Business
AmeriServ Financial Reports Increased Earnings For The Second Quarter And First Six Months Of 2021 And Announces Quarterly Common Stock Cash Dividend
JOHNSTOWN, Pa., July 20, 2021 /PRNewswire/ -- AmeriServ Financial, Inc. (NASDAQ: ASRV) reported second quarter 2021 net income of $1,708,000, or $0.10 per
About this update from Ameriserv Financial Inc.
[{"type":"text","content":"JOHNSTOWN, Pa., July 20, 2021 /PRNewswire/ -- AmeriServ Financial, Inc. (NASDAQ: ASRV) reported second quarter 2021 net income of $1,708,000, or $0.10 per diluted common share. This earnings performance was a $289,000, or 20.4%, increase from the second quarter of 2020 when net income totaled $1,419,000, or $0.08 per diluted common share. For the six-month period ended June 30, 2021, the Company reported net income of $3,789,000, or $0.22 per diluted common share. This represents a 29.4% increase in earnings per share from the six-month period of 2020 when net income totaled $2,828,000, or $0.17 per diluted common share. The following table highlights the Company's financial performance for both the three- and six-month periods ended June 30, 2021 and 2020:\nSecond Quarter 2021\nSecond Quarter 2020\nSix Months Ended\nJune 30, 2021\nSix Months Ended\nJune 30, 2020\nNet income\n$\n1,708,000\n$\n1,419,000\n$\n3,789,000\n$\n2,828,000\nDiluted earnings per share\n$\n0.10\n$\n0.08\n$\n0.22\n$\n0.17\nJeffrey A. Stopko, President and Chief Executive Officer, commented on the 2021 financial results: \"Highlights of our second quarter included the successful completion of our Somerset County branch acquisition which provided AmeriServ Financial with $42 million of low cost core deposits. The Company will be able to utilize $33 million of these deposits to replace higher cost institutional deposits that mature during the third quarter of 2021, which will result in a meaningful reduction in our future interest expense. On the asset side of our balance sheet, I was also encouraged by our loan performance so far this year. Excluding Paycheck Protection Program (PPP) loan activity, good growth in both commercial real estate loans and residential mortgage loans caused our total loan portfolio to increase by $25 million, or 2.8%, during the second quarter of 2021. Additionally, the diversification of our revenue streams continues to be a strength for our Company as 32% of our total year-to-date 2021 revenue came from non-interest income sources, which included record contributions from our strong wealth management businesses. As a result of this good earnings momentum and our diligent and continuing focus on our asset quality, I believe that AmeriServ Financial is well positioned to take advantage of opportunities that should result from the con...