Company: UVSP
Filing Date: 2025-10-24
Form Type: 10-Q
Source: 0000102212-25-000028
Chunk: 169

Company: UNIVEST FINANCIAL Corp
Filing Date: 2025-10-24
Form: 10-Q
Item: Item 8
Chunk 169
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 2025 versus 2024 

Noninterest expense for the three months ended September 30, 2025 was $50.7 million, an increase of $2.1 million, or 4.4%, from the three months ended September 30, 2024. Noninterest expense for the nine months ended September 30, 2025 was $150.3 million, an increase of $3.0 million, or 2.0%, from the nine months ended September 30, 2024.

Salaries, benefits and commissions increased $950 thousand, or 3.1%, for the three months ended September 30, 2025 and $1.8 million, or 1.9%, for the nine months ended September 30, 2025 from the comparable periods in the prior year, primarily due to annual merit increases and an increase in incentive compensation due to increased profitability, partially offset by an increase in capitalized compensation driven by higher loan production.

Other expense increased $967 thousand, or 14.8%, for the three months ended September 30, 2025 and $1.0 million, or 5.1%, for the nine months ended September 30, 2025 from the comparable periods in the prior year, primarily due to increases in the Pennsylvania bank shares tax expense and loan workout fees, primarily related to one commercial real estate loan relationship.

Professional fees increased $297 thousand, or 18.8%, for the three months ended September 30, 2025 and $537 thousand, or 11.3%, for the nine months ended September 30, 2025 from the comparable periods in the prior year, primarily driven by an increase in consultant fees for data integration resources.

56

Tax Provision

The Corporation recognized a tax expense of $6.4 million and $4.8 million for the three months ended September 30, 2025 and 2024, respectively, resulting in effective rates of 20.0% and 20.6% for the respective periods. The Corporation recognized a tax expense of $16.6 million and $14.5 million for the nine months ended September 30, 2025 and 2024, respectively, resulting in effective tax rates of 19.6% and 20.3% for the respective periods. The effective tax rates for the three and nine months ended September 30, 2025 and 2024 reflects the benefits of tax-exempt income from investments in