AMERISERV FINANCIAL REPORTS EARNINGS FOR THE FIRST QUARTER OF 2024

Published

Net Income Up 25.7% Compared to First Quarter of 2023

JOHNSTOWN, Pa., April 16, 2024 /PRNewswire/ -- AmeriServ Financial, Inc. (NASDAQ: ASRV) today reported first quarter 2024 net income of $1,904,000, or $0.11 per diluted common share. This earnings performance represented a $389,000, or 25.7%, increase over the first quarter of 2023 when net income totaled $1,515,000, or $0.09 per diluted common share. The following table details the Company's financial performance for the quarters ended March 31, 2024 and 2023:

FirstQuarter 2024

FirstQuarter 2023

$ Change

% Change

Net income

$

1,904,000

$

1,515,000

$

389,000

25.7 %

Diluted earnings per share

$

0.11

$

0.09

$

0.02

22.2 %

Jeffrey A. Stopko, President and Chief Executive Officer, commented on the 2024 first quarter financial results: "Our first quarter 2024 results demonstrate that our previously announced earnings improvement program is working. Implementing this program contributed to a decrease in non-interest expense, an increase in certain non-interest income items and higher investment security revenue. We also benefitted from our diversified revenue streams and saw another strong contribution from our wealth management business, which delivered record quarterly revenue. These factors resulted in total non-interest income representing 36% of total revenue in the quarter.  Finally, after five consecutive quarters of decline, our net interest income and margin increased in the first quarter of 2024 when compared to the more recent fourth quarter 2023 performance indicating that we have begun to reverse one of the major revenue challenges that our company faced with the inversion of the yield curve. We believe these results indicate that our strategy is working and we will continue to operate our customer focused community bank for the benefit of all our stakeholders."

All first quarter 2024 financial performance metrics within this document are compared to the first quarter of 2023 unless otherwise noted.

The Company's net interest income in the first quarter of 2024 decreased by $775,000, or 8.1%, from the first quarter of 2023 while the net interest margin of 2.70% for the first quarter of 2024 represents a 33-basis point decrease from last year's first quarter.  The decrease reflects net interest margin compression which has been prevalent in the banking industry since the Federal Reserve began tightening monetary policy in an effort to control inflation.  Additionally contributing to net interest margin compression is the inverted U.S. Treasury yield curve.  While the Company's net interest margin percentage in the first quarter of 2024 compares unfavorably to last year's first quarter, it did improve since the fourth quarter of 2023 by seven basis points.  This improvement reversed a declining trend that existed for five consecutive quarters and reflects the Federal Reserve keeping interest rates stable since July 2023 along with the impact of management's pricing of loans and deposits.  The Company benefitted from a provision for credit losses recovery in the first quarter of 2024 which represents a significant shift from a large provision expense in the first quarter of 2023.  Total non-interest income is lower for the first quarter of 2024 compared to last year's first quarter after a gain was recognized on the sale of bank owned Class B common stock shares of Visa Inc. in 2023 and no such gain was recognized this year.  This overshadowed significant improvement in other non-interest income line items which will be discussed later in this press release.  Total non-interest expense in the first quarter of 2024 declined and compared favorably to non-interest expense for the first quarter of 2023 primarily due to a lower level of legal and professional services costs.  Overall, the favorable comparison in the Company's performance in the first quarter of 2024 reflects the positive shift in the provision for credit losses and a reduction in non-interest expense, both of which more than offset the lower level of total revenue.

Total average loans in the first quarter of 2024 were higher than the 2023 first quarter average by $43.3 million, or 4.4%.  Strong loan pipelines during 2023 resulted in the loan portfolio demonstrating growth throughout the year.  So far in 2024, payoff activity has surpassed loan originations which is consistent with what occurred during the first quarter of 2023 and has resulted in an $11.8 million, or 1.1%, decline in total loans since December 31, 2023. Overall, total loans continue to be above the $1.0 billion threshold averaging $1.030 billion for the 2024 first quarter.  The higher interest rate environment along with the higher average total loans outstanding resulted in total loan interest income improving by $1.5 million, or 12.2%, for the first quarter of 2024 when compared to the first quarter of 2023. 

