange at the end of each trading day. Level 2 of the valuation hierarchy includes securities issued by U.S. Government sponsored enterprises, mortgage-backed securities, collateralized mortgage obligations, corporate and municipal bonds and certain equity securities. If quoted market prices are not available, then fair values are estimated by using pricing models, quoted prices of securities with similar characteristics or discounted cash flows. In cases where there is limited activity or less transparency around inputs to the valuation, investment securities are classified within Level 3 of the valuation hierarchy.

Fair values for securities are determined using independent pricing services and market-participating brokers. The Corporation’s independent pricing service utilizes evaluated pricing models that vary by asset class and incorporate available trade, bid and other market information for structured securities, cash flow and, when available, loan performance data. Because many fixed income securities do not trade on a daily basis, the pricing service’s evaluated pricing applications apply information as applicable through processes, such as benchmarking of like securities, sector groupings, and matrix pricing, to prepare evaluations. If at any time, the pricing service determines that it does not have sufficient verifiable information to value a particular security, the Corporation will utilize valuations from another pricing service. Management has a sufficient understanding of the third-party service’s valuation models, assumptions and inputs used in determining the fair value of securities to enable management to maintain an appropriate system of internal control.

On a quarterly basis, the Corporation reviews changes, as submitted by the pricing service, in the market value of its security portfolio. Individual changes in valuations are reviewed for consistency with general interest rate movements and any known credit concerns for specific securities. If, upon the Corporation’s review or in comparing with another service, a material difference between pricing evaluations were to exist, the Corporation may submit an inquiry to the current pricing service regarding the data used to determine the valuation of a particular security. If the Corporation determines there is market information that would support a different valuation than from the current pricing service’s evaluation, the Corporation may utilize and change the security's valuation. There were no material differences in valuations noted at March 31, 2026.

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Loans Held for Sale

The fair value of our mortgage loans held for sale is based on estimates using Level 2 inputs. These inputs are based on pricing information obtained from wholesale mortgage banks and brokers and applied to loans with similar interest rates and maturities. At March 31, 2026, loans held for sale included a $3.9 million commercial real-estate loan and a $1.0 million residential real-estate loan secured for business purpose. The fair value of these loans were measured based on the estimated sale price of the loans and is classified within Level 2 in the fair value hierarchy.

Derivative Financial Instruments

The fair values of derivative financial instruments are based upon the estimated amount the Corporation would receive or pay to terminate the contracts or agreements, taking into account current interest rates and, when appropriate, the current creditworthiness of the counterparties. Interest rate swaps and mortgage banking derivative financial instruments are classified within Level 2 of the valuation hierarchy. Credit derivatives are valued based on credit worthiness of the underlying borrower which is a significant unobservable input and therefore classified in Level 3 of the valuation hierarchy.

Contingent Consideration Liability

The Corporation estimates the fair value of the contingent consideration liability by using a discounted cash flow model of future contingent payments based on projected revenue related to the acquired business. The estimated fair value of the contingent consideration liability is reviewed on a quarterly basis and any valuation adjustments resulting from a change of estimated future contingent payments based on projected revenue of the acquired business affecting the contingent consideration liability will be recorded through noninterest expense. Due to the significant unobservable input related to the projected revenue, the contingent consideration liability is classified within Level 3 of the valuation hierarchy. An increase in the projected revenue may result in a higher fair value of the contingent consideration liability. Alternatively, a decrease in the projected revenue may result in a lower estimated fair value of the contingent consideration liability.
The following table presents the assets and liabilities measured at fair value on a recurring basis at March 31, 2026 and December 31, 2025, classified using the fair value hierarchy:
  At March 31, 2026
(Dollars in thousands) Level 1 Level 2 Level 3 Assets/
Liabilities at
Fair Value
Assets:
Available-for-sale securities:
Residential mortgage-backed securities $ —  $ 298,336  $ —  $ 298,336 
Collateralized mortgage obligations —  1,287  —  1,287 
Corporate bonds —  74,405  5,000  79,405 
Total available-for-sale securities —  374,028  5,000  379,028 
Equity securities:
Money market mutual funds 2,898  —  —  2,898 
Total equity securities 2,898  —  —  2,898 
Loans held for sale —  14,371  —  14,371 
Interest rate locks with customers* —  57  —  57 
Forward loan sale commitments* —  221  —  221 
Total assets $ 2,898  $ 388,677  $ 5,000  $ 396,575 
Liabilities:
Credit derivatives* $ —  $ —  $ 104  $ 104 
Total liabilities $ —  $ —  $ 104  $ 104 
* Such financial instruments are recorded at fair value as further described in Note 11, "Derivative Instruments and Hedging Activities."

The $104 thousand of credit derivatives liability represented the Credit Valuation Adjustment (CVA), which is obtained from real-time financial market data, of 137 interest rate swaps with a notional amount of $870.9 million. The March 31, 2026 CVA was calculated using a 40% loss given default rate on the most recent investment grade credit curve.

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  At December 31, 2025
(Dollars in thousands) Level 1 Level 2 Level 3 Assets/
Liabilities at
Fair Value
Assets:
Available-for-sale securities:
Residential mortgage-backed securities $ —  $ 289,580  $ —  $ 289,580 
Collateralized mortgage obligations —  1,368  —  1,368 
Corporate bonds —  75,303  5,000  80,303 
Total available-for-sale securities —  366,251  5,000  371,251 
Equity securities:
Money market mutual funds 2,014  —  —  2,014 
Total equity securities 2,014  —  —  2,014 
Loans held for sale —  15,288  —  15,288 
Interest rate locks with customers* —  331  —  331 
Total assets $ 2,014  $ 381,870  $ 5,000  $ 388,884 
Liabilities:
Credit derivatives* $ —  $ —  $ 140  $ 140 
Forward loan sale commitments* —  82  —  82 
Total liabilities $ —  $ 82  $ 140  $ 222 
* Such financial instruments are recorded at fair value as further described in Note 11, "Derivative Instruments and Hedging Activities."
The $140 thousand of credit derivatives liability represented the CVA, which is obtained from real-time financial market data, of 138 interest rate swaps with a current notional amount of $873.6 million. The December 31, 2025 CVA was calculated using a 40% loss given default rate on the most recent investment grade credit curve.

The following table includes a roll forward of credit derivatives for which the Corporation utilized Level 3 inputs to determine fair value on a recurring basis for the three months ended March 31, 2026 and 2025:
  Three Months Ended March 31, 2026
(Dollars in thousands) Balance at
December 31,
2025		 Additions Increase in value Balance at March 31, 2026
Credit derivatives $ (140) $ (201) $ 237  $ (104)
Net total $ (140) $ (201) $ 237  $ (104)
  Three Months Ended March 31, 2025
(Dollars in thousands) Balance at
December 31,
2024		 Additions Increase in value Balance at March 31, 2025
Credit derivatives $ (67) $ (30) $ 18  $ (79)
Net total $ (67) $ (30) $ 18  $ (79)

The following table presents the change in the balance of the contingent consideration liability related to acquisitions for which the Corporation utilized Level 3 inputs to determine fair value on a recurring basis for the three months ended March 31, 2025. There was no contingent consideration liability related to acquisitions at March 31, 2026.
Three Months Ended March 31, 2025
(Dollars in thousands) Balance at
December 31,
2024		 Payment of
Contingent
Consideration		 Adjustment
of Contingent
Consideration		 Balance at March 31, 2025
Paul I. Sheaffer Insurance Agency $ 635  $ 635  $ —  $ — 
Total contingent consideration liability $ 635  $ 635  $ —  $ — 

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The Corporation may be required to periodically measure certain assets and liabilities at fair value on a non-recurring basis in accordance with GAAP. These adjustments to fair value usually result from the application of lower of cost or market accounting or changes in the value of individual assets. The following table represents assets measured at fair value on a non-recurring basis at March 31, 2026 and December 31, 2025:
  At March 31, 2026
(Dollars in thousands) Level 1 Level 2 Level 3 Assets at
Fair Value
Individually analyzed loans held for investment $ —  $ —  $ 9,769  $ 9,769 
Other real estate owned —  —  24,073  24,073 
Repossessed assets —  —  124  124 
Total $ —  $ —  $ 33,966  $ 33,966 
  At December 31, 2025
(Dollars in thousands) Level 1 Level 2 Level 3 Assets at
Fair Value
Individually analyzed loans held for investment $ —  $ —  $ 10,194  $ 10,194 
Other real estate owned —  —  23,926  23,926 
Repossessed assets —  —  65  65 
Total $ —  $ —  $ 34,185  $ 34,185 

