Company: UVSP
Filing Date: 2025-04-29
Form Type: 10-Q
Source: 0000102212-25-000019
Chunk: 60

Company: UNIVEST FINANCIAL Corp
Filing Date: 2025-04-29
Form: 10-Q
Item: Item 1
Chunk 60
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2025 and 2024, respectively.

Nonaccrual loans and leases have been included in the average loan and lease balances. Loans held for sale have been included in the average loan balances. Tax-equivalent amounts for the three months ended March 31, 2025 and 2024 have been calculated using the Corporation's federal applicable rate of 21%.

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Table 2—Analysis of Changes in Net Interest Income

The rate-volume variance analysis set forth in the table below compares changes in tax-equivalent net interest income for the periods indicated by their rate and volume components. The change in interest income/expense due to both volume and rate has been allocated proportionately.

Three Months Ended March 31, 2025 Versus 2024(Dollars in thousands)VolumeChangeRateChangeTotalInterest income:Interest-earning deposits with other banks$(11)$(238)$(249)Obligations of states and political subdivisions(6)(2)(8)Other debt and equity securities1 371 372 Federal Home Loan Bank, Federal Reserve Bank and other stock(35)(2)(37)Interest on deposits, investments and other earning assets(51)129 78 Commercial, financial and agricultural loans862 (365)497 Real estate—commercial and construction loans1,515 520 2,035 Real estate—residential loans1,262 725 1,987 Loans to individuals(164)9 (155)Tax-exempt loans and leases(26)423 397 Lease financings(128)199 71 Interest and fees on loans and leases3,321 1,511 4,832 Total interest income3,270 1,640 4,910 Interest expense:Interest-bearing checking deposits266 (1,409)(1,143)Money market savings1,384 (2,569)(1,185)Regular savings(82)(60)(142)Time deposits2,476 — 2,476      Total time and interest-bearing deposits4,044 (4,038)6 Short-term borrowings(3)12 9 Long-term debt(809)287 (522)Interest on borrowings(812)299 (513)Total interest expense3,232 (3,739)(507)Net interest income$38 $5,379 $5,417 

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Provision for Credit Losses

The provision for