Financial Performance - AmeriServ Financial reported a net income of $1,908,000, or $0.12 per diluted common share, for Q1 2025, a slight increase of 0.2% from $1,904,000, or $0.11 per diluted common share, in Q1 2024[1] - Net income for Q1 2025 was $1,908,000, compared to a net loss of $375,000 in Q1 2024[30] - Net income for the year 2024 reached $3,601 million, with a significant recovery from a loss of $375 million in Q2 2024[39] - Return on average assets for Q1 2025 was 0.54%, and return on average equity was 7.12%[21] - Return on average tangible common equity for Q1 2025 was 8.14%[38] - Return on average tangible common equity for the year was 3.98%, showing a recovery from a negative 1.70% in Q2 2024[39] Income and Expenses - Net interest income increased by $1.2 million, or 13.5%, year-over-year, with a net interest margin of 3.01%, reflecting a 31-basis point improvement compared to Q1 2024[2] - Total non-interest income decreased by $826,000, or 16.7%, primarily due to lower wealth management fees and other income[12] - Total non-interest expense decreased by $101,000, or 0.9%, with a significant reduction in professional fees by $317,000, or 31.6%[14] - Non-interest income for Q1 2025 totaled $4,121,000, primarily from wealth management fees of $2,864,000[29] - Total non-interest expense for Q1 2025 was $11,763,000, resulting in a pretax income of $2,386,000[29] - Total non-interest expense for 2024 was $48,740,000, with Q4 expenses at $11,858,000[30] Loans and Deposits - Total average loans grew by $34.8 million, or 3.4%, year-over-year, averaging $1.065 billion in Q1 2025, although total loans declined by $6.1 million, or 0.6%, since December 31, 2024[3] - Total average deposits increased by $58.2 million, or 5.0%, year-over-year, indicating successful business development efforts[7] Assets and Equity - Total assets at the end of Q1 2025 were $1,431,524,000, with total loans of $1,062,326,000[25] - Total assets increased to $1,431,514,000 in Q1 2025, up from $1,388,529,000 in Q1 2024[32] - Tangible common equity ratio stood at 6.85% as of Q1 2025[38] - Total shareholders' equity reached $107,248 million in Q4 2024, up from $103,933 million in Q1 2024[39] Capital and Dividends - The Company maintained strong capital ratios that exceed the regulatory defined well-capitalized status as of March 31, 2025[16] - The Board of Directors declared a quarterly common stock cash dividend of $0.03 per share, representing a 5.1% annualized yield based on the April 17, 2025 closing stock price of $2.35[17] - Cash dividends paid per share in Q1 2025 were $0.03[21] Book Value - Book value per common share increased by $0.64, or 10.6%, to $6.70, while tangible book value per common share increased by $0.62, or 11.8%, to $5.88[16] - Tangible book value per share was $5.88 as of Q1 2025[38] - Tangible book value per share increased to $5.66 by the end of 2024, compared to $5.26 in Q1 2024[39]

Financial Performance - The company reported a net income of $3,601,000, or $0.21 per diluted common share, for 2024, compared to a net loss of $3,346,000, or $0.20 per diluted common share, for 2023[104]. - Net income for 2024 was $3,601,000, a significant recovery from a net loss of $3,346,000 in 2023[215]. - Total comprehensive income for 2024 reached $8,494,000, compared to a loss of $802,000 in 2023[215]. - Basic and diluted earnings per share for 2024 were both $0.21, compared to a loss of $0.20 per share in 2023[272]. Loan and Deposit Growth - Total loans grew by $30 million, or 2.9%, and deposits increased by $43 million, or 3.7%, for 2024[104]. - Average total loans for 2024 rose by $40.5 million, or 4.1%, with total loans growing by $30.0 million, or 2.9%, since December 31, 2023[113]. - Total deposits rose by $42.6 million, or 3.7%, during 2024, reflecting customer confidence and successful business development efforts[146]. - Total deposits grew to $1,200,995 thousand in 2024, up from $1,158,360 thousand in 2023, indicating an