AmeriServ reports Q2 net loss of $375K; activism costs weigh on results

AMERISERV FINANCIAL INC /PA/

2024-Q2 EPS reported $0.09 revenue$7,931,000

Q2 2024 net loss of $375K ($0.02 per diluted share) vs net loss of $187K ($0.01) in Q2 2023.
Activism defense costs of $1.3M in Q2 2024; settlement with Driver Opportunity Partners reached in June, no further costs expected.
Net interest margin improved to 2.74% for Q2, up 11 bps from Q4 2023; net interest income down 2.6% YoY.
Wealth management fees up 9.7% in Q2; total non-interest income up 13.2%.
Book value per share rose 3.6% to $6.28; repurchased 628,003 shares from Driver at $2.38, accretive.

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