Stock-Based Incentive Plan

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Share-Based Incentive Plan

Stock-Based Incentive PlanThe Corporation maintains the 2013 Long-Term Incentive Plan, which replaced the expired 2003 Long-Term Incentive Plan. In December 2018, the Corporation's Board of Directors approved an Amended and Restated Univest 2013 Long-Term Incentive Plan (the Plan) to permit the issuance of restricted stock units. On April 26, 2023, the 2023 Equity Incentive Plan was approved by shareholders at the Corporation's annual meeting.

The following is a summary of the Corporation's stock option activity and related information for the three months ended March 31, 2023:

(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, 2023
Outstanding at December 31, 2022	294,111	$	26.11
Exercised	(4,167)	17.89
Outstanding at March 31, 2023	289,944	26.23		3.9	$	302
Exercisable at March 31, 2023	289,944	26.23		3.9	302

The Corporation did not issue stock options during the three months ended March 31, 2023 or March 31, 2022.

The following is a summary of nonvested restricted stock units at March 31, 2023 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, 2022	408,264	$	25.57
Granted	213,429	25.04
Added by performance factor	814	19.20
Vested	(174,798)	21.95
Forfeited	(6,114)	27.62
Nonvested stock units at March 31, 2023	441,595	$	26.71

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)	2023		2022
Restricted stock units granted	213,429		164,319
Weighted average grant date fair value	$	25.04	$	28.36
Intrinsic value of units granted	$	5,345	$	4,660
Restricted stock units vested	174,798		118,834
Weighted average grant date fair value	$	21.95	$	23.29
Intrinsic value of units vested	$	4,385	$	3,377

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, 2023 is presented below:

(Dollars in thousands)	Unrecognized Compensation Cost		Weighted-Average Period Remaining (Years)
Restricted stock units	$	9,603	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)	2023		2022
Stock-based compensation expense:
Restricted stock units	$	1,110	$	934
Employee stock purchase plan	29		25
Total	$	1,139	$	959
Tax benefit on nonqualified stock option expense and disqualifying dispositions of incentive stock options	$	35	$	1