The following table presents assets and liabilities not measured at fair value on a recurring or non-recurring basis in the Corporation’s condensed consolidated balance sheets but for which the fair value is required to be disclosed at March 31, 2026 and December 31, 2025. The disclosed fair values are classified using the fair value hierarchy.
  At March 31, 2026
(Dollars in thousands) Level 1 Level 2 Level 3 Fair
Value		 Carrying
Amount
Assets:
Cash and short-term interest-earning assets $ 222,357  $ —  $ —  $ 222,357  $ 222,357 
Held-to-maturity securities —  106,161  —  106,161  119,490 
Federal Home Loan Bank, Federal Reserve Bank and other stock NA NA NA NA 35,511 
Net loans and leases held for investment —  —  6,839,879  6,839,879  6,841,543 
Servicing rights —  —  11,783  11,783  6,826 
Total assets $ 222,357  $ 106,161  $ 6,851,662  $ 7,180,180  $ 7,225,727 
Liabilities:
Deposits:
Demand and savings deposits, non-maturity $ 5,451,959  $ —  $ —  $ 5,451,959  $ 5,451,959 
Time deposits —  1,362,105  —  1,362,105  1,361,804 
Total deposits 5,451,959  1,362,105  —  6,814,064  6,813,763 
Short-term borrowings 26,156  —  —  26,156  26,156 
Long-term debt —  186,830  —  186,830  175,000 
Subordinated notes —  99,500  —  99,500  98,908 
Total liabilities $ 5,478,115  $ 1,648,435  $ —  $ 7,126,550  $ 7,113,827 
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  At December 31, 2025
(Dollars in thousands) Level 1 Level 2 Level 3 Fair
Value		 Carrying
Amount
Assets:
Cash and short-term interest-earning assets $ 553,712  $ —  $ —  $ 553,712  $ 553,712 
Held-to-maturity securities —  109,724  —  109,724  123,024 
Federal Home Loan Bank, Federal Reserve Bank and other stock NA NA NA NA 37,808 
Net loans and leases held for investment —  —  6,824,797  6,824,797  6,816,445 
Servicing rights —  —  10,267  10,267  6,478 
Total assets $ 553,712  $ 109,724  $ 6,835,064  $ 7,498,500  $ 7,537,467 
Liabilities:
Deposits:
Demand and savings deposits, non-maturity $ 5,673,028  $ —  $ —  $ 5,673,028  $ 5,673,028 
Time deposits —  1,417,969  —  1,417,969  1,414,285 
Total deposits 5,673,028  1,417,969  —  7,090,997  7,087,313 
Short-term borrowings 24,411  —  —  24,411  24,411 
Long-term debt —  211,230  —  211,230  200,000 
Subordinated notes —  102,000  —  102,000  98,867 
Total liabilities $ 5,697,439  $ 1,731,199  $ —  $ 7,428,638  $ 7,410,591 

The following valuation methods and assumptions were used by the Corporation in estimating the fair value for financial instruments measured at fair value on a non-recurring basis and financial instruments not measured at fair value on a recurring or non-recurring basis in the Corporation’s condensed consolidated balance sheets but for which the fair value is required to be disclosed:

Cash and short-term interest-earning assets: The carrying amounts reported in the balance sheet for cash and due from banks, interest-earning deposits with other banks and other short-term investments is their stated value. Cash and short-term interest-earning assets are classified within Level 1 in the fair value hierarchy.

Held-to-maturity securities: Fair values for the held-to-maturity investment securities are estimated by using pricing models or quoted prices of securities with similar characteristics and are classified in Level 2 in the fair value hierarchy.

Federal Home Loan Bank, Federal Reserve Bank and other stock: It is not practical to determine the fair values of Federal Home Loan Bank, Federal Reserve Bank and other stock, due to restrictions placed on their transferability.

Loans held for sale: Loans held for sale are carried at the lower of cost or estimated fair value. The fair value of the Corporation’s mortgage loans held for sale are generally determined using a pricing model based on current market information obtained from external sources, including interest rates, bids or indications provided by market participants on specific loans that are actively marketed for sale. These loans are primarily residential mortgage loans and are generally classified in Level 2 due to the observable pricing data. At March 31, 2026, loans held for sale included a $3.9 million commercial real estate loan and a $1.0 million residential real estate loan secured for business purpose. The fair value of these loans were measured based on the estimated sale price of the loans and is classified within Level 2 in the fair value hierarchy.

Loans and leases held for investment: The fair values for loans and leases held for investment are estimated using discounted cash flow analyses, using a discount rate based on current interest rates at which similar loans with similar terms would be made to borrowers, adjusted as appropriate to consider credit, liquidity and marketability factors to arrive at a fair value that represents the Corporation's exit price at which these instruments would be sold or transferred. Loans and leases are classified within Level 3 in the fair value hierarchy since credit risk is not an observable input.

Individually analyzed loans and leases held for investment: For individually analyzed loans and leases, the Corporation uses a variety of techniques to measure fair value, such as using the current appraised value of the collateral, agreements of sale, discounting the contractual cash flows, and analyzing market data that the Corporation may adjust due to specific characteristics of the loan/lease or collateral. At March 31, 2026, individually analyzed loans held for investment had a carrying amount of $12.5 million with a valuation allowance of $2.7 million. At December 31, 2025, individually analyzed loans held for investment had a carrying amount of $13.0 million with a valuation allowance of $2.8 million.
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At March 31, 2026, individually analyzed leases had a carrying amount of $386 thousand with a valuation allowance of $386 thousand. At December 31, 2025, the Corporation had individually analyzed leases of $260 thousand with a valuation allowance of $260 thousand.

Servicing rights: The Corporation estimates the fair value of servicing rights using discounted cash flow models that calculate the present value of estimated future net servicing income. The model uses readily available prepayment speed assumptions for the interest rates of the portfolios serviced. Servicing rights are classified within Level 3 in the fair value hierarchy based upon management's assessment of the inputs. The Corporation reviews the servicing rights portfolio on a quarterly basis for impairment and the servicing rights are carried at the lower of amortized cost or estimated fair value. At March 31, 2026, servicing rights had a net carrying amount of $6.8 million, which included a valuation allowance of $23 thousand. At December 31, 2025, servicing rights had a net carrying amount of $6.8 million, which included a valuation allowance of $307 thousand.

Goodwill and other identifiable assets: Certain non-financial assets subject to measurement at fair value on a non-recurring basis include goodwill and other identifiable intangible assets. During the three months ended March 31, 2026, there were no required valuation adjustments of goodwill and other identifiable intangible assets.

Other real estate owned: Other real estate owned (OREO) represents properties that the Corporation has acquired through foreclosure by either accepting a deed in lieu of foreclosure, or by taking possession of assets that collateralized a loan. The Corporation reports OREO at the lower of cost or fair value less cost to sell, adjusted periodically based on a current appraisal or an executed agreement of sale. Capital improvement expenses associated with the construction or repair of the property are capitalized as part of the cost of the OREO asset. Write-downs and any gain or loss upon the sale of OREO is recorded in other noninterest income. OREO is reported in other assets on the condensed consolidated balance sheet. At March 31, 2026 and December 31, 2025, OREO had a carrying amount of $24.1 million and $23.9 million, respectively. Other real estate owned is classified within Level 3 in the fair value hierarchy based on appraisals, letters of intent or agreement of sale received from third parties.

Repossessed Assets: Repossessed assets represents non-real estate assets that the Corporation has acquired by taking possession of the asset that collateralized a loan or lease. The Corporation reports repossessed assets at the fair value less cost to sell, adjusted periodically based on a current appraisal provided by a third party based on their assumptions and quoted market prices for similar assets, when available. Write-downs and any gain or loss upon the sale of repossessed assets is recorded in other noninterest income. Repossessed assets are reported in other assets on the condensed consolidated balance sheet. At March 31, 2026 and December 31, 2025, repossessed assets had a carrying amount of $124 thousand and $65 thousand, respectively. During the three months ended March 31, 2026, repossessed assets totaling $78 thousand were acquired and repossessed assets totaling $19 thousand were written down. Repossessed assets are classified within Level 3 in the fair value hierarchy based on appraisals, letters of intent, agreement of sale or indications of value received from third parties.

Deposit liabilities: The fair values for demand and savings accounts, with no stated maturities, is the amount payable on demand at the reporting date (carrying value) and are classified within Level 1 in the fair value hierarchy. The fair values for time deposits with fixed maturities are estimated by discounting the final maturity using interest rates currently offered for deposits with similar remaining maturities. Time deposits are classified within Level 2 in the fair value hierarchy.

Short-term borrowings: The fair value of short-term borrowings are estimated using current market rates for similar borrowings and are classified within Level 1 in the fair value hierarchy.

Long-term debt: The fair value of long-term debt is estimated by using discounted cash flow analysis, based on current market rates for debt with similar terms and remaining maturities. Long-term debt is classified within Level 2 in the fair value hierarchy.

Subordinated notes: The fair value of the subordinated notes are estimated by discounting the principal balance using indicative pricing for the term to the call date as the Corporation has the option to call the subordinated notes. The subordinated notes are classified within Level 2 in the fair value hierarchy.