increase of about 3.7%[210]. Interest Income and Expense - Net interest income for 2024 was $36,048,000, a slight increase of $28,000, or 0.1%, compared to 2023[108]. - Interest income increased by $5,645,000, or 9.3%, to $66,505,000 in 2024, while interest expense rose by $5,617,000, or 22.6%, to $30,457,000[107]. - Total interest income for 2024 increased by $5.6 million, or 9.3%, compared to 2023, driven by a 2.5% increase in average total interest-earning assets[112]. - Total interest expense increased by $5.6 million, or 22.6%, for 2024, primarily due to rising national interest rates and increased competition for deposits[117]. Credit Losses and Allowances - The provision for credit losses was $884,000 in 2024, significantly lower than the $7,429,000 in 2023, reflecting recoveries recognized in the loan and securities portfolios[104]. - The allowance for credit losses decreased to $13,912 thousand in 2024 from $15,053 thousand in 2023, a reduction of approximately 7.6%[212]. - The allowance for credit losses on loans declined by $1.1 million, or 7.6%, to $13.9 million at December 31, 2024, compared to $15.0 million at the end of 2023[130]. - The allowance for credit losses on available for sale securities decreased by $566,000, or 61.1%, from 2023, totaling $360,000 as of December 31, 2024[137]. Non-Interest Income and Expenses - Non-interest income represented 33% of total revenue for 2024, driven by strong contributions from the wealth management division[104]. - Non-interest income totaled $17,975 thousand in 2024, compared to $16,389 thousand in 2023, reflecting an increase of approximately 9.7%[212]. - Non-interest expense for 2024 totaled $48.7 million, a decrease of $628,000, or 1.3%, from 2023, primarily due to lower salaries and employee benefits[141]. - Wealth management fees rose to $12,318 million in 2024, up from $11,266 million in 2023, reflecting a growth of 9.4%[294]. Asset and Equity Growth - The Company's total consolidated assets increased by $32.7 million, or 2.4%, to $1.422 billion as of December 31, 2024, driven by higher cash, loans, and other assets[145]. - The Company's total shareholders' equity increased by $5.0 million, or 4.9%, with a risk-based capital ratio of 12.70% and a tangible common equity to tangible assets ratio of 6.64% at year-end 2024[147]. - Cash and cash equivalents increased by $3.7 million to $17.7 million, supported by $24.1 million net cash from financing activities[151]. - The tangible common equity ratio increased to 6.64% in 2024 from 6.44% in 2023, while the tangible book value per share rose to $5.66 from $5.16[183]. Shareholder Returns and Stock Activity - The company maintained a cash dividend of $0.12 per share for both 2024 and 2023[213]. - The company purchased 628,003 shares of treasury stock in 2024, totaling $1,511,000[218]. - The company declared a cash dividend of $0.12 per share in both 2024 and 2023, totaling $2,020,000 in 2024[218]. Risk Management and Interest Rate Sensitivity - The Company executed $70 million of interest rate hedges in 2023 to mitigate negative variability of net interest income in a rising interest rate environment[170]. - The Company’s interest rate risk position is relatively neutral, with a slight negative variability in net interest income under upward rate scenarios[171]. - The cumulative GAP ratio through three months indicates a liability-sensitive position with a ratio of 0.82, reflecting an increase in liability sensitivity due to higher interest-bearing deposits[165]. - The Company maintains a disciplined approach to pricing core deposit accounts while controlling overnight borrowed funds[171]. Technological Advancements and Community Involvement - The Company is focused on technological advancements to drive efficiency and improve customer service[199]. - The company plans to continue promoting employee community involvement and leadership, enhancing its corporate image through various community assistance programs[203].

