Ameriserv Financial Q3 2024 Update

TL;DR

Ameriserv Financial's Q3 2024 10-Q shows credit commitments and treasury stock activity.

AI Summary

Ameriserv Financial Inc. reported its Q3 results for the period ending September 30, 2024. The company's financial statements indicate various asset and liability accounts, including commitments to extend credit and standby letters of credit as of September 30, 2024, and December 31, 2023. The filing also details treasury stock transactions for common members from January 1, 2024, to September 30, 2024.

Why It Matters

This filing provides insight into Ameriserv Financial's financial health and commitments, which can influence investor confidence and lending practices.

Risk Assessment

Risk Level: low — This is a routine quarterly filing with standard financial disclosures and no immediate red flags.

Key Numbers

• 1100000 — Common Stock Shares (Number of common stock shares outstanding)
• 298000 — Treasury Stock Shares (Number of treasury stock shares)
• 141000 — Treasury Stock Value (Value of treasury stock)
• 147000 — Common Stock Value (Value of common stock)
• 250000 — Other Assets (Value of other assets)

Key Players & Entities

• AMERISERV FINANCIAL INC /PA/ (company) — Filer
• 20240930 (date) — Reporting Period End Date
• 20241112 (date) — Filing Date
• 0000707605 (company) — Central Index Key

FAQ

Key Financial Figures

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

Filing Documents

• asrv-20240930x10q.htm (10-Q) — 5716KB
• asrv-20240930xex15d1.htm (EX-15.1) — 8KB
• asrv-20240930xex15d2.htm (EX-15.2) — 7KB
• asrv-20240930xex31d1.htm (EX-31.1) — 15KB
• asrv-20240930xex31d2.htm (EX-31.2) — 14KB
• asrv-20240930xex32d1.htm (EX-32.1) — 6KB
• asrv-20240930xex32d2.htm (EX-32.2) — 6KB
• 0001558370-24-015314.txt ( ) — 26049KB
• asrv-20240930.xsd (EX-101.SCH) — 71KB
• asrv-20240930_cal.xml (EX-101.CAL) — 107KB
• asrv-20240930_def.xml (EX-101.DEF) — 428KB
• asrv-20240930_lab.xml (EX-101.LAB) — 605KB
• asrv-20240930_pre.xml (EX-101.PRE) — 614KB
• asrv-20240930x10q_htm.xml (XML) — 8108KB

Financial Statements

Item 1. Financial Statements 3 Consolidated Balance Sheets (Unaudited) –September 30, 2024 and December 31, 2023 3 Consolidated Statements of Operations (Unaudited) – Three and nine months ended September 30, 2024 and 2023 4 Consolidated Statements of Comprehensive Income (Loss) (Unaudited) – Three and nine months ended September 30, 2024 and 2023 5 Consolidated Statements of Changes in Shareholders' Equity (Unaudited) – Three and nine months ended September 30, 2024 and 2023 6 Consolidated Statements of Cash Flows (Unaudited) –Nine months ended September 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 41

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) September 30, 2024 December 31, 2023 ASSETS Cash and due from depository institutions $ 17,239 $ 9,678 Interest bearing deposits and short-term investments 4,877 4,349 Cash and cash equivalents 22,116 14,027 Investment securities, net of allowance for credit losses: Available for sale, at fair value (allowance for credit losses $ 360 on September 30, 2024 and $ 926 on December 31, 2023) 164,591 165,711 Held to maturity (fair value $ 61,890 on September 30, 2024 and $ 58,621 on December 31, 2023; allowance for credit losses $ 88 on September 30, 2024 and $ 37 on December 31, 2023) 65,451 63,979 Loans held for sale 783 130 Loans (net of unearned income $ 496 on September 30, 2024 and $ 483 on December 31, 2023) 1,039,638 1,038,271 Less: Allowance for credit losses 14,420 15,053 Net loans 1,025,218 1,023,218 Premises and equipment: Operating lease right-of-use asset 1,595 646 Financing lease right-of-use asset 2,388 2,384 Other premises and equipment, net 14,921 14,149 Accrued interest income receivable 5,827 5,529 Intangible assets: Goodwill 13,611 13,611 Core deposit intangible 82 101 Bank owned life insurance 39,787 39,560 Net deferred tax asset 1,203 2,679 Federal Home Loan Bank stock 4,402 5,210 Federal Reserve Bank stock 2,125 2,125 Other real estate owned and repossessed assets 1,850 15 Other assets 39,237 36,564 TOTAL ASSETS $ 1,405,187 $ 1,389,638 LIABILITIES Non-interest bearing deposits $ 171,578 $ 172,070 Interest bearing deposits 1,017,752 986,290 Total deposits 1,189,330 1,158,360 Short-term borrowings 11,760 40,951 Advances from Federal Home Loan Bank 54,552 44,562 Operating lease liabilities 1,615 658 Financing lease liabilitie

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View this 10-Q filing on SEC EDGAR