Total investment securities averaged $256.7 million for the first quarter of 2024, which is $9.3 million, or 3.5%, lower than the $266.0 million average for the first quarter of 2023.  The decrease reflects management's 2023 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. While yields on new security purchases exceeded the overall average yield of the existing securities portfolio, the spread between overnight borrowings and the yield on new securities ranged from negative to only marginally positive causing the slowdown in purchasing activity during 2023 and into 2024. 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 a late December 2023 investment portfolio repositioning strategy caused interest income from investments to increase by $150,000. This repositioning strategy resulted in an approximate 2.1% yield improvement on $16.8 million of securities.  Overall, the 2024 first quarter balance of total average interest earning assets increased over last year's first quarter by $33.9 million, or 2.7%, while total interest income increased by $1.7 million, or 11.3%, since the first quarter of 2023.

On the liability side of the balance sheet, total average deposits of $1.160 billion were $10.4 million, or 0.9%, higher than the 2023 first quarter average. 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 March 31, 2024, total deposits grew by $18.2 million, or 1.6%, since December 31, 2023, demonstrating customer loyalty and confidence in AmeriServ Financial Bank.  The Company does not utilize brokered deposits as a funding source. In addition to its loyal core deposit base, the Company has several other sources of liquidity, including a significant unused borrowing capacity at the Federal Home Loan Bank (FHLB), overnight lines of credit at correspondent banks and access to the Federal Reserve Discount Window. The loan to deposit ratio averaged 88.8% in the first 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 $2.4 million, or 48.0%, for the first quarter of 2024 when compared to the first quarter of last year, due to higher deposit and borrowings interest expense. Deposit interest expense was higher by $2.0 million, or 48.0%, while the first quarter 2024 average volume of total interest-bearing deposits grew from the 2023 first quarter average by $28.7 million, or 3.0%.  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 first quarter 2024 average of non-interest bearing demand deposits declined by $18.3 million, or 9.3%, while, as mentioned above, total interest-bearing deposits increased by $28.7 million, or 3.0%. 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.  These hedging transactions reduced the Company's negative variability of net interest income in a rising interest rate environment and helped slow net interest margin compression.  Overall, total deposit cost averaged 2.15% for the first quarter of 2024, which is 67 basis points higher than total deposit cost of 1.48% for the first quarter of 2023.

 Total borrowings interest expense increased by $415,000, or 48.1%, in the first quarter of 2024 when compared to the first quarter of 2023.  The increase primarily results from the impact that the higher interest rates had on total borrowings cost.  While the Company has utilized fewer overnight borrowed funds so far in 2024, the level of advances from the Federal Home Loan Bank have increased.  Total fed funds purchased and other short-term borrowings averaged $33.6 million for the first quarter of 2024 after averaging $40.7 million for the first quarter of 2023.  Advances from the Federal Home Loan Bank averaged $47.9 million in the first quarter of 2024 which is $30.2 million, or 170.9%, higher than the $17.7 million average in the first quarter of 2023.  The increase to term advances results from management increasing our usage of this product to lock in lower rates than overnight borrowings due to the inversion in the yield curve.  Therefore, the increase to borrowings interest expense in 2024 reflects a greater utilization of FHLB term borrowings.  

The Company recognized a $557,000 provision for credit losses recovery in the first quarter of 2024 after recognizing a $1.179 million provision for credit losses expense in the first quarter of 2023.  This represents a favorable shift of $1.7 million.  The first quarter 2024 provision for credit losses recovery is the net impact of several items.  A $293,000 recovery from the loan portfolio was recognized due to payoff activity that resulted in the total loan portfolio balance decreasing since year-end 2023.  Additionally contributing to this portion of the recovery was a favorable adjustment to the loss and qualitative factors used to calculate the allowance for loan losses in accordance with CECL.  Within the investment portfolio, a $435,000 recovery was recognized on a $926,000 reserve that was established in the first quarter of 2023 for a Signature Bank subordinated debt investment after this bond was successfully sold in the first quarter of 2024.  These recoveries more than offset a $116,000 reserve established for a corporate AFS security and an additional $53,000 that was contributed to the reserve for HTM securities in accordance with CECL.

