AmeriServ Financial(ASRV) - 2025 Q1 - Quarterly Results

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]