Business
AmeriServ Financial Reports Increased 2019 First Quarter Earnings and Announces a New Common Stock Repurchase Program
JOHNSTOWN, Pa., April 16, 2019 /PRNewswire/ -- AmeriServ Financial, Inc. (NASDAQ: ASRV) reported first quarter 2019 net income of $1,878,000, or $0.11 per
About this update from Ameriserv Financial Inc.
[{"type":"text","content":" JOHNSTOWN, Pa., April 16, 2019 /PRNewswire/ -- AmeriServ Financial, Inc. (NASDAQ: ASRV) reported first quarter 2019 net income of $1,878,000, or $0.11 per diluted common share. This represented a $0.01, or 10.0%, increase in earnings per share from the first quarter of 2018 where net income totaled $1,767,000, or $0.10 per diluted common share. The following table highlights the Company's financial performance for the quarters ended March 31, 2019 and 2018: \nCOMMON STOCK REPURCHASE PROGRAM\nThe Company's Board of Directors approved a new common stock repurchase program which calls for AmeriServ Financial Inc. to buy back up to 3%, or approximately 526,000 shares, of its outstanding common stock during the next 12 months. The authorized repurchases will be made from time to time in either the open market or through privately negotiated transactions. The timing, volume and nature of share repurchases will be at the sole discretion of management, dependent on market conditions, applicable securities laws, and other factors, and may be suspended or discontinued at any time. No assurance can be given that any particular amount of common stock will be repurchased. This buyback program may be modified, extended or terminated by the Board of Directors at any time. At March 31, 2019, the Company had approximately 17.5 million common shares outstanding. In the first quarter of 2019, the Company completed a common stock repurchase program where it bought back 540,000 shares, or 3% of its common stock, over a 9-month period at a total cost of $2.38 million.\nJeffrey A. Stopko, President and Chief Executive Officer, commented on the 2019 first quarter financial results: \"I was pleased with the growth in earnings per share (EPS) that our Company achieved in the first quarter of 2019. This EPS growth resulted from a combination of strong asset quality, good expense control and effective capital management. As a result of the confidence that our Board of Directors has in AmeriServ Financial Inc.'s earnings power, we believe that the continued return of capital to our shareholders through a new common stock buyback program is an appropriate capital management strategy.\" \nThe Company's net interest income in the first quarter of 2019 decreased by $91,000, or 1.0%, from the prior year's first quarter. The Company's net interest margin of 3.24...