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WKN: 885800 | ISIN: US03074A1025 | Ticker-Symbol:
NASDAQ
04.11.24
15:30 Uhr
2,720 US-Dollar
-0,040
-1,45 %
1-Jahres-Chart
AMERISERV FINANCIAL INC Chart 1 Jahr
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AMERISERV FINANCIAL INC 5-Tage-Chart
PR Newswire
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AmeriServ Financial, Inc.: Ameriserv Financial Reports Earnings For The Third Quarter And First Nine Months Of 2024 And Announces Quarterly Common Stock Cash Dividend

JOHNSTOWN, Pa., Oct. 22, 2024 /PRNewswire/ -- AmeriServ Financial, Inc. (NASDAQ: ASRV) reported third quarter 2024 net income of $1,183,000, or $0.07 per diluted common share. This earnings performance represented a $536,000, or 82.8%, increase from the third quarter of 2023 when net income totaled $647,000, or $0.04 per diluted common share. For the nine-month period ended September 30, 2024, the Company reported net income of $2,712,000, or $0.16 per diluted common share. This represented a 33.3% increase in earnings per share from the nine-month period of 2023 when net income totaled $1,975,000, or $0.12 per diluted common share. The following table details the Company's financial performance for the three- and nine-month periods ended September 30, 2024 and 2023:















Third
Quarter
2024


Third
Quarter
2023


Nine Months Ended

September 30, 2024


Nine Months Ended

September 30, 2023










Net income


$

1,183,000


$

647,000


$

2,712,000


$

1,975,000

Diluted earnings per share


$

0.07


$

0.04


$

0.16


$

0.12

Jeffrey A. Stopko, President and Chief Executive Officer, commented on the 2024 third quarter financial results: "Our community banking business continued to benefit from diversified revenue streams, with another quarter of strong revenue and profit contribution from our wealth management business. Total non-interest income represented 34% of total revenue for the first nine months of 2024. Both total average loans and deposits have grown this year, demonstrating the strength and loyalty of our customer base and helping to drive three consecutive quarters of net interest income improvement. We believe that our balance sheet is well positioned for further quarterly net interest income growth through the remainder of 2024 and into 2025. Finally, because of the declining interest rate environment and effective capital management, our tangible book value per share has increased by 10.9% to $5.72 (1) during the first nine months of 2024."

All third quarter and nine months of 2024 financial performance metrics within this document are compared to the third quarter and nine months of 2023 unless otherwise noted.

The Company's net interest income in the third quarter of 2024 increased by $88,000, or 1.0%, from the prior year's third quarter but, for the nine months of 2024, decreased by $922,000, or 3.4%, when compared to the nine months of 2023. The Company's net interest margin of 2.71% for the third quarter of 2024 and 2.72% for the nine months of 2024 represents a 5-basis point decrease for the quarter and a 17-basis point decline for the nine months. The decrease reflects net interest margin compression which has been prevalent in the banking industry since the Federal Reserve began tightening monetary policy to control inflation and as the U.S. Treasury yield curve continues to be inverted. While the Company's net interest margin percentage in both time periods of 2024 compares unfavorably to last year, it did demonstrate relative stability so far in 2024 and has improved from its low point in the fourth quarter of 2023 which was 2.63%. With the Federal Reserve's action to begin easing monetary policy in September 2024, management believes the net interest margin will continue to improve in the remaining months of 2024 and into 2025. The Company benefitted from a provision for credit losses recovery in both the third quarter and nine months of 2024 which represents a favorable shift from provision expense in both time periods of 2023. Total non-interest income demonstrated a modest decrease in the third quarter and nine months of 2024 compared to last year. Total non-interest expense in both 2024 time periods compared favorably to what was experienced in 2023. Overall, earnings improvement in both time periods of 2024 was driven by the favorable comparison in the provision for credit losses and non-interest expense.

Total average loans in both the third quarter and nine months of 2024 are higher than the 2023 average by $38.9 million, or 3.9%, and $41.9 million, or 4.2%, respectively. So far in 2024, new loan originations have slightly exceeded payoff activity through nine months and resulted in total loan volumes, on an end of period basis, demonstrating modest growth since December 31, 2023. Overall, total loans continue to be above the $1.0 billion threshold averaging $1.033 billion for the third quarter of 2024. The higher interest rate environment along with the higher average total loans outstanding resulted in total loan interest income improving by $1.1 million, or 8.7%, for the third quarter of 2024 and by $4.0 million, or 10.6%, for the nine months of 2024 when compared to both time periods of last year.