Non-performing assets decreased from $12.4 million at December 31, 2023 to $12.2 million at March 31, 2024 primarily due to a reduction in non-accrual commercial real estate loans.  Non-performing assets are at 1.18% of total loans.  The Company recognized net loan charge-offs of $120,000, or 0.05% of total average loans, in the first quarter of 2024 which is relatively consistent with net loan charge-offs of $116,000, or 0.05% of total average loans, in the first quarter of 2023.  The allowance for loan credit losses declined since December 31, 2023 by $414,000, or 2.8%, to $14.6 million at March 31, 2024.  Even with this modest decrease, the allowance for loan credit losses is $2.5 million, or 20.7%, higher than the allowance for loan credit losses at March 31, 2023.  The increase since last year's first 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 assets as the allowance for loan credit losses provided 120% coverage of non-performing assets and 1.43% of total loans at March 31, 2024.   

Total non-interest income in the first quarter of 2024 decreased by $560,000, or 10.2%, from the prior year's first quarter.  The decrease 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 first quarter of this year.  Other income is $555,000, or 121.4%, higher for the first quarter of 2024 due to the Company recognizing a $250,000 signing bonus that resulted from successful negotiations related to the renewal of an expiring contract with Visa.  Also contributing to the favorable comparison in other income between quarters was a favorable adjustment to the fair market value of an interest rate swap related risk participation agreement as well as the recognition of a positive 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 favorable adjustments totaled $166,000 and were impacted by the increase in interest rates since year-end 2023.  Wealth management fees improved by $528,000, or 19.3%, to a record level for the first quarter of 2024 due in part to 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 have risen to record highs during the first quarter of 2024.  Overall, the fair market value of wealth management assets totaled $2.6 billion at March 31, 2024 and increased by $248.5 million, or 10.6%, since March 31, 2023.  Finally, bank owned life insurance revenue (BOLI) increased by $98,000 due to the receipt of a death claim.   

Total non-interest expense in the first quarter of 2024 decreased by $99,000, or 0.8%, when compared to the first quarter of 2023.  Salaries and employee benefits expense decreased by $58,000, or 0.8%, due to the net impact of certain items within this broad category. Total health care cost was $406,000, or 41.1%, lower compared to last year's first quarter 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.  This favorable item was partially offset by an increased level of incentive compensation by $243,000, or 89.2%, which corresponds to the strong performance of our wealth management division.  There was also a smaller credit recognized for pension expense by $101,000 in comparison to last year's first quarter.  Professional fees decreased by $306,000, or 23.4%, primarily due to lower expenses for legal and professional services costs caused by litigation and responses to the actions of an activist investor.  FDIC insurance increased by $130,000, or 104.0%, due to an increase in both the asset assessment base as well as the assessment rate.  Data processing and IT expenses increased by $81,000, or 7.5%, in the first quarter of 2024 due to additional expenses related to monitoring our computing and network environment.  The Company recorded income tax expense of $483,000, or an effective tax rate of 20.2%, in the first quarter of 2024, which compares to income tax expense of $372,000, or an effective tax rate of 19.7%, for the first quarter of 2023.

