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AmeriServ Financial Inc. (ASRV-2.91%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing an increase in total assets to $1.422 billion from $1.390 billion at the end of the previous year. The increase was primarily due to growth in the loan portfolio and deposits.
Total loans grew by $30 million, or 2.9%, while deposits increased by $42.6 million, or 3.7%, during 2024. The company attributed this growth to successful business development efforts.
Net income for the year was $3.6 million, or $0.21 per diluted share, compared to a net loss of $3.3 million, or $0.20 per diluted share, in 2023. The improvement was driven by lower provision for credit losses and increased non-interest income.
The company's net interest income remained stable at $36 million, with a slight increase in the net interest margin to 2.81% from 2.86% in the previous year.
Non-interest income increased by $1.6 million, or 9.7%, primarily due to higher wealth management fees and other income.
Non-interest expense decreased by $628,000, or 1.3%, due to lower salaries and benefits and professional fees.
The allowance for credit losses on loans decreased to $13.9 million from $15.1 million at the end of 2023, providing 127% coverage of non-performing loans.
AmeriServ Financial Bank, a subsidiary of the company, merged with AmeriServ Trust and Financial Services Company on October 1, 2024, creating a new division named AmeriServ Wealth and Capital Management.
The company continues to focus on managing interest rate risk and maintaining strong capital levels, with a risk-based capital ratio of 12.70% and an asset leverage ratio of 7.68% at year-end.
AmeriServ does not anticipate cash dividend payments to common stockholders in the near future, but it returned approximately 56% of its 2024 earnings to shareholders through quarterly dividends.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the AmeriServ Financial Inc. annual 10-K report dated March 19, 2025. To report an error, please email earnings@qz.com.