Total investment securities averaged $255.9 million for the nine months of 2024 which is $6.7 million, or 2.6%, lower than the $262.7 million average for the nine months of last year. The decrease reflects management's strategy to allocate more cash flow from the securities portfolio to higher yielding loans while the Company controlled the amount of high cost overnight borrowed funds. Thus, new investment security purchases were primarily used to replace cash flow from maturing securities to maintain appropriate balances for pledging purposes related to public funds deposits. The improved yields for new securities purchases along with management's execution of an investment portfolio repositioning strategy in late December 2023 caused interest income from investments to increase by $509,000, or 7.4%, in the nine months of 2024 compared to the same period in 2023. Interest income from investments was unfavorably impacted by the transfer of one corporate security into non-accrual status during the third quarter of 2024, which resulted in a $73,000 reversal of previously recognized interest income. Overall, the nine-month average balance of total interest earning assets increased from last year's nine-month average by $35.3 million, or 2.8%, while total interest income increased by $4.6 million, or 10.1%, since the nine months of 2023.

On the liability side of the balance sheet, through nine months, total average deposits are $10.5 million, or 0.9%, higher compared to total average deposits in the nine months of 2023. The increase reflects the Company's successful business development efforts which more than offset a portion of the funds from the government stimulus programs leaving the balance sheet and greater pricing competition in the market to retain deposits because of the higher interest rates. The Company's core deposit base continued to demonstrate the strength and stability that it has had for many years. On September 30, 2024, total deposits grew by $31.0 million, or 2.7%, since December 31, 2023, demonstrating customer loyalty and confidence in AmeriServ Financial Bank. The Company does not utilize brokered deposits as a funding source. The loan to deposit ratio averaged 88.7% in the third quarter of 2024, which indicates that the Company has ample capacity to continue to grow its loan portfolio and is well positioned to support our customers and our community during times of economic volatility.

Total interest expense increased by $1.2 million, or 17.8%, for the third quarter of 2024, and by $5.5 million, or 31.3%, for the nine months of 2024 when compared to both time periods of last year, due to higher deposit and borrowings interest expense. Deposit interest expense was higher by $862,000, or 15.2%, for the quarter and by $4.2 million, or 28.5%, for the nine months as the average volume of total interest-bearing deposits grew by $27.1 million, or 2.8%, for the quarter and by $26.5 million, or 2.8%, for the nine months. The rising national interest rates in 2023 resulted in certain deposit products, particularly public funds, which are tied to a market index, repricing upward with the move in short-term interest rates causing interest expense to increase. Additionally, increased market competition resulted in the Company raising rates on certain shorter-term certificates of deposit to retain funds. Another factor contributing to net interest margin compression was an unfavorable deposit mix shift as the 2024 average of non-interest-bearing demand deposits declined by $11.2 million, or 6.0%, for the quarter and $16.0 million, or 8.2%, for the nine months while, as mentioned above, total interest-bearing deposits increased. For interest rate risk management purposes and to offset a portion of the unfavorable impact that rising funding costs are having on net interest income, management proactively executed $70 million of interest rate hedge transactions during 2023 to fix the cost of certain deposits that are indexed and move with short-term interest rates. Finally, the increasing trend in total deposit costs experienced since the Federal Reserve began to tighten monetary policy slowed in 2024 with the Federal Open Market Committee keeping the Fed Funds rate stable since July 2023 until their action to ease monetary policy in September 2024. This slowdown in deposit costs has contributed to the previously mentioned recent stabilization and improvement in the net interest margin. Management believes that deposit costs will improve as the Federal Reserve continues their expected tempered approach to reduce interest rates. Overall, total deposit cost averaged 2.19% in the nine months of 2024, which is 47-basis points higher than total deposit cost of 1.72% for the nine months of 2023.

Total borrowings interest expense increased by $319,000, or 32.3%, in the third quarter of 2024 and by $1.2 million, or 47.3%, when compared to the nine months of 2023. The increase primarily results from the impact that the higher interest rates had on total borrowings cost. The Company's utilization of overnight borrowed funds so far in 2024 has been lower than the 2023 level in both time periods while the level of advances from the Federal Home Loan Bank have increased. Advances from the Federal Home Loan Bank averaged $50.7 million in the nine months of 2024 which is $31.9 million, or 169.8%, higher than the $18.8 million average in the nine months of 2023. Management's strategy to increase term advances to lock in lower rates than overnight borrowings due to the inversion in the yield curve has favorably impacted net interest income.

The Company recorded a $51,000 provision for credit losses recovery in the third quarter of 2024 after recording provision expense of $189,000 in the third quarter of 2023, resulting in a net favorable change of $240,000. For the nine months of 2024, the Company recognized a $174,000 provision for credit losses recovery after recognizing $1.4 million of provision expense in the nine months of 2023, resulting in a net favorable change of $1.6 million. The provision recovery in the third quarter of 2024 primarily reflects improved historical loss rates used to calculate the allowance for loan credit losses in accordance with CECL. The provision for credit losses net recovery for the nine-month timeframe reflects first quarter 2024 recoveries recognized in both the loan and securities portfolios which more than offset additional contributions made to the provision during the second quarter of 2024 for an AFS security and total loans. Activity within the provision for credit losses from prior quarters is described in the Company's previous 2024 press releases.