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Note 13. Segment Reporting

At March 31, 2026, the Corporation had three reportable business segments, Banking, Wealth Management and Insurance. The parent holding company and intercompany eliminations are included in the "Other" segment. Each segment generates revenue from a variety of products and services it provides. Examples of products and services provided for each reportable segment are indicated as follows:
●
The Banking segment provides financial services to individuals, businesses, municipalities and non-profit organizations. These services include a full range of banking products and services such as deposits, loan origination and servicing, mortgage banking, other general banking services and equipment lease financing.
● The Wealth Management segment offers investment advisory, financial planning and trust and brokerage services. The Wealth Management segment serves a diverse client base of private families and individuals, municipal pension plans, retirement plans, trusts and guardianships.
● The Insurance segment includes a full-service insurance brokerage agency offering commercial property and casualty insurance, employee benefit solutions, personal insurance lines and human resources consulting.
The following tables provide reportable segment-specific information, as well as the Other Segment, and reconciliations to the condensed consolidated financial information for the three months ended March 31, 2026 and 2025.
Three Months Ended
March 31, 2026
(Dollars in thousands) Banking Wealth Management Insurance Other Consolidated
Interest income $ 106,235  $ 13  $ —  $ 103  $ 106,351 
Interest expense 41,238  —  —  1,748  42,986 
Net interest income (expense) 64,997  13  —  (1,645) 63,365 
Noninterest income 8,130  8,485  7,430  43  24,088 
Total revenue 73,127  8,498  7,430  (1,602) 87,453 
Provision for credit losses 1,303  —  —  —  1,303 
Less: (1)
Salaries, benefits and commissions 19,670  4,513  3,862  5,414  33,459 
Net occupancy 2,421  123  189  265  2,998 
Equipment 917  12  17  133  1,079 
Data processing 2,632  389  149  1,310  4,480 
Professional fees 498  179  1  999  1,677 
Marketing and advertising 291  24  1  318  634 
Deposit insurance premiums 1,170  —  —  —  1,170 
Intangible expense 24  —  69  —  93 
Restructuring charges 427  —  —  —  427 
Other segment items (2)
 5,548  596  (3) 511  6,652 
Intersegment expense (revenue) (3)
 9,130  176  137  (9,443) — 
Income (loss) before income taxes $ 29,096  $ 2,486  $ 3,008  $ (1,109) $ 33,481 
Income tax expense (benefit) 5,997  503  641  (752) 6,389 
Net income (loss) $ 23,099  $ 1,983  $ 2,367  $ (357) $ 27,092 
Net capital expenditures $ 400  $ 4  $ 11  $ 154  $ 569 
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Three Months Ended
March 31, 2025
(Dollars in thousands) Banking Wealth Management Insurance Other Consolidated
Interest income $ 103,400  $ 16  $ —  $ —  $ 103,416 
Interest expense 44,354  —  —  2,281  46,635 
Net interest income (expense) 59,046  16  —  (2,281) 56,781 
Noninterest income 7,641  7,833  6,906  35  22,415 
Total revenue 66,687  7,849  6,906  (2,246) 79,196 
Provision for credit losses 2,311  —  —  —  2,311 
Less: (1)
Salaries, benefits and commissions 18,449  4,356  3,676  4,345  30,826 
Net occupancy 2,288  122  179  264  2,853 
Equipment 987  10  25  100  1,122 
Data processing 2,572  353  144  1,295  4,364 
Professional fees 576  323  14  884  1,797 
Marketing and advertising 159  28  12  154  353 
Deposit insurance premiums 1,151  —  —  —  1,151 
Intangible expense 47  —  83  —  130 
Other segment items (2)
 5,189  530  216  797  6,732 
Intersegment expense (revenue) (3)
 6,874  128  117  (7,119) — 
Income (loss) before income taxes $ 26,084  $ 1,999  $ 2,440  $ (2,966) $ 27,557 
Income tax expense (benefit) 5,077  406  543  (864) 5,162 
Net income (loss) $ 21,007  $ 1,593  $ 1,897  $ (2,102) $ 22,395 
Net capital expenditures $ 1,490  $ 7  $ 6  $ 362  $ 1,865 
(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker.
(2) Other segment items for each reportable segment includes:
Banking - loan and lease financing related fees, deposit and card service fees, and certain overhead expenses.
Wealth Management - referral fees, clearing broker fees, and certain overhead expenses.
Insurance - certain overhead expenses.
Other - Board of Director fees, retirement costs, and certain overhead expenses.
(3) Includes an allocation of general and administrative expenses from both the parent holding company and the Bank.

The following tables show significant components of segment net assets as of March 31, 2026 and December 31, 2025.
At March 31, 2026
(Dollars in thousands) Banking Wealth Management Insurance Other Consolidated
Other segment disclosures:
Cash and cash equivalents $ 127,396  $ 57,030  $ 37,931  $ —  $ 222,357 
Loans and leases, including loans held for sale, net of allowance for credit losses 6,865,683  —  —  —  6,865,683 
Goodwill 138,476  15,434  21,600  —  175,510 
Other segment assets 839,337  2,511  2,686  33,498  878,032 
Total segment assets $ 7,970,892  $ 74,975  $ 62,217  $ 33,498  $ 8,141,582 

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At December 31, 2025
(Dollars in thousands) Banking Wealth Management Insurance Other Consolidated
Other segment disclosures:
Cash and cash equivalents $ 462,888  $ 55,155  $ 35,669  $ —  $ 553,712 
Loans and leases, including loans held for sale, net of allowance for credit losses 6,841,927  —  —  —  6,841,927 
Goodwill 138,476  15,434  21,600  —  175,510 
Other segment assets 828,550  2,520  2,438  32,240  865,748 
Total segment assets $ 8,271,841  $ 73,109  $ 59,707  $ 32,240  $ 8,436,897 

Note 14. Contingencies

The Corporation is periodically subject to various pending and threatened legal actions, which involve claims for monetary relief. Based upon information presently available to the Corporation, it is the Corporation's opinion that any legal and financial responsibility arising from such claims will not have a material adverse effect on the Corporation's results of operations, financial position or cash flows.

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Item 2.     Management’s Discussion and Analysis of Financial Condition and Results of Operations

(All dollar amounts presented in tables are in thousands, except per share data. “BP” equates to “basis points”; "NM" equates to “not meaningful”; “—” equates to “zero” or “doesn’t round to a reportable number”; and “N/A” equates to “not applicable.” Certain prior period amounts have been reclassified to conform to the current-year presentation.)

Forward-Looking Statements

This report may contain forward-looking statements. When used or incorporated by reference in disclosure documents, the words "may," "will," "could," "should," "would," "believe," "anticipate," "plan," "estimate," "expect," "project," "target," and "goal," the negative of these terms and other similar expressions are intended to identify forward-looking statements, but are not the exclusive way to identify such statements, within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements may include but are not limited to: statements of goals, intentions and expectations; statements regarding business plans, prospects, growth and operating strategies; statements regarding the quality, growth and composition of loan, investment and deposit portfolios; statements regarding our financial performance, financial condition and liquidity; and estimates of our risks and future credit provision and noninterest expenses. These forward-looking statements are based on our current beliefs and expectations and are subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to certain risks, uncertainties and assumptions with respect to future business strategies and decisions that are subject to change, including but not limited to those set forth below:
 
•Operating, legal and regulatory risks;
•Economic, political and competitive forces;
•General economic conditions, either nationally or in our market areas, that are worse than expected, included as a result of employment levels and labor shortages, and the effect of a potential recession or slowed economic growth caused by supply chain disruptions or otherwise;
•Legislative, regulatory and accounting changes, including increased assessments by the Federal Deposit Insurance Corporation and changes in income tax laws and regulations;
•Monetary and fiscal policies of the U.S. government, including policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System;
•Demand for our financial products and services in our market area;
•Major catastrophes such as earthquakes, floods or other natural or human disasters and infectious disease outbreaks, the related disruption to local, regional and global economic activity and financial markets, and the impact that any of the foregoing may have on us and our customers and other constituencies;
•Inflation or volatility in interest rates that reduce our margins and yields, the fair value of financial instruments or our level of loan originations or prepayments on loans we have made and make or the sale of loans or other assets and/or lead to higher operating costs and higher costs to retain or attract deposits;
•The imposition of tariffs or other domestic or international governmental policies and any retaliatory responses;
•The impact of a potential federal government shutdown;
•Fluctuations in real estate values in our market area;
•A failure to maintain adequate levels of capital and liquidity to support our operations;
•The availability of capital;
•The composition and credit quality of our loan and investment portfolios;
•Changes in the level and direction of loan delinquencies, classified and criticized loans and charge-offs and changes in estimates of the adequacy of the allowance for credit losses;
•Changes in the economic assumptions or methodology utilized to calculate the allowance for credit losses;
•Our ability to access cost-effective funding;
•Changes in liquidity, including the size and composition of our deposit portfolio and the percentage of uninsured deposits in the portfolio;
•Our ability to implement our business strategies;
•Our ability to manage market risk, credit risk, interest rate risk and operational risk and the effectiveness of our risk management processes and procedures;
•Timing and amount of revenue and expenditures;
•Adverse changes in the securities markets;
•The impact of any military conflict, terrorist act or other geopolitical acts;
•Our ability to enter new markets successfully and capitalize on growth opportunities;
•Competition for loans, deposits and employees;
•System failures or cyber-security breaches of our information technology infrastructure and those of our third-party service providers;
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•The failure to maintain current technologies and/or to successfully implement future information technology enhancements;
•Changes in investor sentiment or consumer spending, borrowing or savings behavior;
•Our ability to attract and retain key employees;
•Other risks and uncertainties, including those occurring in the U.S. and international financial systems; and
•The risk that our analysis of these risks and forces could be incorrect and/or that the strategies developed to address them could be unsuccessful.

Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated, expected or projected. These and other risk factors are more fully described in this report and in the Univest Financial Corporation Annual Report on Form 10-K for the year ended December 31, 2025 under the section entitled "Item 1A - Risk Factors," and from time to time in other filings made by the Corporation with the SEC.

These forward-looking statements speak only as of the date of the report. The Corporation expressly disclaims any obligation to publicly release any updates or revisions to reflect any change in the Corporation’s expectations with regard to any change in events, conditions or circumstances on which any such statement is based, unless otherwise required by law.

Critical Accounting Policies

In order to prepare the Corporation’s financial statements in conformity with U.S. generally accepted accounting principles, management is required to make estimates and assumptions that affect the amounts reported in the Corporation’s financial statements. There are uncertainties inherent in making these estimates and assumptions. Certain critical accounting policies could materially affect the results of operations and financial condition of the Corporation should changes in circumstances require a change in related estimates or assumptions. The Corporation has identified the fair value measurement of investment securities available-for-sale and the calculation of the allowance for credit losses on loans and leases as critical accounting policies. For more information on these critical accounting policies, please refer to the Corporation’s 2025 Annual Report on Form 10-K.

General

The Corporation is a Pennsylvania corporation, organized in 1973, and registered as a bank holding company pursuant to the Bank Holding Company Act of 1956. The Corporation owns all of the capital stock of Univest Bank and Trust Co. and is the sole member of 1876 Double Eagle, LLC. The condensed consolidated financial statements include the accounts of the Corporation and its wholly owned subsidiaries, the Bank and 1876 Double Eagle, LLC.

The Bank is engaged in domestic banking services for individuals, businesses, municipalities and non-profit organizations. Through its wholly-owned subsidiaries, the Bank provides a variety of financial services throughout its markets of operation. The Bank is the parent company of Girard Investment Services, LLC, a full-service registered introducing broker-dealer and a licensed insurance agency, Girard Advisory Services, LLC, a registered investment advisory firm, and Girard Pension Services, LLC, a registered investment advisor, which provides investment consulting and management services to municipal entities. The Bank is also the parent company of Univest Insurance, LLC, an independent insurance agency, and Univest Capital, Inc., an equipment financing business.

The Corporation earns revenues primarily from the margins and fees generated from lending and depository services as well as fee-based income from trust, insurance, mortgage banking, treasury management and investment services. The Corporation seeks to achieve adequate and reliable earnings through business growth while maintaining adequate levels of capital and liquidity and limiting exposure to credit and interest rate risk.

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Executive Overview

The Corporation’s consolidated net income, earnings per share and return on average assets and average equity were as follows:
Three Months Ended
  March 31, Change
(Dollars in thousands, except per share data) 2026 2025 Amount Percent
Net income $ 27,092  $ 22,395  $ 4,697  21.0  %
Net income per share:
Basic $ 0.97  $ 0.77  $ 0.20  26.0 
Diluted 0.96  0.77  0.19  24.7 
Return on average assets 1.33  % 1.14  % 19 BP 16.7 
Return on average equity 11.57  % 10.13  % 144 BP 14.2 

The financial results for the three months ended March 31, 2026 included tax-free bank owned life insurance (BOLI) death benefit proceeds of $372 thousand, which represented $0.01 diluted earnings per share. In addition, the financial results for the quarter included a $427 thousand restructuring charge ($337 thousand after-tax), or $0.01 diluted earnings per share, related to the planned closure of two underutilized facilities: a financial center and a limited purpose banking office. The financial results for the three months ended March 31, 2025 included tax-free BOLI death benefit proceeds of $1.0 million, which represented $0.04 diluted earnings per share.

Results of Operations

Net Interest Income

Net interest income is the difference between interest earned primarily on loans, leases and investment securities and interest paid on deposits, borrowings, long-term debt and subordinated notes. Net interest income is the principal source of the Corporation’s revenue. Table 1 presents the Corporation’s average balances, tax-equivalent interest income, interest expense, tax-equivalent yields earned on average assets, cost of average liabilities, and shareholders' equity on a tax-equivalent basis for the three months ended March 31, 2026 and 2025. The tax-equivalent net interest margin is tax-equivalent net interest income as a percentage of average interest-earning assets. The tax-equivalent net interest spread represents the weighted average tax-equivalent yield on interest-earning assets less the weighted average cost of interest-bearing liabilities. The effect of net interest-free funding sources represents the effect on the net interest margin of net funding provided by noninterest-earning assets, noninterest-bearing liabilities and shareholders' equity. Table 2 analyzes the changes in the tax-equivalent net interest income for the periods broken down by their rate and volume components.

Three months ended March 31, 2026 versus 2025

Net interest income on a tax-equivalent basis for the three months ended March 31, 2026 was $63.8 million, an increase of $6.7 million, or 11.7%, compared to $57.2 million for the three months ended March 31, 2025. The increase in tax-equivalent net interest income for the three months ended March 31, 2026 compared to the comparable period in the prior year was driven by higher average balances of loans and cash and cash equivalents, as well as a reduction in our cost of funds offset by higher average balances of interest-bearing liabilities.

The net interest margin, on a tax-equivalent basis, was 3.33% for the three months ended March 31, 2026, compared to 3.09% for the three months ended March 31, 2025. Excess liquidity reduced net interest margin by approximately 11 basis points for the three months ended March 31, 2026, and approximately three basis points for the three months ended March 31, 2025.

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Table 1—Average Balances and Interest Rates—Tax-Equivalent Basis
  Three Months Ended March 31,
  2026 2025
(Dollars in thousands) Average
Balance		 Income/
Expense		 Average
Rate		 Average
Balance		 Income/
Expense		 Average
Rate
Assets:
Interest-earning deposits with other banks $ 306,797  $ 2,810  3.71  % $ 119,997  $ 1,360  4.60  %
Obligations of states and political subdivisions* —  —  —  879  4  1.85 
Other debt and equity securities 499,078  4,053  3.29  499,199  4,019  3.27 
Federal Home Loan Bank, Federal Reserve Bank and other stock 37,286  704  7.66  37,561  687  7.42 
Total interest-earning deposits, investments and other interest-earning assets 843,161  7,567  3.64  657,636  6,070  3.74 
Commercial, financial and agricultural loans 959,673  15,331  6.48  990,860  17,020  6.97 
Real estate—commercial and construction loans 3,861,156  55,796  5.86  3,704,232  52,676  5.77 
Real estate—residential loans 1,710,239  21,526  5.10  1,729,146  21,542  5.05 
Loans to individuals 12,396  273  8.93  19,438  393  8.20 
Tax-exempt loans and leases 223,166  3,116  5.66  230,133  2,861  5.04 
Lease financings 172,970  3,212  7.53  182,694  3,240  7.19 
Gross loans and leases 6,939,600  99,254  5.80  6,856,503  97,732  5.78 
Total interest-earning assets 7,782,761  106,821  5.57  7,514,139  103,802  5.60 
Cash and due from banks 57,980  56,690 
Allowance for credit losses, loans and leases (88,832) (87,822)
Premises and equipment, net 45,359  46,852 
Operating lease right-of-use assets 25,414  27,761 
Other assets 428,084  423,423 
Total assets $ 8,250,766  $ 7,981,043 
Liabilities:
Interest-bearing checking deposits $ 1,280,570  $ 7,722  2.45  % $ 1,222,012  $ 7,075  2.35  %
Money market savings 2,045,306  16,918  3.35  1,840,194  18,035  3.97 
Regular savings 765,296  1,372  0.73  702,543  763  0.44 
Time deposits 1,389,144  13,130  3.83  1,476,495  16,106  4.42 
     Total time and interest-bearing deposits 5,480,316  39,142  2.90  5,241,244  41,979  3.25 
Short-term borrowings 25,578  3  0.05  6,909  14  0.82 
Long-term debt 201,389  2,093  4.21  217,500  2,361  4.40 
Subordinated notes 98,897  1,748  7.17  149,319  2,281  6.20 
Total borrowings 325,864  3,844  4.78  373,728  4,656  5.05 
Total interest-bearing liabilities 5,806,180  42,986  3.00  5,614,972  46,635  3.37 
Noninterest-bearing deposits 1,411,612  1,376,409 
Operating lease liabilities 28,116  30,675 
Accrued expenses and other liabilities 55,349  62,176 
Total liabilities 7,301,257  7,084,232 
Total interest-bearing liabilities and noninterest-bearing deposits ("Cost of Funds") 7,217,792  2.42  6,991,381  2.71 
Shareholders’ Equity:
Common stock 157,784  157,784 
Additional paid-in capital 303,413  302,653 
Retained earnings and other equity 488,312  436,374 
Total shareholders’ equity 949,509  896,811 
Total liabilities and shareholders’ equity $ 8,250,766  $ 7,981,043 
Net interest income $ 63,835  $ 57,167 
Net interest spread 2.57  2.23 
Effect of net interest-free funding sources 0.76  0.86 
Net interest margin 3.33  % 3.09  %
Ratio of average interest-earning assets to average interest-bearing liabilities 134.04  % 133.82  %
*Obligations of states and political subdivisions are tax-exempt earning assets.
Notes: For rate 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 $793 thousand and $554 thousand for the three months ended March 31, 2026 and 2025, 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 three months ended March 31, 2026 and 2025 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 periods indicated by their rate and volume components. The change in interest income/expense due to both volume and rate has been allocated proportionately.
Three Months Ended
  March 31, 2026 Versus 2025
(Dollars in thousands) Volume
Change		 Rate
Change		 Total
Interest income:
Interest-earning deposits with other banks $ 1,758  $ (308) $ 1,450 
Obligations of states and political subdivisions (4) —  (4)
Other debt and equity securities (1) 35  34 
Federal Home Loan Bank, Federal Reserve Bank and other stock (5) 22  17 
Interest on deposits, investments and other earning assets 1,748  (251) 1,497 
Commercial, financial and agricultural loans (522) (1,167) (1,689)
Real estate—commercial and construction loans 2,281  839  3,120 
Real estate—residential loans (232) 216  (16)
Loans to individuals (152) 32  (120)
Tax-exempt loans and leases (89) 344  255 
Lease financings (177) 149  (28)
Interest and fees on loans and leases 1,109  413  1,522 
Total interest income 2,857  162  3,019 
Interest expense:
Interest-bearing checking deposits 343  304  647 
Money market savings 1,878  (2,995) (1,117)
Regular savings 73  536  609 
Time deposits (914) (2,062) (2,976)
     Total time and interest-bearing deposits 1,380  (4,217) (2,837)
Short-term borrowings 11  (22) (11)
Long-term debt (169) (99) (268)
Subordinated notes (852) 319  (533)
Interest on borrowings (1,010) 198  (812)
Total interest expense 370  (4,019) (3,649)
Net interest income $ 2,487  $ 4,181  $ 6,668 

