Company: UVSP
Filing Date: 2025-04-29
Form Type: 10-Q
Source: 0000102212-25-000019
Chunk: 166

Company: UNIVEST FINANCIAL Corp
Filing Date: 2025-04-29
Form: 10-Q
Item: Item 2
Chunk 166
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.28 %1.28 %1.30 %

Noninterest Income

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

Three Months Ended March 31,Change(Dollars in thousands)20252024AmountPercentTrust fee income$2,161 $2,108 $53 2.5 %Service charges on deposit accounts2,194 1,871 323 17.3 Investment advisory commission and fee income5,613 5,194 419 8.1 Insurance commission and fee income6,889 7,201 (312)(4.3)Other service fee income2,707 6,415 (3,708)(57.8)Bank owned life insurance income1,959 842 1,117 132.7 Net gain on mortgage banking activities647 939 (292)(31.1)Other income245 1,025 (780)(76.1)Total noninterest income$22,415 $25,595 $(3,180)(12.4 %)

Three months ended March 31, 2025 versus 2024 

Noninterest income for the three months ended March 31, 2025 was $22.4 million, a decrease of $3.2 million, or 12.4%, from the three months ended March 31, 2024. 

Other service fee income decreased $3.7 million, or 57.8%, for the three months ended March 31, 2025 from the comparable period in the prior year, primarily due to a $3.4 million net gain from the sale of mortgage servicing rights associated with $591.1 million of serviced loans in the first quarter of 2024. Additionally, net servicing fees on sold mortgage loans decreased by $177 thousand, primarily attributable to the previously mentioned sale of mortgage servicing rights.

Other income decreased $780 thousand, or 76.1%, for the three months ended March 31, 2025 from the comparable period in the prior year, primarily due to decreases in other real estate owned, fees on risk participation agreements for interest rate swaps and gains on the sale of Small Business Administration loans.

Net gain on mortgage banking activities decreased $292 thousand, or 31.1%, for the three months ended March 31, 2025 from the comparable period in the prior year, primarily due to