Non-performing assets decreased since the second quarter of 2024 by $160,000 and totaled $12.7 million. This decline occurred despite the transfer of a $1 million corporate security into non-accrual status. Non-performing assets from the loan portfolio are at 1.12% of total loans. The Company recognized net loan charge-offs of $488,000, or 0.06% of total average loans, in the nine months of 2024 compared to net loan charge-offs of $187,000, or 0.03% of total average loans, in the nine months of 2023. The allowance for loan credit losses at September 30, 2024 is $2.1 million, or 17.1%, higher than the allowance for loan credit losses at September 30, 2023. The increase since last year's third quarter end is due to the Company strengthening its allowance for loan credit losses during the fourth quarter of 2023. Overall, the Company continues to maintain solid coverage of both total loans and non-performing loans as the allowance for loan credit losses provided 147% coverage of non-performing loans and 1.39% of total loans at September 30, 2024.

Total non-interest income in the third quarter of 2024 decreased by $53,000, or 1.2%, from the prior year's third quarter and declined by $103,000, or 0.8%, in the nine months of 2024 when compared to the nine months of 2023. The slight decrease for the nine-month period is primarily attributed to the Company recognizing a $1.7 million gain in the first quarter of 2023 from AmeriServ Financial Bank selling all 7,859 shares of the Class B common stock of Visa Inc. There was no such gain during the nine-month period ending September 30, 2024. Wealth management fees improved by $205,000, or 7.2%, for the quarter and by $1.0 million, or 12.0%, for the nine months due in part to a strong performance from our Financial Services division that resulted from new business growth. Also, the increase in wealth management fees reflects the improving market conditions particularly for equity securities as major market indexes continue their ascent to record highs in 2024. Overall, the fair market value of wealth management assets totaled $2.6 billion at September 30, 2024 and increased by $218.3 million, or 9.1%, since September 30, 2023. Other income is $159,000, or 23.4%, lower for the third quarter but $590,000, or 36.5%, higher for the nine months of 2024. The variances for both time periods primarily reflect the necessary adjustments to the fair market value of an interest rate swap related risk participation agreement as well as the credit valuation adjustment to the market value of the interest rate swap contracts that the Company executed to accommodate the needs of certain borrowers while managing our interest rate risk position. These adjustments reflect the changing national interest rates which unfavorably impacted other income by $234,000 during the third quarter of 2024 but were net favorable for the nine months by $188,000. In the first quarter of 2024, other income was favorably impacted by the Company recognizing a $250,000 signing bonus that resulted from successful negotiations related to the renewal of an expiring contract with Visa.

Total non-interest expense in the third quarter of 2024 decreased by $374,000, or 3.1%, when compared to the third quarter of 2023 and decreased by $353,000, or 0.9%, during the nine months of 2024 when compared to the nine months of 2023. Salaries and employee benefits expense decreased by $914,000, or 4.1%, for the nine months of 2024 due to the net impact of certain items within this broad category. Total salaries cost was down by $641,000, or 4.1%, after the Company incurred additional salary expense in 2023 related to a strategy to consolidate certain executive level positions in the wealth management business. This is part of our previously announced earnings improvement program and was designed to lower future employee costs, which is occurring in 2024. Also, total health care cost was $459,000, or 15.9%, lower compared to last year and reflects management's effective negotiations with our current health care provider that resulted in not having to recognize any premium costs in January 2024. These favorable items were partially offset by an increased level of incentive compensation by $343,000, or 41.2%, which corresponds to the strong performance of our wealth management division. Other expenses were $520,000, or 15.3%, higher for the nine months of 2024 when compared to the nine months of 2023. The Company was required to recognize a settlement charge in connection with its defined benefit pension plan in the second and third quarters of 2024. The amount of the 2024 charge was $410,000. A settlement charge must be recognized when the total dollar amount of lump sum distributions paid from the pension plan to retired employees exceeds a threshold of expected annual service and interest costs in the current year. It is important to note that since the retired employees have chosen to take the lump sum payments, these individuals are no longer included in the pension plan. Therefore, the Company's normal annual pension expense will continue to be lower in the future. This was evident in 2023 and so far in 2024 as the Company has recognized a pension credit in both years. FDIC insurance increased by $265,000, or 53.5%, due to an increase in both the asset assessment base as well as the assessment rate. Data processing and IT expenses increased by $291,000, or 8.8%, in the nine months of 2024 due to additional expenses related to monitoring our computing and network environment.

Professional fees in both 2024 and 2023 were impacted by litigation and responses to the actions of an activist investor. The Company reached a Cooperation and Settlement Agreement with activist investor Driver Opportunity Partners (Driver), which was described in a Current Report on Form 8-K filed on June 14, 2024. The Company's activist related costs declined by approximately $400,000 when the third quarter of 2024 is compared to the third quarter of 2023. Through nine months of 2024, activist related costs totaled $1.5 million compared to $2.0 million recognized through nine months of 2023. The Company does not expect to incur any additional activist related costs through the remainder of 2024.

