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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, 2024
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)
Pennsylvania23-1886144
(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: (215721-2400
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 classTrading symbolName of exchange on which registered
Common Stock, $5 par valueUVSPThe 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 filerSmaller 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 value29,271,699
(Title of Class)(Number of shares outstanding at April 29, 2024)




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

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, 2024At December 31, 2023
ASSETS
Cash and due from banks$49,318 $72,815 
Interest-earning deposits with other banks152,288 176,984 
Cash and cash equivalents201,606 249,799 
Investment securities held-to-maturity (fair value $124,022 and $128,277 at March 31, 2024 and December 31, 2023, respectively)
143,474 145,777 
Investment securities available-for-sale (amortized cost $397,982 and $395,727, net of allowance for credit losses of $817 and $731 at March 31, 2024 and December 31, 2023, respectively)
350,819 351,553 
Investments in equity securities 3,355 3,293 
       Federal Home Loan Bank, Federal Reserve Bank and other stock, at cost37,394 40,499 
Loans held for sale13,188 11,637 
Loans and leases held for investment6,579,086 6,567,214 
Less: Allowance for credit losses, loans and leases(85,632)(85,387)
Net loans and leases held for investment6,493,454 6,481,827 
Premises and equipment, net48,739 51,441 
Operating lease right-of-use assets30,702 31,795 
Goodwill175,510 175,510 
Other intangibles, net of accumulated amortization7,473 10,950 
Bank owned life insurance137,896 131,344 
Accrued interest receivable and other assets102,958 95,203 
Total assets$7,746,568 $7,780,628 
LIABILITIES
Noninterest-bearing deposits$1,401,806 $1,468,320 
Interest-bearing deposits5,003,552 4,907,461 
Total deposits6,405,358 6,375,781 
Short-term borrowings4,816 6,306 
Long-term debt250,000 310,000 
Subordinated notes148,886 148,761 
Operating lease liabilities33,744 34,851 
Accrued interest payable and other liabilities60,095 65,721 
Total liabilities6,902,899 6,941,420 
SHAREHOLDERS’ EQUITY
Common stock, $5 par value: 48,000,000 shares authorized at March 31, 2024 and December 31, 2023; 31,556,799 shares issued at March 31, 2024 and December 31, 2023; 29,337,919 and 29,511,721 shares outstanding at March 31, 2024 and December 31, 2023, respectively
157,784 157,784 
Additional paid-in capital298,914 301,066 
Retained earnings488,790 474,691 
Accumulated other comprehensive loss, net of tax benefit(54,740)(50,646)
Treasury stock, at cost; 2,218,880 and 2,045,078 shares at March 31, 2024 and December 31, 2023, respectively
(47,079)(43,687)
Total shareholders’ equity843,669 839,208 
Total liabilities and shareholders’ equity$7,746,568 $7,780,628 
Note: See accompanying notes to the unaudited condensed consolidated financial statements.
2

UNIVEST FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three Months Ended
 March 31,
(Dollars in thousands, except per share data)20242023
Interest income
Interest and fees on loans and leases$92,617 $78,655 
Interest and dividends on investment securities:
Taxable3,647 3,495 
Exempt from federal income taxes12 15 
Interest on deposits with other banks1,609 479 
Interest and dividends on other earning assets724 609 
Total interest income98,609 83,253 
Interest expense
Interest on deposits41,973 18,336 
Interest on short-term borrowings5 2,728 
Interest on long-term debt and subordinated notes5,164 2,872 
Total interest expense47,142 23,936 
Net interest income51,467 59,317 
Provision for credit losses1,432 3,387 
Net interest income after provision for credit losses50,035 55,930 
Noninterest income
Trust fee income2,108 1,955 
Service charges on deposit accounts1,871 1,547 
Investment advisory commission and fee income5,194 4,752 
Insurance commission and fee income7,201 6,487 
Other service fee income6,415 3,076 
Bank owned life insurance income842 767 
Net gain on mortgage banking activities939 625 
Other income1,025 471 
Total noninterest income25,595 19,680 
Noninterest expense
Salaries, benefits and commissions31,338 31,014 
Net occupancy2,872 2,727 
Equipment1,111 993 
Data processing4,495 4,029 
Professional fees1,688 1,941 
Marketing and advertising416 371 
Deposit insurance premiums1,135 1,101 
Intangible expenses187 253 
Other expense6,832 7,100 
Total noninterest expense50,074 49,529 
Income before income taxes25,556 26,081 
Income tax expense5,251 5,047 
Net income$20,305 $21,034 
Net income per share:
Basic$0.69 $0.72 
Diluted0.69 0.71 
Note: See accompanying notes to the unaudited condensed consolidated financial statements.
3

