Ameriserve Financial reports Q4 EPS (31c) vs. 6c last year

Recorded $6.0M in provision for credit losses vs. a $275K provision expense in 4Q22. Tangible book value was $5.16 per common share on December 31, 2023 from $5.11 at previous quarter end. CEO Jeffrey Stopko commented: “During 4Q23, we continued to see several encouraging new business development results which included a $36M, or 3.6%, increase in total loans and our fourth consecutive quarter of growth in wealth management revenues. This positive momentum in our key business lines combined with the previously announced $1.5M benefit expected from our Earnings Improvement Program position the company well for earnings growth in 2024. The net loss that AmeriServ Financial, Inc. reported for 4Q23 was consistent with the pre-earnings guidance that we issued on January 12, 2024. This net loss was caused by an increased provision for credit losses related to commercial real estate loans that had Rite Aid as a tenant and our decision to execute an investment portfolio repositioning strategy. We remain committed to operating our customer focused community bank for the benefit of all our stakeholders.”