The Company recorded income tax expense of $237,000 in the third quarter of 2024 and income tax expense of $611,000, or an effective tax rate of 18.4%, in the nine months of 2024, which compares to income tax expense of $124,000, in the third quarter of 2023 and income tax expense of $435,000, or an effective tax rate of 18.0%, for the nine months of 2023.

The Company had total assets of $1.4 billion, shareholders' equity of $108.2 million, a book value of $6.55 per common share and a tangible book value of $5.72 (1) per common share on September 30, 2024. Book value per common share increased by $0.59, or 9.9%, and tangible book value per common share increased by $0.56, or 10.9% since December 31, 2023, due to a favorable adjustment for both the unrealized loss on available for sale securities and the Company's defined benefit pension plan and the accretive repurchase of 628,003 shares of common stock from Driver. The Company continued to maintain strong capital ratios that exceed the regulatory defined well capitalized status as of September 30, 2024.

QUARTERLY COMMON STOCK DIVIDEND

The Company's Board of Directors declared a $0.03 per share quarterly common stock cash dividend. The cash dividend is payable November 18, 2024, to shareholders of record on November 4, 2024. This cash dividend represents a 4.01% annualized yield using the October 18, 2024, closing stock price of $2.99 and a 43% payout ratio based upon the most recent quarterly earnings. The Company's Board of Directors elected to continue the common dividend at its current level given the Company's strong capital position and earnings improvement in 2024.

Forward-Looking Statements

This press release contains forward-looking statements as defined in the Securities Exchange Act of 1934 and is subject to the safe harbors created therein. Such statements are not historical facts and include expressions about management's confidence and strategies and management's current views and expectations about new and existing programs and products, relationships, opportunities, technology, market conditions, dividend program, and future payment obligations. These statements may be identified by such forward-looking terminology as "continuing," "expect," "look," "believe," "anticipate," "may," "will," "should," "projects," "strategy," or similar statements. Actual results may differ materially from such forward-looking statements, and no reliance should be placed on any forward-looking statement. Factors that may cause results to differ materially from such forward-looking statements include, but are not limited to, unanticipated changes in the financial markets, the level of inflation, and the direction of interest rates; volatility in earnings due to certain financial assets and liabilities held at fair value; competition levels; loan and investment prepayments differing from our assumptions; insufficient allowance for credit losses; a higher level of loan charge-offs and delinquencies than anticipated; material adverse changes in our operations or earnings; a decline in the economy in our market areas; changes in relationships with major customers; changes in effective income tax rates; higher or lower cash flow levels than anticipated; inability to hire or retain qualified employees; a decline in the levels of deposits or loss of alternate funding sources; a decrease in loan origination volume or an inability to close loans currently in the pipeline; changes in laws and regulations; adoption, interpretation and implementation of accounting pronouncements; ability to successfully execute the Earnings Improvement Program and achieve the anticipated benefits in the amounts and at times estimated; operational risks, including the risk of fraud by employees, customers or outsiders; unanticipated effects to our banking platform; and the inability to successfully implement or expand new lines of business or new products and services. These forward-looking statements involve risks and uncertainties that could cause AmeriServ's results to differ materially from management's current expectations. Such risks and uncertainties are detailed in AmeriServ's filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2023. Forward-looking statements are based on the beliefs and assumptions of AmeriServ's management and on currently available information. The statements in this press release are made as of the date of this press release, even if subsequently made available by AmeriServ on its website or otherwise. AmeriServ undertakes no responsibility to publicly update or revise any forward-looking statement.

_____________________________

(1)Non-GAAP Financial Information. See "Reconciliation of Non-GAAP Financial Measures" at end of release.

AMERISERV FINANCIAL, INC.

NASDAQ: ASRV

SUPPLEMENTAL FINANCIAL PERFORMANCE DATA

September 30, 2024

(Dollars in thousands, except per share and ratio data)

(Unaudited)

2024




1QTR



2QTR


3QTR


YEAR TO DATE

PERFORMANCE DATA FOR THE PERIOD:




















Net income (loss)





$

1,904



$

(375)



$

1,183



$

2,712






















PERFORMANCE PERCENTAGES (annualized):




















Return on average assets






0.55

%



(0.11)

%



0.34

%



0.26

%

Return on average equity






7.51




(1.47)




4.51




3.52


Return on average tangible common equity (1)






8.67




(1.70)




5.19




4.06


Net interest margin






2.70




2.74




2.71




2.72


Net charge-offs (recoveries) as a percentage of average loans






0.05




0.08




0.06




0.06


Efficiency ratio (3)






86.60




100.33




89.49




92.09






















EARNINGS PER COMMON SHARE:




















Basic





$

0.11



$

(0.02)



$

0.07



$

0.16


Average number of common shares outstanding






17,147




17,030




16,519




16,897


Diluted





$

0.11



$

(0.02)



