Company: UVSP
Filing Date: 2025-04-29
Form Type: 10-Q
Source: 0000102212-25-000019
Chunk: 168

Company: UNIVEST FINANCIAL Corp
Filing Date: 2025-04-29
Form: 10-Q
Item: Item 2
Chunk 168
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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 of $5.2 million and $5.3 million for the three months ended March 31, 2025 and 2024, respectively, resulting in effective rates of 18.7% and 20.5% for the respective periods. The discrete tax effect of vested equity compensation awards favorably impacted the first quarter of 2025 by 71 basis points and unfavorably impacted the first quarter of 2024 by 74 basis points. Additionally, the effective tax rate for the three months ended March 31, 2025 was favorably impacted by 76 basis points from the proceeds of BOLI death benefits. Excluding the discrete impact of vested equity compensation awards and BOLI death benefits, the effective tax rate was 20.2% for the three months ended March 31, 2025 compared to 19.8% for the three months ended March 31, 2024.

47

Financial Condition

Assets

The following table presents assets at the dates indicated:

 At March 31, 2025At December 31, 2024Change(Dollars in thousands)AmountPercentCash, interest-earning deposits and federal funds sold$169,134 $328,844 $(159,710)(48.6)%Investment securities497,059 493,978 3,081 0.6 Federal Home Loan Bank, Federal Reserve Bank and other stock, at cost35,732 38,980 (3,248)(8.3)Loans held for sale13,150 16,653 (3,503)(21.0)Loans and leases held for investment6,833,037 6,826,583 6,454 0.1 Allowance for credit losses, loans and leases(87,790)(87,091)(699)