Business
AMERISERV FINANCIAL REPORTS EARNINGS FOR THE FULL YEAR OF 2024 AND ANNOUNCES QUARTERLY COMMON STOCK CASH DIVIDEND
JOHNSTOWN, Pa., Jan. 21, 2025 /PRNewswire/ -- AmeriServ Financial, Inc. (NASDAQ: ASRV) reported fourth quarter 2024 net income of $889,000, or $0.05 per
About this update from Ameriserv Financial Inc.
[{"type":"text","content":"JOHNSTOWN, Pa., Jan. 21, 2025 /PRNewswire/ -- AmeriServ Financial, Inc. (NASDAQ: ASRV) reported fourth quarter 2024 net income of $889,000, or $0.05 per diluted common share. This compares to a net loss for the fourth quarter of 2023 of $5,321,000, or $0.31 per diluted common share. For the year ended December 31, 2024, the Company reported net income of $3,601,000, or $0.21 per diluted common share. This compares to a net loss of $3,346,000, or $0.20 per diluted common share, for the full year of 2023. The following table details the Company's financial performance for both the three- and twelve-month periods ended December 31, 2024 and 2023:\nFourthQuarter 2024\nFourthQuarter 2023\nYear Ended December 31, 2024\nYear Ended December 31, 2023\nNet income (loss)\n$\n889,000\n$\n(5,321,000)\n$\n3,601,000\n$\n(3,346,000)\nDiluted earnings per share\n$\n0.05\n$\n(0.31)\n$\n0.21\n$\n(0.20)\nJeffrey A. Stopko, President and Chief Executive Officer, commented on the 2024 financial results: \"We concluded 2024 with positive momentum driven by our strongest quarterly loan and deposit growth during the fourth quarter. Total loans grew by $30 million, or 2.9%, and deposits increased by $43 million, or 3.7%, for the full year of 2024. We also saw solid growth in net interest income as our fourth quarter net interest margin increased by 17 basis points on a sequential basis. We believe that our balance sheet is well positioned for further quarterly net interest income growth and net interest margin improvement in 2025. Our community banking business also continued to benefit from diversified revenue streams, with strong revenue and profit contribution from our wealth management business which caused total non-interest income to represent 33% of total revenue for 2024. Finally, because of the changing interest rate environment and effective capital management, our tangible book value per share increased by 11.4% to $5.75(1) during the 2024 year.\"\nAll fourth quarter and full year 2024 financial performance metrics within this document are compared to the fourth quarter and full year 2023 unless otherwise noted.\nThe Company's net interest income in the fourth quarter of 2024 increased by $950,000, or 11.1%, from the prior year's fourth quarter and, for the full year 2024, increased by $28,000, or 0.1%, when compared to the full year 2023. The...