Business
AmeriServ Financial Reports 2020 First Quarter Earnings And Announces Quarterly Common Stock Cash Dividend
JOHNSTOWN, Pa., April 21, 2020 /PRNewswire/ -- AmeriServ Financial, Inc. (NASDAQ: ASRV) reported first quarter 2020 net income of $1,409,000, or $0.08 per
About this update from Ameriserv Financial Inc.
[{"type":"text","content":"JOHNSTOWN, Pa., April 21, 2020 /PRNewswire/ -- AmeriServ Financial, Inc. (NASDAQ: ASRV) reported first quarter 2020 net income of $1,409,000, or $0.08 per diluted common share. This earnings performance represented a $469,000, or 25.0%, decrease from the first quarter of 2019 when net income totaled $1,878,000, or $0.11 per diluted common share. The following table highlights the Company's financial performance for the quarters ended March 31, 2020 and 2019: \nFirst Quarter 2020\nFirst Quarter 2019\n$ Change\n% Change\nNet income \n$1,409,000\n$1,878,000\n($469,000)\n(25.0%)\nDiluted earnings pershare\n \n$ 0.08\n \n$ 0.11\n \n($0.03)\n \n(27.3%)\nJeffrey A. Stopko, President and Chief Executive Officer, commented on the 2020 first quarter financial results: \"AmeriServ Financial Inc. reported sound earnings in the first quarter of 2020 while taking the necessary actions to begin to position our Company for the economic uncertainty created by the coronavirus pandemic. We are entering the second quarter of 2020 with strong liquidity, good capital and an increased allowance for loan losses. However, I am most proud of how the AmeriServ team has stepped up and worked tirelessly with customers to provide them with resources to address the financial challenges that they are experiencing as a result of the pandemic. Specifically, in regards to the Paycheck Protection Program (PPP), we have received approval from the Small Business Administration (SBA) for more than 250 loans totaling over $43 million which will fund in the second quarter and provide meaningful financial support to the small businesses in the communities in which we operate. We have also prudently executed numerous loan modifications and payment deferrals for our existing loan customers which will give them some financial flexibility during a period in which their business has been negatively impacted by the shutdown of the economy.\" \nThe Company's net interest income in the first quarter of 2020 increased by $94,000, or 1.1%, from the prior year's first quarter. The Company's net interest margin of 3.21% for the first quarter of 2020 was three basis points lower than the net interest margin of 3.24% for the first quarter of 2019. The change in the U.S. Treasury yield curve between years impacted the Company's net interest margin. The overall U.S. Treasury yield curv...