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  Title	AMERISERV FINANCIAL REPORTS EARNINGS FOR THE THIRD QUARTER AND FIRST NINE MONTHS OF 2024 AND ANNOUNCES QUARTERLY COMMON STOCK CASH DIVIDEND
  ID	5208048
  External ID	7399619034
  Author	Unknown
  Published Date	Dec. 17, 2024, 8:15 p.m.
  Summary	JOHNSTOWN, Pa. Oct. 22, 2024 /PRNewswire/ -- AmeriServ Financial, Inc. (NASDAQ: ASRV) reported third quarter 2024 net income of , or per diluted common share. This earnings performance represented a ,
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  Content	JOHNSTOWN, Pa. Oct. 22, 2024 /PRNewswire/ -- AmeriServ Financial, Inc. (NASDAQ: ASRV) reported third quarter 2024 net income of , or per diluted common share. This earnings performance represented a , or 82.8%, increase from the third quarter of 2023 when net income totaled , or per diluted common share. For the nine-month period ended September 30, 2024 , the Company reported net income of , or per diluted common share. This represented a 33.3% increase in earnings per share from the nine-month period of 2023 when net income totaled , or per diluted common share. The following table details the Company's financial performance for the three- and nine-month periods ended September 30, 2024 and 2023: Third Quarter Third Quarter Nine Months Ended September 30, 2024 Nine Months Ended September 30, 2023 Net income Diluted earnings per share Jeffrey A. Stopko , President and Chief Executive Officer, commented on the 2024 third quarter financial results: "Our community banking business continued to benefit from diversified revenue streams, with another quarter of strong revenue and profit contribution from our wealth management business. Total non-interest income represented 34% of total revenue for the first nine months of 2024. Both total average loans and deposits have grown this year, demonstrating the strength and loyalty of our customer base and helping to drive three consecutive quarters of net interest income improvement. We believe that our balance sheet is well positioned for further quarterly net interest income growth through the remainder of 2024 and into 2025. Finally, because of the declining interest rate environment and effective capital management, our tangible book value per share has increased by 10.9% to during the first nine months of 2024." All third quarter and nine months of 2024 financial performance metrics within this document are compared to the third quarter and nine months of 2023 unless otherwise noted. The Company's net interest income in the third quarter of 2024 increased by , or 1.0%, from the prior year's third quarter but, for the nine months of 2024, decreased by , or 3.4%, when compared to the nine months of 2023. The Company's net interest margin of 2.71% for the third quarter of 2024 and 2.72% for the nine months of 2024 represents a 5-basis point decrease for the quarter and a 17-basis point decline for the nine months. The decrease reflects net interest margin compression which has been prevalent in the banking industry since the Federal Reserve began tightening monetary policy to control inflation and as the U.S. Treasury yield curve continues to be inverted. While the Company's net interest margin percentage in both time periods of 2024 compares unfavorably to last year, it did demonstrate relative stability so far in 2024 and has improved from its low point in the fourth quarter of 2023 which was 2.63%. With the Federal Reserve's action to begin easing monetary policy in September 2024 , management believes the net interest margin will continue to improve in the remaining months of 2024 and into 2025. The Company benefitted from a provision for credit losses recovery in both the third quarter and nine months of 2024 which represents a favorable shift from provision expense in both time periods of 2023. Total non-interest income demonstrated a modest decrease in the third quarter and nine months of 2024 compared to last year. Total non-interest expense in both 2024 time periods compared favorably to what was experienced in 2023. Overall, earnings improvement in both time periods of 2024 was driven by the favorable comparison in the provision for credit losses and non-interest expense. Total average loans in both the third quarter and nine months of 2024 are higher than the 2023 average by $38.9 million , or 3.9%, and $41.9 million , or 4.2%, respectively. So far in 2024, new loan originations have slightly exceeded payoff activity through nine months and resulted in total loan volumes, on an end of period basis, demonstrating modest growth since December 31 , 2023. Overall, total loans continue to be above the $1.0 billion threshold averaging $1.033 billion for the third quarter of 2024. The higher interest rate environment along with the higher average total loans outstanding resulted in total loan interest income improving by $1.1 million , or 8.7%, for the third quarter of 2024 and by $4.0 million , or 10.6%, for the nine months of 2024 when compared to both time periods of last year. Total investment securities averaged $255.9 million for the nine months of 2024 