Company: UVSP
Filing Date: 2025-07-29
Form Type: 10-Q
Source: 0001628280-25-036392
Chunk: 196

Company: UNIVEST FINANCIAL Corp
Filing Date: 2025-07-29
Form: 10-Q
Item: Item 2
Chunk 196
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2025 from the comparable period in the prior year, primarily due to a decrease in contingent income of $701 thousand, which was $1.6 million and $2.3 million, for the six months ended June 30, 2025 and June 30, 2024, respectively. Contingent income is largely recognized in the first quarter of the year. The decrease was partially offset by an increase of $485 thousand in revenue for commercial lines.

Other service fee income decreased $3.6 million, or 38.1%, for the six months ended June 30, 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.

52

Bank owned life insurance income increased $1.0 million, or 54.1%, for the six months ended June 30, 2025 from the comparable period in the prior year, primarily due to the previously discussed $1.1 million in death benefits claims.

Net gain on mortgage banking activities decreased $729 thousand, or 42.6%, for the three months ended June 30, 2025 and $1.0 million, or 38.5%, for the six months ended June 30, 2025 from the comparable periods in the prior year, primarily due to decreased salable volume.

Other income increased $491 thousand, or 65.9%, for the three months ended June 30, 2025 from the comparable period in the prior year, primarily due to an increase of $299 thousand in gains on sale of Small Business Administration loans.

Noninterest Expense

The following table presents noninterest expense for the three and six months ended June 30, 2025 and 2024:

Three Months EndedSix Months Ended June 30,ChangeJune 30,Change(Dollars in thousands)20252024AmountPercent20252024AmountPercentSalaries, benefits and commissions$31,536 $30,187 $1,349 4.5 %$62,362 $61,525 $837 1.4 %Net occupancy2,739 2,679 60 2.2 5,592 5,551 41 0.7 Equipment1,043 1,088 (45)(4.1)2,165 2,199 (