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Stock-Based Incentive Plan
 12 Months Ended
Dec. 31, 2023
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 at the Corporation's annual meeting. This Plan replaced the Amended and Restated Univest 2013 Long-Term Incentive Plan, which expired in April 2023.

Under the Plan, the Corporation may grant up to 1,200,000 options and restricted stock awards and units to employees and non-employee directors, subject to adjustment, as described in the Plan. The Plan provides for the issuance of options to purchase common shares at prices not less than 100 percent of the fair market value on the date of option grant and have a contractual term of ten years. There were 1,195,500 shares available for future grants at December 31, 2023 under the Plan. At December 31, 2023, there were 269,914 options to purchase common stock and 392,548 unvested restricted stock units outstanding under the Plan.

The following is a summary of the Corporation's stock option activity and related information for the year ended December 31, 2023:
(Dollars in thousands, except per share data)Shares Under OptionWeighted Average Exercise Price Per ShareWeighted Average Remaining Contractual Life (Years)Aggregate Intrinsic Value at December 31, 2023
Outstanding at December 31, 2022294,111 $26.11 
Forfeited(17,987)28.34 
Exercised(6,210)18.48 
Outstanding at December 31, 2023269,914 26.14 3.2$182 
Exercisable at December 31, 2023269,914 26.14 3.2182 
The Corporation did not issue stock options during the years ended December 31, 2023, 2022 or 2021.

The following is a summary of nonvested restricted stock units at December 31, 2023 including changes during the year:
(Dollars in thousands, except per share data) Nonvested Stock Units Weighted Average Grant Date Fair Value
Nonvested stock units at December 31, 2022408,264 $25.57 
Granted217,929 24.88 
Added by performance factor814 19.20 
Vested(181,508)22.21 
Cancelled/forfeited(52,951)26.96 
Nonvested stock units at December 31, 2023392,548 26.54 

Certain information regarding restricted stock awards and units is summarized below for the periods indicated:
For the Years Ended December 31,
(Dollars in thousands, except per share data)202320222021
Restricted stock units granted217,929 186,360 155,607 
Weighted average grant date fair value$24.88 $28.06 $27.81 
Intrinsic value of units granted$5,423 $5,229 $4,328 
Restricted stock awards and units vested181,508 124,167 87,075 
Weighted average grant date fair value$22.21 $23.53 $22.71 
Intrinsic value of awards and units vested$4,512 $3,519 $2,391 
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 December 31, 2023 is presented below:
(Dollars in thousands)Unrecognized Compensation CostWeighted-Average Period Remaining (Years)
Restricted stock units$5,447 1.8

The following table presents information related to the Corporation's compensation expense related to stock incentive plans recognized for the periods indicated:
For the Years Ended December 31,
(Dollars in thousands)202320222021
Stock-based compensation expense:
Stock options$— $— $62 
Restricted stock awards and units4,194 4,120 3,636 
Employee stock purchase plan104 100 91 
Total$4,298 $4,220 $3,789 
Tax benefit on nonqualified stock option expense, restricted stock awards and disqualifying dispositions of incentive stock options$702 $666 $551 
There were no significant modifications or accelerations to options, restricted stock awards or restricted stock units during the period 2021 through 2023.