AmeriServ Financial Inc - ASRV STOCK NEWS

AmeriServ Financial (NASDAQ: ASRV) reported a second quarter 2021 net income of $1.7 million, or $0.10 per diluted share, reflecting a 20.4% year-over-year increase. For the six months ended June 30, 2021, net income rose by 29.4% to $3.79 million, or $0.22 per share. Significant growth in non-interest income contributed to this performance, with total deposits hitting a new record due to a successful Somerset County branch acquisition. Despite a challenging low interest rate environment, the net interest income increased by 4.2% from the prior year, and loan production remained strong at $57.7 million in residential mortgages for the first half of 2021.

AmeriServ Financial (NASDAQ: ASRV) has successfully completed its acquisition of Citizens Neighborhood Bank's branch and deposit customers in Meyersdale and Somerset, Pennsylvania, with a deposit premium of 3.71%. The acquisition involves approximately $43.7 million in deposits, enhancing AmeriServ's market position to become the fourth largest in Somerset County, boasting $150 million in total deposits across four branches. This strategic move is aimed at strengthening AmeriServ's community presence and service offerings.

AmeriServ Financial, Inc. (NASDAQ: ASRV) is holding its 2021 Annual Meeting of Shareholders today in a virtual format due to COVID-19. Shareholders can attend online, vote their shares, and submit questions. The meeting starts at 1:30 p.m. ET on April 27, 2021, and those eligible were shareholders as of February 12, 2021. Key agenda items include the election of Class II Directors, approval of the 2021 Equity Incentive Plan, and a financial review. As of March 31, 2021, AmeriServ reported total assets of $1.3 billion and a book value of $6.17 per share.

AmeriServ Financial, Inc. (NASDAQ: ASRV) has announced its 2021 Annual Meeting of Shareholders will take place virtually on April 27, 2021, at 1:30 p.m. ET. The decision for a virtual meeting follows the ongoing COVID-19 pandemic to ensure safety for all stakeholders. Shareholders of record as of February 12, 2021, can participate and vote electronically through the virtual platform. The meeting aims to provide an interactive experience for shareholders despite the inability to attend in person.

AmeriServ Financial reported a net income of $2,081,000 ($0.12 per diluted share) for Q1 2021, marking a 47.7% increase from Q1 2020. The growth is attributed to a 10.8% rise in net interest income, driven by record levels of loans and deposits amid a recovering economy. Non-interest income also increased by 20.4%, with wealth management fees rising 12.5%. The company declared a quarterly dividend of $0.025 per share, yielding 2.5%. As of March 31, 2021, total assets reached $1.3 billion.

AmeriServ Financial, Inc. (NASDAQ: ASRV) announced its 2021 Annual Meeting of Shareholders will be held virtually on April 27, 2021, at 1:30 p.m. ET, due to health concerns from the COVID-19 pandemic. Shareholders can attend online, vote electronically, and submit questions via the virtual platform. To participate, shareholders must have been on record as of February 12, 2021. The meeting link is here. As of December 31, 2020, the company reported total assets of $1.28 billion and a book value of $6.12 per share.

AmeriServ Financial (ASRV) reported Q4 2020 net income of $692,000, or $0.04 per share, a 3.4% increase from Q4 2019. However, annual net income dropped 22.9% to $4.6 million, with EPS at $0.27. The company cited record levels of loans and deposits, aided by the PPP program, but faced challenges from increased loan loss provisions and a low interest rate environment. Non-interest income grew 10.2% year-over-year, driven by strong residential mortgage production. The company declared a quarterly dividend of $0.025, reflecting a 2.9% yield.

AmeriServ Financial (ASRV) and Riverview Financial Corporation (RIVE) announced a definitive agreement for AmeriServ to acquire Citizen's Neighborhood Bank (CNB) branch and deposit customers in Meyersdale and Somerset, PA. The deal involves approximately $48 million in deposits at a 3.71% premium. Post-transaction, ASRV will hold the fourth largest deposit market share in Somerset County with $150 million in deposits. The transaction is expected to close in Q2 2021 and is projected to be immediately accretive to earnings despite a 2% dilution of tangible book value.

AmeriServ Financial, Inc. (ASRV) reported a third-quarter 2020 net income of $1,078,000 ($0.06 per diluted share), a 36.2% decline from $1,689,000 ($0.10 per share) in Q3 2019. For the nine months ending September 30, 2020, net income was $3,906,000 ($0.23 per share), down 25.8% from $5,359,000 ($0.31 per share) in the same period of 2019. The decrease was attributed to a higher loan loss provision amid COVID-19 uncertainties, despite record loans and deposits. The board declared a $0.025 cash dividend per share, yielding 3.3% annually based on the October 16 closing price.