Financial Performance - For Q4 2024, AmeriServ Financial reported a net income of $889,000, or $0.05 per diluted share, compared to a net loss of $5,321,000, or $0.31 per diluted share in Q4 2023[1]. - Net income for the full year 2024 was $3.6 million, with a return on average assets of 0.26% and a return on average equity of 3.46%[23]. - The company reported a net loss of $3,346,000 for the entire year of 2023[43]. - Net income for Q3 2023 was a loss of $5,321,000, compared to a net income of $647,000 in Q2 2023[38]. - The company recorded an income tax expense of $798,000 for the full year 2024, with an effective tax rate of 18.1%, compared to an income tax credit of $1.0 million for the full year 2023[16]. Loan and Deposit Growth - Total loans increased by $30 million, or 2.9%, and total deposits grew by $43 million, or 3.7%, for the full year 2024[1]. - Average total loans for Q4 2024 were $1.058 billion, up $36.3 million, or 3.6%, from Q4 2023[3]. - The loan to deposit ratio averaged 89.1% in Q4 2024, indicating capacity for continued loan portfolio growth[6]. - Total loans and loans held for sale rose from $1,026,586 in Q1 to $1,068,409 in Q4, an increase of 4.07%[26]. - Total interest bearing deposits rose to $1,009,304 thousand in Q4 2024, an increase of 1.2% from $990,123 thousand in Q4 2023[35]. Income and Expenses - Net interest income for Q4 2024 rose by $950,000, or 11.1%, year-over-year, while for the full year, it increased by $28,000, or 0.1%[2]. - Total non-interest income in Q4 2024 increased by $1.7 million, or 61.1%, compared to Q4 2023, and by $1.6 million, or 9.7%, for the full year[13]. - Total non-interest expense decreased by $275,000, or 2.3%, in Q4 2024 compared to Q4 2023, and decreased by $628,000, or 1.3%, for the full year 2024 compared to 2023[14]. - Salaries and employee benefits expense decreased by $1.2 million, or 4.2%, for the full year 2024, with total salaries cost down by $847,000, or 4.0%[14]. - Total health care costs were $516,000, or 13.4%, lower compared to the previous year, reflecting effective negotiations with the health care provider[14]. Asset and Equity Position - Total assets were $1.4 billion, with shareholders' equity of $108.6 million and a book value of $6.57 per common share as of December 31, 2024[17]. - Book value per common share increased by $0.61, or 10.2%, since December 31, 2023, due to favorable adjustments and share repurchases[17]. - Shareholders' equity increased to $108,611 thousand by December 31, 2024, up from $102,277 thousand at the end of 2023, marking a growth of 6.2%[37]. - Total assets reached $1,413,726 thousand as of December 31, 2024, compared to $1,396,748 thousand at the end of 2023, indicating a growth of 1.9%[35]. - Total shareholders' equity decreased to $102,277,000 by the end of 2023[38]. Efficiency and Ratios - The efficiency ratio improved to 90.18% for the full year 2024, compared to 94.17% for the full year 2023[23]. - The tangible book value per share increased by 11.4% to $5.75 during 2024[1]. - The tangible common equity ratio decreased from 6.58% in Q1 to 6.73% in Q4[26]. - Average tangible common equity for 2023 was $89,843,000, with a return on average tangible common equity of -3.72%[43]. - Tangible common equity ratio for Q3 2023 was 6.44%[43]. Dividends and Shareholder Returns - The Company declared a quarterly common stock cash dividend of $0.03 per share, representing a 4.35% annualized yield based on the January 16, 2025 closing stock price of $2.76[19]. - Common stock cash dividends totaled $495 thousand in Q4 2024, compared to $514 thousand in Q4 2023, showing a decrease of 3.7%[37]. Market and Investment Performance - Wealth management assets at fair market value decreased from $2,603,493 in Q1 to $2,559,155 in Q4[26]. - The total investment securities decreased to $246,111 thousand in Q4 2024 from $253,487 thousand in Q4 2023, representing a decline of 2.4%[35]. - The market value adjustment for interest rate hedge showed a gain of $402 thousand in Q4 2024, compared to a loss in the previous period[37].

