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Stock-Based Incentive Plan | 6 Months Ended
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Jun. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Stock-Based Incentive Plan | 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 six months ended June 30, 2025:
(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 June 30, 2025
Outstanding at December 31, 2024 | 127,782 |  |  | $ | 27.72 |  |  |  |  |
Exercised | (13,000) |  |  | 24.84 |  |  |  |  |
Outstanding at June 30, 2025 | 114,782 |  |  | $ | 28.05 |  |  | 2.1 |  | $ | 229 |
Exercisable at June 30, 2025 | 114,782 |  |  | $ | 28.05 |  |  | 2.1 |  | $ | 229 |
The Corporation did not grant any stock options during the six months ended June 30, 2025 or June 30, 2024. The following is a summary of nonvested restricted stock units at June 30, 2025 including changes during the six 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, 2024 | 501,679 |  |  | $ | 22.67 |
Granted | 196,666 |  |  | 28.44 |
Added by performance factor | 2,761 |  |  | 28.21 |
Vested | (164,280) |  |  | 25.33 |
Forfeited | (5,451) |  |  | 16.23 |
Nonvested stock units at June 30, 2025 | 531,375 |  |  | $ | 24.02 |
Certain information regarding restricted stock units is summarized below for the periods indicated:
| Six Months Ended June 30,
(Dollars in thousands, except per share data) | 2025 |  | 2024
Restricted stock units granted | 196,666 |  |  | 273,030 |
Weighted average grant date fair value | $ | 28.44 |  |  | $ | 19.70 |
Intrinsic value of units granted | $ | 5,592 |  |  | $ | 5,378 |
Restricted stock units vested | 164,280 |  |  | 151,041 |
Weighted average grant date fair value | $ | 25.33 |  |  | $ | 27.66 |
Intrinsic value of units vested | $ | 4,670 |  |  | $ | 2,983 |
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 June 30, 2025 is presented below:
(Dollars in thousands) | Unrecognized Compensation Cost |  | Weighted-Average Period Remaining (Years)
Restricted stock units | $ | 8,807 |  |  | 2.1
The following table presents information related to the Corporation’s compensation expense related to stock incentive plans recognized for the periods indicated:
| Six Months Ended June 30,
(Dollars in thousands) | 2025 |  | 2024
Stock-based compensation expense: |  |  |
Restricted stock units | $ | 2,252 |  |  | $ | 2,231 |
Employee stock purchase plan | 45 |  |  | 49 |
Total | $ | 2,297 |  |  | $ | 2,280 |
Tax benefit on nonqualified stock option expense and disqualifying dispositions of incentive stock options | $ | 275 |  |  | $ | 658 |

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