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SUBSEQUENT EVENTS | 12 Months Ended
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Dec. 31, 2022
SUBSEQUENT EVENTS |
SUBSEQUENT EVENTS | 27. SUBSEQUENT EVENTS Management has evaluated subsequent events through the filing of this Form 10-K, and determined that there have been no events that have occurred that would require adjustments to our disclosures in the consolidated financial statements except for the following: The Company has a $918,000 investment in a debt security with Signature Bank which was closed by the banking regulators on March 12, 2023. In a press release issued by the Federal Deposit Insurance Corporation (FDIC), it was disclosed that unsecured debt holders of the institution will not be protected, therefore, the Company expects to recognize a substantial loss on this investment in the first quarter of 2023. Management has reviewed the December 31, 2022 Form 10-K filed by Signature and determined that no circumstances existed to indicate that the debt security held by the Company was impaired as of year-end. Specifically, as of December 31, 2022, Signature had total assets of $110.4 billion, net income of $1.3 billion for the year ended, and demonstrated strong regulatory capital ratios. On March 17, 2023, AmeriServ Financial Bank agreed to sell all 7,859 shares of the Class B common stock of Visa Inc. that the bank owned for a purchase price of $1.7 million. The shares had no carrying value on the Bank’s balance sheet and, as the Bank had no historical cost basis in the shares, the entire purchase will be realized as a pre-tax gain. The Company believes that this was an appropriate time to capture the gain on these shares due to the current volatility and future uncertainty in the financial markets. The transaction will have a positive impact on the Company's first quarter 2023 earnings.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI https://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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