UNIVEST FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
Three Months Ended March 31,
(Dollars in thousands)20242023
Before
Tax
Amount
Tax
Expense
(Benefit)
Net of
Tax
Amount
Before
Tax
Amount
Tax
Expense
(Benefit)
Net of
Tax
Amount
Income$25,556 $5,251 $20,305 $26,081 $5,047 $21,034 
Other comprehensive (loss) income:
Net unrealized (losses) gains on available-for-sale investment securities:
Net unrealized holding (losses) gains arising during the period(2,989)(628)(2,361)5,393 1,133 4,260 
Provision for credit losses86 18 68 292 61 231 
Total net unrealized (losses) gains on available-for-sale investment securities(2,903)(610)(2,293)5,685 1,194 4,491 
Net unrealized (losses) gains on interest rate swaps used in cash flow hedges:
Net unrealized holding (losses) gains arising during the period(4,013)(843)(3,170)1,306 274 1,032 
Less: reclassification adjustment for net losses realized in net income (1)1,586 333 1,253 1,060 223 837 
Total net unrealized (losses) gains on interest rate swaps used in cash flow hedges (2,427)(510)(1,917)2,366 497 1,869 
Defined benefit pension plans:
Amortization of net actuarial losses included in net periodic pension costs (2)147 31 116 246 52 194 
Total defined benefit pension plans147 31 116 246 52 194 
Other comprehensive (loss) income(5,183)(1,089)(4,094)8,297 1,743 6,554 
Total comprehensive income$20,373 $4,162 $16,211 $34,378 $6,790 $27,588 
(1) Included in interest expense on demand deposits on the condensed consolidated statements of income (before tax amount).
(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

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, 2024
Balance at December 31, 202329,511,721 $157,784 $301,066 $474,691 $(50,646)$(43,687)$839,208 
Net income    20,305   20,305 
Other comprehensive loss, net of income tax benefit    (4,094) (4,094)
Cash dividends declared ($0.21 per share)
   (6,189)  (6,189)
Stock-based compensation  970 (17)  953 
Stock issued under dividend reinvestment and employee stock purchase plans31,906  (5)  653 648 
Vesting of restricted stock units, net of shares withheld to cover taxes103,169  (3,101)  2,267 (834)
Exercise of stock options7,788  (16)  166 150 
Purchases of treasury stock(316,665)    (6,478)(6,478)
Balance at March 31, 202429,337,919 $157,784 $298,914 $488,790 $(54,740)$(47,079)$843,669 
(Dollars in thousands, except per share data)Common
Shares
Outstanding
Common
Stock
Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
(Loss) Income
Treasury
Stock
Total
Three Months Ended March 31, 2023
Balance at December 31, 202229,271,915 $157,784 $300,808 $428,637 $(62,104)$(48,625)$776,500 
Net income — — — 21,034 — — 21,034 
Other comprehensive income, net of income tax— — — — 6,554 — 6,554 
Cash dividends declared ($0.21 per share)
— — — (6,151)— — (6,151)
Stock-based compensation— — 1,057 (27)— — 1,030 
Stock issued under dividend reinvestment and employee stock purchase plans25,344 — 29 — — 633 662 
Vesting of restricted stock units, net of shares withheld to cover taxes126,270 — (3,713)— — 2,506 (1,207)
Exercise of stock options4,167 — (14)— — 88 74 
Balance at March 31, 202329,427,696 $157,784 $298,167 $443,493 $(55,550)$(45,398)$798,496 
Note: See accompanying notes to the unaudited condensed consolidated financial statements.