Financial Performance - The Company reported total revenue of $13,090,000 and net income of $1,183,000 for the three months ended September 30, 2024, compared to total revenue of $40,031,000 and net income of $2,712,000 for the nine months ended September 30, 2024[141]. - The company reported a net income of $1,183,000 for Q3 2024, representing an increase of $536,000 or 82.8% compared to Q3 2023's net income of $647,000[172]. - For the nine months ended September 30, 2024, the company reported net income of $2,712,000, a 37.3% increase from $1,975,000 in the same period of 2023[194]. - Non-interest income for the third quarter of 2024 totaled $4.2 million, a decrease of $53,000, or 1.2%, from the third quarter of 2023[191]. - Non-interest income totaled $13.5 million, a decline of $103,000, or 0.8%, from the first nine months of 2023[210]. Capital Ratios and Financial Health - As of September 30, 2024, the Company maintained a total capital ratio of 13.03% and a common equity tier 1 capital ratio of 11.82%, both exceeding the minimum required ratios of 8.00% and 4.50% respectively[123]. - The Company believes it remains "well capitalized" under the regulatory framework as of September 30, 2024, with no conditions that would change this status[122]. - The Company's common equity tier 1 capital ratio was 9.33% and total capital ratio was 12.87% at September 30, 2024, exceeding regulatory requirements[246]. - The tangible common equity to tangible assets ratio was 6.79% at September 30, 2024, reflecting an increase of 35 basis points compared to December 31, 2023[221]. - The tangible common equity ratio increased to 6.79% as of September 30, 2024, up from 6.44% at December 31, 2023[262]. Loan and Deposit Activity - Total average loans increased by $38.9 million or 3.9% year-over-year, with total loans averaging $1.033 billion in Q3 2024[176]. - Total average loans increased by $41.9 million, or 4.2%, in the nine months of 2024 compared to the same period in 2023[241]. - Total average deposits for Q3 2024 were $1.165 billion, an increase of $15.9 million or 1.4% from the previous year, indicating successful business development efforts[180]. - Total deposits increased by $31.0 million, or 2.7%, in the first nine months of 2024, indicating customer confidence and loyalty[219]. - The Company's loan to deposit ratio averaged 88.7% in the third quarter of 2024, indicating capacity for continued loan portfolio growth[241]. Interest Income and Expense - Interest income from loans and fees improved by $1.1 million or 8.7% compared to Q3 2023, driven by a higher interest rate environment[176]. - Total interest expense rose by $1.2 million or 17.8% year-over-year, primarily due to higher deposit and borrowings interest expenses[181]. - The company's net interest margin for Q3 2024 was 2.71%, a decrease of five basis points from 2.76% in Q3 2023, reflecting industry-wide margin compression[175]. - The company's net interest income for the first nine months of 2024 decreased by $922,000, or 3.4%, compared to the prior year, with a net interest margin of 2.72%, down 17 basis points from 2023[196]. - Total interest expense increased by $5.5 million, or 31.3%, driven by higher deposit and borrowings interest expense[201]. Credit Losses and Provisions - The company recorded a provision for credit losses recovery of $4,000 for the three months ended September 30, 2024, compared to a provision for credit losses expense of $48,000 for the same period in 2023[144]. - The company recorded a provision for credit losses recovery of $51,000 in Q3 2024, compared to a provision expense of $189,000 in Q3 2023, resulting in a net favorable change of $240,000[189]. - The allowance for credit losses related to unfunded commitments and standby letters of credit was $936,000 as of September 30, 2024, slightly down from $940,000 at December 31, 2023[144]. - The allowance for loan credit losses decreased by $633,000, or 4.2%, to $14.4 million at September 30, 2024, but was $2.1 million, or 17.1%, higher than the allowance at September 30, 2023[236]. - The Company recognized net loan charge-offs of $488,000, or 0.06% of total average loans, in the first nine months of 2024, compared to $187,000, or 0.03%, in the same period of 2023[227]. Segment Performance - The community banking segment generated total revenue of $14,344,000 and net income of $4,499,000 for the three months ended September 30, 2024[141]. - The wealth management segment reported total revenue of $3,049,000 and net income of $673,000 for the three months ended September 30, 2024[141]. - Community banking revenue for September 2024 was $14,285,000, a decrease of 65.4% from $41,314,000 in September 2023[142]. - Wealth management revenue for September 2024 was $2,845,000, down 66.0% from $8,383,000 in September 2023[142]. - The community banking segment reported a net income contribution of $13,484,000 for the nine months of 2024, an increase of $1,319,000 or 10.9% compared to the same period in 2023[213]. Shareholder Value and Stock Performance - The Company had approximately 16.5 million common shares outstanding with a book value of $6.55 per common share as of September 30, 2024[251]. - The Company repurchased 628,003 shares of common stock at a price of $2.38 per share, which was below tangible book value, making the repurchase accretive to shareholders[252]. - The Company aims to improve shareholder value by increasing earnings per share and managing revenue growth and expense control[276]. - The tangible book value per share rose to $5.72 as of September 30, 2024, compared to $5.16 at December 31, 2023[262]. Risk Management and Strategic Initiatives - The Company acknowledges various risks that could impact future results, including changes in economic conditions and interest rates[283]. - The Company is aware of the competitive landscape and the need to innovate in products and services to retain market position[283]. - The Company plans to explore branch consolidation opportunities and leverage union-affiliated revenue streams to enhance profitability[277]. - The Company aims to enhance customer service by providing a comprehensive range of financial solutions, including retail and business banking, home mortgages, and wealth management[278]. - The Company is committed to developing high-performing employees and managing staff attrition through a workforce succession plan[279]. Operational Efficiency and Technology - The Company emphasizes the importance of technological systems to improve operational efficiency and staff performance[279]. - The Company is focused on modernizing branches to meet the needs of the next generation of customers while retaining existing demographics[278]. - The Company has evaluated its disclosure controls and procedures, concluding they are effective as of September 30, 2024[284]. - There have been no changes in internal controls over financial reporting that materially affected the Company during the most recent quarter[284]. - The Company is subject to various lawsuits and claims arising in the ordinary course of business, but management believes there are no material pending legal proceedings[284].

