8-K
filed January 23, 2024, 6:59 PM ET
ticker ASRV
CIK 0000707605
earnings
confidence high
sentiment negative
materiality 0.85
AmeriServ Q4 net loss $5.3M ($0.31); provision $6M on Rite Aid; FY loss $3.3M
AMERISERV FINANCIAL INC /PA/
2023-FY EPS reported
-$0.20
revenue$14,493,000
- Q4 net loss $5.321M ($0.31 per diluted share) vs Q4 2022 net income $947K ($0.06).
- Full year 2023 net loss $3.346M ($0.20) vs net income $7.448M ($0.43) in 2022.
- Provision for credit losses surged to $6.0M in Q4 from $275K a year ago; Rite Aid bankruptcy caused ~$2.8M charge-offs on CRE loans.
- Recognized $922K loss on sale of $16.8M AFS securities (avg yield 3.1%) to reinvest at 5.2%; expects $325K extra interest income in 2024.
- Board declared $0.03 quarterly dividend (3.87% annualized yield), payable Feb 20 to holders of record Feb 5.
Key facts
Extracted from this filing and checked against the source text.
Earnings Releases
SEC 8-K Item 2.02
confidence 0.9
AMERISERV FINANCIAL INC /PA/ reported full year 2023 results: net income $(3,346,000), EPS $(0.20).
- Period
- full year 2023
- Net income
- $(3,346,000)
- EPS
- $(0.20)
- Result
- reported results
Exact text from the filing
For the year ended December 31, 2023, the Company reported a net loss of $3,346,000, or $0.20 per diluted common share.
View on SEC.gov
Earnings Releases
SEC 8-K Item 2.02
confidence 0.9
AMERISERV FINANCIAL INC /PA/ reported full year 2022 results: net income $7,448,000, EPS $0.43.
- Period
- full year 2022
- Net income
- $7,448,000
- EPS
- $0.43
- Result
- reported results
Exact text from the filing
This compares to net income of $7,448,000, or $0.43 per diluted common share, for the full year of 2022.
View on SEC.gov
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