5

UNIVEST FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 Three Months Ended March 31,
(Dollars in thousands)20242023
Cash flows from operating activities:
Net income$20,305 $21,034 
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses1,432 3,387 
Depreciation of premises and equipment1,341 1,181 
Net amortization of investment securities premiums and discounts262 264 
Amortization, fair market value adjustments and capitalization of servicing rights3,302 111 
Net gain on mortgage banking activities(939)(625)
Bank owned life insurance income(842)(767)
Stock-based compensation1,025 1,110 
Intangible expenses187 253 
Other adjustments to reconcile net income to cash used in operating activities(710)(143)
Originations of loans held for sale(48,450)(28,043)
Proceeds from the sale of loans held for sale47,981 28,430 
Contributions to pension and other postretirement benefit plans(63)(62)
Increase in accrued interest receivable and other assets(6,998)(1,878)
Decrease in accrued interest payable and other liabilities(6,265)(3,512)
Net cash provided by operating activities11,568 20,740 
Cash flows from investing activities:
Proceeds from sale of premises and equipment2,440 5 
Purchases of premises and equipment(1,040)(2,590)
Proceeds from maturities, calls and principal repayments of securities held-to-maturity3,308 3,284 
Proceeds from maturities, calls and principal repayments of securities available-for-sale8,628 6,940 
Purchases of investment securities held-to-maturity(1,100) 
Purchases of investment securities available-for-sale(11,059)(19,129)
Proceeds from sales of money market mutual funds616 10 
Purchases of money market mutual funds(714)(605)
Net increase in other investments3,105 (9,951)
Proceeds from sale of loans originally held-for-investment 175 
Net increase in loans and leases(12,965)(119,332)
Proceeds from sales of other real estate owned 260 
Purchases of bank owned life insurance(5,710)(7,862)
Net cash used in investing activities(14,491)(148,795)
Cash flows from financing activities:
Net increase (decrease) in deposits29,571 (78,876)
Net (decrease) increase in short-term borrowings(1,490)74,740 
Proceeds from issuance of long-term debt 150,000 
Repayment of long-term debt(60,000)(25,000)
Payment of contingent consideration on acquisitions(635)(635)
Payment for shares withheld to cover taxes on vesting of restricted stock units(830)(1,207)
Purchases of treasury stock(6,478) 
Stock issued under dividend reinvestment and employee stock purchase plans648 662 
Proceeds from exercise of stock options150 74 
Cash dividends paid(6,206)(6,178)
Net cash (used in) provided by financing activities(45,270)113,580 
Net decrease in cash and cash equivalents(48,193)(14,475)
Cash and cash equivalents at beginning of year249,799 152,799 
Cash and cash equivalents at end of period$201,606 $138,324 
Supplemental disclosures of cash flow information:
Cash paid for interest$45,292 $21,927 
Cash paid for income taxes, net of refunds122 65 
Non cash transactions:
Transfer of leases to repossessed assets$167 $ 
Transfer of loans to loans held for sale 175 
Note: See accompanying notes to the unaudited condensed consolidated financial statements.
6

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 subsidiary is Univest Bank and Trust Co. (the Bank). 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 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, 2024 are not necessarily indicative of the results that may be expected for the year ended December 31, 2024 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, 2023, which was filed with the SEC on February 26, 2024.

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.

Earnings per Share

Basic earnings per share represent income available to common shareholders divided by the weighted-average number of common shares outstanding during the period. Diluted earnings per share reflects the potential dilution, using the treasury stock method, that could occur if outstanding options on common shares had been exercised and restricted stock units had vested and the hypothetical repurchases of shares to fund such restricted stock units is less than the average restricted stock units outstanding for the periods presented. Potential common shares that may be issued by the Corporation relate to outstanding stock options and restricted stock units, and are determined using the treasury stock method. The effects of options to issue common stock and unvested restricted stock units are excluded from the computation of diluted earnings per share in periods in which the effect would be antidilutive. Antidilutive options are those options with weighted average exercise prices in excess of the weighted average market value. Antidilutive restricted stock units are those with hypothetical repurchases of shares, under the treasury stock method, exceeding the average restricted stock units outstanding for the periods presented.

Accounting Pronouncements Adopted in 2024

In March 2023, the FASB issued ASU No. 2023-02, "Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method (a consensus of the Emerging Issues Task Force)". This ASU allows entities to elect the proportional amortization method, on a tax-credit-program-by-tax-credit-program basis, for all equity investments in tax credit programs meeting the eligibility criteria in Accounting Standards Codification (ASC) 323-740-25-1. While the ASU does not significantly alter the existing eligibility criteria, it does provide clarifications to address existing interpretive issues. It also prescribes specific information reporting entities must disclose about tax credit investments each period. This ASU became effective on January 1, 2024 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 FASB issued 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
7

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. 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.

In November 2023, the FASB issued ASU No. 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures". This ASU improves reportable segment disclosure requirements through enhanced disclosures about significant segment expenses. This ASU is effective for fiscal years beginning after December 15, 2024, and interim periods within fiscal years beginning after December 15, 2024. The Corporation is currently evaluating this update to determine the impact on the Corporation's disclosures.