which is $6.7 million , or 2.6%, lower than the $262.7 million average for the nine months of last year. The decrease reflects management's strategy to allocate more cash flow from the securities portfolio to higher yielding loans while the Company controlled the amount of high cost overnight borrowed funds. Thus, new investment security purchases were primarily used to replace cash flow from maturing securities to maintain appropriate balances for pledging purposes related to public funds deposits. The improved yields for new securities purchases along with management's execution of an investment portfolio repositioning strategy in late December 2023 caused interest income from investments to increase by , or 7.4%, in the nine months of 2024 compared to the same period in 2023. Interest income from investments was unfavorably impacted by the transfer of one corporate security into non-accrual status during the third quarter of 2024, which resulted in a reversal of previously recognized interest income. Overall, the nine-month average balance of total interest earning assets increased from last year's nine-month average by $35.3 million , or 2.8%, while total interest income increased by $4.6 million , or 10.1%, since the nine months of 2023. On the liability side of the balance sheet, through nine months, total average deposits are $10.5 million , or 0.9%, higher compared to total average deposits in the nine months of 2023. The increase reflects the Company's successful business development efforts which more than offset a portion of the funds from the government stimulus programs leaving the balance sheet and greater pricing competition in the market to retain deposits because of the higher interest rates. The Company's core deposit base continued to demonstrate the strength and stability that it has had for many years. On September 30, 2024 , total deposits grew by $31.0 million , or 2.7%, since December 31, 2023 , demonstrating customer loyalty and confidence in AmeriServ Financial Bank. The Company does not utilize brokered deposits as a funding source. The loan to deposit ratio averaged 88.7% in the third quarter of 2024, which indicates that the Company has ample capacity to continue to grow its loan portfolio and is well positioned to support our customers and our community during times of economic volatility. Total interest expense increased by $1.2 million , or 17.8%, for the third quarter of 2024, and by $5.5 million , or 31.3%, for the nine months of 2024 when compared to both time periods of last year, due to higher deposit and borrowings interest expense. Deposit interest expense was higher by , or 15.2%, for the quarter and by $4.2 million , or 28.5%, for the nine months as the average volume of total interest-bearing deposits grew by $27.1 million , or 2.8%, for the quarter and by $26.5 million , or 2.8%, for the nine months. The rising national interest rates in 2023 resulted in certain deposit products, particularly public funds, which are tied to a market index, repricing upward with the move in short-term interest rates causing interest expense to increase. Additionally, increased market competition resulted in the Company raising rates on certain shorter-term certificates of deposit to retain funds. Another factor contributing to net interest margin compression was an unfavorable deposit mix shift as the 2024 average of non-interest-bearing demand deposits declined by $11.2 million , or 6.0%, for the quarter and $16.0 million , or 8.2%, for the nine months while, as mentioned above, total interest-bearing deposits increased. For interest rate risk management purposes and to offset a portion of the unfavorable impact that rising funding costs are having on net interest income, management proactively executed $70 million of interest rate hedge transactions during 2023 to fix the cost of certain deposits that are indexed and move with short-term interest rates. Finally, the increasing trend in total deposit costs experienced since the Federal Reserve began to tighten monetary policy slowed in 2024 with the Federal Open Market Committee keeping the Fed Funds rate stable since July 2023 until their action to ease monetary policy in September 2024. This slowdown in deposit costs has contributed to the previously mentioned recent stabilization and improvement in the net interest margin. Management believes that deposit costs will improve as the Federal Reserve continues their expected tempered approach to reduce interest rates. Overall, total deposit cost averaged 2.19% in the nine months of 2024, which is 47-basis points higher than total deposit cost of 1.72% for the nine months of 2023. Total borrowings interest expense increased by , or 32.3%, in the third quarter of 2024 and by $1.2 million , or 47.3%, when compared to the nine months of 2023. The increase primarily results from the impact that the higher interest rates had on total borrowings cost. The Company's utilization of overnight borrowed funds so far in 2024 has been lower than the 2023 level in both time periods while the level of advances from the Federal Home Loan Bank have increased. Advances