Business
AmeriServ Financial Reports Earnings for the Third Quarter and First Nine Months of 2020 and Announces Quarterly Common Stock Cash Dividend
JOHNSTOWN, Pa., Oct. 20, 2020 /PRNewswire/ -- AmeriServ Financial, Inc. (NASDAQ: ASRV) reported third quarter 2020 net income of $1,078,000, or $0.06 per
About this update from Ameriserv Financial Inc.
[{"type":"text","content":"JOHNSTOWN, Pa., Oct. 20, 2020 /PRNewswire/ -- AmeriServ Financial, Inc. (NASDAQ: ASRV) reported third quarter 2020 net income of $1,078,000, or $0.06 per diluted common share. This earnings performance was a $611,000, or 36.2%, decrease from the third quarter of 2019 when net income totaled $1,689,000, or $0.10 per diluted common share. For the nine-month period ended September 30, 2020, the Company reported net income of $3,906,000, or $0.23 per diluted common share. This represents a 25.8% decrease in earnings per share from the nine-month period of 2019 when net income totaled $5,359,000, or $0.31 per diluted common share. The following table highlights the Company's financial performance for both the three and nine month periods ended September 30, 2020 and 2019: \nThirdQuarter2020\nThird Quarter2019\nNine Months Ended September 30, 2020\nNine Months Ended September 30, 2019\nNet income \n$1,078,000\n$1,689,000\n$3,906,000\n$5,359,000\nDiluted earnings per share\n$ 0.06\n$ 0.10\n$0.23\n$ 0.31\nJeffrey A. Stopko, President and Chief Executive Officer, commented on the 2020 third quarter financial results: \"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 while dealing with the challenges presented by the COVID-19 pandemic. 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, over 32% of our total revenue in the third quarter of 2020 came from non-interest income sources which included record contributions from our strong wealth management business and active residential mortgage operation. Overall, I am pleased with how the AmeriServ team has served our communities with consistent, safe and uninterrupted access to banking services and personalized financial guidance and advice during this pandemic.\" \nThe Company's net interest income in the third quarter of 2020 increased slightly by $27,000, or 0.3%, from the prior year's third quarter and, for the first nine months of 2020, increased by $533,000, or 2.0%, when compared to the first nine months of 2019. The Company's net interest margin of 2.97% for the third quarter of 2020 and 3.16% for the n...