AmeriServ Financial reports Q2 2023 net loss of $187K on activist costs; EPS -$0.01 vs +$0.12 YoY

AMERISERV FINANCIAL INC /PA/

2023-Q2 EPS reported $0.08 revenue$7,070,000

Net loss $187K ($0.01 diluted EPS) in Q2 2023 vs net income $1.981M ($0.12) in Q2 2022; H1 net income $1.328M ($0.08) down 69.2% YoY.
Legal/professional fees from activist proxy contest totaled $1.1M in Q2 and $1.7M in H1; Board slate elected, costs expected to decline.
Net interest margin compressed to 2.89% in Q2 from 3.23% a year ago; deposit costs rose 131 bps to 1.61% in H1.
Sold Visa Class B shares for $1.7M gain, boosting non-interest income; also recorded $926K loss on Signature Bank sub debt investment.
Non-performing assets well-controlled at 0.57% of loans; allowance for credit losses covers 216% of NPAs.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

AMERISERV FINANCIAL INC /PA/ reported First six months of 2023 results: net income 1,328,000, EPS 0.08.

Period: First six months of 2023
Net income: 1,328,000
EPS: 0.08
Result: reported results

Exact text from the filing

For the six-month period ended June 30, 2023, the Company reported net income of $1,328,000, or $0.08 per diluted common share.

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AMERISERV FINANCIAL INC /PA/ filing history →

Source: SEC EDGAR

accession 0001558370-23-011946

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