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Stock-Based Incentive Plan
 3 Months Ended
Mar. 31, 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 three months ended March 31, 2025:
(Dollars in thousands, except per share data)Shares Under OptionWeighted Average Exercise Price Per ShareWeighted Average Remaining Contractual Life (Years)Aggregate Intrinsic Value at March 31, 2025
Outstanding at December 31, 2024127,782 $27.72 
Exercised(11,500)24.36 
Outstanding at March 31, 2025116,282 $28.05 2.4$44 
Exercisable at March 31, 2025116,282 $28.05 2.4$44 
The Corporation did not grant any stock options during the three months ended March 31, 2025 or March 31, 2024.
The following is a summary of nonvested restricted stock units at March 31, 2025 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, 2024501,679 $22.67 
Granted196,666 28.44 
Added by performance factor2,761 28.21 
Vested(163,625)25.34 
Forfeited(4,175)21.19 
Nonvested stock units at March 31, 2025533,306 $24.02 

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)20252024
Restricted stock units granted196,666 270,030 
Weighted average grant date fair value$28.44 $19.68 
Intrinsic value of units granted$5,592 $5,314 
Restricted stock units vested163,625 145,598 
Weighted average grant date fair value$25.34 $27.63 
Intrinsic value of units vested$4,650 $2,865 

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, 2025 is presented below:
(Dollars in thousands)Unrecognized Compensation CostWeighted-Average Period Remaining (Years)
Restricted stock units$10,126 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)20252024
Stock-based compensation expense:
Restricted stock units$1,067 $1,025 
Employee stock purchase plan26 26 
Total$1,093 $1,051 
Tax benefit on nonqualified stock option expense and disqualifying dispositions of incentive stock options$28 $405