Ameriserv Finl Stock Price, News & Analysis

AmeriServ Financial, Inc. (NASDAQ: ASRV) has declared a quarterly cash dividend of $0.03 per share, payable on May 22, 2023 to shareholders on record as of May 8, 2023. This dividend yields 3.83% annually based on the closing stock price of $3.13 as of April 20, 2023. The dividend payout ratio for the first quarter of 2023 stands at 33.3%. As of March 31, 2023, AmeriServ's total assets amounted to $1.346 billion with a book value of $6.18 per share.

AmeriServ Financial reported first quarter 2023 net income of $1,515,000 ($0.09 per diluted share), a 37.3% decrease from Q1 2022. Total average loans rose by 0.7% to $1,016,900,000, excluding PPP loans. Despite an increase in deposits by $23.3 million (2.1%), net interest income fell 2.5% due to higher interest expenses outpacing income. The provision for credit losses increased to $1.2 million, reflecting losses on a subordinated debt investment. Non-interest income saw a 27.0% rise, driven by a gain from selling Visa stock. Total non-interest expenses rose 4.2%. The company maintains strong liquidity and capital ratios and has a loan-to-deposit ratio of 85.8%.

AmeriServ Financial, Inc. (NASDAQ: ASRV) has initiated legal proceedings against Driver Opportunity Partners I LP to invalidate its nomination notice for directors at the upcoming 2023 Annual Meeting. The lawsuit, filed in Cambria County, asserts that Driver's notice fails to comply with the company's bylaws, specifically regarding conflicts of interest. AmeriServ's Board argues that allowing this proxy contest would distract from shareholder interests. The company expresses commitment to engaging shareholders with its own slate of director candidates, emphasizing governance and compliance with regulations.

AmeriServ Financial, Inc. (NASDAQ: ASRV) announced that the Board of Directors deemed the nomination notice submitted by Driver Management Company invalid for the 2023 Annual Meeting. The notice lacked essential disclosures about a director candidate's family connections to the Company, including a $4 million personal line of credit. Additionally, nomination proposals did not satisfy the interlocks bylaw, which prohibits concurrent directorships with other financial institutions. Despite attempts to engage with Driver, the Board has finalized its own slate of director candidates, prioritizing governance enhancements and stakeholder interests.

AmeriServ Financial, Inc. (NASDAQ: ASRV) announced its nominees for the 2023 Annual Meeting of Shareholders, including current director Daniel Onorato and new candidates Richard Bloomingdale and David Hickton. Bloomingdale's extensive labor relations experience and Hickton's legal and cybersecurity background aim to enhance the Board's expertise in human capital management and business development. The company expresses gratitude to retiring members Allan Dennison and Sara Sargent for their contributions. This move supports ongoing Board refreshment, with nearly half the Board being renewed in three years, reinforcing AmeriServ's commitment to sound governance and long-term shareholder value.

AmeriServ Financial Bank (NASDAQ: ASRV) has been selected by the Pennsylvania IOLTA Board as its winning bank through a statewide RFP process initiated in 2022. The partnership involves servicing business deposit accounts, potentially increasing core deposits that can be used for loans to support local economic activity. AmeriServ's commitment to community service and its status as an IOLTA Platinum Leader Bank were key factors in their selection. As of December 31, 2022, AmeriServ reported total assets of $1.4 billion and a book value of $6.20 per share.

AmeriServ Financial, Inc. (ASRV) reported fourth quarter 2022 net income of $947,000, down 48.9% from $1,852,000 in Q4 2021. For the year, net income increased by 4.9% to $7,448,000, or $0.43 per share, from $7,072,000, or $0.41 per share in 2021. The company declared a quarterly cash dividend of $0.03 per share, representing a 3.03% yield. Despite a decrease in net interest income by 1.5% in Q4, it rose by 3.8% for the year. Challenges included a reduction in PPP loan-related fee income and increased deposit interest expenses due to rising interest rates. The loan loss provision was $275,000, slightly higher than the previous year.