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Provision for Credit Losses

The provision for credit losses for the three months ended March 31, 2026 and 2025 was $1.3 million and $2.3 million, respectively. The following table details information pertaining to the Corporation’s allowance for credit losses on loans and leases as a percentage of loans and leases held for investment at the dates indicated.

(Dollars in thousands) March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025
Allowance for credit losses, loans and leases $ 88,900  $ 88,165  $ 86,527  $ 86,989  $ 87,790 
Loans and leases held for investment 6,940,212  6,914,804  6,785,482  6,801,185  6,833,037 
Allowance for credit losses, loans and leases / loans and leases held for investment 1.28  % 1.28  % 1.28  % 1.28  % 1.28  %

Noninterest Income

The following table presents noninterest income for the three months ended March 31, 2026 and 2025:
Three Months Ended
  March 31, Change
(Dollars in thousands) 2026 2025 Amount Percent
Trust fee income $ 2,236  $ 2,161  $ 75  3.5 %
Service charges on deposit accounts 2,279  2,194  85  3.9 
Investment advisory commission and fee income 6,154  5,613  541  9.6 
Insurance commission and fee income 7,423  6,889  534  7.8 
Other service fee income 3,041  2,707  334  12.3 
Bank owned life insurance income 1,332  1,959  (627) (32.0)
Net gain on mortgage banking activities 791  647  144  22.3 
Other income 832  245  587  239.6 
Total noninterest income $ 24,088  $ 22,415  $ 1,673  7.5 %

Three months ended March 31, 2026 versus 2025

Noninterest income for the three months ended March 31, 2026 was $24.1 million, an increase of $1.7 million, or 7.5%, from the three months ended March 31, 2025.

Other income increased $587 thousand, or 239.6%, for the three months ended March 31, 2026 from the comparable period in the prior year. Fees on risk participation agreements for interest rate swaps increased $219 thousand due to increased demand. Additionally, income on other real estate owned for the three months ended March 31, 2025 included a one-time expense of $254 thousand related to building repairs.

Investment advisory commission and fee income increased $541 thousand, or 9.6%, for the three months ended March 31, 2026 from the comparable period in the prior year, driven by appreciation in assets under management and new customer relationships.

Insurance commission and fee income increased $534 thousand, or 7.8%, for the three months ended March 31, 2026 from the comparable period in the prior year, primarily due to an increase of $342 thousand in premiums on commercial lines. Additionally, contingent income increased $194 thousand for the quarter, from $1.6 million for the three months ended March 31, 2025 to $1.8 million for the three months ended March 31, 2026. Contingent income is largely recognized in the first quarter of each year.

Other service fee income increased $334 thousand, or 12.3%, for the three months ended March 31, 2026 from the comparable period in the prior year. This was driven by a $284 thousand decrease in the valuation allowance on servicing rights in the first quarter of 2026 compared to a $19 thousand increase in the first quarter of 2025.

Net gain on mortgage banking activities increased $144 thousand, or 22.3%, for the three months ended March 31, 2026 from the comparable period in the prior year, primarily due to increased salable volume.

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Table of Contents
Bank owned life insurance income ("BOLI") decreased $627 thousand, or 32.0%, for the three months ended March 31, 2026 from the comparable period in the prior year. The financial results for the three months ended March 31, 2026 included $372 thousand in BOLI death benefit proceeds compared to $1.0 million for the three months ended March 31, 2025.

Noninterest Expense

The following table presents noninterest expense for the three months ended March 31, 2026 and 2025:
Three Months Ended
  March 31, Change
(Dollars in thousands) 2026 2025 Amount Percent
Salaries, benefits and commissions $ 33,459  $ 30,826  $ 2,633  8.5 %
Net occupancy 2,998  2,853  145  5.1 
Equipment 1,079  1,122  (43) (3.8)
Data processing 4,480  4,364  116  2.7 
Professional fees 1,677  1,797  (120) (6.7)
Marketing and advertising 634  353  281  79.6 
Deposit insurance premiums 1,170  1,151  19  1.7 
Intangible expenses 93  130  (37) (28.5)
Restructuring charges 427  —  427  N/M
Other expense 6,652  6,732  (80) (1.2)
Total noninterest expense $ 52,669  $ 49,328  $ 3,341  6.8 %
Three months ended March 31, 2026 versus 2025

Noninterest expense for the three months ended March 31, 2026 was $52.7 million, an increase of $3.3 million, or 6.8%, from the three months ended March 31, 2025.

Salaries, benefits and commissions increased $2.6 million, or 8.5%, for the three months ended March 31, 2026 from the comparable period in the prior year, primarily driven by higher salary expense of $1.3 million. Additionally, medical claims expense increased by $753 thousand, or 48.8%. The Corporation maintains a self-insured medical plan and is responsible for claim costs up to the stop loss limit. This results in expense volatility based on the timing and magnitude of claims.

Restructuring charges increased $427 thousand for the three months ended March 31, 2026 from the comparable period in the prior year related to the planned closure of two underutilized facilities: a financial center and a limited purpose banking office.

Marketing and advertising expense increased $281 thousand, or 79.6%, for the three months ended March 31, 2026 from the comparable period in the prior year. This increase was partially driven by the inclusion of certain sponsorship activities that were historically reported in Other Expense and the Corporation's entry into a sponsorship agreement with a local university, enhancing community engagement and visibility.

Professional fees decreased $120 thousand, or 6.7%, for the three months ended March 31, 2026 from the comparable period in the prior year, primarily due to reduced consultant fees.

Tax Provision

The Corporation recognized a tax expense of $6.4 million and $5.2 million for the three months ended March 31, 2026 and 2025, respectively, resulting in effective rates of 19.1% and 18.7% for the respective periods. The discrete tax effect of vested equity compensation awards favorably impacted the first quarters of 2026 and 2025 by 132 and 71 basis points, respectively. Additionally, the effective tax rates for the three months ended March 31, 2026 and 2025 were favorably impacted by 21 and 73 basis points, respectively, from the proceeds of BOLI death benefit proceeds. Excluding the discrete impact of vested equity compensation awards and BOLI death benefit proceeds, the effective tax rate was 20.6% for the three months ended March 31, 2026 compared to 20.2% for the three months ended March 31, 2025.

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Financial Condition

Assets

The following table presents assets at the dates indicated:
  At March 31, 2026 At December 31, 2025 Change
(Dollars in thousands) Amount Percent
Cash, interest-earning deposits and federal funds sold $ 222,357  $ 553,712  $ (331,355) (59.8) %
Investment securities 501,416  496,289  5,127  1.0 
Federal Home Loan Bank, Federal Reserve Bank and other stock, at cost 35,511  37,808  (2,297) (6.1)
Loans held for sale 14,371  15,288  (917) (6.0)
Loans and leases held for investment 6,940,212  6,914,804  25,408  0.4 
Allowance for credit losses, loans and leases (88,900) (88,165) (735) 0.8 
Premises and equipment, net 44,774  45,554  (780) (1.7)
Operating lease right-of-use assets 25,032  25,795  (763) (3.0)
Goodwill and other intangibles, net 183,093  182,838  255  0.1 
Bank owned life insurance 142,141  140,001  2,140  1.5 
Accrued interest receivable and other assets 121,575  112,973  8,602  7.6 
        Total assets $ 8,141,582  $ 8,436,897  $ (295,315) (3.5) %

Cash and Interest-Earning Deposits

Cash and interest-earning deposits decreased $331.4 million, or 59.8%, from December 31, 2025, primarily due to a decrease in interest-earning deposits at the Federal Reserve Bank of $332.1 million due to seasonal decreases in public funds, reflecting decreases in deposits and long-term debt.