$

0.07



$

0.16


Average number of common shares outstanding






17,147




17,030




16,519




16,897


Cash dividends paid per share





$

0.03



$

0.03



$

0.03



$

0.09



2023




1QTR



2QTR


3QTR


YEAR TO DATE

PERFORMANCE DATA FOR THE PERIOD:




















Net income (loss)





$

1,515



$

(187)



$

647



$

1,975






















PERFORMANCE PERCENTAGES (annualized):




















Return on average assets






0.45

%



(0.06)

%



0.19

%



0.20

%

Return on average equity






5.85




(0.72)




2.49




2.53


Return on average tangible common equity (1)






6.73




(0.82)




2.88




2.91


Net interest margin






3.03




2.89




2.76




2.89


Net charge-offs (recoveries) as a percentage of average loans






0.05




(0.02)




0.05




0.03


Efficiency ratio (3)






79.58




101.55




92.60




90.67






















EARNINGS PER COMMON SHARE:




















Basic





$

0.09



$

(0.01)



$

0.04



$

0.12


Average number of common shares outstanding






17,131




17,147




17,147




17,142


Diluted





$

0.09



$

(0.01)



$

0.04



$

0.12


Average number of common shares outstanding






17,155




17,147




17,147




17,146


Cash dividends paid per share





$

0.03



$

0.03



$

0.03



$

0.09
















AMERISERV FINANCIAL, INC.

NASDAQ: ASRV

--CONTINUED--

(Dollars in thousands, except per share, statistical, and ratio data)

(Unaudited)

2024




1QTR


2QTR


3QTR


FINANCIAL CONDITION DATA AT PERIOD END:













Assets




$

1,384,516


$

1,403,438


$

1,405,187


Short-term investments/overnight funds





3,353



2,925



4,877


Investment securities, net of allowance for credit losses - securities





230,419



230,425



230,042


Total loans and loans held for sale, net of unearned income





1,026,586



1,039,258



1,040,421


Allowance for credit losses - loans





14,639



14,611



14,420


Intangible assets





13,705



13,699



13,693


Deposits





1,176,578



1,170,359



1,189,330


Short-term and FHLB borrowings





60,858



85,495



66,312


Subordinated debt, net





26,695



26,706



26,716


Shareholders' equity





103,933



103,661



108,182


Non-performing assets





12,161



12,817



12,657


Tangible common equity ratio (1)





6.58

%


6.47

%


6.79

%

Total capital (to risk weighted assets) ratio





13.10



12.77



12.87


PER COMMON SHARE:













Book value




$

6.06


$

6.28


$

6.55


Tangible book value (1)





5.26



5.45



5.72


Market value (2)





2.60



2.26



2.61


Wealth management assets - fair market value (4)




$

2,603,493


$

2,580,402


$

2,603,856















STATISTICAL DATA AT PERIOD END:













Full-time equivalent employees





304



310



302


Branch locations





16



16



16


Common shares outstanding





17,147,270



16,519,267



16,519,267










































2023


1QTR


2QTR


3QTR


4QTR


FINANCIAL CONDITION DATA AT PERIOD END:













Assets

$

1,345,957


$

1,345,721


$

1,361,789


$

1,389,638


Short-term investments/overnight funds


4,116



3,366



3,598



4,349


Investment securities, net of allowance for credit losses - securities


238,613



232,259



229,335



229,690


Total loans and loans held for sale, net of unearned income


980,877



988,221



1,002,306



1,038,401


Allowance for credit losses - loans


12,132



12,221



12,313



15,053


Intangible assets


13,731



13,724



13,718



13,712


Deposits


1,131,789



1,127,569



1,129,290



1,158,360


Short-term and FHLB borrowings


69,124



72,793



85,568



85,513


Subordinated debt, net


26,654



26,665



26,675



26,685


Shareholders' equity


105,899



103,565



101,326



102,277


Non-performing assets


4,599



5,650



5,939



12,393


Tangible common equity ratio (1)


6.92

%


6.74

%


6.50

%


6.44

%

Total capital (to risk weighted assets) ratio


14.17



14.00



13.72



13.03


PER COMMON SHARE:













Book value

$

6.18


$

6.04


$

5.91


$

5.96


Tangible book value (1)


5.38



5.24



5.11



5.16


Market value (2)


3.05



2.54



2.65



3.24


Wealth management assets - fair market value (4)

$

2,354,498


$

2,446,639


$

2,385,590


$

2,521,501















STATISTICAL DATA AT PERIOD END:













Full-time equivalent employees


308



315



308



307


Branch locations


17



17



17



17


Common shares outstanding


17,147,270



17,147,270



17,147,270



17,147,270





























NOTES:

(1)

Non-GAAP Financial Information. See "Reconciliation of Non-GAAP Financial Measures" at end of release.

(2)

Based on closing price reported by the principal market on which the share is traded on the last business day of the corresponding reporting period.

(3)

Ratio calculated by dividing total non-interest expense by tax equivalent net interest income plus total non-interest income.