from the Federal Home Loan Bank averaged $50.7 million in the nine months of 2024 which is $31.9 million , or 169.8%, higher than the $18.8 million average in the nine months of 2023. Management's strategy to increase term advances to lock in lower rates than overnight borrowings due to the inversion in the yield curve has favorably impacted net interest income. The Company recorded a provision for credit losses recovery in the third quarter of 2024 after recording provision expense of in the third quarter of 2023, resulting in a net favorable change of . For the nine months of 2024, the Company recognized a provision for credit losses recovery after recognizing $1.4 million of provision expense in the nine months of 2023, resulting in a net favorable change of $1.6 million . The provision recovery in the third quarter of 2024 primarily reflects improved historical loss rates used to calculate the allowance for loan credit losses in accordance with CECL. The provision for credit losses net recovery for the nine-month timeframe reflects first quarter 2024 recoveries recognized in both the loan and securities portfolios which more than offset additional contributions made to the provision during the second quarter of 2024 for an AFS security and total loans. Activity within the provision for credit losses from prior quarters is described in the Company's previous 2024 press releases. Non-performing assets decreased since the second quarter of 2024 by and totaled $12.7 million . This decline occurred despite the transfer of a $1 million corporate security into non-accrual status. Non-performing assets from the loan portfolio are at 1.12% of total loans. The Company recognized net loan charge-offs of , or 0.06% of total average loans, in the nine months of 2024 compared to net loan charge-offs of , or 0.03% of total average loans, in the nine months of 2023. The allowance for loan credit losses at September 30, 2024 is $2.1 million , or 17.1%, higher than the allowance for loan credit losses at September 30 , 2023. The increase since last year's third quarter end is due to the Company strengthening its allowance for loan credit losses during the fourth quarter of 2023. Overall, the Company continues to maintain solid coverage of both total loans and non-performing loans as the allowance for loan credit losses provided 147% coverage of non-performing loans and 1.39% of total loans at September 30 Total non-interest income in the third quarter of 2024 decreased by , or 1.2%, from the prior year's third quarter and declined by , or 0.8%, in the nine months of 2024 when compared to the nine months of 2023. The slight decrease for the nine-month period is primarily attributed to the Company recognizing a $1.7 million gain in the first quarter of 2023 from AmeriServ Financial Bank selling all 7,859 shares of the Class B common stock of Visa Inc. There was no such gain during the nine-month period ending September 30 , 2024. Wealth management fees improved by , or 7.2%, for the quarter and by $1.0 million , or 12.0%, for the nine months due in part to a strong performance from our Financial Services division that resulted from new business growth. Also, the increase in wealth management fees reflects the improving market conditions particularly for equity securities as major market indexes continue their ascent to record highs in 2024. Overall, the fair market value of wealth management assets totaled $2.6 billion at September 30, 2024 and increased by $218.3 million , or 9.1%, since September 30 , 2023. Other income is , or 23.4%, lower for the third quarter but , or 36.5%, higher for the nine months of 2024. The variances for both time periods primarily reflect the necessary adjustments to the fair market value of an interest rate swap related risk participation agreement as well as the credit valuation adjustment to the market value of the interest rate swap contracts that the Company executed to accommodate the needs of certain borrowers while managing our interest rate risk position. These adjustments reflect the changing national interest rates which unfavorably impacted other income by during the third quarter of 2024 but were net favorable for the nine months by . In the first quarter of 2024, other income was favorably impacted by the Company recognizing a signing bonus that resulted from successful negotiations related to the renewal of an expiring contract with Visa. Professional fees in both 2024 and 2023 were impacted by litigation and responses to the actions of an activist investor. The Company reached a Cooperation and Settlement Agreement with activist investor Driver Opportunity Partners (Driver), which was described in a Current Report on Form 8-K filed on June 14 , 2024. The Company's activist related costs declined by approximately when the third quarter of 2024 is compared to the third quarter of 2023. Through nine months of 2024, activist related costs totaled $1.5 million compared to $2.0 million recognized through nine months of 2023. The Company does not expect to incur any additional activist related costs through the remainder of 2024. The Company