The Company had total assets of $1.385 billion, shareholders' equity of $103.9 million, a book value of $6.06 per common share and a tangible book value(1) of $5.26 per common share on March 31, 2024. The Company continued to maintain strong capital ratios that exceed the regulatory defined well capitalized status as of March 31, 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; expense and reputational impact on the Company as a result of litigation by, and other continuing activities of, an activist shareholder; 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

March 31, 2024

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

(Unaudited)2024

1QTR

PERFORMANCE DATA FOR THE PERIOD:

Net income (loss)

$

1,904

PERFORMANCE PERCENTAGES (annualized):

Return on average assets

0.55

%

Return on average equity

7.51

Return on average tangible common equity (1)

8.67

Net interest margin

2.70

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

0.05

Efficiency ratio (3)

86.60

EARNINGS PER COMMON SHARE:

Basic

$

0.11

Average number of common shares outstanding

17,147

Diluted

$

0.11

Average number of common shares outstanding

17,147

Cash dividends paid per share

$

0.03

 

2023

1QTR

2QTR

3QTR

4QTR

FULL YEAR 2023

PERFORMANCE DATA FOR THE PERIOD:

Net income (loss)

$

1,515

$

(187)

$

647

$

(5,321)

$

(3,346)

PERFORMANCE PERCENTAGES (annualized):

Return on average assets

0.45

%

(0.06)

%

0.19

%

(1.53)

%

(0.25)

%

Return on average equity

5.85

(0.72)

2.49

(20.85)

(3.23)

Return on average tangible common equity (1)

6.73

(0.82)

2.88

(24.11)

(3.72)

Net interest margin

3.03

2.89

2.76

2.63

2.86

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

0.05

(0.02)

0.05

1.27

0.35

Efficiency ratio (3)

79.58

101.55

92.60

106.81

94.17

EARNINGS PER COMMON SHARE:

Basic

$

0.09

$

(0.01)

$

0.04

$

(0.31)

$

(0.20)

Average number of common shares outstanding

17,131

17,147

17,147

17,147

17,143

Diluted

$

0.09

$

(0.01)

$

0.04

$

(0.31)

$

(0.20)

Average number of common shares outstanding

17,155

17,147

17,147

17,147

17,144

Cash dividends paid per share

$

0.03

$

0.03

$

0.03

$

0.03

$

0.12

 

AMERISERV FINANCIAL, INC.

NASDAQ: ASRV

--CONTINUED--

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

(Unaudited) 

2024

1QTR

FINANCIAL CONDITION DATA AT PERIOD END:

Assets

$

1,384,516

Short-term investments/overnight funds

3,353

Investment securities, net of allowance for credit losses -      securities

230,419

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

1,026,586

Allowance for credit losses - loans

14,639

Intangible assets

13,705

Deposits

1,176,578

Short-term and FHLB borrowings

60,858

Subordinated debt, net

26,695

Shareholders' equity

103,933

Non-performing assets

12,161

Tangible common equity ratio (1)

6.58

%

Total capital (to risk weighted assets) ratio

13.10

PER COMMON SHARE:

Book value

$

6.06

Tangible book value (1)

5.26

Market value (2)

2.60

Wealth management assets – fair market value (4)

$

2,602,997

STATISTICAL DATA AT PERIOD END:

Full-time equivalent employees

304

Branch locations

16

Common shares outstanding

17,147,270

 

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

INTEREST INCOME

Interest and fees on loans

$

13,776

Interest on investments

2,448

Total Interest Income

16,224

INTEREST EXPENSE

Deposits

6,199

All borrowings

1,278

Total Interest Expense

7,477

NET INTEREST INCOME

8,747

Provision (recovery) for credit losses

(557)

NET INTEREST INCOME AFTER PROVISION (RECOVERY)      FOR CREDIT LOSSES

9,304

NON-INTEREST INCOME

Wealth management fees

3,266

Service charges on deposit accounts

293

Net realized gains on loans held for sale

10

Mortgage related fees

29

Net realized losses on investment securities

0

Gain on sale of Visa Class B shares

0

Bank owned life insurance

337

Other income

1,012

Total Non-Interest Income

4,947

NON-INTEREST EXPENSE

Salaries and employee benefits

7,117

Net occupancy expense

791

Equipment expense

386

Professional fees

1,002

Data processing and IT expense

1,159

FDIC deposit insurance expense

255

Other expenses

1,154

Total Non-Interest Expense

11,864

PRETAX INCOME (LOSS)