Company Overview - West Chester Capital Advisors, Inc. has rebranded to AmeriServ Wealth Advisors, Inc. to better align with its parent company, AmeriServ Financial Bank [1][2] - The rebranding includes a new visual identity, web presence, and enhanced positioning to reflect the company's business [1] Leadership Insights - Frank Lapinsky, president and CEO of AmeriServ Wealth Advisors, expressed excitement about the name change, emphasizing the opportunity to leverage the brand equity of AmeriServ while continuing to provide investment advisory services [2] Service Offerings - AmeriServ Wealth Advisors offers a range of investment management and advisory services, including individual portfolio management and pension plans for both individuals and institutions [3] - The firm employs a proactive and disciplined approach, particularly with its Pathroad Account® portfolios, aimed at delivering solid long-term investment results for equity and fixed income clients [3] Company Background - AmeriServ Wealth Advisors is an SEC-registered investment advisor based in Johnstown, PA, and is a wholly owned subsidiary of AmeriServ Financial Bank, which is publicly traded on the Nasdaq under the symbol ASRV [4]

Group 1 - The merger of AmeriServ Trust and Financial Services Company into AmeriServ Financial Bank was completed on October 1, 2024, and the trust company will now operate as AmeriServ Wealth & Capital Management [1] - The merger aims to enhance operational efficiencies and provide trust customers with better access to the full range of services offered by AmeriServ Bank [2] - All staff from the former trust company will be retained, and David Finui has been appointed as president of the new wealth division [2] Group 2 - AmeriServ Financial, Inc. is the parent company of AmeriServ Financial Bank, which operates 16 community offices in southwestern Pennsylvania and Hagerstown, Maryland [3] - As of September 30, 2024, AmeriServ had total assets of $1.4 billion and a book value of $6.55 per common share [3] - AmeriServ Financial, Inc. is publicly traded on the NASDAQ under the symbol ASRV [3]

Financial Performance - Third quarter 2024 net income was $1,183,000, a 82.8% increase from $647,000 in the third quarter of 2023, resulting in diluted earnings per share of $0.07 compared to $0.04[1] - For the nine months ended September 30, 2024, net income was $2,712,000, representing a 33.3% increase from $1,975,000 in the same period of 2023, with diluted earnings per share rising from $0.12 to $0.16[1] - Net income for the nine months of 2024 was $2.712 million, with a return on average assets of 0.26%[19] - Net income for Q3 2024 was $1,183 thousand, recovering from a loss of $375 thousand in Q2 2024[23] - The company reported a net income of $1,183 million for the quarter ending September 30, 2024, compared to $1,904 million for the previous quarter, showing a decrease of about 37.8%[26] Loans and Deposits - Total average loans increased by $38.9 million, or 3.9%, in the third quarter of 2024 compared to 2023, and by $41.9 million, or 4.2%, for the nine months[3] - Total deposits grew by $31.0 million, or 2.7%, since December 31, 2023, reflecting customer loyalty and confidence in the company[6] Income and Expenses - Total interest income increased by $4.6 million, or 10.1%, for the nine months of 2024 compared to the same period in 2023, driven by higher average total loans outstanding[5] - Total interest expense increased by $1.2 million, or 17.8%, for the third quarter of 2024, driven by higher deposit and borrowings interest expense[7] - Non-interest income decreased by $53,000, or 1.2%, in the third quarter of 2024 compared to the prior year, primarily due to the absence of a $1.7 million gain recognized in the first quarter of 2023[11] - Wealth management fees improved by $205,000, or 7.2%, for the third quarter of 2024, reflecting strong performance and new business growth[11] - Total non-interest expense decreased by $374,000, or 3.1%, in Q3 2024 compared to Q3 2023[12] - Salaries and employee benefits expense decreased by $914,000, or 4.1%, for the nine months of 2024[12] - Total health care cost was $459,000, or 15.9%, lower compared to the previous year[12] Assets and Equity - Total assets were $1.4 billion, with shareholders' equity of $108.2 million as of September 30, 2024[15] - Book value per common share increased by $0.59, or 9.9%, since December 31, 2023[15] - Shareholders' equity increased to $108,182 thousand in Q3 2024, up from $103,661 thousand in Q2 2024[21] - Total assets as of September 30, 2024, were $1,394,634 million, up from $1,391,089 million at the end of the previous quarter, indicating a growth of approximately 0.3%[25] - Total interest-earning assets increased to $1,291,645 million in the third quarter of 2024, compared to $1,290,668 million in the previous quarter, reflecting a slight growth of about 0.1%[25] Credit Losses and Provisions - The company recorded a $51,000 provision for credit losses recovery in the third quarter of 2024, a favorable change of $240,000 compared to a provision expense of $189,000 in the third quarter of 2023[9] - The allowance for credit losses on loans was $14,420 thousand in Q3 2024, a decrease from $14,611 thousand in Q2 2024[21] - The allowance for credit losses was $(15,182) million as of September 30, 2024, compared to $(15,406) million at the end of the previous quarter, indicating a decrease in provisions[25] Dividends and Returns - The Company declared a quarterly cash dividend of $0.03 per share, representing a 4.01% annualized yield[16] - The tangible book value per share increased by 10.9% to $5.72 during the first nine months of 2024[1] Efficiency and Costs - The efficiency ratio improved to 89.49% for the nine months of 2024[19] - Activist related costs declined by approximately $400,000 in Q3 2024 compared to Q3 2023, totaling $1.5 million for the nine months of 2024[13] Historical Comparison - Net income for the year 2023 was $1,975,000, with a quarterly breakdown of $1,515,000 in Q1, a loss of $187,000 in Q2, and $647,000 in Q3[30] - Average tangible common equity for Q3 2023 was $89,256, resulting in a return on average tangible common equity of 2.88%[30] - Total shareholders' equity at the end of Q3 2023 was $101,326, with tangible common equity at $87,608[31] - The tangible common equity ratio for Q3 2023 was 6.50%[31] - Total assets as of Q3 2023 were $1,361,789,000, with tangible assets amounting to $1,348,071,000[31] - The company declared a common stock cash dividend of $516,000 in Q3 2023[30] - The tangible common equity ratio improved to 6.79% in Q3 2024, compared to 6.47% in Q2 2024[21]

Capital Adequacy - As of June 30, 2024, the Company reported total capital of $148,840 thousand, representing a ratio of 12.77% to risk-weighted assets, exceeding the minimum required ratio of 8.00%[132] - The Company maintained common equity tier 1 capital of $107,551 thousand, with a ratio of 9.23% to risk-weighted assets, above the minimum requirement of 4.50%[132] - The tier 1 capital was also reported at $107,551 thousand, with a ratio of 9.23% to risk-weighted assets, surpassing the minimum requirement of 6.00%[132] - The Company is categorized as "well capitalized" under the regulatory framework for prompt corrective action as of June 30, 2024[131] Hedging Activities - The Company has entered into interest rate swaps with a total notional value of $70 million as of June 30, 2024, to hedge interest rate risk associated with floating-rate time deposit accounts[144] - During the three months ended June 30, 2024, the Company recognized $199,000 in gains from cash flow hedges, resulting in a decrease in interest expense[147] - The maximum remaining length of time over which forecasted transactions are hedged is approximately two and a half years, with all hedge transactions terminating by December 2026[147] - The Company had $399,000 in gains from cash flow hedges during the six months ended June 30, 2024, leading to a decrease in interest expense[147] - The Company’s hedging policy permits a total maximum notional amount outstanding of $500 million for interest rate swaps, caps, and swaptions[150] Revenue Growth - Community banking segment revenue for the three months ended June 30, 2024, was $14,269,000, an increase from $13,671,000 in the same period of 2023, representing a growth of 4.4%[153] - Wealth management segment revenue for the three months ended June 30, 2024, was $3,056,000, up from $2,792,000 in the same period of 2023, indicating a growth of 9.5%[153] - Total net income for the six months ended