recorded income tax expense of in the third quarter of 2024 and income tax expense of , or an effective tax rate of 18.4%, in the nine months of 2024, which compares to income tax expense of , in the third quarter of 2023 and income tax expense of , or an effective tax rate of 18.0%, for the nine months of 2023. The Company had total assets of $1.4 billion , shareholders' equity of $108.2 million , a book value of per common share and a tangible book value of per common share on September 30 , 2024. Book value per common share increased by , or 9.9%, and tangible book value per common share increased by , or 10.9% since December 31, 2023 , due to a favorable adjustment for both the unrealized loss on available for sale securities and the Company's defined benefit pension plan and the accretive repurchase of 628,003 shares of common stock from Driver. The Company continued to maintain strong capital ratios that exceed the regulatory defined well capitalized status as of September 30, 2024 QUARTERLY COMMON STOCK DIVIDEND The Company's Board of Directors declared a per share quarterly common stock cash dividend. The cash dividend is payable November 18, 2024 , to shareholders of record on November 4, 2024 . This cash dividend represents a 4.01% annualized yield using the October 18, 2024 , closing stock price of and a 43% payout ratio based upon the most recent quarterly earnings. The Company's Board of Directors elected to continue the common dividend at its current level given the Company's strong capital position and earnings improvement in 2024. Forward-Looking Statements This press release contains forward-looking statements as defined in the Securities Exchange Act of 1934 and is subject to the safe harbors created therein. Such statements are not historical facts and include expressions about management's confidence and strategies and management's current views and expectations about new and existing programs and products, relationships, opportunities, technology, market conditions, dividend program, and future payment obligations. These statements may be identified by such forward-looking terminology as "continuing," "expect," "look," "believe," "anticipate," "may," "will," "should," "projects," "strategy," or similar statements. Actual results may differ materially from such forward-looking statements, and no reliance should be placed on any forward-looking statement. Factors that may cause results to differ materially from such forward-looking statements include, but are not limited to, unanticipated changes in the financial markets, the level of inflation, and the direction of interest rates; volatility in earnings due to certain financial assets and liabilities held at fair value; competition levels; loan and investment prepayments differing from our assumptions; insufficient allowance for credit losses; a higher level of loan charge-offs and delinquencies than anticipated; material adverse changes in our operations or earnings; a decline in the economy in our market areas; changes in relationships with major customers; changes in effective income tax rates; higher or lower cash flow levels than anticipated; inability to hire or retain qualified employees; a decline in the levels of deposits or loss of alternate funding sources; a decrease in loan origination volume or an inability to close loans currently in the pipeline; changes in laws and regulations; adoption, interpretation and implementation of accounting pronouncements; ability to successfully execute the Earnings Improvement Program and achieve the anticipated benefits in the amounts and at times estimated; operational risks, including the risk of fraud by employees, customers or outsiders; unanticipated effects to our banking platform; and the inability to successfully implement or expand new lines of business or new products and services. These forward-looking statements involve risks and uncertainties that could cause AmeriServ's results to differ materially from management's current expectations. Such risks and uncertainties are detailed in AmeriServ's filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2023 . Forward-looking statements are based on the beliefs and assumptions of AmeriServ's management and on currently available information. The statements in this press release are made as of the date of this press release, even if subsequently made available by AmeriServ on its website or otherwise. AmeriServ undertakes no responsibility to publicly update or revise any forward-looking statement. _____________________________ Non-GAAP Financial Information. See "Reconciliation of Non-GAAP Financial Measures" at end of release. AMERISERV FINANCIAL, INC. NASDAQ: ASRV SUPPLEMENTAL FINANCIAL PERFORMANCE DATA September 30, 2024 (Dollars in thousands, except per share and ratio data) (Unaudited) 1QTR 2QTR 3QTR YEAR TO DATE PERFORMANCE DATA FOR THE PERIOD: Net income (loss) PERFORMANCE PERCENTAGES (annualized): Return on average assets Return on average equity Return on average tangible common equity (1) Net interest margin Net charge-offs (recoveries) as a percentage of average loans Efficiency