AmeriServ Financial Q1 net income falls 37% to $1.5M; EPS $0.09

AMERISERV FINANCIAL INC /PA/

2023-Q1 EPS reported $0.09 revenue$3,485,000

Net income $1.515M ($0.09 diluted EPS) vs $2.418M ($0.14) in Q1 2022, down 37.3%.
Provision for credit losses expense $1.179M including $926K loss on Signature Bank subordinated debt.
Non-interest income up $1.2M (27.0%) on $1.7M gain from sale of Visa Class B shares.
Deposits grew $23.3M (2.1%) on an end-of-period basis since Dec 31, 2022; loan-to-deposit ratio 85.8%.
Non-interest expense up $484K (4.2%) including $599K in costs related to ongoing proxy contest.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

AMERISERV FINANCIAL INC /PA/ reported first quarter 2023 results: net income $1,515,000, EPS $0.09 per diluted common share.

Period: first quarter 2023
Net income: $1,515,000
EPS: $0.09 per diluted common share
Result: reported results

Exact text from the filing

A M ERI S ERV F IN A NCIAL R EPO R TS FIRST QUARTER 2023 EARNINGS JOHN S TO W N, P A - A m er iS er v F i n a n c i a l , I n c . ( NA S DAQ: A SR V) r e p o r t e d first qu ar t e r 2023 n e t i n c o m e of $1,515,000, or $0.09 p e r d il u t e d c o mm on sh are .

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Source: SEC EDGAR

accession 0001558370-23-006119

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