Company: UVSP
Filing Date: 2025-04-29
Form Type: 10-Q
Source: 0000102212-25-000019
Chunk: 142

Company: UNIVEST FINANCIAL Corp
Filing Date: 2025-04-29
Form: 10-Q
Item: Item 8
Chunk 142
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 $1.1 million, or 132.7%, for the three months ended March 31, 2025 from the comparable period in the prior year, primarily due to the previously discussed $1.0 million in death benefits claims.

46

Investment advisory commission and fee income increased $419 thousand, or 8.1%, for the three months ended March 31, 2025 from the comparable period in the prior year, primarily due to new customer relationships and appreciation of assets under management and supervision.

Service charges on deposit accounts increased $323 thousand, or 17.3%, for the three months ended March 31, 2025 from the comparable period in the prior year, primarily due to increased treasury management income. 

Noninterest Expense

The following table presents noninterest expense for the three months ended March 31, 2025 and 2024:

Three Months Ended March 31,Change(Dollars in thousands)20252024AmountPercentSalaries, benefits and commissions$30,826 $31,338 $(512)(1.6 %)Net occupancy2,853 2,872 (19)(0.7)Equipment1,122 1,111 11 1.0 Data processing4,364 4,495 (131)(2.9)Professional fees1,797 1,688 109 6.5 Marketing and advertising353 416 (63)(15.1)Deposit insurance premiums1,151 1,135 16 1.4 Intangible expenses130 187 (57)(30.5)Other expense6,732 6,832 (100)(1.5)Total noninterest expense$49,328 $50,074 $(746)(1.5 %)

Three months ended March 31, 2025 versus 2024 

Noninterest expense for the three months ended March 31, 2025 was $49.3 million, a decrease of $746 thousand, or 1.5%, from the three months ended March 31, 2024. 

Salaries, benefits and commissions decreased $512 thousand, or 1.6%, for the three months ended March 31, 2025 from the comparable period in the prior year, primarily due to an increase in compensation capitalized and a decrease in medical claims expense, partially offset by an increase in incentive compensation due to increased profitability.

Tax Provision

The Corporation recognized a tax expense