ratio (3) EARNINGS PER COMMON SHARE: Basic Average number of common shares outstanding Diluted Average number of common shares outstanding Cash dividends paid per share 1QTR 2QTR 3QTR YEAR TO DATE PERFORMANCE DATA FOR THE PERIOD: Net income (loss) PERFORMANCE PERCENTAGES (annualized): Return on average assets Return on average equity Return on average tangible common equity (1) Net interest margin Net charge-offs (recoveries) as a percentage of average loans Efficiency ratio (3) EARNINGS PER COMMON SHARE: Basic Average number of common shares outstanding Diluted Average number of common shares outstanding Cash dividends paid per share AMERISERV FINANCIAL, INC. NASDAQ: ASRV --CONTINUED-- (Dollars in thousands, except per share, statistical, and ratio data) (Unaudited) 1QTR 2QTR 3QTR FINANCIAL CONDITION DATA AT PERIOD END: Assets Short-term investments/overnight funds Investment securities, net of allowance for credit losses - securities Total loans and loans held for sale, net of unearned income Allowance for credit losses - loans Intangible assets Deposits Short-term and FHLB borrowings Subordinated debt, net Shareholders' equity Non-performing assets Tangible common equity ratio (1) Total capital (to risk weighted assets) ratio PER COMMON SHARE: Book value Tangible book value (1) Market value (2) Wealth management assets – fair market value (4) STATISTICAL DATA AT PERIOD END: Full-time equivalent employees Branch locations Common shares outstanding 1QTR 2QTR 3QTR 4QTR FINANCIAL CONDITION DATA AT PERIOD END: Assets Short-term investments/overnight funds Investment securities, net of allowance for credit losses - securities Total loans and loans held for sale, net of unearned income Allowance for credit losses - loans Intangible assets Deposits Short-term and FHLB borrowings Subordinated debt, net Shareholders' equity Non-performing assets Tangible common equity ratio (1) Total capital (to risk weighted assets) ratio PER COMMON SHARE: Book value Tangible book value (1) Market value (2) Wealth management assets – fair market value (4) STATISTICAL DATA AT PERIOD END: Full-time equivalent employees Branch locations Common shares outstanding NOTES: Non-GAAP Financial Information. See "Reconciliation of Non-GAAP Financial Measures" at end of release. Based on closing price reported by the principal market on which the share is traded on the last business day of the corresponding reporting period. Ratio calculated by dividing total non-interest expense by tax equivalent net interest income plus total non-interest income. Not recognized on the consolidated balance sheets. AMERISERV FINANCIAL, INC. NASDAQ: ASRV CONSOLIDATED STATEMENT OF INCOME (Dollars in thousands) (Unaudited) 1QTR 2QTR 3QTR YEAR TO DATE INTEREST INCOME Interest and fees on loans Interest on investments Total Interest Income INTEREST EXPENSE Deposits All borrowings Total Interest Expense NET INTEREST INCOME Provision (recovery) for credit losses NET INTEREST INCOME AFTER PROVISION (RECOVERY) FOR CREDIT LOSSES NON-INTEREST INCOME Wealth management fees Service charges on deposit accounts Net realized gains on loans held for sale Mortgage related fees Gain on sale of Visa Class B shares Bank owned life insurance Other income Total Non-Interest Income NON-INTEREST EXPENSE Salaries and employee benefits Net occupancy expense Equipment expense Professional fees Data processing and IT expense FDIC deposit insurance expense Other expense Total Non-Interest Expense PRETAX INCOME (LOSS) Income tax expense (benefit) NET INCOME (LOSS) 1QTR 2QTR 3QTR YEAR TO DATE INTEREST INCOME Interest and fees on loans Interest on investments Total Interest Income INTEREST EXPENSE Deposits All borrowings Total Interest Expense NET INTEREST INCOME Provision (recovery) for credit losses NET INTEREST INCOME AFTER PROVISION (RECOVERY) FOR CREDIT LOSSES NON-INTEREST INCOME Wealth management fees Service charges on deposit accounts Net realized gains on loans held for sale Mortgage related fees Gain on sale of Visa Class B shares Bank owned life insurance Other income Total Non-Interest Income NON-INTEREST EXPENSE Salaries and employee benefits Net occupancy expense Equipment expense Professional fees Data processing and IT expense FDIC deposit insurance expense Other expense Total Non-Interest Expense PRETAX INCOME (LOSS) Income tax expense (benefit) NET INCOME (LOSS) AMERISERV FINANCIAL, INC. NASDAQ: ASRV AVERAGE BALANCE SHEET DATA (Dollars in thousands) (Unaudited) 3QTR NINE MONTHS 3QTR NINE MONTHS Interest earning assets: Loans and loans held for sale, net of unearned income Short-term investments and bank deposits Total investment securities Total interest earning assets Non-interest earning assets: Cash and due from banks Premises and equipment Other assets Allowance for credit losses Total assets Interest bearing liabilities: Interest bearing deposits: Interest bearing demand Savings Money market Other time Total interest bearing deposits Borrowings: Federal funds purchased and other short-term borrowings Advances from Federal Home Loan Bank Subordinated debt Lease liabilities Total interest bearing liabilities Non-interest bearing