Company: ASRV
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001558370-25-007547
Chunk: 4

Company: AMERISERV FINANCIAL INC /PA/
Filing Date: 2025-05-13
Form: 10-Q
Item: Item 2M
Chunk 4
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Item 2.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (“MD&A”)

THREE MONTHS ENDED MARCH 31, 2025 VS. THREE MONTHS ENDED MARCH 31, 2024

…..PERFORMANCE OVERVIEW…..The following table summarizes some of the Company’s key performance indicators (in thousands, except per share and ratios).

​​​​​​​​​    Three months ended     Three months ended  ​​March 31, 2025​March 31, 2024 Net income​$ 1,908​$ 1,904​Diluted earnings per share​  0.12​  0.11​Return on average assets (annualized)​  0.54%    0.55%Return on average equity (annualized)​  7.12%    7.51%

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The Company reported first quarter 2025 net income of $1,908,000, or $0.12 per diluted common share. This performance represented a 9.1% increase in earnings per share compared to the first quarter of 2024 when net income totaled $1,904,000, or $0.11 per diluted common share. The Company achieved positive operating leverage in the first quarter of 2025 as total revenue increased while non-interest expenses declined. The increase in total revenue was caused by meaningful improvement in net interest income as the first quarter net interest margin increased by 31 basis points from the prior year quarter and 13 basis points on a sequential quarter basis.

While the Company benefitted from a provision for credit losses recovery in the first quarter of 2025, the size of the recovery was smaller than what was recognized in the first quarter of 2024. This along with a lower level of non-interest