Company: UVSP
Filing Date: 2025-07-29
Form Type: 10-Q
Source: 0001628280-25-036392
Chunk: 166

Company: UNIVEST FINANCIAL Corp
Filing Date: 2025-07-29
Form: 10-Q
Item: Item 8
Chunk 166
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)(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, 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