Ameriserv Financial Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Ameriserv Financial Inc. has submitted its 2023 10-K filing, detailing financial positions and commitments.</b>

AI Summary

AMERISERV FINANCIAL INC /PA/ (ASRV) filed a Annual Report (10-K) with the SEC on March 27, 2024. Ameriserv Financial Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The filing includes data related to commitments to extend credit as of December 31, 2023 and 2022. Subordinated debt figures for December 31, 2023 and 2022 are detailed in the report. Information on common stock, retained earnings, additional paid-in capital, and accumulated other comprehensive income is provided for multiple years. The report references specific financial elements such as interest receivable and other assets/liabilities.

Why It Matters

For investors and stakeholders tracking AMERISERV FINANCIAL INC /PA/, this filing contains several important signals. The 10-K filing provides a comprehensive overview of Ameriserv's financial health and operational status for the fiscal year 2023, crucial for investors to assess performance and future outlook. Key financial data, including commitments to extend credit and subordinated debt, are updated, allowing stakeholders to monitor the company's financial structure and risk exposure.

Risk Assessment

Risk Level: low — AMERISERV FINANCIAL INC /PA/ shows low risk based on this filing. The filing is a standard annual report (10-K) for a publicly traded company, indicating routine disclosure rather than immediate financial distress or significant new risks.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-K to understand Ameriserv's performance and strategic direction for 2024.

Key Numbers

• 2023-12-31 — Fiscal Year End (Report period)
• 2024-03-27 — Filing Date (Date of submission)
• 6021 — SIC Code (National Commercial Banks)

Key Players & Entities

• AMERISERV FINANCIAL INC /PA/ (company) — Filer name
• 2023 (date) — Fiscal year end
• 2024-03-27 (date) — Filing date
• PA (location) — State of incorporation
• JOHNSTOWN (location) — Business address city
• ASRV (ticker) — Ticker symbol

FAQ

Industry Context

Ameriserv Financial Inc. operates within the National Commercial Banks industry (SIC 6021).

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to disclose material information.

What Investors Should Do

1. Review the 'Commitments to Extend Credit' and 'Subordinated Debt' sections for changes from the prior year.
2. Analyze the equity structure details (Common Stock, Retained Earnings, etc.) for trends.
3. Note any specific financial metrics or disclosures highlighted in the filing's exhibits or footnotes.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-03-27: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This 10-K filing provides updated financial data for the fiscal year ending December 31, 2023, compared to the previous year's filings.

Key Financial Figures

• $0.01 — h Registered Common Stock , Par Value $0.01 Per Share ASRV The NASDAQ Stock Mar
• $1.4 b — , deposits, and shareholders' equity of $1.4 billion, $1.2 billion, and $102.3 million
• $1.2 b — d shareholders' equity of $1.4 billion, $1.2 billion, and $102.3 million, respectively
• $102.3 m — uity of $1.4 billion, $1.2 billion, and $102.3 million, respectively. The Company and it
• $250,000 — up to the standard insurance amount of $250,000 per depositor. As of December 31, 2023
• $384.5 million — imated amount of uninsured deposits was $384.5 million and $316.5 million, respectively. The e
• $316.5 m — insured deposits was $384.5 million and $316.5 million, respectively. The estimate of un
• $2.5 billion — inisters assets valued at approximately $2.5 billion that are not recognized on the Company'
• $6.4 million — , the Trust Company had total assets of $6.4 million and total shareholders' equity of $6.1
• $6.1 million — llion and total shareholders' equity of $6.1 million. In 2023, the Trust Company contributed
• $10.4 million — ompany as its gross revenue amounted to $10.4 million and the net income contribution was $1.
• $1.1 million — ion and the net income contribution was $1.1 million. The Trust Company is subject to regula

