Company: UVSP
Filing Date: 2025-04-29
Form Type: 10-Q
Source: 0000102212-25-000019
Chunk: 175

Company: UNIVEST FINANCIAL Corp
Filing Date: 2025-04-29
Form: 10-Q
Item: Item 2
Chunk 175
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 segment information appears in Note 13, "Segment Reporting" included in the Notes to the Condensed Unaudited Consolidated Financial Statements under Item 1 of this Quarterly Report on Form 10-Q. 

The Banking segment reported pre-tax income of $26.1 million and $24.6 million for the three months ended March 31, 2025 and 2024, respectively. See the section of this Management's Discussion and Analysis under the headings "Results of Operations" and "Financial Condition" for a discussion of key items impacting the Banking Segment. 

The Wealth Management segment reported pre-tax income of $2.0 million and $1.9 million for the three months ended March 31, 2025 and 2024, respectively. The pre-tax income increase from 2024 was primarily due to new customer relationships and appreciation of assets under management and supervision. Assets under management and supervision were $5.2 billion as of March 31, 2025 and December 31, 2024, $5.0 billion as of March 31, 2024 and $4.7 billion as of December 31, 2023.

The Insurance segment reported pre-tax income of $2.4 million and $3.1 million for the three months ended March 31, 2025 and 2024, respectively, which included noninterest income of $6.9 million in 2025 and $7.3 million in 2024. The decrease in noninterest income for the three months ended March 31, 2025 was primarily due to a decrease in contingent income of $700 thousand, which was $1.6 million and $2.3 million for the three months ended March 31, 2025 and 2024, respectively. Contingent income is largely recognized in the first quarter of the year. The decrease was partially offset by an increase of $404 thousand in revenue for commercial lines.

Capital Adequacy

Quantitative measures established by regulation to ensure capital adequacy require the Corporation and the Bank to maintain minimum capital amounts and ratios as set forth in the following table. To comply with the regulatory definition of well capitalized, a depository institution must maintain minimum capital amounts and ratios as set forth in the following table.

Under current rules, in order to avoid limitations on capital distributions (including dividend payments and certain discretionary bonus payments to executive officers), a banking organization must hold a capital conservation buffer comprised of common equity Tier 1 capital above its minimum risk-based