AmeriServ Financial Inc - ASRV STOCK NEWS

AmeriServ Financial, Inc. (ASRV) reported a second quarter 2022 net income of $1,981,000, or $0.12 per diluted share, marking a 16.0% increase from $1,708,000 in Q2 2021. For the six months ending June 30, 2022, net income totaled $4,399,000, up 18.2% year-over-year. Net interest income rose by 2.6% to $10,169,000 in Q2 2022, despite a reduction in PPP loan fees. The company noted improvements in asset quality, leading to a loan loss provision recovery. Total average loans decreased by 1.5% while total deposits rose by 2.4%. The effective tax rate stood at 20.0% in Q2 2022.

The Board of Directors of AmeriServ Financial (NASDAQ: ASRV) appointed Amy Bradley as an independent director, maintaining the board's count at nine members. Ms. Bradley, president of the Cambria Regional Chamber of Commerce, brings valuable community insights and experience to the investment/asset liability committee. Her background includes roles in communications and public affairs at Conemaugh Health System and experience as a news anchor. With total assets of $1.3 billion and a book value of $6.65 per share as of March 31, 2022, AmeriServ aims to leverage Ms. Bradley's expertise for regional economic development.

AmeriServ Financial, Inc. (NASDAQ: ASRV) held its 2022 Annual Meeting of Shareholders on April 26, 2022, in a virtual-only format. Shareholders participated by asking questions and voting through the virtual platform. The meeting addressed key agenda items, including the election of directors, the ratification of an independent accounting firm, and an advisory vote on executive compensation. As of March 31, 2022, the company reported total assets of $1.3 billion and a book value of $6.65 per share.

AmeriServ Financial, Inc. (NASDAQ: ASRV) will conduct its 2022 Annual Meeting of Shareholders virtually on April 26, 2022, at 1:30 p.m. ET. Shareholders can participate by accessing the meeting through a virtual platform, allowing them to vote and ask questions. To attend, shareholders must have been on record by February 11, 2022. For those unable to join live, a replay will be available 24 hours post-meeting. As of March 31, 2022, the company reported total assets of $1.3 billion and a book value of $6.65 per share.

AmeriServ Financial, Inc. (NASDAQ: ASRV) reported a 16.2% year-over-year increase in first quarter 2022 net income, totaling $2.4 million or $0.14 per diluted share. The growth is attributed to strategic actions taken in 2021 and robust asset management. Net interest income rose slightly by 0.8%, despite a decrease in net interest margin to 3.14%. The Board declared a 20% increase in the quarterly cash dividend, now at $0.03 per share. Total assets stood at $1.3 billion, with strong capital ratios, showcasing financial stability amid market challenges.

AmeriServ Financial, Inc. (NASDAQ: ASRV) will host its 2022 Annual Meeting of Shareholders virtually on April 26, 2022, at 1:30 p.m. ET. Shareholders are encouraged to participate via webcast, enabling them to vote and ask questions during the meeting. To attend, shareholders must have been on record by February 11, 2022. Attendees can register 10-15 minutes prior to the event at the virtual meeting site. The company, based in Johnstown, PA, reported total assets of $1.34 billion as of December 31, 2021.

AmeriServ Financial, Inc. (ASRV) reported a significant increase in net income for Q4 2021, totaling $1,852,000 ($0.11/share), up from $692,000 ($0.04/share) in Q4 2020. For the full year, the company’s net income reached $7,072,000 ($0.41/share), representing a 51.9% increase compared to 2020. Key factors included a 10.1% rise in net interest income and a robust loan and deposit growth driven by strategic actions and economic recovery. The Board declared a $0.025 quarterly cash dividend, reflecting a 2.6% annual yield.

AmeriServ Financial Bank and United Steelworkers Local 2635-06 have ratified a new four-year contract, effective until October 15, 2025. Key terms include 2% annual wage increases, unchanged healthcare coverage, and signing bonuses of $300 for full-time and $150 for part-time employees. A new retail sales and service associate position aims to enhance customer service and compensation opportunities. At September 30, 2021, AmeriServ reported total assets of $1.34 billion and a book value of $6.66 per share, reinforcing the bank's commitment to growth and community service.

AmeriServ Financial, Inc. (NASDAQ: ASRV) has declared a $0.025 per share cash dividend, payable on November 22, 2021, to shareholders recorded by November 8, 2021. This dividend yields an annualized rate of 2.55% based on the closing price of $3.92 on October 21, 2021. The dividend payout ratio for the first nine months of 2021 was 24.2%. As of September 30, 2021, the company reported total assets amounting to $1.34 billion and a book value of $6.66 per share.