liabilities: Demand deposits Other liabilities Shareholders' equity Total liabilities and shareholders' equity AMERISERV FINANCIAL, INC. NASDAQ: ASRV CHANGES IN SHAREHOLDERS' EQUITY (Dollars in thousands) (Unaudited) COMMON STOCK TREASURY STOCK SURPLUS RETAINED EARNINGS ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME TOTAL Balance at December 31, 2023 Net income Exercise of stock options and stock option expense Adjustment for defined benefit pension plan Adjustment for unrealized loss on available for sale securities Market value adjustment for interest rate hedge Common stock cash dividend Balance at March 31, 2024 Net loss Treasury stock, purchased at cost Adjustment for defined benefit pension plan Adjustment for unrealized loss on available for sale securities Market value adjustment for interest rate hedge Common stock cash dividend Balance at June 30, 2024 Net income Adjustment for defined benefit pension plan Adjustment for unrealized gain on available for sale securities Market value adjustment for interest rate hedge Common stock cash dividend Balance at September 30, 2024 COMMON STOCK TREASURY STOCK SURPLUS RETAINED EARNINGS ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME TOTAL Balance at December 31, 2022 Net income Exercise of stock options and stock option expense Adjustment for defined benefit pension plan Adjustment for unrealized gain on available for sale securities Market value adjustment for interest rate hedge Cumulative effect adjustment for change in accounting principal Common stock cash dividend Balance at March 31, 2023 Net loss Exercise of stock options and stock option expense Adjustment for defined benefit pension plan Adjustment for unrealized loss on available for sale securities Market value adjustment for interest rate hedge Common stock cash dividend Balance at June 30, 2023 Net income Exercise of stock options and stock option expense Adjustment for defined benefit pension plan Adjustment for unrealized loss on available for sale securities Market value adjustment for interest rate hedge Common stock cash dividend Balance at September 30, 2023 Net loss Exercise of stock options and stock option expense Adjustment for defined benefit pension plan Adjustment for unrealized gain on available for sale securities Market value adjustment for interest rate hedge Common stock cash dividend Balance at December 31, 2023 AMERISERV FINANCIAL, INC. NASDAQ: ASRV RECONCILIATION OF NON-GAAP FINANCIAL MEASURES RETURN ON AVERAGE TANGIBLE COMMON EQUITY, TANGIBLE COMMON EQUITY RATIO, AND TANGIBLE BOOK VALUE PER SHARE (Dollars in thousands, except per share and ratio data) (Unaudited) The press release contains certain financial information determined by methods other than in accordance with generally accepted accounting principles in the United States (GAAP). These non-GAAP financial measures are "return on average tangible common equity", "tangible common equity ratio", and "tangible book value per share". This non-GAAP disclosure has limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of the Company's results as reported under GAAP, nor is it necessarily comparable to non-GAAP performance measures that may be presented by other companies. These non-GAAP measures are used by management in their analysis of the Company's performance or, management believes, facilitate an understanding of the Company's performance. We also believe that presenting non-GAAP financial measures provides additional information to facilitate comparison of our historical operating results and trends in our underlying operating results. We consider quantitative and qualitative factors in assessing whether to adjust for the impact of items that may be significant or that could affect an understanding of our ongoing financial and business performance or trends. 1QTR 2QTR 3QTR YEAR TO DATE RETURN ON AVERAGE TANGIBLE COMMON EQUITY Net income (loss) Average shareholders' equity Less: Average intangible assets Average tangible common equity Return on average tangible common equity (annualized) 1QTR 2QTR 3QTR TANGIBLE COMMON EQUITY Total shareholders' equity Less: Intangible assets Tangible common equity TANGIBLE ASSETS Total assets Less: Intangible assets Tangible assets Tangible common equity ratio Total shares outstanding Tangible book value per share 1QTR 2QTR 3QTR YEAR TO DATE RETURN ON AVERAGE TANGIBLE COMMON EQUITY Net income (loss) Average shareholders' equity Less: Average intangible assets Average tangible common equity Return on average tangible common equity (annualized) 1QTR 2QTR 3QTR 4QTR TANGIBLE COMMON EQUITY Total shareholders' equity Less: Intangible assets Tangible common equity TANGIBLE ASSETS Total assets Less: Intangible assets Tangible assets Tangible common equity ratio Total shares outstanding Tangible book value per share View original content to download multimedia: https://www.prnewswire.com/news-releases/ameriserv-financial-reports-earnings-for-the-third-quarter-and-first-nine-months-of-2024-and-announces-quarterly-common-stock-cash-dividend-302282338.html SOURCE AmeriServ Financial, Inc. 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