AmeriServ Financial Q3 net income down 69% to $0.04 EPS; activist costs weigh

AMERISERV FINANCIAL INC /PA/

2023-Q3 EPS reported $0.12 revenue$10,780,000

Net income Q3 2023: $647K ($0.04 EPS) vs $2.1M ($0.12) in Q3 2022, down 69.2%.
Nine-month net income $1.975M ($0.12 EPS) vs $6.5M ($0.38) in 2022, down 68.4%.
Net interest margin compressed to 2.76% (Q3) from 3.35% in Q3 2022; interest expense up 205%.
Non-interest expense up $1.9M in nine months, incl. $2.0M legal fees for activist investor defense.
Total loans exceeded $1B for first time; deposits grew $20.8M since Dec 31, 2022.

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 nine months of 2022 results: net income $6,501,000, EPS $0.38.

Period: first nine months of 2022
Net income: $6,501,000
EPS: $0.38
Result: reported results

Exact text from the filing

AMERISERV FINANCIAL, Inc. (the "Registrant") announced third quarter and first nine months of 2023 results through September 30, 2023. For a more detailed description of the announcement see the press release attached as Exhibit 99.1.

View on SEC.gov

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

AMERISERV FINANCIAL INC /PA/ reported third quarter 2023 results: net income $647,000, EPS $0.04.

Period: third quarter 2023
Net income: $647,000
EPS: $0.04
Result: reported results

Exact text from the filing

AMERISERV FINANCIAL, Inc. (the "Registrant") announced third quarter and first nine months of 2023 results through September 30, 2023.

View on SEC.gov

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

AMERISERV FINANCIAL INC /PA/ reported first nine months of 2023 results: net income $1,975,000, EPS $0.12.

Period: first nine months of 2023
Net income: $1,975,000
EPS: $0.12
Result: reported results

Exact text from the filing

AMERISERV FINANCIAL, Inc. (the "Registrant") announced third quarter and first nine months of 2023 results through September 30, 2023. For a more detailed description of the announcement see the press release attached as Exhibit 99.1.

View on SEC.gov

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

AMERISERV FINANCIAL INC /PA/ reported third quarter 2022 results: net income $2,102,000, EPS $0.12.

Period: third quarter 2022
Net income: $2,102,000
EPS: $0.12
Result: reported results

Exact text from the filing

AMERISERV FINANCIAL, Inc. (the "Registrant") announced third quarter and first nine months of 2023 results through September 30, 2023. For a more detailed description of the announcement see the press release attached as Exhibit 99.1.

View on SEC.gov

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Source: SEC EDGAR

accession 0001558370-23-016481

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