(4)

Not recognized on the consolidated balance sheets.


AMERISERV FINANCIAL, INC.

NASDAQ: ASRV

CONSOLIDATED STATEMENT OF INCOME

(Dollars in thousands)

(Unaudited)

2024




1QTR


2QTR


3QTR


YEAR TO DATE

INTEREST INCOME
















Interest and fees on loans




$

13,776


$


14,003


$

14,301


$

42,080

Interest on investments





2,448




2,507



2,407



7,362

Total Interest Income





16,224




16,510



16,708



49,442

















INTEREST EXPENSE
















Deposits





6,199




6,389



6,515



19,103

All borrowings





1,278




1,246



1,306



3,830

Total Interest Expense





7,477




7,635



7,821



22,933

















NET INTEREST INCOME





8,747




8,875



8,887



26,509

Provision (recovery) for credit losses





(557)




434



(51)



(174)

NET INTEREST INCOME AFTER PROVISION (RECOVERY) FOR CREDIT LOSSES





9,304




8,441



8,938



26,683

















NON-INTEREST INCOME
















Wealth management fees





3,266




3,059



3,050



9,375

Service charges on deposit accounts





293




293



304



890

Net realized gains on loans held for sale





10




59



55



124

Mortgage related fees





29




48



30



107

Gain on sale of Visa Class B shares





0




0



0



0

Bank owned life insurance





337




240



244



821

Other income





1,012




673



520



2,205

Total Non-Interest Income





4,947




4,372



4,203



13,522

















NON-INTEREST EXPENSE
















Salaries and employee benefits





7,117




7,108



7,122



21,347

Net occupancy expense





791




730



706



2,227

Equipment expense





386




391



371



1,148

Professional fees





1,002




2,094



792



3,888

Data processing and IT expense





1,159




1,142



1,287



3,588

FDIC deposit insurance expense





255




250



255



760

Other expense





1,154




1,582



1,188



3,924

Total Non-Interest Expense





11,864




13,297



11,721



36,882

















PRETAX INCOME (LOSS)





2,387




(484)



1,420



3,323

Income tax expense (benefit)





483




(109)



237



611

NET INCOME (LOSS)




$

1,904


$


(375)


$

1,183


$

2,712





















2023




1QTR


2QTR


3QTR


YEAR TO DATE

INTEREST INCOME
















Interest and fees on loans




$

12,276


$


12,609


$

13,154


$

38,039

Interest on investments





2,298




2,270



2,285



6,853

Total Interest Income





14,574




14,879



15,439



44,892

















INTEREST EXPENSE
















Deposits





4,189




5,019



5,653



14,861

All borrowings





863




750



987



2,600

Total Interest Expense





5,052




5,769



6,640



17,461

















NET INTEREST INCOME





9,522




9,110



8,799



27,431

Provision (recovery) for credit losses





1,179




43



189



1,411

NET INTEREST INCOME AFTER PROVISION (RECOVERY) FOR CREDIT LOSSES





8,343




9,067



8,610



26,020

















NON-INTEREST INCOME
















Wealth management fees





2,738




2,789



2,845



8,372

Service charges on deposit accounts





266




280



311



857

Net realized gains on loans held for sale





26




38



59



123

Mortgage related fees





33




34



41



108

Gain on sale of Visa Class B shares





1,748




0



0



1,748

Bank owned life insurance





239




242



321



802

Other income





457




479



679



1,615

Total Non-Interest Income





5,507




3,862



4,256



13,625

















NON-INTEREST EXPENSE
















Salaries and employee benefits





7,175




7,728



7,358



22,261

Net occupancy expense





772




713



719



2,204

Equipment expense





415




422



376



1,213

Professional fees





1,308




1,907



1,146



4,361

Data processing and IT expense





1,078




1,080



1,139



3,297

FDIC deposit insurance expense





125




175



195



495

Other expense





1,090




1,152



1,162



3,404

Total Non-Interest Expense





11,963




13,177



12,095



37,235

















PRETAX INCOME (LOSS)





1,887




(248)



771



2,410

Income tax expense (benefit)





372




(61)



124



435

NET INCOME (LOSS)




$

1,515


$


(187)


$

647


$

1,975






















AMERISERV FINANCIAL, INC.

