Business
AMERISERV FINANCIAL REPORTS EARNINGS FOR THE SECOND QUARTER AND FIRST SIX MONTHS OF 2023
JOHNSTOWN, Pa., July 18, 2023 /PRNewswire/ -- AmeriServ Financial, Inc. (NASDAQ: ASRV) reported a second quarter 2023 net loss of $187,000, or $0.01 per
About this update from Ameriserv Financial Inc.
[{"type":"text","content":"JOHNSTOWN, Pa., July 18, 2023 /PRNewswire/ -- AmeriServ Financial, Inc. (NASDAQ: ASRV) reported a second quarter 2023 net loss of $187,000, or $0.01 per diluted common share. This earnings performance was a $2,168,000, or 109.4%, decrease from the second quarter of 2022 when net income totaled $1,981,000, or $0.12 per diluted common share. For the six-month period ended June 30, 2023, the Company reported net income of $1,328,000, or $0.08 per diluted common share. This represents a 69.2% decrease in earnings per share from the six-month period of 2022 when net income totaled $4,399,000, or $0.26 per diluted common share. The following table highlights the Company's financial performance for both the three- and six-month periods ended June 30, 2023, and 2022: \nSecondQuarter 2023\nSecondQuarter 2022\nSix Months EndedJune 30, 2023\nSix Months EndedJune 30, 2022\nNet income (loss)\n$\n(187,000)\n$\n1,981,000\n$\n1,328,000\n$\n4,399,000\nDiluted earnings per share\n$\n(0.01)\n$\n0.12\n$\n0.08\n$\n0.26\nJeffrey A. Stopko, President and Chief Executive Officer, commented on the 2023 second quarter financial results: \"The net loss that AmeriServ Financial reported in the second quarter of 2023 was primarily attributable to legal and professional costs incurred to defend the company against an activist investor waging a proxy contest for Board seats. We continued to effectively operate our customer relationship focused community bank in a conservative manner during this period of external distraction as we took necessary steps to protect the best interests of all shareholders and stakeholders. Since the end of 2022, we have seen an increase of $19.0 million, or 1.7%, in deposits, which demonstrates customer confidence and the strength and loyalty of our core deposit base. Total loan balances are comparable with prior year-end and grew during the second quarter. Additionally, wealth management revenues have shown modest growth for the past two consecutive quarters. We believe that our Company is well positioned to withstand ongoing market volatility and potential industry-related challenges that we may face through the remainder of 2023.\"\nAll second quarter and six months of 2023 financial performance metrics within this document are compared to the second quarter and six months of 2022 unless otherwise noted.\nThe Company's net inte...