Financial Performance - Third quarter 2024 net income was $1,183,000, a 82.8% increase from $647,000 in the third quarter of 2023, resulting in diluted earnings per share of $0.07 compared to $0.04[1] - For the nine months ended September 30, 2024, net income was $2,712,000, representing a 33.3% increase from $1,975,000 in the same period of 2023, with diluted earnings per share rising from $0.12 to $0.16[1] - Net income for the nine months of 2024 was $2.712 million, with a return on average assets of 0.26%[19] - Net income for Q3 2024 was $1,183 thousand, recovering from a loss of $375 thousand in Q2 2024[23] - The company reported a net income of $1,183 million for the quarter ending September 30, 2024, compared to $1,904 million for the previous quarter, showing a decrease of about 37.8%[26] Loans and Deposits - Total average loans increased by $38.9 million, or 3.9%, in the third quarter of 2024 compared to 2023, and by $41.9 million, or 4.2%, for the nine months[3] - Total deposits grew by $31.0 million, or 2.7%, since December 31, 2023, reflecting customer loyalty and confidence in the company[6] Income and Expenses - Total interest income increased by $4.6 million, or 10.1%, for the nine months of 2024 compared to the same period in 2023, driven by higher average total loans outstanding[5] - Total interest expense increased by $1.2 million, or 17.8%, for the third quarter of 2024, driven by higher deposit and borrowings interest expense[7] - Non-interest income decreased by $53,000, or 1.2%, in the third quarter of 2024 compared to the prior year, primarily due to the absence of a $1.7 million gain recognized in the first quarter of 2023[11] - Wealth management fees improved by $205,000, or 7.2%, for the third quarter of 2024, reflecting strong performance and new business growth[11] - Total non-interest expense decreased by $374,000, or 3.1%, in Q3 2024 compared to Q3 2023[12] - Salaries and employee benefits expense decreased by $914,000, or 4.1%, for the nine months of 2024[12] - Total health care cost was $459,000, or 15.9%, lower compared to the previous year[12] Assets and Equity - Total assets were $1.4 billion, with shareholders' equity of $108.2 million as of September 30, 2024[15] - Book value per common share increased by $0.59, or 9.9%, since December 31, 2023[15] - Shareholders' equity increased to $108,182 thousand in Q3 2024, up from $103,661 thousand in Q2 2024[21] - Total assets as of September 30, 2024, were $1,394,634 million, up from $1,391,089 million at the end of the previous quarter, indicating a growth of approximately 0.3%[25] - Total interest-earning assets increased to $1,291,645 million in the third quarter of 2024, compared to $1,290,668 million in the previous quarter, reflecting a slight growth of about 0.1%[25] Credit Losses and Provisions - The company recorded a $51,000 provision for credit losses recovery in the third quarter of 2024, a favorable change of $240,000 compared to a provision expense of $189,000 in the third quarter of 2023[9] - The allowance for credit losses on loans was $14,420 thousand in Q3 2024, a decrease from $14,611 thousand in Q2 2024[21] - The allowance for credit losses was $(15,182) million as of September 30, 2024, compared to $(15,406) million at the end of the previous quarter, indicating a decrease in provisions[25] Dividends and Returns - The Company declared a quarterly cash dividend of $0.03 per share, representing a 4.01% annualized yield[16] - The tangible book value per share increased by 10.9% to $5.72 during the first nine months of 2024[1] Efficiency and Costs - The efficiency ratio improved to 89.49% for the nine months of 2024[19] - Activist related costs declined by approximately $400,000 in Q3 2024 compared to Q3 2023, totaling $1.5 million for the nine months of 2024[13] Historical Comparison - Net income for the year 2023 was $1,975,000, with a quarterly breakdown of $1,515,000 in Q1, a loss of $187,000 in Q2, and $647,000 in Q3[30] - Average tangible common equity for Q3 2023 was $89,256, resulting in a return on average tangible common equity of 2.88%[30] - Total shareholders' equity at the end of Q3 2023 was $101,326, with tangible common equity at $87,608[31] - The tangible common equity ratio for Q3 2023 was 6.50%[31] - Total assets as of Q3 2023 were $1,361,789,000, with tangible assets amounting to $1,348,071,000[31] - The company declared a common stock cash dividend of $516,000 in Q3 2023[30] - The tangible common equity ratio improved to 6.79% in Q3 2024, compared to 6.47% in Q2 2024[21]
AmeriServ Financial(ASRV) - 2024 Q3 - Quarterly Results