In December 2023, the FASB issued ASU No. 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures". This ASU addresses investor requests for more transparency about income tax information through improvements to income tax disclosures, primarily related to the rate reconciliation and income taxes paid information. This ASU also includes certain other amendments to improve the effectiveness of income tax disclosures. This ASU is effective for reporting periods beginning after December 15, 2024 for public business entities. For all other business entities, the amendments will be effective one year later. 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)20242023
Numerator for basic and diluted earnings per share—net income available to common shareholders
$20,305 $21,034 
Denominator for basic earnings per share—weighted-average shares outstanding
29,414 29,312 
Effect of dilutive securities—stock options and restricted stock units150 194 
Denominator for diluted earnings per share—adjusted weighted-average shares outstanding
29,564 29,506 
Basic earnings per share$0.69 $0.72 
Diluted earnings per share$0.69 $0.71 
Average antidilutive options and restricted stock units excluded from computation of diluted earnings per share263 229 

8

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, 2024 and December 31, 2023, by contractual maturity within each type:
 At March 31, 2024
(Dollars in thousands)Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Allowance for Credit LossesFair Value
Securities Held-to-Maturity
Residential mortgage-backed securities:
After 1 year to 5 years$1,660 $ $(60)$ $1,600 
After 5 years to 10 years11,934  (596) 11,338 
Over 10 years129,880  (18,796) 111,084 
143,474  (19,452) 124,022 
Total$143,474 $ $(19,452)$ $124,022 
Securities Available-for-Sale
State and political subdivisions:
Within 1 year$1,299 $ $(30)$ $1,269 
1,299  (30) 1,269 
Residential mortgage-backed securities:
After 1 year to 5 years499  (18) 481 
After 5 years to 10 years13,082  (1,040) 12,042 
Over 10 years289,639 128 (38,141) 251,626 
303,220 128 (39,199) 264,149 
Collateralized mortgage obligations:
After 5 years to 10 years218  (10) 208 
Over 10 years1,902  (183) 1,719 
2,120  (193) 1,927 
Corporate bonds:
Within 1 year18,503  (95)(8)18,400 
After 1 year to 5 years12,840 13 (643)(43)12,167 
After 5 years to 10 years60,000  (6,327)(766)52,907 
91,343 13 (7,065)(817)83,474 
Total$397,982 $141 $(46,487)$(817)$350,819 

9

 At December 31, 2023
(Dollars in thousands)Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Allowance for Credit LossesFair Value
Securities Held-to-Maturity
Residential mortgage-backed securities:
After 1 year to 5 years$1,871 $ $(62)$ $1,809 
After 5 years to 10 years12,047  (462) 11,585 
Over 10 years131,859  (16,976) 114,883 
145,777  (17,500) 128,277 
Total$145,777 $ $(17,500)$ $128,277 
Securities Available-for-Sale
State and political subdivisions:
Within 1 year$1,030 $ $(1)$ $1,029 
After 1 year to 5 years1,298  (26) 1,272 
2,328  (27) 2,301 
Residential mortgage-backed securities:
After 1 year to 5 years567  (20) 547 
After 5 years to 10 years13,653  (964) 12,689 
Over 10 years285,628 131 (34,443) 251,316 
299,848 131 (35,427) 264,552 
Collateralized mortgage obligations:
After 5 years to 10 years241  (11) 230 
Over 10 years1,960  (189) 1,771 
2,201  (200) 2,001 
Corporate bonds:
Within 1 year18,011 1 (176)(27)17,809 
After 1 year to 5 years13,339 23 (671)(43)12,648 
After 5 years to 10 years60,000  (7,097)(661)52,242 
91,350 24 (7,944)(731)82,699 
Total$395,727 $155 $(43,598)$(731)$351,553 

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 in 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 $456.6 million and $464.0 million at March 31, 2024 and December 31, 2023, respectively, were pledged to secure public funds deposits and contingency funding. There were no pledged securities to secure credit derivatives and interest rate swaps at March 31, 2024 or December 31, 2023. See Note 11, "Derivative Instruments and Hedging Activities" for additional information.

There were no sales of securities available-for-sale during the three months ended March 31, 2024 or 2023.
At March 31, 2024 and December 31, 2023, there were no reportable investments in any single issuer representing more than 10% of shareholders’ equity.
10

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, 2024 and December 31, 2023, by the length of time those securities were in a continuous loss position.