AmeriServ Financial, Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2024. The company experienced a notable increase in net income, which rose to $1,183,000, an increase of 82.8% from $647,000 in the same quarter of 2023. For the nine months ended September 30, 2024, net income reached $2,712,000, up 37.3% from $1,975,000 in the prior year. Diluted earnings per share for the third quarter improved to $0.07 from $0.04, while the return on average assets and equity also saw increases, reaching 0.34% and 4.51%, respectively.
Total interest income for the third quarter of 2024 was $16,708,000, up from $15,439,000 in the previous year, driven by an increase in loan interest and fee income, which rose by 8.7% to $14,301,000. However, total interest expense also increased significantly, climbing to $7,821,000 from $6,640,000, reflecting higher costs associated with deposits and borrowings. The net interest income for the quarter was $8,887,000, a slight increase from $8,799,000 in Q3 2023.
The company’s total assets as of September 30, 2024, were reported at $1,394,634,000, a modest increase from $1,351,343,000 at the end of 2023. Total deposits grew by $30.9 million, or 2.7%, to $1,189,330,000, indicating strong customer confidence. Cash and cash equivalents also saw a significant rise, increasing by $8.1 million to $22,116,000.
Strategically, AmeriServ Financial announced the merger of its Trust Company with AmeriServ Financial Bank, effective October 1, 2024, which is expected to enhance regulatory capital ratios. The company also reported a recovery in provisions for credit losses, with a recovery of $145,000 for the nine months ended September 30, 2024, compared to a provision expense of $553,000 in the same period of 2023.
In terms of credit quality, non-performing assets decreased to $11,669,000 from $12,393,000 at the end of 2023, with non-accrual loans also declining. The allowance for credit losses stood at $14,420,000, reflecting a 4.2% decrease from the previous quarter but a 17.1% increase year-over-year.
Overall, AmeriServ Financial's performance in Q3 2024 demonstrated resilience amid challenging market conditions, with strategic initiatives aimed at enhancing shareholder value and customer service.
About AMERISERV FINANCIAL INC /PA/
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