Business
AMERISERV FINANCIAL REPORTS INCREASED EARNINGS FOR THE SECOND QUARTER AND FIRST SIX MONTHS OF 2022
JOHNSTOWN, Pa., July 19, 2022 /PRNewswire/ -- AmeriServ Financial, Inc. (NASDAQ: ASRV) reported second quarter 2022 net income of $1,981,000, or $0.12 per
About this update from Ameriserv Financial Inc.
[{"type":"text","content":"JOHNSTOWN, Pa., July 19, 2022 /PRNewswire/ -- AmeriServ Financial, Inc. (NASDAQ: ASRV) reported second quarter 2022 net income of $1,981,000, or $0.12 per diluted common share. This earnings performance was a $273,000, or 16.0%, increase from the second quarter of 2021 when net income totaled $1,708,000, or $0.10 per diluted common share. For the six-month period ended June 30, 2022, the Company reported net income of $4,399,000, or $0.26 per diluted common share. This represents an 18.2% increase in earnings per share from the six-month period of 2021 when net income totaled $3,789,000, or $0.22 per diluted common share. The following table highlights the Company's financial performance for both the three- and six-month periods ended June 30, 2022 and 2021:\nSecond Quarter 2022\nSecondQuarter 2021\nSix Months Ended June 30, 2022\nSix Months Ended June 30, 2021\nNet income\n$\n1,981,000\n$\n1,708,000\n$\n4,399,000\n$\n3,789,000\nDiluted earnings per share\n$\n0.12\n$\n0.10\n$\n0.26\n$\n0.22\nJeffrey A. Stopko, President and Chief Executive Officer, commented on the 2022 financial results: \"AmeriServ Financial continued its positive earnings momentum in the second quarter of 2022 as we again posted increased earnings when compared to the 2021 results. The improved earnings performance in 2022 reflects the full benefit of several important strategic actions that our company executed in 2021 along with the successful management of our asset quality throughout the pandemic. Specifically, I was pleased that we have been able to increase net interest income in 2022 despite a $1.3 million reduction in PPP loan related fee income in the first half of this year. Overall, AmeriServ Financial continues to benefit from our diversified revenue streams due to strong levels of loans, deposits, and fee income from our wealth management business.\"\nThe Company's net interest income in the second quarter of 2022 increased by $257,000, or 2.6%, from the prior year's second quarter and, for the first six months of 2022, increased by $332,000, or 1.7%, when compared to the first six months of 2021. The Company's net interest margin of 3.23% for the second quarter of 2022 and 3.19% for the six-month timeframe represents a 10 basis point improvement for the quarter and a 1 basis point improvement for the six-month period. While the size of the Compa...