Business
AMERISERV FINANCIAL REPORTS INCREASED EARNINGS FOR THE FOURTH QUARTER AND FULL YEAR OF 2021 AND ANNOUNCES QUARTERLY COMMON STOCK CASH DIVIDEND
JOHNSTOWN, Pa., Jan. 25, 2022 /PRNewswire/ -- AmeriServ Financial, Inc. (NASDAQ: ASRV) reported fourth quarter 2021 net income of $1,852,000, or $0.11 per
About this update from Ameriserv Financial Inc.
[{"type":"text","content":"JOHNSTOWN, Pa., Jan. 25, 2022 /PRNewswire/ -- AmeriServ Financial, Inc. (NASDAQ: ASRV) reported fourth quarter 2021 net income of $1,852,000, or $0.11 per diluted common share. This earnings performance was a $1,160,000 increase from the fourth quarter of 2020 when net income totaled $692,000, or $0.04 per diluted common share. For the year ended December 31, 2021, the Company reported net income of $7,072,000, or $0.41 per diluted common share. This represents a 51.9% increase in earnings per share from the full year of 2020 when net income totaled $4,598,000, or $0.27 per diluted common share. The following table highlights the Company's financial performance for both the three- and twelve-month periods ended December 31, 2021 and 2020:\nFourth \nQuarter \n2021\nFourth \nQuarter \n2020\nYear EndedDecember 31, 2021\nYear EndedDecember 31, 2020\nNet income\n$\n1,852,000\n$\n692,000\n$\n7,072,000\n$\n4,598,000\nDiluted earnings per share\n$\n0.11\n$\n0.04\n$\n0.41\n$\n0.27\nJeffrey A. Stopko, President and Chief Executive Officer, commented on the fourth quarter and full year 2021 financial results: \"As expected, our earnings demonstrated meaningful improvement in the fourth quarter as this was the first quarter that we received the full benefit of several important strategic actions that our company executed during 2021. This allowed AmeriServ Financial, Inc. to produce strong growth in two important shareholder metrics as our full year 2021 earnings per share of $0.41 represented a 51.9% improvement and our tangible book value(1) per share ended 2021 at $6.02 which resulted in an 11.1% increase from 2020. I am particularly pleased with how our employees have stepped up and assisted our customers throughout the pandemic as we have generated record levels of loans, deposits, and fee income from our wealth management business. We are entering 2022 with good earnings momentum and a strong balance sheet which should position us well to take advantage of opportunities presented by an improving economy.\" \nAll fourth quarter and full year of 2021 financial performance metrics within this document are compared to the fourth quarter and full year of 2020 unless otherwise noted.\nThe Company's net interest income in the fourth quarter of 2021 increased by $946,000, or 10.1%, from the prior year's fourth quarter and, for the full year o...