Investment Securities

Total investment securities at March 31, 2026 increased $5.1 million, or 1.0%, from December 31, 2025 as purchases of $29.5 million, which were primarily residential mortgage-backed securities, were offset by maturities and pay-downs of $20.1 million, sales of $2.3 million, decreases in the fair value of available-for-sale investment securities of $1.2 million, calls of $500 thousand, net amortization of purchased premiums and discounts of $216 thousand and a provision for credit losses of $19 thousand.

Loans and Leases

Gross loans and leases held for investment increased $25.4 million, or 0.4%, from December 31, 2025. The increase in gross loans and leases held for investment was primarily due to increases in commercial and commercial real estate loans, partially offset by decreases in construction and residential mortgage loans. For more information on the composition of the commercial loan portfolio, see "Table 4 - Loan Portfolio Overview."

Asset Quality

The Bank's strategy for credit risk management focuses on having well-defined credit policies and uniform underwriting criteria and providing prompt attention to potential problem loans and leases. Performance of the loan and lease portfolio is monitored on a regular basis by Bank management and lending officers.

Nonaccrual loans and leases are loans or leases for which it is probable that not all principal and interest payments due will be collectible in accordance with the original contractual terms. Factors considered by management in determining accrual status include payment status, borrower cash flows, collateral value and the probability of collecting scheduled principal and interest payments when due.

At March 31, 2026, nonaccrual loans and leases were $13.3 million and had a related allowance for credit losses on loans and leases of $3.1 million. At December 31, 2025, nonaccrual loans and leases were $13.7 million and had a related allowance for credit losses on loans and leases of $3.0 million. During the first quarter of 2026, a $3.9 million commercial real estate loan and a $1.0 million residential real estate loan secured for business purpose million were placed on nonaccrual status.
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Subsequent to their nonaccrual designation, these loans incurred charge-offs totaling $652 thousand and were transferred to held-for-sale status. Individual reserves have been established based on current facts and management's judgments about the ultimate outcome of these credits, including the most recent known data available on any related underlying collateral and the borrower's cash flows. The amount of individual reserve needed for these credits could change in future periods subject to changes in facts and judgments related to these credits.

Net loan and lease charge-offs for the three months ended March 31, 2026 were $1.3 million compared to $1.7 million for the same period in the prior year.

Other real estate owned (OREO) was $24.1 million at March 31, 2026, compared to $23.9 million at December 31, 2025. Repossessed assets were $124 thousand and $65 thousand at March 31, 2026 and December 31, 2025, respectively. During the three months ended March 31, 2026, repossessed assets totaling $78 thousand were acquired and repossessed assets totaling $19 thousand were written down.

Table 3—Nonaccrual and Past Due Loans and Leases; Other Real Estate Owned; Repossessed Assets; and Related Ratios

The following table details information pertaining to the Corporation’s nonperforming assets at the dates indicated.
(Dollars in thousands) At March 31, 2026 At December 31, 2025
Nonaccrual loans and leases held for investment $ 13,289  $ 13,743 
Accruing loans and leases, 90 days or more past due 3,750  89 
Total nonperforming loans and leases $ 17,039  $ 13,832 
Other real estate owned 24,073  23,926 
Repossessed assets 124  65 
Total nonperforming assets $ 41,236  $ 37,823 
Loans and leases held for investment $ 6,940,212  $ 6,914,804 
Allowance for credit losses, loans and leases 88,900  88,165 
Nonaccrual loans and leases with partial charge-offs 1,532  1,532 
Reserves on individually analyzed loans 3,135  3,022 
Allowance for credit losses, loans and leases / loans and leases held for investment 1.28 % 1.28  %
Nonaccrual loans and leases / loans and leases (held for investment) 0.19  % 0.20  %
Allowance for credit losses, loans and leases / nonaccrual loans and leases 668.97  % 641.53  %

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Table 4—Loan Portfolio Overview

The following table provides summarized detail related to outstanding commercial loan balances segmented by industry description as of March 31, 2026:
(Dollars in thousands) At March 31, 2026
Industry Description Total Outstanding Balance % of Commercial Loan Portfolio
Animal Production $ 432,795  7.8  %
CRE - Retail 428,107  7.7 
CRE - Multi-family 389,616  7.0 
CRE - 1-4 Family Residential Investment 276,464  5.0 
Hotels & Motels (Accommodation) 268,311  4.8 
CRE - Office 255,519  4.6 
CRE - Industrial / Warehouse 221,472  4.0 
Specialty Trade Contractors 212,762  3.8 
Nursing and Residential Care Facilities 163,252  2.9 
Homebuilding (tract developers, remodelers) 149,383  2.7 
Crop Production 136,365  2.5 
Merchant Wholesalers, Durable Goods 132,459  2.4 
Repair and Maintenance 128,533  2.3 
CRE - Mixed-Use - Commercial 120,441  2.2 
Motor Vehicle and Parts Dealers 119,414  2.2 
CRE - Mixed-Use - Residential 109,227  2.0 
Nondepository Credit Intermediation and Related Activities (except 5221) 104,189  1.9 
Wood Product Manufacturing 103,621  1.9 
Administrative and Support Services 97,371  1.8 
Food Services and Drinking Places 90,711  1.6 
Professional, Scientific, and Technical Services 90,018  1.6 
Education 82,622  1.5 
Merchant Wholesalers, Nondurable Goods 81,088  1.5 
Fabricated Metal Product Manufacturing 78,283  1.4 
Amusement, Gambling, and Recreation Industries 75,792  1.4 
Personal and Laundry Services 64,254  1.2 
Food Manufacturing 63,358  1.1 
Miniwarehouse / Self-Storage 63,051  1.1 
Religious Organizations, Advocacy Groups 62,815  1.1 
Private Equity & Special Purpose Entities (except 52592) 56,916  1.0 
Machinery Manufacturing 56,210  1.0 
Industries with >$50 million in outstandings $ 4,714,419  84.9  %
Industries with <$50 million in outstandings $ 837,309  15.1  %
Total Commercial Loans $ 5,551,728  100.0  %
Consumer Loans and Lease Financings Total Outstanding Balance
Real Estate-Residential Secured for Personal Purpose $ 942,054 
Real Estate-Home Equity Secured for Personal Purpose 201,244 
Loans to Individuals 12,319 
Lease Financings 232,867 
Total Consumer Loans and Lease Financings $ 1,388,484 
Total $ 6,940,212 

Goodwill and Other Intangible Assets

Goodwill and other intangible assets have been recorded on 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 $93 thousand and $130 thousand for the three months ended March 31, 2026 and 2025, respectively. See Note 5 to the Condensed Unaudited Consolidated Financial Statements, "Goodwill and Other Intangible Assets," for a summary of intangible assets at March 31, 2026 and December 31, 2025.

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The Corporation also has goodwill with a net carrying value of $175.5 million at March 31, 2026 and December 31, 2025, 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 three months ended March 31, 2026 or 2025. 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 March 31, 2026 At December 31, 2025 Change
Amount Percent
Deposits $ 6,813,763  $ 7,087,313  $ (273,550) (3.9 %)
Short-term borrowings 26,156  24,411  1,745  7.1 
Long-term debt 175,000  200,000  (25,000) (12.5)
Subordinated notes 98,908  98,867  41  — 
Operating lease liabilities 27,699  28,531  (832) (2.9)
Accrued interest payable and other liabilities 48,106  54,457  (6,351) (11.7)
Total liabilities $ 7,189,632  $ 7,493,579  $ (303,947) (4.1 %)

Deposits

Total deposits decreased $273.6 million, or 3.9%, from December 31, 2025 due to decreases in commercial, consumer, brokered deposits, and public funds, primarily reflecting seasonal public funds runoff during the quarter. At March 31, 2026, noninterest bearing deposits totaling $1.5 billion represented 21.7% of total deposits compared to $1.4 billion representing 20.2% of total deposits at December 31, 2025. At March 31, 2026 and December 31, 2025, unprotected deposits, which excludes insured, internal, and collateralized deposit accounts, totaled $1.6 billion, which represented 23.7% and 23.2% of total deposits for the respective periods.

Borrowings

Total borrowings decreased $23.2 million, or 7.2%, from December 31, 2025, primarily due to maturities of long-term FHLB advances totaling $50.0 million, offset by a $25.0 million long-term FHLB advance, partially offset by a $1.7 million increase in customer repurchase agreements.

Other Liabilities

Other liabilities decreased $6.4 million, or 11.7%, from December 31, 2025, primarily due to the payment of previously accrued annual incentive compensation.

