AmeriServ Financial, Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2018; Provides Effective Tax Rate Guidance for the Fourth Quarter of 2018
October 16, 2018 at 05:30 pm IST
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AmeriServ Financial, Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2018. For the quarter, the company reported total interest income of $12,149,000 compared to $11,187,000 a year ago. Net interest income was $9,109,000 compared to $8,937,000 a year ago. Net income was $2,329,000 or $0.13 per basic and diluted share compared to $1,551,000 or $0.08 per basic and diluted share a year ago. Return on average assets was 0.79% compared to 0.53% a year ago. Return on average equity was 9.54% compared to 6.37% a year ago.
For the nine months, the company reported total interest income of $34,969,000 compared to $32,986,000 a year ago. Net interest income was $26,715,000 compared to $26,557,000 a year ago. Net income was $5,840,000 or $0.32 per basic and diluted share compared to $4,288,000 or $0.23 per basic and diluted share a year ago. Return on average assets was 0.67% compared to 0.49% a year ago. Return on average equity was 8.14% compared to 5.98% a year ago. The company had a book value of $5.47 per common share and a tangible book value of $4.80 per common share at September 30, 2018.
The company expects that its effective tax rate will return to 20% in the fourth quarter of 2018.
AmeriServ Financial, Inc. is a bank holding company of AmeriServ Financial Bank (the Bank). The Bank provides a range of services, including retail banking services and lending, depository, and related financial services. Its retail banking services include demand, savings, and time deposits, checking accounts, money market accounts, secured and unsecured consumer loans, mortgage loans, safe deposit boxes, holiday club accounts, and money order. It provides lending, depository, and related financial services to commercial, industrial, financial, and governmental customers, such as commercial real estate mortgage loans (CRE), short and medium-term loans, revolving credit arrangements, lines of credit, inventory and accounts receivable financing, real estate construction loans, business savings accounts, certificates of deposit, wire transfers, night depository, and lock box services. The Bank also operates 18 automated bank teller machines (ATMs) through its 24-hour banking network.
AmeriServ Financial, Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2018; Provides Effective Tax Rate Guidance for the Fourth Quarter of 2018