Business
AMERISERV FINANCIAL REPORTS INCREASED EARNINGS FOR THE FULL YEAR OF 2022 AND ANNOUNCES QUARTERLY COMMON STOCK CASH DIVIDEND
JOHNSTOWN, Pa., Jan. 24, 2023 /PRNewswire/ -- AmeriServ Financial, Inc. (NASDAQ: ASRV) reported fourth quarter 2022 net income of $947,000, or $0.06 per
About this update from Ameriserv Financial Inc.
[{"type":"text","content":"JOHNSTOWN, Pa., Jan. 24, 2023 /PRNewswire/ -- AmeriServ Financial, Inc. (NASDAQ: ASRV) reported fourth quarter 2022 net income of $947,000, or $0.06 per diluted common share. This earnings performance was a $905,000, or 48.9%, decrease from the fourth quarter of 2021 when net income totaled $1,852,000, or $0.11 per diluted common share. For the year ended December 31, 2022, the Company reported net income of $7,448,000, or $0.43 per diluted common share. This represents a 4.9% increase in earnings per share from the full year of 2021 when net income totaled $7,072,000, or $0.41 per diluted common share. On an adjusted basis, eliminating the impact of a pension settlement charge, diluted earnings per share for the 2022 year increased by 12% to $0.55(1)(2). The following table highlights the Company's financial performance for both the three- and twelve-month periods ended December 31, 2022 and 2021:\nFourthQuarter 2022\nFourthQuarter 2021\nYear Ended December 31, 2022\nYear Ended December 31, 2021\nNet income\n$\n947,000\n$\n1,852,000\n$\n7,448,000\n$\n7,072,000\nDiluted earnings per share\n$\n0.06\n$\n0.11\n$\n0.43\n$\n0.41\nNet income, adjusted(1)(2)\n$\n1,962,000\n$\n2,348,000\n$\n9,470,000\n$\n8,471,000\nDiluted earnings per share, adjusted(1)(2)\n$\n0.11\n$\n0.14\n$\n0.55\n$\n0.49\nJeffrey A. Stopko, President and Chief Executive Officer, commented on the 2022 financial results: \"During a period of extreme economic volatility in 2022 characterized by the highest inflation in almost 40 years and an over 4% increase in short-term interest rates by the Federal Reserve, the AmeriServ Financial team worked together to produce the highest EPS performance in over 20 years and a 15% increase in dividend payments to our shareholders. This improved earnings performance for the 2022 year, on both an actual and adjusted basis, reflects the full benefit of several important strategic actions that our company executed in 2021 to reduce our cost of funding, the successful management of our asset quality throughout the pandemic, and effective balance sheet management. I was particularly pleased that we were able to grow our net interest income by $1.5 million despite a $1.8 million reduction in PPP loan related fee income in 2022. Our Company will continue to diligently focus on further improving earnings in 2023 to benefit all of our key ...