Company: UVSP
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000102212-25-000006
Chunk: 173

Company: UNIVEST FINANCIAL Corp
Filing Date: 2025-02-24
Form: 10-K
Item: Item 7
Chunk 173
---
 decreased $884 thousand, or 4.5%, for the year ended December 31, 2023 primarily due a $1.2 million adjustment recorded in the fourth quarter of 2022 for previously unrecorded revenue. Net gain on mortgage banking activities decreased $723 thousand, or 16.4%, for the year ended December 31, 2023, primarily due to a contraction of gain on sale margins. Bank owned life insurance income decreased $602 thousand, or 15.9%, for the year ended December 31, 2023, primarily due to death benefit claims of $965 thousand recorded during 2022. Other income decreased $1.6 million, or 36.0%, for the year ended December 31, 2023, primarily due to a $1.7 million decrease in interest rate swap income.

Insurance commission and fee income increased $2.0 million, or 10.4%, for the year ended December 31, 2023, primarily due to increases of $1.4 million in premiums for group life and health and commercial lines and $595 thousand in contingent commission income. Service charges on deposits accounts increased $873 thousand, or 14.1%, for the year ended December 31, 2023, primarily due to an increase of $962 thousand in treasury management fees.

Noninterest Expense

The following table presents noninterest expense for the years ended December 31, 2024, 2023 and 2022:

 For the Years Ended December 31,$ Change% Change(Dollars in thousands)2024202320222024 to 20232023 to 20222024 to 20232023 to 2022Salaries, benefits and commissions$123,745 $120,188 $115,806 $3,557 $4,382 3.0 %3.8 %Net occupancy11,025 10,686 10,193 339 493 3.2 4.8 Equipment4,453 4,132 3,904 321 228 7.8 5.8 Data processing16,956 16,799 15,215 157 1,584 0.9 10.4 Professional fees6,402 7,141 9,332 (739)(2,191)(10.3)(23.5)Marketing and advertising2,173 2,180 2,462