Welcome to our dedicated page for Ameriserv Finl news (Ticker: ASRV), a resource for investors and traders seeking the latest updates and insights on Ameriserv Finl stock.
AmeriServ Financial Inc (NASDAQ: ASRV) is a Pennsylvania-based bank holding company and the parent of AmeriServ Financial Bank, a community bank headquartered in Johnstown, Pennsylvania. This news page aggregates company-issued announcements, earnings releases, and other updates that illuminate how AmeriServ manages its commercial banking and wealth management operations.
AmeriServ’s news flow frequently includes quarterly and annual earnings reports that discuss net income, net interest income, net interest margin, loan and deposit trends, provisions for credit losses, and the performance of its wealth management and trust-related businesses. These releases provide detail on how the company’s community banking segment and wealth platform contribute to overall results and how management responds to changes in interest rates and economic conditions.
Investors and analysts can also find updates on strategic initiatives, such as the merger of AmeriServ Trust and Financial Services Company into AmeriServ Financial Bank to form the AmeriServ Wealth & Capital Management division, and the rebranding of West Chester Capital Advisors to AmeriServ Wealth Advisors, Inc. News items describe alliances with firms like Federated Hermes Inc., which expand investment options and resources available to AmeriServ’s wealth management clients, and advisory agreements with SB Value Partners, L.P., a significant shareholder providing consulting services focused on the trust and wealth management business and bank efficiency.
Other releases cover corporate governance matters, labor agreements with United Steelworkers Local 2635-06, and Board decisions on quarterly common stock cash dividends. By reviewing the ASRV news stream, readers can monitor how AmeriServ executes its community banking and wealth management strategies, manages risk, and communicates with shareholders, customers, and employees over time.
AmeriServ Financial (NASDAQ: ASRV) has completed the merger of its subsidiary, AmeriServ Trust and Financial Services Company, into AmeriServ Financial Bank, effective October 1, 2024. The former trust company will operate as a division called AmeriServ Wealth & Capital Management. The merger aims to enhance operational efficiencies and provide trust customers with broader access to banking services. David Finui, former trust company president, will lead the new wealth division. AmeriServ Financial Bank operates through 16 community offices in southwestern Pennsylvania and Maryland, with total assets of $1.4 billion and a book value of $6.55 per common share as of September 30, 2024.
AmeriServ Financial, Inc. (NASDAQ: ASRV) reported third quarter 2024 net income of $1,183,000, or $0.07 per diluted common share, an 82.8% increase from Q3 2023. For the nine-month period ended September 30, 2024, net income was $2,712,000, or $0.16 per diluted share, a 33.3% increase from the same period in 2023. The company's performance was driven by diversified revenue streams, with non-interest income representing 34% of total revenue for the first nine months of 2024. Both total average loans and deposits grew, demonstrating customer loyalty. The company's tangible book value per share increased by 10.9% to $5.72 during the first nine months of 2024. AmeriServ Financial's Board of Directors declared a $0.03 per share quarterly common stock cash dividend, payable November 18, 2024, to shareholders of record on November 4, 2024.
AmeriServ Financial, Inc. (NASDAQ: ASRV) has declared a quarterly cash dividend of $0.03 per share, payable on August 19, 2024, to shareholders of record on August 5, 2024. This dividend represents a 4.65% annualized yield based on the July 17, 2024 closing stock price of $2.58. The company's dividend payout ratio for the first half of 2024 was 66.7%.
AmeriServ Financial, Inc. is the parent company of AmeriServ Financial Bank and AmeriServ Trust and Financial Services Company. As of June 30, 2024, the company had total assets of $1.4 billion and a book value of $6.28 per common share. It operates through 16 community offices in southwestern Pennsylvania and Hagerstown, Maryland, along with loan production offices in Altoona and Monroeville, Pennsylvania.
AmeriServ Financial (NASDAQ: ASRV) reported a net loss of $375,000 ($0.02 per diluted share) for Q2 2024, down from a $187,000 loss in Q2 2023. For the first six months of 2024, net income was $1,529,000 ($0.09 per diluted share), up 15.1% from the same period in 2023. Key points:
- Net interest income decreased 2.6% in Q2 and 5.4% for H1 2024
- Non-interest income increased 13.2% in Q2 but decreased 0.5% for H1 2024
- Non-interest expense increased 0.9% in Q2 and 0.1% for H1 2024
- Average loans increased 4.4% year-over-year
- Book value per share increased 3.6% to $6.28 in Q2
The company incurred $1.3 million in activism defense-related expenses in Q2 2024 but expects no further such costs following a settlement with an activist investor.
AmeriServ Financial (NASDAQ: ASRV) has reached a cooperation and settlement agreement with Driver Opportunity Partners I LP. As part of the agreement, Driver will withdraw its director nominations and dismiss all litigation against AmeriServ. Driver has agreed to a perpetual standstill, preventing future nominations or litigation. AmeriServ will repurchase approximately 628,000 shares from Driver at a price below tangible book value, benefiting current shareholders. About 68% of the $1.76 million costs related to the agreement will be covered by insurance. Further financial details will be disclosed in AmeriServ’s next 10-Q report.
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