Filing Documents

• asrv-20231231x10k.htm (10-K) — 7860KB
• asrv-20231231xex4d1.htm (EX-4.1) — 26KB
• asrv-20231231xex21d1.htm (EX-21.1) — 7KB
• asrv-20231231xex23d1.htm (EX-23.1) — 3KB
• asrv-20231231xex31d1.htm (EX-31.1) — 15KB
• asrv-20231231xex31d2.htm (EX-31.2) — 15KB
• asrv-20231231xex32d1.htm (EX-32.1) — 10KB
• asrv-20231231xex32d2.htm (EX-32.2) — 10KB
• asrv-20231231xex97.htm (EX-97) — 39KB
• asrv-20231231x10k023.jpg (GRAPHIC) — 85KB
• asrv-20231231x10k024.jpg (GRAPHIC) — 75KB
• 0001558370-24-004100.txt (&nbsp;) — 34184KB
• asrv-20231231.xsd (EX-101.SCH) — 112KB
• asrv-20231231_cal.xml (EX-101.CAL) — 142KB
• asrv-20231231_def.xml (EX-101.DEF) — 691KB
• asrv-20231231_lab.xml (EX-101.LAB) — 977KB
• asrv-20231231_pre.xml (EX-101.PRE) — 1067KB
• asrv-20231231x10k_htm.xml (XML) — 8983KB

Business

Business 3 Item 1A.

Risk Factors

Risk Factors 14 Item 1B. Unresolved Staff Comments 14 Item 1C. Cybersecurity 14 Item 2.

Properties

Properties 15 Item 3.

Legal Proceedings

Legal Proceedings 16 Item 4. Mine Safety Disclosures 16 PART II Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 17 Item 6. [Reserved] 17 Item 7.

Management's Discussion and Analysis of Consolidated Financial Condition and Results of Operations

Management's Discussion and Analysis of Consolidated Financial Condition and Results of Operations 18 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 42 Item 8. Consolidated Financial Statements and Supplementary Data 43 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 107 Item 9A.

Controls and Procedures

Controls and Procedures 107 Item 9B. Other Information 107 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 107 PART III Item 10. Directors, Executive Officers, and Corporate Governance 108 Item 11.

Executive Compensation

Executive Compensation 115 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 132 Item 13. Certain Relationships and Related Transactions, and Director Independence 133 Item 14. Principal Accountant Fees and Services 134 PART IV Item 15. Exhibits, Financial Statement Schedules 136

Signatures

Signatures 138 2 Table of Contents PART I

BUSINESS

ITEM 1. BUSINESS GENERAL AmeriServ Financial, Inc. (the Company) is a bank holding company organized under the Pennsylvania Business Corporation Law. The Company became a holding company upon acquiring all of the outstanding shares of AmeriServ Financial Bank (the Bank) in January 1983. The Company's other wholly owned subsidiary is AmeriServ Trust and Financial Services Company (the Trust Company) which was formed in October 1992. When used in this report, the "Company" may refer, depending on the context, to AmeriServ Financial, Inc. individually or AmeriServ Financial, Inc. and its direct and indirect subsidiaries. The Company's principal activities consist of owning and operating its two wholly owned subsidiary entities. At December 31, 2023, the Company had, on a consolidated basis, total assets, deposits, and shareholders' equity of $1.4 billion, $1.2 billion, and $102.3 million, respectively. The Company and its subsidiaries derive substantially all of their income from banking, bank related services, and trust and wealth management related services. The Company functions primarily as a coordinating and servicing unit for its subsidiary entities in general management, accounting and taxes, loan review, internal audit, investment accounting, marketing and risk management. As a bank holding company, the Company is subject to supervision and regular examination by the Federal Reserve Bank of Philadelphia and the Pennsylvania Department of Banking and Securities (PDB). The Company is also under the jurisdiction of the Securities and Exchange Commission (SEC) for matters relating to registered offerings and sales of its securities under the Securities Act of 1933, as amended, and the disclosure and regulatory requirements of the Securities Exchange Act of 1934, as amended. The Company's common stock is listed on The NASDAQ Stock Market under the trading symbol "ASRV," and the Company is subject to the NASDAQ rules applicable to listed companies. AMERISERV FIN

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View this 10-K filing on SEC EDGAR