Ameriserv Financial Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Ameriserv Financial Inc. filed its Q1 2024 10-Q, detailing financial performance and position.</b>

AI Summary

AMERISERV FINANCIAL INC /PA/ (ASRV) filed a Quarterly Report (10-Q) with the SEC on May 13, 2024. Ameriserv Financial Inc. filed a 10-Q report for the period ending March 31, 2024. The filing details financial information for the first quarter of 2024. Key financial data points such as total assets, total debt, and net income are included. The report covers various financial statement line items and disclosures. Specific dates related to financial reporting and events are provided.

Why It Matters

For investors and stakeholders tracking AMERISERV FINANCIAL INC /PA/, this filing contains several important signals. This 10-Q provides investors with a detailed look at Ameriserv's financial health and operational performance during the first quarter of 2024. Understanding these filings is crucial for assessing the company's profitability, liquidity, and overall financial stability.

Risk Assessment

Risk Level: medium — AMERISERV FINANCIAL INC /PA/ shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q), which inherently contains detailed financial information and disclosures that require careful analysis to identify specific risks and opportunities. The sheer volume of data and standard disclosures means a medium level of risk in extracting all nuances without deeper context.

Analyst Insight

Review the detailed financial statements and risk factor disclosures within the 10-Q to identify any significant changes or trends compared to previous filings.

Financial Highlights

revenue

26776089

operating Margin

141000

total Assets

26776089

total Debt

17147270

net Income

1100000

eps

298000

gross Margin

250000

Key Numbers

• 26776089 — Total Assets (As of 2024-03-31)
• 17147270 — Total Debt (As of 2024-03-31)
• 1100000 — Net Income (For the period ending 2024-03-31)
• 298000 — EPS (For the period ending 2024-03-31)
• 141000 — Operating Margin (For the period ending 2024-03-31)
• 250000 — Gross Margin (For the period ending 2024-03-31)

Key Players & Entities

• AMERISERV FINANCIAL INC /PA/ (company) — FILER
• 0000707605 (company) — CENTRAL INDEX KEY
• PA (location) — STATE OF INCORPORATION
• Johnstown (location) — CITY
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-05-13 (date) — FILED AS OF DATE

FAQ

Key Dates

• 2024-03-31: Quarterly Period End — Financial results for Q1 2024 are reported.
• 2024-05-13: Filing Date — The 10-Q report was officially filed with the SEC.

Key Financial Figures

• $0.01 — t May 1, 2024 Common Stock, par value $0.01 17,147,270 Table of Contents Ameri

Filing Documents

• asrv-20240331x10q.htm (10-Q) — 4657KB
• asrv-20240331xex15d1.htm (EX-15.1) — 7KB
• asrv-20240331xex15d2.htm (EX-15.2) — 6KB
• asrv-20240331xex31d1.htm (EX-31.1) — 15KB
• asrv-20240331xex31d2.htm (EX-31.2) — 14KB
• asrv-20240331xex32d1.htm (EX-32.1) — 6KB
• asrv-20240331xex32d2.htm (EX-32.2) — 6KB
• 0001558370-24-007970.txt (&nbsp;) — 22571KB
• asrv-20240331.xsd (EX-101.SCH) — 68KB
• asrv-20240331_cal.xml (EX-101.CAL) — 89KB
• asrv-20240331_def.xml (EX-101.DEF) — 424KB
• asrv-20240331_lab.xml (EX-101.LAB) — 575KB
• asrv-20240331_pre.xml (EX-101.PRE) — 604KB
• asrv-20240331x10q_htm.xml (XML) — 6904KB

Financial Statements

Item 1. Financial Statements 3 Consolidated Balance Sheets (Unaudited) –March 31, 2024 and December 31, 2023 3 Consolidated Statements of Operations (Unaudited) – Three months ended March 31, 2024 and 2023 4 Consolidated Statements of Comprehensive Income (Unaudited) – Three months ended March 31, 2024 and 2023 5 Consolidated Statements of Changes in Shareholders' Equity (Unaudited) – Three months ended March 31, 2024 and 2023 6 Consolidated Statements of Cash Flows (Unaudited) –Three months ended March 31, 2024 and 2023 7 Notes to Unaudited Consolidated Financial Statements 8

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 36

Quantitative and Qualitative Disclosure About Market Risk

Item 3. Quantitative and Qualitative Disclosure About Market Risk 52

Controls and Procedures

Item 4. Controls and Procedures 52

OTHER INFORMATION

PART II. OTHER INFORMATION 52

Legal Proceedings

Item 1. Legal Proceedings 52

Risk Factors

Item 1A. Risk Factors 52

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 52

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 52

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 52

Other Information

Item 5. Other Information 53

Exhibits

Item 6. Exhibits 53 2 Table of Contents

Financial Statements

Item 1. Financial Statements AmeriServ Financial, Inc. CONSOLIDATED BALANCE SHEETS (In thousands, except share and per share data) (Unaudited) March 31, 2024 December 31, 2023 ASSETS Cash and due from depository institutions $ 14,092 $ 9,678 Interest bearing deposits and short-term investments 3,353 4,349 Cash and cash equivalents 17,445 14,027 Investment securities, net of allowance for credit losses: Available for sale, at fair value (allowance for credit losses $ 116 on March 31, 2024 and $ 926 on December 31, 2023) 165,452 165,711 Held to maturity (fair value $ 59,180 on March 31, 2024 and $ 58,621 on December 31, 2023; allowance for credit losses $ 90 on March 31, 2024 and $ 37 on December 31, 2023) 64,967 63,979 Loans held for sale 899 130 Loans (net of unearned income $ 468 on March 31, 2024 and $ 483 on December 31, 2023) 1,025,687 1,038,271 Less: Allowance for credit losses 14,639 15,053 Net loans 1,011,048 1,023,218 Premises and equipment: Operating lease right-of-use asset 1,685 646 Financing lease right-of-use asset 2,500 2,384 Other premises and equipment, net 14,381 14,149 Accrued interest income receivable 6,098 5,529 Intangible assets: Goodwill 13,611 13,611 Core deposit intangible 94 101 Bank owned life insurance 39,079 39,560 Net deferred tax asset 2,280 2,679 Federal Home Loan Bank stock 4,318 5,210 Federal Reserve Bank stock 2,125 2,125 Other assets 38,534 36,579 TOTAL ASSETS $ 1,384,516 $ 1,389,638 LIABILITIES Non-interest bearing deposits $ 178,936 $ 172,070 Interest bearing deposits 997,642 986,290 Total deposits 1,176,578 1,158,360 Short-term borrowings 11,446 40,951 Advances from Federal Home Loan Bank 49,412 44,562 Operating lease liabilities 1,699 658 Financing lease liabilities 2,817 2,700 Subordinated debt 26,695 26,685 Total borrowed funds 92,0

View Full Filing

View this 10-Q filing on SEC EDGAR