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Acquisitions
12 Months Ended
Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]  
Acquisition Acquisition
Paul I. Sheaffer Insurance Agency

On December 1, 2021, Univest Insurance, LLC, the Bank's insurance subsidiary, completed the acquisition of certain assets of the Paul I. Sheaffer Insurance Agency, a full-service firm providing insurance solutions to businesses and individuals in Central Pennsylvania.
The Corporation paid $3.8 million in cash at closing with additional contingent consideration to be paid in annual installments over the three-year period ending November 30, 2024, based on the achievement of certain levels of EBITDA (earnings before interest, taxes, depreciation and amortization). The potential aggregate cash payments that could result from the contingent consideration arrangement range from $0 to a maximum of $1.9 million over the next three years. As a result of the acquisition, the Corporation recorded goodwill of $3.0 million and customer-related intangibles of $2.5 million. The goodwill is expected to be deductible for tax purposes. The customer-related intangibles are being amortized over nine years using the sum-of-the-years-digits amortization method.