Company: UVSP
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000102212-25-000006
Chunk: 174

Company: UNIVEST FINANCIAL Corp
Filing Date: 2025-02-24
Form: 10-K
Item: Item 7
Chunk 174
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 (7)(282)(0.3)(11.5)Deposit insurance premiums4,432 4,825 3,075 (393)1,750 (8.1)56.9 Intangible expenses694 938 1,293 (244)(355)(26.0)(27.5)Restructuring charges— 1,519 184 (1,519)1,335 N/M725.5Other expense28,112 28,954 25,310 (842)3,644 (2.9)14.4 Total noninterest expense$197,992 $197,362 $186,774 $630 $10,588 0.3 %5.7 %

2024 versus 2023 

Noninterest expense for the year ended December 31, 2024 was $198.0 million, an increase of $630 thousand, or 0.3%, compared to 2023. 

Salaries, benefits and commissions increased $3.6 million, or 3.0%, for the year ended December 31, 2024, primarily due to an increase in incentive compensation due to increased profitability in the current year.

Professional fees decreased $739 thousand, or 10.3%, for the year ended December 31, 2024, primarily due to a decrease of $1.0 million of consulting fees due to the costs of implementing our digital initiative in the prior year. Other expense decreased $842 thousand, or 2.9%, primarily driven by decreases in retirement plan costs of $857 thousand. Additionally, the year ended December 31, 2023 included $1.5 million in restructuring charges associated with the Corporation's financial service center optimization and expense management strategies deployed in response to macroeconomic headwinds.

2023 versus 2022 

Noninterest expense for the year ended December 31, 2023 was $197.4 million, an increase of $10.6 million, or 5.7%, compared to 2022. 

Salaries, benefits and commissions increased $4.4 million, or 3.8%, for the year ended December 31, 2023. This increase reflects our expansion into Maryland and Western Pennsylvania, increased medical claims expense and reduced capitalized 

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compensation, driven by lower loan production. These increases were partially offset by decreases due to the staff reduction that was announced during the second quarter of