NASDAQ: ASRV

AVERAGE BALANCE SHEET DATA

(Dollars in thousands)

(Unaudited)


2024


2023


3QTR


NINE

MONTHS


3QTR


NINE

MONTHS

Interest earning assets:












Loans and loans held for sale, net of unearned income

$

1,033,159


$

1,030,887


$

994,263


$

988,955

Short-term investments and bank deposits


3,935



3,835



3,196



3,766

Total investment securities


254,551



255,946



260,198



262,654

Total interest earning assets


1,291,645



1,290,668



1,257,657



1,255,375













Non-interest earning assets:












Cash and due from banks


13,606



14,212



14,673



15,899

Premises and equipment


18,828



18,604



17,028



17,272

Other assets


85,737



83,011



75,372



75,027

Allowance for credit losses


(15,182)



(15,406)



(13,387)



(12,955)

Total assets

$

1,394,634


$

1,391,089


$

1,351,343


$

1,350,618













Interest bearing liabilities:












Interest bearing deposits:












Interest bearing demand

$

223,835


$

223,163


$

225,395


$

225,793

Savings


120,910



120,528



126,589



129,594

Money market


314,436



312,379



299,694



300,415

Other time


329,330



327,659



309,719



301,384

Total interest bearing deposits


988,511



983,729



961,397



957,186

Borrowings:












Federal funds purchased and other short-term borrowings


28,670



30,214



35,970



33,885

Advances from Federal Home Loan Bank


53,418



50,671



20,455



18,784

Subordinated debt


27,000



27,000



27,000



27,000

Lease liabilities


4,383



4,351



3,138



3,207

Total interest bearing liabilities


1,101,982



1,095,965



1,047,960



1,040,062













Non-interest bearing liabilities:












Demand deposits


176,286



178,762



187,480



194,781

Other liabilities


11,950



13,332



12,927



11,448

Shareholders' equity


104,416



103,030



102,976



104,327

Total liabilities and shareholders' equity

$

1,394,634


$

1,391,089


$

1,351,343


$

1,350,618

AMERISERV FINANCIAL, INC.

NASDAQ: ASRV

CHANGES IN SHAREHOLDERS' EQUITY

(Dollars in thousands)

(Unaudited)

2024




COMMON
STOCK


TREASURY
STOCK


SURPLUS


RETAINED
EARNINGS


ACCUMULATED
OTHER
COMPREHENSIVE
(LOSS) INCOME


TOTAL

Balance at December 31, 2023


$

268


$

(83,280)


$

146,364


$

58,901


$

(19,976)


$

102,277

Net income



0



0



0



1,904



0



1,904

Exercise of stock options and stock option expense



0



0



8



0



0



8

Adjustment for defined benefit pension plan



0



0



0



0



(131)



(131)

Adjustment for unrealized loss on available for sale securities



0



0



0



0



(241)



(241)

Market value adjustment for interest rate hedge



0



0



0



0



630



630

Common stock cash dividend



0



0



0



(514)



0



(514)

Balance at March 31, 2024


$

268


$

(83,280)


$

146,372


$

60,291


$

(19,718)


$

103,933

Net loss



0



0



0



(375)



0



(375)

Treasury stock, purchased at cost



0



(1,511)



0



0



0



(1,511)

Adjustment for defined benefit pension plan



0



0



0



0



2,177



2,177

Adjustment for unrealized loss on available for sale securities



0



0



0



0



(119)



(119)

Market value adjustment for interest rate hedge



0



0



0



0



71



71

Common stock cash dividend



0



0



0



(515)



0



(515)

Balance at June 30, 2024


$

268


$

(84,791)


$

146,372


$

59,401


$

(17,589)


$

103,661

Net income



0



0



0



1,183



0



1,183

Adjustment for defined benefit pension plan



0



0



0



0



753



753

Adjustment for unrealized gain on available for sale securities



0



0



0



0



3,966



3,966

Market value adjustment for interest rate hedge



0



0



0



0



(886)



(886)

Common stock cash dividend



0



0



0



(495)



0



(495)

Balance at September 30, 2024


$

268


$

(84,791)


$

146,372


$

60,089


$

(13,756)


$

108,182

2023



COMMON STOCK


TREASURY STOCK


SURPLUS


RETAINED EARNINGS


ACCUMULATED
OTHER
COMPREHENSIVE
(LOSS) INCOME


TOTAL

Balance at December 31, 2022


$

267


$

(83,280)


$

146,225


$

65,486


$

(22,520)


$

106,178

Net income



0



0



0



1,515



0



1,515

Exercise of stock options and stock option expense



1



0



106



0



0



107

Adjustment for defined benefit pension plan



0



0



0



0



0



0

Adjustment for unrealized gain on available for sale securities



0



0



0



0



449



449

Market value adjustment for interest rate hedge



0



0



0



0



(655)



(655)

Cumulative effect adjustment for change in accounting principal



0



0



0



(1,181)



0



(1,181)

Common stock cash dividend



0



0



0



(514)



0



(514)

Balance at March 31, 2023


$

268


$

(83,280)


$

146,331


$

65,306


$

(22,726)


$

105,899

Net loss



0



0



0



(187)



0



(187)

Exercise of stock options and stock option expense



0



0



12



0



0



12

Adjustment for defined benefit pension plan



0



0



0



0



0



0

Adjustment for unrealized loss on available for sale securities



0



0



0



0



(2,560)



(2,560)

Market value adjustment for interest rate hedge



0



0



0



0



916



916

Common stock cash dividend



0



0



0



(515)



0



(515)

Balance at June 30, 2023


$

268


$

(83,280)


