Company: UVSP
Filing Date: 2025-07-29
Form Type: 10-Q
Source: 0001628280-25-036392
Chunk: 76

Company: UNIVEST FINANCIAL Corp
Filing Date: 2025-07-29
Form: 10-Q
Item: Item 1
Chunk 76
---
 increase of $878 thousand, or 0.9%, from the six months ended June 30, 2024.

Salaries, benefits and commissions increased $1.3 million, or 4.5%, for the three months ended June 30, 2025 and $837 thousand, or 1.4%, for the six months ended June 30, 2025 from the comparable periods in the prior year, primarily due to increases in salary and medical claims expense. Additionally, variable compensation increased due to increased profitability.

Tax Provision

The Corporation recognized a tax expense of $5.0 million and $4.5 million for the three months ended June 30, 2025 and 2024, respectively, resulting in effective rates of 20.1% and 19.9% for the respective periods. The Corporation recognized a tax expense of $10.2 million and $9.7 million for the six months ended June 30, 2025 and 2024, respectively, resulting in effective tax rates of 19.4% and 20.2% for the respective periods. The effective tax rates for the three and six months ended June 30, 2025 and 2024 reflects the benefits of tax-exempt income from investments in municipal securities and loans and leases. Additionally, the effective tax rates for the six months ended June 30, 2025 and 2024 were favorably impacted from the proceeds of BOLI death benefits. Excluding the impact of BOLI death benefits, the effective tax rates were 19.8% and 20.3% for the six months ended June 30, 2025 and 2024, respectively.

53

Financial Condition

Assets

The following table presents assets at the dates indicated:

 At June 30, 2025At December 31, 2024Change(Dollars in thousands)AmountPercentCash, interest-earning deposits and federal funds sold$160,365 $328,844 $(168,479)(51.2)%Investment securities496,677 493,978 2,699 0.5 Federal Home Loan Bank, Federal Reserve Bank and other stock, at cost36,482 38,980 (2,498)(6.4)Loans held for sale17,774 16,653 1,121 6.7 Loans and leases held for investment6,801,185 6,826,583