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AmeriServ Financial(ASRV) - 2024 Q3 - Quarterly Results
ASRVAmeriServ Financial(ASRV)2024-10-22 13:06

Financial Performance - Third quarter 2024 net income was 1,183,000,a82.81,183,000, a 82.8% increase from 647,000 in the third quarter of 2023, resulting in diluted earnings per share of 0.07comparedto0.07 compared to 0.04[1] - For the nine months ended September 30, 2024, net income was 2,712,000,representinga33.32,712,000, representing a 33.3% increase from 1,975,000 in the same period of 2023, with diluted earnings per share rising from 0.12to0.12 to 0.16[1] - Net income for the nine months of 2024 was 2.712million,withareturnonaverageassetsof0.262.712 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 375thousandinQ22024[23]−Thecompanyreportedanetincomeof375 thousand in Q2 2024[23] - The company reported a net income of 1,183 million for the quarter ending September 30, 2024, compared to 1,904millionforthepreviousquarter,showingadecreaseofabout37.81,904 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 41.9million,or4.241.9 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 4.6million,or10.14.6 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,or1.253,000, 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,or7.2205,000, 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,or4.1914,000, 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 1.4billion,withshareholders′equityof1.4 billion, with shareholders' equity of 108.2 million as of September 30, 2024[15] - Book value per common share increased by 0.59,or9.90.59, or 9.9%, since December 31, 2023[15] - Shareholders' equity increased to 108,182 thousand in Q3 2024, up from 103,661thousandinQ22024[21]−TotalassetsasofSeptember30,2024,were103,661 thousand in Q2 2024[21] - Total assets as of September 30, 2024, were 1,394,634 million, up from 1,391,089millionattheendofthepreviousquarter,indicatingagrowthofapproximately0.31,391,089 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 1,290,668millioninthepreviousquarter,reflectingaslightgrowthofabout0.11,290,668 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 240,000comparedtoaprovisionexpenseof240,000 compared to a provision expense of 189,000 in the third quarter of 2023[9] - The allowance for credit losses on loans was 14,420thousandinQ32024,adecreasefrom14,420 thousand in Q3 2024, a decrease from 14,611 thousand in Q2 2024[21] - The allowance for credit losses was (15,182)millionasofSeptember30,2024,comparedto(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 0.03pershare,representinga4.010.03 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 400,000inQ32024comparedtoQ32023,totaling400,000 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,withaquarterlybreakdownof1,975,000, with a quarterly breakdown of 1,515,000 in Q1, a loss of 187,000inQ2,and187,000 in Q2, and 647,000 in Q3[30] - Average tangible common equity for Q3 2023 was 89,256,resultinginareturnonaveragetangiblecommonequityof2.8889,256, 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]−ThetangiblecommonequityratioforQ32023was6.5087,608[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]−Thecompanydeclaredacommonstockcashdividendof1,348,071,000[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]