2,387

Income tax expense (benefit)

483

NET INCOME (LOSS)

$

1,904

 

2023

1QTR

2QTR

3QTR

4QTR

FULL YEAR 2023

INTEREST INCOME

Interest and fees on loans

$

12,276

$

12,609

$

13,154

$

13,589

$

51,628

Interest on investments

2,298

2,270

2,285

2,379

9,232

Total Interest Income

14,574

14,879

15,439

15,968

60,860

INTEREST EXPENSE

Deposits

4,189

5,019

5,653

6,153

21,014

All borrowings

863

750

987

1,226

3,826

Total Interest Expense

5,052

5,769

6,640

7,379

24,840

NET INTEREST INCOME

9,522

9,110

8,799

8,589

36,020

Provision (recovery) for credit losses

1,179

43

189

6,018

7,429

NET INTEREST INCOME AFTER PROVISION (RECOVERY)      FOR CREDIT LOSSES

8,343

9,067

8,610

2,571

28,591

NON-INTEREST INCOME

Wealth management fees

2,738

2,789

2,845

2,894

11,266

Service charges on deposit accounts

266

280

311

306

1,163

Net realized gains on loans held for sale

26

38

59

46

169

Mortgage related fees

33

34

41

23

131

Net realized losses on investment securities

0

0

0

(922)

(922)

Gain on sale of Visa Class B shares

1,748

0

0

0

1,748

Bank owned life insurance

239

242

321

245

1,047

Other income

457

479

679

172

1,787

Total Non-Interest Income

5,507

3,862

4,256

2,764

16,389

NON-INTEREST EXPENSE

Salaries and employee benefits

7,175

7,728

7,358

7,367

29,628

Net occupancy expense

772

713

719

713

2,917

Equipment expense

415

422

376

410

1,623

Professional fees

1,308

1,907

1,146

956

5,317

Data processing and IT expense

1,078

1,080

1,139

1,133

4,430

FDIC deposit insurance expense

125

175

195

220

715

Other expenses

1,090

1,152

1,162

1,334

4,738

Total Non-Interest Expense

11,963

13,177

12,095

12,133

49,368

PRETAX INCOME (LOSS)

1,887

(248)

771

(6,798)

(4,388)

Income tax expense (benefit)

372

(61)

124

(1,477)

(1,042)

NET INCOME (LOSS)

$

1,515

$

(187)

$

647

$

(5,321)

$

(3,346)

 

AMERISERV FINANCIAL, INC.

NASDAQ: ASRV

AVERAGE BALANCE SHEET DATA

(Dollars in thousands)

(Unaudited)

2024

2023

1QTR

1QTR

Interest earning assets:

Loans and loans held for sale, net of unearned income

$

1,029,841

$

986,493

Short-term investments and bank deposits

4,213

4,376

Total investment securities

256,745

265,996

Total interest earning assets

1,290,799

1,256,865

Non-interest earning assets:

Cash and due from banks

14,571

16,412

Premises and equipment

18,252

17,849

Other assets

81,020

75,052

Allowance for credit losses

(16,113)

(12,147)

Total assets

$

1,388,529

$

1,354,031

Interest bearing liabilities:

Interest bearing deposits:

Interest bearing demand

$

223,016

$

226,724

Savings

120,547

132,520

Money market

309,645

297,602

Other time

326,882

294,518

Total interest bearing deposits

980,090

951,364

Borrowings:

Federal funds purchased and other short-term borrowings

33,645

40,719

Advances from Federal Home Loan Bank

47,927

17,690

Subordinated debt

27,000

27,000

Lease liabilities

4,203

3,277

Total interest bearing liabilities

1,092,865

1,040,050

Non-interest bearing liabilities:

Demand deposits

179,531

197,878

Other liabilities

14,136

11,011

Shareholders' equity

101,997

105,092

Total liabilities and shareholders' equity

$

1,388,529

$

1,354,031

 

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