Business
AMERISERV FINANCIAL REPORTS EARNINGS FOR THE FULL YEAR OF 2023 AND ANNOUNCES QUARTERLY COMMON STOCK CASH DIVIDEND
JOHNSTOWN, Pa., Jan. 23, 2024 /PRNewswire/ -- AmeriServ Financial, Inc. (NASDAQ: ASRV) reported a fourth quarter 2023 net loss of $5,321,000, or $0.31 per
About this update from Ameriserv Financial Inc.
[{"type":"text","content":"JOHNSTOWN, Pa., Jan. 23, 2024 /PRNewswire/ -- AmeriServ Financial, Inc. (NASDAQ: ASRV) reported a fourth quarter 2023 net loss of $5,321,000, or $0.31 per diluted common share. This compares to net income for the fourth quarter of 2022 of $947,000, or $0.06 per diluted common share. For the year ended December 31, 2023, the Company reported a net loss of $3,346,000, or $0.20 per diluted common share. This compares to net income of $7,448,000, or $0.43 per diluted common share, for the full year of 2022. The following table details the Company's financial performance for both the three- and twelve-month periods ended December 31, 2023 and 2022:\nFourthQuarter 2023\nFourthQuarter 2022\nYear Ended December 31, 2023\nYear Ended December 31, 2022\nNet income (loss)\n$\n(5,321,000)\n$\n947,000\n$\n(3,346,000)\n$\n7,448,000\nDiluted earnings per share\n$\n(0.31)\n$\n0.06\n$\n(0.20)\n$\n0.43\nJeffrey A. Stopko, President and Chief Executive Officer, commented on the 2023 fourth quarter financial results: \"During the fourth quarter of 2023, we continued to see several encouraging new business development results which included a $36 million, or 3.6%, increase in total loans and our fourth consecutive quarter of growth in wealth management revenues. This positive momentum in our key business lines combined with the previously announced $1.5 million benefit expected from our Earnings Improvement Program position the Company well for earnings growth in 2024. The net loss that AmeriServ Financial, Inc. reported for the fourth quarter of 2023 was consistent with the pre-earnings guidance that we issued on January 12, 2024. This net loss was caused by an increased provision for credit losses related to commercial real estate loans that had Rite Aid as a tenant and our decision to execute an investment portfolio repositioning strategy. We remain committed to operating our customer focused community bank for the benefit of all our stakeholders.\"\nAll fourth quarter and full year 2023 financial performance metrics within this document are compared to the fourth quarter and full year 2022 unless otherwise noted.\nThe Company's net interest income in the fourth quarter of 2023 decreased by $1.6 million, or 15.3%, from the prior year's fourth quarter and, for the full year of 2023, decreased by $4.5 million, or 11.2%, when compared to the full yea...