Company: UVSP
Filing Date: 2025-04-29
Form Type: 10-Q
Source: 0000102212-25-000019
Chunk: 167

Company: UNIVEST FINANCIAL Corp
Filing Date: 2025-04-29
Form: 10-Q
Item: Item 2
Chunk 167
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 decreased salable volume. 

Insurance commission and fee income decreased $312 thousand, or 4.3%, for the three months ended March 31, 2025 from the comparable period in the prior year, primarily due to a decrease in contingent income of $700 thousand, which was $1.6 million and $2.3 million, for the three months ended March 31, 2025 and March 31, 2024, respectively. Contingent income is largely recognized in the first quarter of the year. The decrease was partially offset by an increase of $404 thousand in revenue for commercial lines.

Bank owned life insurance income increased $1.1 million, or 132.7%, for the three months ended March 31, 2025 from the comparable period in the prior year, primarily due to the previously discussed $1.0 million in death benefits claims.

46

Investment advisory commission and fee income increased $419 thousand, or 8.1%, for the three months ended March 31, 2025 from the comparable period in the prior year, primarily due to new customer relationships and appreciation of assets under management and supervision.

Service charges on deposit accounts increased $323 thousand, or 17.3%, for the three months ended March 31, 2025 from the comparable period in the prior year, primarily due to increased treasury management income. 

Noninterest Expense

The following table presents noninterest expense for the three months ended March 31, 2025 and 2024:

Three Months Ended March 31,Change(Dollars in thousands)20252024AmountPercentSalaries, benefits and commissions$30,826 $31,338 $(512)(1.6 %)Net occupancy2,853 2,872 (19)(0.7)Equipment1,122 1,111 11 1.0 Data processing4,364 4,495 (131)(2.9)Professional fees1,797 1,688 109 6.5 Marketing and advertising353 416 (63)(15.1)Deposit insurance premiums1,151 1,135 16 1.4 Intangible expenses130 187 (57)(30.5)Other expense6,732 6,832 (100)(1.5)Total noninterest expense$49,328 $50,074 $(746)(1.5 %)

Three months ended March 31,