Business
Ameriserv Financial Reports Increased Earnings For The Third Quarter And First Nine Months Of 2021
JOHNSTOWN, Pa., Oct. 19, 2021 /PRNewswire/ -- AmeriServ Financial, Inc. (NASDAQ: ASRV) reported third quarter 2021 net income of $1,431,000, or $0.08 per
About this update from Ameriserv Financial Inc.
[{"type":"text","content":"JOHNSTOWN, Pa., Oct. 19, 2021 /PRNewswire/ -- AmeriServ Financial, Inc. (NASDAQ: ASRV) reported third quarter 2021 net income of $1,431,000, or $0.08 per diluted common share. This earnings performance was a $353,000, or 32.7%, increase from the third quarter of 2020 when net income totaled $1,078,000, or $0.06 per diluted common share. For the nine-month period ended September 30, 2021, the Company reported net income of $5,220,000, or $0.31 per diluted common share. This represents a 34.8% increase in earnings per share from the nine-month period of 2020 when net income totaled $3,906,000, or $0.23 per diluted common share. The following table highlights the Company's financial performance for both the three- and nine-month periods ended September 30, 2021 and 2020:\nThird \nQuarter \n2021\nThird \nQuarter \n2020\nNine Months Ended\nSeptember 30, 2021\nNine Months Ended\nSeptember 30, 2020\nNet income\n$\n1,431,000\n$\n1,078,000\n$\n5,220,000\n$\n3,906,000\nDiluted earnings per share\n$\n0.08\n$\n0.06\n$\n0.31\n$\n0.23\nJeffrey A. Stopko, President and Chief Executive Officer, commented on the third quarter 2021 financial results: \"Highlights of our third quarter included the previously disclosed successful completion of a $27 million private placement of subordinated debt, continued loan portfolio growth, and strong performance from our wealth management businesses. The financial benefits of utilizing the funds from our sub debt offering to retire higher cost debt will begin to be fully realized in the fourth quarter of 2021 which we expect will favorably reduce our cost of funds. Additionally, our earning asset yield will benefit from another quarter of loan growth. 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 $22 million, or 2.3%, during the third quarter of 2021. As a result of these items, we believe that our net interest margin is well positioned to expand in the fourth quarter of 2021. Additionally, even with growing net interest income, 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 was driven by record contributions from our wealth management business...