Company: UVSP
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000102212-25-000006
Chunk: 89

Company: UNIVEST FINANCIAL Corp
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 89
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 CEO considers budget-to-actual variances on a quarterly basis for both measures when making decisions about the allocation of operating and capital resources to each segment. Accordingly, significant operating decisions are based upon analysis of each of these segments.Information About Significant Segment ExpensesThe significant segment expenses are regularly provided to the CEO and included in the reported measure of the segment's profit and loss. The Corporation considered relevant qualitative and quantitative factors when determining whether these segment expense categories and amounts were significant.The following tables provide reportable segment-specific information, as well as the Other Segment, and reconciliations to consolidated financial information for the years ended December 31, 2024, 2023 and 2022.

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(Dollars in thousands)BankingWealth ManagementInsuranceOtherConsolidatedFor the Year Ended December 31, 2024Interest income$412,264 $73 $— $18 $412,355 Interest expense192,060 — — 9,125 201,185 Net interest income (expense)220,204 73 — (9,107)211,170 Noninterest income35,480 29,909 22,471 195 88,055 Total revenue255,684 29,982 22,471 (8,912)299,225 Provision for credit losses5,933 — — — 5,933 Less: (1)Salaries, benefits and commissions74,561 17,912 13,578 17,694 123,745 Net occupancy9,446 316 614 649 11,025 Equipment4,039 40 96 278 4,453 Data processing12,866 1,417 544 2,129 16,956 Professional fees3,278 616 57 2,451 6,402 Marketing and advertising834 158 53 1,128 2,173 Deposit insurance premiums4,432 — — — 4,432 Intangible expense267 — 427 — 694 Other segment items (2)20,922 2,594 661 3,935 28,112 Intersegment expense (revenue) (3)22,984 846 711 (24,541)— Income (expense) before income taxes$96,122 $6,083 $5,730 $(12,635