Shareholders’ Equity

The following table presents total shareholders’ equity at the dates indicated:
(Dollars in thousands) At March 31, 2026 At December 31, 2025 Change
Amount Percent
Common stock $ 157,784  $ 157,784  $ —  — %
Additional paid-in capital 301,154  304,021  (2,867) (0.9)
Retained earnings 611,771  591,202  20,569  3.5 
Accumulated other comprehensive loss (25,951) (25,467) (484) 1.9 
Treasury stock (92,808) (84,222) (8,586) 10.2 
Total shareholders’ equity $ 951,950  $ 943,318  $ 8,632  0.9 %

Total shareholders' equity increased $8.6 million, or 0.9%, from December 31, 2025. Retained earnings at March 31, 2026 increased by $20.6 million primarily due to net income of $27.1 million offset by $6.2 million in cash dividends paid during the three months ended March 31, 2026.
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Accumulated other comprehensive loss increased by $484 thousand, which was primarily attributable to decreases in the fair value of available-for-sale investment securities of $1.2 million, net of tax. Treasury stock increased $8.6 million from December 31, 2025, related to repurchases of 351,138 shares at a cost of $11.9 million, offset by $3.3 million of stock issued under the dividend reinvestment and employee stock purchase plans and stock-based incentive plan activity.

Discussion of Segments

The Corporation has three operating segments: Banking, Wealth Management and Insurance. Detailed segment information appears in Note 13, "Segment Reporting" included in the Notes to the Condensed Unaudited Consolidated Financial Statements under Item 1 of this Quarterly Report on Form 10-Q.

The Banking segment reported pre-tax income of $29.1 million and $26.1 million for the three months ended March 31, 2026 and 2025, respectively. See the section of this Management's Discussion and Analysis under the headings "Results of Operations" and "Financial Condition" for a discussion of key items impacting the Banking Segment.

The Wealth Management segment reported pre-tax income of $2.5 million and $2.0 million for the three months ended March 31, 2026 and 2025, respectively, which included noninterest income of $8.5 million and $7.8 million for the three months ended March 31, 2026 and 2025, respectively. The increase in pre-tax income and noninterest income for the three months ended March 31, 2026 was driven by appreciation in assets under management compared to the previous year and new customer relationships. Assets under management and supervision were $5.8 billion as of March 31, 2026, $5.9 billion as of December 31, 2025, $5.2 billion as of March 31, 2025 and $5.2 billion as of December 31, 2024.

The Insurance segment reported pre-tax income of $3.0 million and $2.4 million for the three months ended March 31, 2026 and 2025, respectively, which included noninterest income of $7.4 million and $6.9 million for the three months ended March 31, 2026 and 2025, respectively. The increase in pre-tax income and noninterest income for the three months ended March 31, 2026 was primarily due to an increase of $342 thousand in premiums on commercial lines. Additionally, contingent income increased $194 thousand for the quarter, from $1.6 million for the three months ended March 31, 2025 to $1.8 million for the three months ended March 31, 2026. Contingent income is largely recognized in the first quarter of the year.

Capital Adequacy

Quantitative measures established by regulation to ensure capital adequacy require the Corporation and the Bank to maintain minimum capital amounts and ratios as set forth in the following table. To comply with the regulatory definition of well capitalized, a depository institution must maintain minimum capital amounts and ratios as set forth in the following table.

Under current rules, in order to avoid limitations on capital distributions (including dividend payments and certain discretionary bonus payments to executive officers), a banking organization must hold a capital conservation buffer comprised of common equity Tier 1 capital above its minimum risk-based capital requirements in an amount greater than 2.50% of total risk-weighted assets. The Corporation's and Bank's intent is to maintain capital levels in excess of the capital conservation buffer, which requires Tier 1 Capital to Risk Weighted Assets to exceed 8.50% and Total Capital to Risk Weighted Assets to exceed 10.50%. The Corporation and the Bank were in compliance with these requirements at March 31, 2026.
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Table 5—Regulatory Capital

The Corporation's and Bank's actual and required capital ratios as of March 31, 2026 and December 31, 2025 under regulatory capital rules were as follows.
  Actual For Capital Adequacy
Purposes		 To Be Well-Capitalized
Under Prompt
Corrective Action
Provisions
(Dollars in thousands) Amount Ratio Amount Ratio Amount   Ratio  
At March 31, 2026
Total Capital (to Risk-Weighted Assets):
Corporation $ 994,721  13.95 % $ 570,249  8.00 % $ 712,812  10.00 %
Bank 856,639  12.08  567,264  8.00  709,080  10.00 
Tier 1 Capital (to Risk-Weighted Assets):
Corporation 806,670  11.32  427,687  6.00  570,249  8.00 
Bank 767,957  10.83  425,448  6.00  567,264  8.00 
Tier 1 Common Capital (to Risk-Weighted Assets):
Corporation 806,670  11.32  320,765  4.50  463,328  6.50 
Bank 767,957  10.83  319,086  4.50  460,902  6.50 
Tier 1 Capital (to Average Assets):
Corporation 806,670  9.95  324,208  4.00  405,260  5.00 
Bank 767,957  9.51  322,886  4.00  403,607  5.00 
At December 31, 2025
Total Capital (to Risk-Weighted Assets):
Corporation $ 985,345  13.86 % $ 568,568  8.00 % $ 710,709  10.00 %
Bank 846,416  11.97  565,684  8.00  707,106  10.00 
Tier 1 Capital (to Risk-Weighted Assets):
Corporation 797,595  11.22  426,426  6.00  568,568  8.00 
Bank 757,978  10.72  424,263  6.00  565,684  8.00 
Tier 1 Common Capital (to Risk-Weighted Assets):
Corporation 797,595  11.22  319,819  4.50  461,961  6.50 
Bank 757,978  10.72  318,197  4.50  459,619  6.50 
Tier 1 Capital (to Average Assets):
Corporation 797,595  9.51  335,451  4.00  419,314  5.00 
Bank 757,978  9.07  334,260  4.00  417,825  5.00 
At March 31, 2026 and December 31, 2025, the Corporation and the Bank continued to meet all capital adequacy requirements to which they are subject. At March 31, 2026, the Bank was categorized as "well capitalized" under the regulatory framework for prompt corrective action. There are no conditions or events that management believes have changed the Bank’s category subsequent to March 31, 2026.

Asset/Liability Management

The primary functions of Asset/Liability Management are to minimize interest rate risk and to ensure adequate earnings, capital and liquidity while maintaining an appropriate balance of interest-earning assets and interest-bearing liabilities. Management's objective with regard to interest rate risk is to understand the Corporation's sensitivity to changes in interest rates and develop and implement strategies to minimize volatility while maximizing net interest income.

The Corporation uses gap analysis and earnings at risk simulation modeling to quantify exposure to interest rate risk. The Corporation uses the gap analysis to identify and monitor long-term rate exposure and uses a risk simulation model to measure short-term rate exposure. The Corporation runs various earnings simulation scenarios to quantify the impact of declining or rising interest rates on net interest income over a one- and two-year horizon. The simulations use expected cash flows and repricing characteristics for all financial instruments at a point in time and incorporate company-developed, market-based assumptions regarding growth, pricing, and optionality such as prepayment speeds.
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As interest rates increase, fixed-rate assets tend to decrease in value; conversely, as interest rates decline, fixed-rate assets tend to increase in value.

Liquidity

The Corporation, in its role as a financial intermediary, is exposed to certain liquidity risks. Liquidity refers to the Corporation's ability to ensure that sufficient cash flows and liquid assets are available to satisfy demand for loans, deposit withdrawals, repayment of borrowings, certificates of deposit at maturity, operating expenses and capital expenditures. The Corporation manages liquidity risk by measuring and monitoring liquidity sources and estimated funding needs on a daily basis. The Corporation has a contingency funding plan in place to address liquidity needs in the event of an institution-specific or a systemic financial crisis.

The Corporation and its subsidiaries maintain ample ability to meet the liquidity needs of its customers. Our most liquid assets, unencumbered cash and cash equivalents, were $220.7 million and $549.2 million at March 31, 2026 and December 31, 2025, respectively. Unencumbered securities classified as available-for-sale, which provide additional sources of liquidity, totaled $40.2 million and $37.3 million at March 31, 2026 and December 31, 2025, respectively. Further, the Corporation and its subsidiaries had committed borrowing capacity from the Federal Home Loan Bank, Federal Reserve Bank and a correspondent bank of $3.7 billion and $3.8 billion at March 31, 2026 and December 31, 2025, respectively, of which $2.4 billion and $2.3 billion was available as of March 31, 2026 and December 31, 2025, respectively. The Corporation and its subsidiaries also maintained uncommitted funding sources from correspondent banks of $472.0 million and $457.0 million at March 31, 2026 and December 31, 2025, respectively. Future availability under these uncommitted funding sources is subject to the prerogatives of the granting banks and may be withdrawn at will.

Sources of Funds

Non-brokered deposits continue to be the largest significant funding source for the Corporation. These deposits are primarily generated from individuals, businesses, public funds and non-profit customers located in our primary service areas. The Corporation faces increased competition for these deposits from a large array of financial market participants, including banks, credit unions, savings institutions, mutual funds, security dealers and others.

