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AMERISERV FINANCIAL REPORTS EARNINGS FOR THE FIRST QUARTER OF 2024
Net Income Up 25.7% Compared to First Quarter of 2023 JOHNSTOWN, Pa., April 16, 2024 /PRNewswire/ -- AmeriServ Financial, Inc. (NASDAQ: ASRV) today reported
About this update from Ameriserv Financial Inc.
[{"type":"text","content":"Net Income Up 25.7% Compared to First Quarter of 2023\nJOHNSTOWN, 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 $0.09 per diluted common share. The following table details the Company's financial performance for the quarters ended March 31, 2024 and 2023:\nFirstQuarter 2024\nFirstQuarter 2023\n$ Change\n% Change\nNet income \n$\n1,904,000\n$\n1,515,000\n$\n389,000\n25.7 %\nDiluted earnings per share\n$\n0.11\n$\n0.09\n$\n0.02\n22.2 %\nJeffrey 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.\"\nAll first quarter 2024 financial performance metrics within this document are compared to the first quarter of 2023 unless otherwise noted.\nThe 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 b...