Business
AmeriServ Financial Reports Earnings for the Second Quarter and First Six Months of 2020 and Announces Quarterly Common Stock Cash Dividend
JOHNSTOWN, Pa., July 21, 2020 /PRNewswire/ -- AmeriServ Financial, Inc. (NASDAQ: ASRV) reported second quarter 2020 net income of $1,419,000, or $0.08 per
About this update from Ameriserv Financial Inc.
[{"type":"text","content":"JOHNSTOWN, Pa., July 21, 2020 /PRNewswire/ -- AmeriServ Financial, Inc. (NASDAQ: ASRV) reported second quarter 2020 net income of $1,419,000, or $0.08 per diluted common share. This earnings performance was a $373,000, or 20.8%, decrease from the second quarter of 2019 when net income totaled $1,792,000, or $0.10 per diluted common share. For the six-month period ended June 30, 2020, the Company reported net income of $2,828,000, or $0.17 per diluted common share. This represents a 19.1% decrease in earnings per share from the six-month period of 2019 when net income totaled $3,670,000, or $0.21 per diluted common share. The following table highlights the Company's financial performance for both the three and six month periods ended June 30, 2020 and 2019: \nSecond Quarter2020\nSecond Quarter 2019\nSix Months Ended June 30, 2020\nSix Months Ended June 30, 2019\nNet income \n$1,419,000\n$1,792,000\n$2,828,000\n$3,670,000\nDiluted earnings per share\n$ 0.08\n$ 0.10\n$0.17\n$ 0.21\nJeffrey A. Stopko, President and Chief Executive Officer, commented on the 2020 second quarter financial results: \"AmeriServ Financial Inc. again reported sound earnings in the second quarter of 2020 while navigating through the challenges presented by the COVID-19 pandemic and the resultant economic shutdown. Our community bank customer-focused business model and conservative risk management posture has served us well so far in 2020 as our Company has experienced record levels of both loans and deposits. The decline in earnings between years is due to our decision to further strengthen our allowance for loan losses given the economic uncertainty resulting from the pandemic. Additionally, the diversification of our revenue, with almost 30% coming from non-interest income sources including a strong wealth management business and active residential mortgage operation, is beneficial to our company. Overall, 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 in 2020 as a result of the pandemic.\" \nThe Company's net interest income in the second quarter of 2020 increased by $412,000, or 4.5%, from the prior year's second quarter and, for the first six months of 2020, increased by $506,000, or 2.9%, when compared to the fir...