Ameriserve Financial reports Q3 EPS 7c vs. 4c last year

Q3 net interest margin of 2.71% represents a 5-basis point decrease from last year. Recorded a $51K provision for credit losses recovery after recording provision expense of $189K in 3Q23. CEO Jeffrey Stopko commented: “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 $5.72 during the first nine months of 2024.”