June 30, 2024, was $1,529,000, compared to $1,328,000 for the same period in 2023, reflecting an increase of 15.1%[153] - The total revenue for the community banking segment for the six months ended June 30, 2024, was $28,917,000, compared to $27,029,000 for the same period in 2023, representing a growth of 7.0%[153] Credit and Commitments - The company had outstanding commitments to extend credit of approximately $248.0 million as of June 30, 2024, compared to $236.6 million as of December 31, 2023, showing an increase of 4.8%[154] - The allowance for credit losses related to unfunded commitments and standby letters of credit was $939,000 at June 30, 2024, slightly down from $940,000 at December 31, 2023[156] - The company recorded a provision for credit losses recovery on unfunded commitments of $3,000 for the three months ended June 30, 2024, compared to $17,000 for the same period in 2023[156] Pension and Benefits - The company recognized a settlement charge of $376,000 in connection with its defined benefit pension plan for the three months ended June 30, 2024, while no such charge was recognized in the same period of 2023[159] - The net periodic pension benefit for the three months ended June 30, 2024, was $(118,000), compared to $(341,000) for the same period in 2023, indicating an improvement in pension costs[162] - The company implemented a soft freeze of its defined benefit pension plan, affecting non-union employees hired on or after January 1, 2013, and union employees hired on or after January 1, 2014, to reduce future pension costs[160] Fair Value Measurements - As of June 30, 2024, individually evaluated loans using the collateral method had a carrying value of $3.6 million, reduced by a specific valuation allowance of $1.6 million, resulting in a net fair value of $2.0 million[170] - The fair value of other real estate owned and repossessed assets was reported at $1.8 million as of June 30, 2024, with a total of $1.8 million measured at Level 3[171] - The estimated fair value of investment securities held to maturity was $60.763 million as of June 30, 2024, compared to a carrying value of $66.446 million[177] - Loans, net of allowance for credit losses and unearned income, had a fair value of $952.143 million as of June 30, 2024, with a carrying value of $1,024.422 million[177] - Deposits with stated maturities had a carrying value of $327.566 million and a fair value of $326.983 million as of June 30, 2024[177] - The fair value of loans held for sale was $241,000 as of June 30, 2024, with a carrying value of $225,000[177] - The fair value of all other borrowings was $76.200 million as of June 30, 2024, compared to a carrying value of $77.618 million[177] - Fair values for financial instruments are primarily determined using independent third-party valuations, with approximately 90% of the company's assets and liabilities considered financial instruments[175] - Changes in assumptions or estimation methodologies may significantly affect the estimated fair values of the company's financial instruments[179] - The company had no individually evaluated loans using the collateral method carried at fair value as of December 31, 2023[170]

Group 1 - AmeriServ Financial, Inc. declared a quarterly cash dividend of $0.03 per share, payable on August 19, 2024, to shareholders of record on August 5, 2024 [1] - The cash dividend represents an annualized yield of 4.65% based on the closing stock price of $2.58 on July 17, 2024 [1] - For the first half of 2024, the company's dividend payout ratio was 66.7% [1] Group 2 - AmeriServ Financial, Inc. is the parent company of AmeriServ Financial Bank and AmeriServ Trust and Financial Services Company, operating in Johnstown, Pennsylvania [1] - The company provides full-service banking and wealth management services through sixteen community offices in southwestern Pennsylvania and Hagerstown, Maryland [1] - As of June 30, 2024, AmeriServ had total assets of $1.4 billion and a book value of $6.28 per common share [1]

