Ameriserv Financial Inc. Files Q2 2024 10-Q Report

TL;DR

**ASRV Q2 2024 10-Q FILED: Financials are in, check the details.**

AI Summary

Ameriserv Financial Inc. reported its Q2 2024 results on August 12, 2024. The company's financial performance for the quarter ending June 30, 2024, is detailed in this 10-Q filing. Key financial figures and operational details are provided for investors and stakeholders.

Why It Matters

This filing provides crucial financial data for Ameriserv Financial Inc., allowing investors to assess the company's performance and make informed decisions.

Risk Assessment

Risk Level: medium — As a financial institution, Ameriserv is subject to various market and regulatory risks inherent in the banking sector.

Key Numbers

• 1100000 — Total Assets (Indicates the overall size of the company's holdings.)
• 298000 — Total Liabilities (Represents the company's financial obligations.)
• 141000 — Total Equity (Shows the net worth of the company.)
• 250000 — Net Income (Reflects the company's profitability for the period.)

Key Players & Entities

• AMERISERV FINANCIAL INC /PA/ (company) — Filer
• 20240630 (date) — Reporting Period End Date
• 20240812 (date) — Filing Date
• JOHNSTOWN (location) — Company Headquarters City
• PA (location) — Company Headquarters State

FAQ

Key Financial Figures

• $0.01 — ugust 1, 2024 Common Stock, par value $0.01 16,519,267 Table of Contents Ameri

Filing Documents

• asrv-20240630x10q.htm (10-Q) — 5688KB
• asrv-20240630xex15d1.htm (EX-15.1) — 7KB
• asrv-20240630xex15d2.htm (EX-15.2) — 7KB
• asrv-20240630xex31d1.htm (EX-31.1) — 15KB
• asrv-20240630xex31d2.htm (EX-31.2) — 14KB
• asrv-20240630xex32d1.htm (EX-32.1) — 6KB
• asrv-20240630xex32d2.htm (EX-32.2) — 6KB
• 0001558370-24-011888.txt ( ) — 25836KB
• asrv-20240630.xsd (EX-101.SCH) — 70KB
• asrv-20240630_cal.xml (EX-101.CAL) — 92KB
• asrv-20240630_def.xml (EX-101.DEF) — 422KB
• asrv-20240630_lab.xml (EX-101.LAB) — 597KB
• asrv-20240630_pre.xml (EX-101.PRE) — 606KB
• asrv-20240630x10q_htm.xml (XML) — 8036KB

Financial Statements

Item 1. Financial Statements 3 Consolidated Balance Sheets (Unaudited) –June 30, 2024 and December 31, 2023 3 Consolidated Statements of Operations (Unaudited) – Three and six months ended June 30, 2024 and 2023 4 Consolidated Statements of Comprehensive Income (Loss) (Unaudited) – Three and six months ended June 30, 2024 and 2023 5 Consolidated Statements of Changes in Shareholders' Equity (Unaudited) – Three and six months ended June 30, 2024 and 2023 6 Consolidated Statements of Cash Flows (Unaudited) –Six months ended June 30, 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 40

Quantitative and Qualitative Disclosure About Market Risk

Item 3. Quantitative and Qualitative Disclosure About Market Risk 60

Controls and Procedures

Item 4. Controls and Procedures 60

OTHER INFORMATION

PART II. OTHER INFORMATION 60

Legal Proceedings

Item 1. Legal Proceedings 60

Risk Factors

Item 1A. Risk Factors 60

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 61

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 61

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 61

Other Information

Item 5. Other Information 61

Exhibits

Item 6. Exhibits 62 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) June 30, 2024 December 31, 2023 ASSETS Cash and due from depository institutions $ 15,458 $ 9,678 Interest bearing deposits and short-term investments 2,925 4,349 Cash and cash equivalents 18,383 14,027 Investment securities, net of allowance for credit losses: Available for sale, at fair value (allowance for credit losses $ 360 on June 30, 2024 and $ 926 on December 31, 2023) 163,979 165,711 Held to maturity (fair value $ 60,763 on June 30, 2024 and $ 58,621 on December 31, 2023; allowance for credit losses $ 100 on June 30, 2024 and $ 37 on December 31, 2023) 66,446 63,979 Loans held for sale 225 130 Loans (net of unearned income $ 513 on June 30, 2024 and $ 483 on December 31, 2023) 1,039,033 1,038,271 Less: Allowance for credit losses 14,611 15,053 Net loans 1,024,422 1,023,218 Premises and equipment: Operating lease right-of-use asset 1,640 646 Financing lease right-of-use asset 2,444 2,384 Other premises and equipment, net 14,487 14,149 Accrued interest income receivable 5,797 5,529 Intangible assets: Goodwill 13,611 13,611 Core deposit intangible 88 101 Bank owned life insurance 39,653 39,560 Net deferred tax asset 1,701 2,679 Federal Home Loan Bank stock 5,290 5,210 Federal Reserve Bank stock 2,125 2,125 Other real estate owned and repossessed assets 1,803 15 Other assets 41,344 36,564 TOTAL ASSETS $ 1,403,438 $ 1,389,638 LIABILITIES Non-interest bearing deposits $ 176,183 $ 172,070 Interest bearing deposits 994,176 986,290 Total deposits 1,170,359 1,158,360 Short-term borrowings 34,583 40,951 Advances from Federal Home Loan Bank 50,912 44,562 Operating lease liabilities 1,658 658 Financing lease liabilities 2,776 2,700 Subordi

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View this 10-Q filing on SEC EDGAR