Business
AmeriServ Financial Reports Earnings For The Fourth Quarter And Full Year Of 2020 And Announces Quarterly Common Stock Cash Dividend
JOHNSTOWN, Pa., Jan. 26, 2021 /PRNewswire/ -- AmeriServ Financial, Inc. (NASDAQ: ASRV) reported fourth quarter 2020 net income of $692,000, or $0.04 per
About this update from Ameriserv Financial Inc.
[{"type":"text","content":"JOHNSTOWN, Pa., Jan. 26, 2021 /PRNewswire/ -- AmeriServ Financial, Inc. (NASDAQ: ASRV) reported fourth quarter 2020 net income of $692,000, or $0.04 per diluted common share. This earnings performance represents a $23,000, or 3.4%, increase from the fourth quarter of 2019 when net income totaled $669,000, or $0.04 per diluted common share. For the year ended December 31, 2020, the Company reported net income of $4,598,000, or $0.27 per diluted common share. This represents a 22.9% decrease in earnings per share from the full year of 2019 when net income totaled $6,028,000, or $0.35 per diluted common share. The following table highlights the Company's financial performance for both the three and twelve month periods ended December 31, 2020 and 2019:\nFourthQuarter2020\nFourthQuarter2019\n \nYear EndedDecember 31, 2020\nYear EndedDecember 31, 2019\nNet income\n$692,000\n$669,000\n$4,598,000\n$6,028,000\nDiluted earnings per share\n$ 0.04\n$ 0.04\n$ 0.27\n$ 0.35\nJeffrey A. Stopko, President and Chief Executive Officer, commented on the 2020 financial results: \"The resiliency of our community bank customer-focused business model was evident in 2020 as we dealt with the many unexpected challenges resulting from the COVID-19 pandemic. We experienced record levels of both loans and deposits as we served as an important financial resource to small businesses and consumers in our marketplace. As a result of our conservative risk management posture, we prudently built our allowance for loan losses to address increased credit risk in certain sectors of our loan portfolio which was a primary factor causing the decline in earnings between years. The good diversification of our revenue was evident as 31% of our total revenue in 2020 came from non-interest income sources which included record contributions from our strong wealth management business and active residential mortgage operation. Overall, we enter 2021 with a strong balance sheet that we believe will be further enhanced with additional deposits within our core markets when we close a profitable branch acquisition in Somerset County that we previously announced.\" \nThe Company's net interest income in the fourth quarter of 2020 increased by $392,000, or 4.4%, from the prior year's fourth quarter and, for the full year of 2020, increased by $925,000, or 2.6%, when compared to the ...