Company: UVSP
Filing Date: 2025-07-29
Form Type: 10-Q
Source: 0001628280-25-036392
Chunk: 197

Company: UNIVEST FINANCIAL Corp
Filing Date: 2025-07-29
Form: 10-Q
Item: Item 2
Chunk 197
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34)(1.5)Data processing4,408 4,161 247 5.9 8,772 8,656 116 1.3 Professional fees1,597 1,466 131 8.9 3,394 3,154 240 7.6 Marketing and advertising498 715 (217)(30.3)851 1,131 (280)(24.8)Deposit insurance premiums1,074 1,098 (24)(2.2)2,225 2,233 (8)(0.4)Intangible expenses131 188 (57)(30.3)261 375 (114)(30.4)Other expense7,306 7,126 180 2.5 14,038 13,958 80 0.6 Total noninterest expense$50,332 $48,708 $1,624 3.3 %$99,660 $98,782 $878 0.9 %

Three and six months ended June 30, 2025 versus 2024 

Noninterest expense for the three months ended June 30, 2025 was $50.3 million, an increase of $1.6 million, or 3.3%, from the three months ended June 30, 2024. Noninterest expense for the six months ended June 30, 2025 was $99.7 million, an 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, 202