Business
AMERISERV FINANCIAL REPORTS EARNINGS FOR THE THIRD QUARTER AND FIRST NINE MONTHS OF 2024 AND ANNOUNCES QUARTERLY COMMON STOCK CASH DIVIDEND
JOHNSTOWN, Pa., Oct. 22, 2024 /PRNewswire/ -- AmeriServ Financial, Inc. (NASDAQ: ASRV) reported third quarter 2024 net income of $1,183,000, or $0.07 per
About this update from Ameriserv Financial Inc.
[{"type":"text","content":"JOHNSTOWN, Pa., Oct. 22, 2024 /PRNewswire/ -- AmeriServ Financial, Inc. (NASDAQ: ASRV) reported third quarter 2024 net income of $1,183,000, or $0.07 per diluted common share. This earnings performance represented a $536,000, or 82.8%, increase from the third quarter of 2023 when net income totaled $647,000, or $0.04 per diluted common share. For the nine-month period ended September 30, 2024, the Company reported net income of $2,712,000, or $0.16 per diluted common share. This represented a 33.3% increase in earnings per share from the nine-month period of 2023 when net income totaled $1,975,000, or $0.12 per diluted common share. The following table details the Company's financial performance for the three- and nine-month periods ended September 30, 2024 and 2023:\nThirdQuarter 2024\nThirdQuarter 2023\nNine Months Ended\nSeptember 30, 2024\nNine Months Ended\nSeptember 30, 2023\nNet income\n$\n1,183,000\n$\n647,000\n$\n2,712,000\n$\n1,975,000\nDiluted earnings per share\n$\n0.07\n$\n0.04\n$\n0.16\n$\n0.12\nJeffrey A. Stopko, President and Chief Executive Officer, commented on the 2024 third quarter financial results: \"Our community banking business continued to benefit from diversified revenue streams, with another quarter of strong revenue and profit contribution from our wealth management business. Total non-interest income represented 34% of total revenue for the first nine months of 2024. Both total average loans and deposits have grown this year, demonstrating the strength and loyalty of our customer base and helping to drive three consecutive quarters of net interest income improvement. We believe that our balance sheet is well positioned for further quarterly net interest income growth through the remainder of 2024 and into 2025. Finally, because of the declining interest rate environment and effective capital management, our tangible book value per share has increased by 10.9% to $5.72(1) during the first nine months of 2024.\"\nAll third quarter and nine months of 2024 financial performance metrics within this document are compared to the third quarter and nine months of 2023 unless otherwise noted.\nThe Company's net interest income in the third quarter of 2024 increased by $88,000, or 1.0%, from the prior year's third quarter but, for the nine months of 2024, decreased by $922,000, or 3.4%, when compared to the ni...