Business
AmeriServ Financial Reports Earnings For The Fourth Quarter And Full Year Of 2019 And Announces Quarterly Common Stock Cash Dividend
JOHNSTOWN, Pa., Jan. 21, 2020 /PRNewswire/ -- AmeriServ Financial, Inc. (NASDAQ: ASRV) reported fourth quarter 2019 net income of $669,000, or $0.04 per
About this update from Ameriserv Financial Inc.
[{"type":"text","content":"JOHNSTOWN, Pa., Jan. 21, 2020 /PRNewswire/ -- AmeriServ Financial, Inc. (NASDAQ: ASRV) reported fourth quarter 2019 net income of $669,000, or $0.04 per diluted common share. This earnings performance represented a $1,259,000, or 65.3%, decrease from the fourth quarter of 2018 when net income totaled $1,928,000, or $0.11 per diluted common share. For the year ended December 31, 2019, the Company reported net income of $6,028,000, or $0.35 per diluted common share. This represents an 18.6% decrease in earnings per share from the full year of 2018 when net income totaled $7,768,000, or $0.43 per diluted common share. The following table highlights the Company's financial performance for both the three and twelve month periods ended December 31, 2019 and 2018: \nFourth Quarter2019\nFourth Quarter 2018\nYear Ended December 31, 2019\nYear Ended December 31, 2018\nNet income \n$669,000\n$1,928,000\n$6,028,000\n$7,768,000\nDiluted earnings per share\n$ 0.04\n$ 0.11\n$ 0.35\n$ 0.43\nJeffrey A. Stopko, President and Chief Executive Officer, commented on the 2019 financial results: \"Overall, 2019 was a successful year for AmeriServ Financial, Inc. despite the decline in fourth quarter 2019 earnings which was caused by an increased loan loss provision primarily related to one large commercial loan and an impairment charge recognized on a CRA related investment. Both of these items are discussed later in this release. I was encouraged that our net interest margin demonstrated improvement in the fourth quarter of 2019 due to increased loan activity and reduced deposit costs. Additionally, our sizable wealth management company is well positioned for revenue growth in 2020 with the equity markets reaching record highs to close out 2019. Finally, as a result of our strategic focus on active capital management, we were able to return approximately 70% of our 2019 earnings to our shareholders through accretive common stock buybacks and an increased cash dividend.\" \nThe Company's net interest income in the fourth quarter of 2019 increased by $181,000, or 2.1%, from the prior year's fourth quarter and, for the full year of 2019, decreased by $52,000, or 0.1%, when compared to the full year of 2018. The Company's net interest margin of 3.26% for the fourth quarter of 2019 and 3.29% for the full year was 4 basis points higher than the fourth quart...