$

146,343


$

64,604


$

(24,370)


$

103,565

Net income



0



0



0



647



0



647

Exercise of stock options and stock option expense



0



0



11



0



0



11

Adjustment for defined benefit pension plan



0



0



0



0



0



0

Adjustment for unrealized loss on available for sale securities



0



0



0



0



(2,700)



(2,700)

Market value adjustment for interest rate hedge



0



0



0



0



316



316

Common stock cash dividend



0



0



0



(513)



0



(513)

Balance at September 30, 2023


$

268


$

(83,280)


$

146,354


$

64,738


$

(26,754)


$

101,326

Net loss



0



0



0



(5,321)



0



(5,321)

Exercise of stock options and stock option expense



0



0



10



0



0



10

Adjustment for defined benefit pension plan



0



0



0



0



1,688



1,688

Adjustment for unrealized gain on available for sale securities



0



0



0



0



6,019



6,019

Market value adjustment for interest rate hedge



0



0



0



0



(929)



(929)

Common stock cash dividend



0



0



0



(516)



0



(516)

Balance at December 31, 2023


$

268


$

(83,280)


$

146,364


$

58,901


$

(19,976)


$

102,277

AMERISERV FINANCIAL, INC.

NASDAQ: ASRV

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

RETURN ON AVERAGE TANGIBLE COMMON EQUITY, TANGIBLE COMMON EQUITY RATIO, AND TANGIBLE BOOK VALUE PER SHARE

(Dollars in thousands, except per share and ratio data)

(Unaudited)


The press release contains certain financial information determined by methods other than in accordance with generally accepted accounting principles in the United States (GAAP). These non-GAAP financial measures are "return on average tangible common equity", "tangible common equity ratio", and "tangible book value per share". This non-GAAP disclosure has limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of the Company's results as reported under GAAP, nor is it necessarily comparable to non-GAAP performance measures that may be presented by other companies. These non-GAAP measures are used by management in their analysis of the Company's performance or, management believes, facilitate an understanding of the Company's performance. We also believe that presenting non-GAAP financial measures provides additional information to facilitate comparison of our historical operating results and trends in our underlying operating results. We consider quantitative and qualitative factors in assessing whether to adjust for the impact of items that may be significant or that could affect an understanding of our ongoing financial and business performance or trends.

2024





















1QTR


2QTR




3QTR


YEAR TO DATE


RETURN ON AVERAGE TANGIBLE COMMON EQUITY



















Net income (loss)





$

1,904


$

(375)




$

1,183


$

2,712





















Average shareholders' equity






101,997



102,677





104,416



103,030


Less: Average intangible assets






13,708



13,701





13,695



13,702


Average tangible common equity






88,289



88,976





90,721



89,328





















Return on average tangible common equity (annualized)






8.67

%


(1.70)

%




5.19

%


4.06

%































1QTR


2QTR


3QTR


TANGIBLE COMMON EQUITY





















Total shareholders' equity










$

103,933


$

103,661




$

108,182


Less: Intangible assets











13,705



13,699





13,693


Tangible common equity











90,228



89,962





94,489























TANGIBLE ASSETS





















Total assets











1,384,516



1,403,438





1,405,187


Less: Intangible assets











13,705



13,699





13,693


Tangible assets











1,370,811



1,389,739





1,391,494























Tangible common equity ratio











6.58

%


6.47

%




6.79

%






















Total shares outstanding











17,147,270



16,519,267





16,519,267























Tangible book value per share










$

5.26


$

5.45




$

5.72


2023





1QTR


2QTR




3QTR


YEAR TO DATE


RETURN ON AVERAGE TANGIBLE COMMON EQUITY



















Net income (loss)





$

1,515


$

(187)




$

647


$

1,975





















Average shareholders' equity






105,092



104,913





102,976



104,327


Less: Average intangible assets






13,734



13,727





13,720



13,727


Average tangible common equity






91,358



91,186





89,256



90,600





















Return on average tangible common equity (annualized)






6.73

%


(0.82)

%




2.88

%


2.91

%



















1QTR


2QTR


3QTR


4QTR


TANGIBLE COMMON EQUITY
















Total shareholders' equity


$

105,899


$

103,565


$

101,326




$

102,277


Less: Intangible assets



13,731



13,724



13,718





13,712


Tangible common equity



92,168



89,841



87,608





88,565


















TANGIBLE ASSETS
















Total assets



1,345,957



1,345,721



1,361,789





1,389,638


Less: Intangible assets



13,731



13,724



13,718





13,712


Tangible assets



1,332,226



1,331,997



1,348,071





1,375,926


















Tangible common equity ratio



6.92

%


6.74

%


6.50

%




6.44

%

















Total shares outstanding



17,147,270



17,147,270



17,147,270





17,147,270


















Tangible book value per share


$

5.38


$

5.24


$

5.11




$

5.16


















SOURCE AmeriServ Financial, Inc.

© 2024 PR Newswire
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