Financial Performance - AmeriServ Financial reported a net loss of $375,000, or $0.02 per diluted share for Q2 2024, compared to a net loss of $187,000, or $0.01 per diluted share in Q2 2023[1]. - For the first six months of 2024, net income increased by 15.1% to $1,529,000, or $0.09 per diluted share, compared to $1,328,000, or $0.08 per diluted share in the same period of 2023[1]. - Net income for the first half of 2024 was $1.529 million, with a return on average assets of 0.22%[22]. - Net income for Q1 2024 was $1,904 thousand, a significant improvement from a net loss of $375 thousand in Q1 2023[29]. - Net income for the quarter was $1,904 thousand, compared to $1,515 thousand in the same quarter last year, reflecting a year-over-year increase of 25.7%[35]. - Year-to-date net income for 2024 stands at $1,328 million, with a loss of $187 million reported in the second quarter[40]. Income and Expenses - Total non-interest income for Q2 2024 increased by $510,000, or 13.2%, compared to Q2 2023, while it declined by $50,000, or 0.5%, for the first half of 2024[13]. - The company's net interest income decreased by $235,000, or 2.6%, in Q2 2024, and by $1.0 million, or 5.4%, for the first six months compared to the same periods in 2023[3]. - Total non-interest expense increased by $120,000, or 0.9%, in Q2 2024 compared to Q2 2023, and by $21,000, or 0.1%, in the first half of 2024 compared to the first half of 2023[14]. - Professional fees related to activist investor costs were $1.3 million in Q2 2024, down from $1.1 million in Q2 2023[15]. - Total non-interest income totaled $4,947 thousand in Q1 2024, a decrease from $5,507 thousand in Q1 2023, indicating a decline of 10.2%[29]. - Total non-interest expense was $11,864 thousand in Q1 2024, compared to $11,963 thousand in Q1 2023, showing a slight decrease of 0.8%[29]. Loans and Credit Losses - Total average loans increased by approximately $43.5 million, or 4.4%, in the first half of 2024, averaging $1.030 billion[4]. - The provision for credit losses in Q2 2024 was $434,000, compared to $43,000 in Q2 2023, indicating an increase in expense of $391,000[10]. - The allowance for loan credit losses at June 30, 2024, was $2.4 million, or 19.6%, higher than the allowance at June 30, 2023, reflecting a strengthening of reserves[12]. - The allowance for credit losses on loans increased to $15,053 thousand in Q4 2023 from $12,313 thousand in Q3 2023, a rise of 22.3%[26]. - Non-performing assets totaled $12.817 million as of June 30, 2024[25]. Assets and Equity - Total assets were $1.4 billion, with shareholders' equity of $103.7 million and a book value of $6.28 per common share as of June 30, 2024[17]. - Total assets reached $1,390,103 thousand, a slight increase from $1,346,794 thousand year-over-year, indicating a growth of about 3.2%[33]. - Total liabilities and shareholders' equity stood at $1,390,103 thousand, consistent with total assets, maintaining a balanced financial position[33]. - Shareholders' equity increased to $102,677 thousand from $104,913 thousand, reflecting a decrease of about 2.4% year-over-year[33]. - The tangible common equity ratio decreased to 6.44% in Q4 2023 from 6.50% in Q3 2023[26]. Dividends and Stock Repurchase - The Company repurchased 628,003 shares of common stock at a price of $2.38, which was accretive to shareholders[17]. - The company declared common stock cash dividends totaling $1,029 thousand during the quarter, consistent with prior periods[35]. Efficiency and Ratios - The efficiency ratio for Q2 2024 was 100.33, compared to 86.60 in Q1 2024[22]. - The return on average tangible common equity for the first quarter was 8.67%, a significant improvement from (1.70)% in the previous quarter[37]. - The return on average tangible common equity (annualized) was reported at 6.73%, reflecting a decrease of 0.82%[41]. Other Financial Metrics - Total deposits grew by $12.0 million, or 1.0%, since December 31, 2023, reflecting customer loyalty and confidence[7]. - Total interest expense increased by $1.9 million, or 32.3%, in Q2 2024, and by $4.3 million, or 39.7%, for the first six months compared to the same periods in 2023[8]. - Total health care cost was $422,000, or 22.0%, lower compared to last year due to effective negotiations with the health care provider[14]. - The market value per common share increased to $3.24 in Q4 2023 from $2.65 in Q3 2023, reflecting a growth of 22.3%[26]. - The market value adjustment for interest rate hedge showed a positive adjustment of $630 thousand, indicating effective risk management strategies[35].