AMERISERV FINANCIAL Sets Q4/FY23 Earnings Release & Call Dates

TL;DR

**ASRV is dropping Q4/FY23 earnings on Jan 24th after market close, with a call on Jan 25th at 10 AM ET.**

AI Summary

AMERISERV FINANCIAL, Inc. (ASRV) filed an 8-K on January 12, 2024, to announce its upcoming earnings release for the fourth quarter and full year of 2023. The company will issue the press release on Wednesday, January 24, 2024, after the market closes, and will host a conference call on Thursday, January 25, 2024, at 10:00 a.m. Eastern Time. This matters to investors because it provides a specific timeline for when they can expect to receive crucial financial performance data, which will likely influence the stock's short-term price movement.

Why It Matters

This filing sets the stage for AMERISERV FINANCIAL's upcoming financial disclosures, providing investors with the exact dates to anticipate key performance metrics that could impact their investment decisions.

Risk Assessment

Risk Level: low — This filing is purely administrative, announcing future events, and does not contain any immediate financial risks or changes.

Analyst Insight

A smart investor would mark January 24th and 25th on their calendar to review AMERISERV FINANCIAL's earnings report and listen to the conference call for insights into the company's financial health and future outlook before making any trading decisions.

Key Players & Entities

• AMERISERV FINANCIAL, Inc. (company) — the registrant filing the 8-K
• January 12, 2024 (date) — date of earliest event reported and filing date
• January 24, 2024 (date) — date of Q4 and full year 2023 earnings press release
• January 25, 2024 (date) — date of earnings conference call
• 10:00 a.m. Eastern Time (time) — start time of the earnings conference call

Forward-Looking Statements

• ASRV stock price will experience increased volatility around January 24-25, 2024. (ASRV) — high confidence, target: 2024-01-25
• Analyst coverage and investor discussions regarding ASRV will intensify following the earnings release. (ASRV) — medium confidence, target: 2024-01-26

FAQ

Key Financial Figures

• $1.5 million — ement Program to generate approximately $1.5 million of additional pre-tax earnings in 2024.
• $18 million — In late December 2023, the Company sold $18 million of available for sale (AFS) investment
• $922,000 — nicipal bonds. The Company recognized a $922,000 loss on these securities, which had an
• $325,000 — rom these transactions of approximately $325,000 in 2024. The fourth quarter loss realiz
• $3.3 million — ognize net charge-offs of approximately $3.3 million and a total provision for credit losses
• $6 million — sion for credit losses of approximately $6 million in the fourth quarter of 2023 due prima
• $5.4 million — fourth quarter of 2023 of approximately $5.4 million. After giving effect to this net loss,

Filing Documents

• tmb-20240112x8k.htm (8-K) — 47KB
• 0001558370-24-000222.txt ( ) — 257KB
• tmb-20240112.xsd (EX-101.SCH) — 4KB
• tmb-20240112_def.xml (EX-101.DEF) — 3KB
• tmb-20240112_lab.xml (EX-101.LAB) — 1KB
• tmb-20240112_pre.xml (EX-101.PRE) — 10KB
• tmb-20240112x8k_htm.xml (XML) — 5KB

02 Results of Operations and Financial Condition

Item 2.02 Results of Operations and Financial Condition. The information contained below in Item 7.01 regarding select preliminary financial results for the quarter ended December 31, 2023 is incorporated herein by reference. The information in this Item 2.02 shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, except as expressly set forth by specific reference in such filing.

01 Regulation FD Disclosure

Item 7.01 Regulation FD Disclosure. AmeriServ Financial Inc. Announces an Earnings Improvement Program, Investment Portfolio Repositioning and Allowance for Credit Losses Strengthening AmeriServ Financial, Inc. ("AmeriServ" or the "Company") (NASDAQ: ASRV) today announced several important strategic actions to better position the Company to achieve increased earnings performance in 2024. These strategic actions include: 1. an Earnings Improvement Program; 2. investment portfolio repositioning; and 3. further strengthening of the Company's allowance for credit losses. Earnings Improvement Program The Earnings Improvement Program includes actions taken by the Company to either reduce non-interest expenses or enhance non-interest revenue. The non-interest expense reduction actions include: the consolidation of certain executive level positions in the wealth management business, the closure and consolidation of one branch office within the Johnstown market, a meaningful reduction in health care premium costs resulting from an extensive exploration of self-funding opportunities, and several position eliminations in mortgage banking, facilities and information technology. The non-interest revenue enhancements resulted from successful negotiations related to the renewal of an expiring contract with VISA. The Company expects the Earnings Improvement Program to generate approximately $1.5 million of additional pre-tax earnings in 2024. Investment Portfolio Repositioning In late December 2023, the Company sold $18 million of available for sale (AFS) investment securities which included both government agency obligations and municipal bonds. The Company recognized a $922,000 loss on these securities, which had an average yield of 3.1% and an effective duration of 3.3 years. AmeriServ used the proceeds from this sale to purchase new government agency mortgage-backed securities that have a yield of 5.2% and effective duration of 3.6 years. The Company expects to

Forward-Looking Statements

Forward-Looking Statements This Current Report on Form 8-K contains forward-looking statements as defined in the Exchange Act and is subject to the safe harbors created therein. These forward-looking statements involve risks and uncertainties that could cause AmeriServs results to differ materially from managements current expectations. Such risks and uncertainties are detailed in AmeriServs filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2022. In addition to such risks and uncertainties, the Company's ability to successfully execute the Earnings Improvement Program will impact AmeriServ's future results. Forward-looking statements are based on the beliefs and assumptions of AmeriServs management and on currently available information. The statements in this Current Report on Form 8-K are made as of the date of this Current Report on Form 8-K, even if subsequently made available by AmeriServ on its website or otherwise. AmeriServ undertakes no responsibility to publicly update or revise any forward-looking statement. The information in this Item 7.01 shall not be deemed "filed" for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act or the Exchange Act, except as expressly set forth by specific reference in such filing.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits: 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. AMERISERV FINANCIAL, Inc. Date: January 12, 2024 By /s/Michael D. Lynch Michael D. Lynch EVP & CFO

View Full Filing

View this 8-K filing on SEC EDGAR