As part of its diversified funding strategy, the Corporation also utilizes a mix of short-term and long-term wholesale funding providers. Wholesale funding includes federal funds purchases from correspondent banks, secured borrowing lines from the Federal Home Loan Bank of Pittsburgh and the Federal Reserve Bank of Philadelphia, and brokered deposits and other similar sources.

Cash Requirements

The Corporation has cash requirements for various financial obligations, including contractual obligations and commitments that require cash payments. The most significant contractual obligations, in both the under and over one-year time period, are for the Bank to repay certificates of deposit and short- and long-term borrowings. Certificates of deposit due within one year of March 31, 2026 totaled $1.0 billion. If these deposits do not remain with the Bank, the Bank will be required to seek other sources of funds, which may be expensive to obtain. The Bank anticipates meeting these obligations by utilizing on-balance sheet liquidity and continuing to provide convenient depository and cash management services through its financial center network, thereby replacing these contractual obligations with similar funding sources at rates that are competitive in our market. The Bank will also use borrowings and brokered deposits to meet its obligations.

Commitments to extend credit are the Bank’s most significant commitment in both the under and over one-year time periods. These commitments do not necessarily represent future cash requirements in that these commitments often expire without being drawn upon.

Recent Accounting Pronouncements

For information regarding recent accounting pronouncements, refer to Note 1 to the Condensed Consolidated Financial Statements, "Summary of Significant Accounting Policies." Item 3.

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Quantitative and Qualitative Disclosures About Market Risk

No material changes in the Corporation’s market risk occurred during the period ended March 31, 2026. A detailed discussion of market risk is provided in Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations" including Liquidity and Interest Sensitivity, in the Corporation's Annual Report on Form 10-K for the year ended December 31, 2025.

Item 4.    Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Management is responsible for the disclosure controls and procedures of the Corporation. Disclosure controls and procedures are controls and other procedures of an issuer that are designed to ensure that information required to be disclosed by the issuer in the reports that it files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods required by the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be so disclosed by an issuer is accumulated and communicated to the issuer’s management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. As of the end of the period covered by this report, an evaluation was performed under the supervision and with the participation of the Corporation’s management, including the Chief Executive Officer (Principal Executive Officer) and Chief Financial Officer (Principal Financial and Accounting Officer), of the effectiveness of the design and operation of the Corporation’s disclosure controls and procedures. Based on that evaluation, the Corporation’s Chief Executive Officer and Chief Financial Officer concluded that the disclosure controls and procedures were effective as of March 31, 2026.

Changes in Internal Control over Financial Reporting

There were no changes in the Corporation's internal control over financial reporting (as defined in Rule 13a-15(f)) during the quarter ended March 31, 2026 that materially affected, or are reasonably likely to materially affect, the Corporation’s internal control over financial reporting.

PART II. OTHER INFORMATION
 
Item 1.    Legal Proceedings

The Corporation is periodically subject to various pending and threatened legal actions that involve claims for monetary relief. Based upon information presently available, it is the Corporation's opinion that any legal and financial responsibility arising from such claims will not have a material adverse effect on the Corporation's results of operations, financial position or cash flows.

Item 1A.     Risk Factors

There have been no material changes in risk factors applicable to the Corporation from those disclosed in "Risk Factors" in Item 1A of the Corporation's Annual Report on Form 10-K for the year ended December 31, 2025.


54

Item 2.    Unregistered Sales of Equity Securities and Use of Proceeds

The following table provides information on repurchases by the Corporation of its common stock during the first quarter of 2026, under the Corporation's Board approved program.
ISSUER PURCHASES OF EQUITY SECURITIES
Period Total Number
of Shares
Purchased
Average
Price Paid
per Share 1
 Total Number of
Shares Purchased as
Part of Publicly
Announced Plans or
Programs		 Maximum Number of
Shares that May Yet Be
Purchased Under the
Plans or Programs
January 1 – 31, 2026 110,689  $ 33.50  110,689  2,160,248 
February 1 – 28, 2026 92,071  35.24  92,071  2,068,177 
March 1 – 31, 2026 148,378  33.69  148,378  1,919,799 
Total 351,138  $ 34.04  351,138 
1.Average price paid per share includes stock repurchase excise tax.

On December 10, 2025, the Corporation's Board of Directors approved the repurchase of 2,000,000 shares, or approximately 7.1% of the Corporation's common stock outstanding as of November 30, 2025. The stock repurchase plan does not include normal treasury activity such as purchases to fund the dividend reinvestment, employee stock purchase and equity compensation plans. The stock repurchase plan has no scheduled expiration date, and the Board of Directors has the right to suspend or discontinue the plan at any time.

In addition to the repurchases disclosed above, participants in the Corporation's stock-based incentive plans may have shares withheld to cover income taxes upon the vesting of restricted stock awards and may use a stock swap to exercise stock options. Shares withheld to cover income taxes upon the vesting of restricted stock awards and stock swaps to exercise stock options are repurchased pursuant to the terms of the applicable plan and not under the Corporation's share repurchase program. Shares repurchased pursuant to these plans during the three months ended March 31, 2026 were as follows:

Period Total Number of Shares Purchased Average Price Paid per Share
January 1 – 31, 2026 —  $ — 
February 1 – 28, 2026 —  — 
March 1 – 31, 2026 —  — 
Total —  $ — 

Item 3.    Defaults Upon Senior Securities
None.

Item 4.    Mine Safety Disclosures
Not Applicable.

Item 5.    Other Information
Securities Trading Plans of Directors and Executive Officers
During the three months ended March 31, 2026, none of our directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of the Corporation's securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any "non-Rule 10b5-1 trading arrangement." Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
55

Item 6.    Exhibits
 
a. Exhibits
Exhibit 3.1
Exhibit 3.2
Exhibit 31.1
Exhibit 31.2
Exhibit 32.1
Exhibit 32.2
Exhibit 101
The following financial statements from the Corporation's Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, formatted in Inline XBRL: (i) Condensed Consolidated Balance Sheets, (ii) Condensed Consolidated Statements of Income, (iii) Condensed Consolidated Statements of Comprehensive Income, (iv) Condensed Consolidated Statements of Changes in Shareholders' Equity, (v) Condensed Consolidated Statements of Cash Flows, and (vi) Notes to the Condensed Unaudited Consolidated Financial Statements, tagged as blocks of text and including detailed tags.
Exhibit 104
The cover page from the Corporation's Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, formatted in Inline XBRL.

56

SIGNATURES
 
Univest Financial Corporation
(Registrant)
Date: April 28, 2026
 /s/ Jeffrey M. Schweitzer
Jeffrey M. Schweitzer
Chairman, President and Chief Executive Officer
(Principal Executive Officer)
Date: April 28, 2026 /s/ Brian J. Richardson
Brian J. Richardson
Senior Executive Vice President and Chief Financial Officer
(Principal Financial and Accounting Officer)

57
EX-31.1 2 uvsp033126ex311.htm EX-31.1 Document


Exhibit 31.1
CERTIFICATION
I, Jeffrey M. Schweitzer, certify that:
 
1.I have reviewed this Quarterly Report on Form 10-Q of Univest Financial Corporation;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
d)disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):
a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.
Date: April 28, 2026
/s/ Jeffrey M. Schweitzer
Jeffrey M. Schweitzer
Chairman, President and Chief Executive Officer
(Principal Executive Officer)


EX-31.2 3 uvsp033126ex312.htm EX-31.2 Document

Exhibit 31.2
CERTIFICATION
I, Brian J. Richardson, certify that:
 
1.I have reviewed this Quarterly Report on Form 10-Q of Univest Financial Corporation;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
d)disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.    The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):
a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.
Date: April 28, 2026
/s/ Brian J. Richardson
Brian J. Richardson
Senior Executive Vice President and Chief Financial Officer
(Principal Financial and Accounting Officer)


EX-32.1 4 uvsp033126ex321.htm EX-32.1 Document


Exhibit 32.1
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Univest Financial Corporation on Form 10-Q for the period ended March 31, 2026, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, in the capacity and on the date indicated below, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to his knowledge:
1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operation of the Corporation.
A signed original of this written statement required by Section 906 has been provided to Univest Financial Corporation and will be retained by Univest Financial Corporation and furnished to the Securities and Exchange Commission or its staff upon request.
/s/ Jeffrey M. Schweitzer
Jeffrey M. Schweitzer
Chairman, President and Chief Executive Officer
(Principal Executive Officer)
April 28, 2026

EX-32.2 5 uvsp033126ex322.htm EX-32.2 Document


Exhibit 32.2
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Univest Financial Corporation on Form 10-Q for the period ended March 31, 2026, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, in the capacity and on the date indicated below, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to his knowledge:
1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operation of the Corporation.
A signed original of this written statement required by Section 906 has been provided to Univest Financial Corporation and will be retained by Univest Financial Corporation and furnished to the Securities and Exchange Commission or its staff upon request.
/s/ Brian J. Richardson
Brian J. Richardson
Senior Executive Vice President and Chief Financial Officer
(Principal Financial and Accounting Officer)
April 28, 2026