AMERISERV FINANCIAL, INC.(ASRVP), a financial services company lis ted on NASDAQ under the ticker symbol ASRV, has released its supplemental financial performance data for the second quarter of 2023. The company reported a net loss of $187,000 for the quarter. The revenue for the period amounted to $9,110,000.
AMERISERV FINANCIAL, INC. has disclosed its financial performance data for the second quarter of 2023. The company reported a net loss of $187,000 for the quarter, reflecting challenging market conditions and other factors impacting its financial results. The revenue for the period amounted to $9,110,000.
Performance Data for the Period
The net loss for the second quarter of 2023 was $187,000, compared to a net income of $1,515,000 in the first quarter of the same year. The company's year-to-date net income stands at $1,328,000.
Performance Percentages (Annualized)
The return on average assets for the second quarter of 2023 was (0.06)%, compared to 0.45% in the first quarter. The return on average equity was (0.72)% in the second quarter, down from 5.85% in the previous quarter. The return on average tangible common equity was (0.82)% in the second quarter, compared to 6.73% in the first quarter. The net interest margin for the second quarter was 2.89%, slightly lower than the 3.03% reported in the first quarter. The net charge-offs (recoveries) as a percentage of average loans were (0.02)% in the second quarter, compared to 0.05% in the first quarter. The efficiency ratio for the second quarter was 101.55%, higher than the 79.58% reported in the previous quarter.
Earnings per Common Share
The basic earnings per common share for the second quarter of 2023 were ($0.01), down from $0.09 in the first quarter. The diluted earnings per common share were also ($0.01), compared to $0.09 in the previous quarter. The average number of common shares outstanding remained relatively stable.
Financial Condition Data at Period End
As of June 30, 2023, AMERISERV FINANCIAL, INC. reported total assets of $1,345,721,000. Short-term investments/overnight funds amounted to $3,366,000, and investment securities, net of allowance for credit losses, stood at $232,259,000. The total loans and loans held for sale, net of unearned income, were $988,221,000. The company had deposits totaling $1,127,569,000, while short-term and FHLB borrowings amounted to $72,793,000.
Outlook
Despite the net loss reported for the second quarter of 2023, AMERISERV FINANCIAL, INC. remains committed to addressing the challenges and working towards improving its financial performance. The company will continue to focus on its strategic initiatives to drive growth and enhance shareholder value.